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We take the same and start once more ! Well, that’s not the motto of Portzamparc which completely renews its high five for the month of July. Exit 2CRSI, Entech, Spie, Quadient and Equasens, hello (or hello once more) Clasquin, Ipsos, Reworld Media, Poujoulat Group and Roche Bobois. In June, the High Five fell by 9.5%, which is better than the performance of the CAC 40 Mid & Small over the period (-14%). Since January 4, the selection of Portzamparc stocks has been slightly positive (+3.2%) once morest -20.1% for the CAC Mid & Small. It should be noted that over the past month, it is 2CRSI which has been the most disappointed, “in the midst of a crisis of confidence following the dismissal of the deputy general manager and the postponement of publication”.
Read also : Small and midcaps: Portzamparc unveils its June selection
A little reminder for investors who are not familiar with this selection: it is equally weighted and reviewed every month. Stocks are chosen using a dual approach: excellent fundamentals and short-term market potential. The free float must be greater than 10 million euros. Detailed review of this brand new selection
Clasquin: buy with a target price of 78 euros
“The top of the cycle lasts” for the specialist in engineering services in air and maritime transport. In any case, that’s what Yann de Peyrelongue, who analyzes the value, thinks. The group is performing well in a declining market and the analyst recently raised its forecast for 2022 operating profit by 19% and its estimate for net earnings per share by 21%. It is also aiming for an operating profit 20% higher than consensus expectations. To top it all off, the title has a 15% discount on its comparables.
Next event: Q2 revenue on July 28
Ipsos: buy with a target price of 60.80 euros
Ipsos is targeting 3 billion euros in revenue in 2025 (organic growth + acquisitions) and this seems credible for Augustin Socié who covers the value as the polling group recently revised its 2023-2025 organic growth target to 5-7% once morest 3 to 5% previously. The valuation remains attractive as Ipsos aims for an operating margin above 13% in 2025 which will be driven by “the acceleration of the transition to online data collection and the automation of data processing”.
Next event: first-half results on July 20
Poujoulat: buy with a target price of 91.60 euros
The European leader in the manufacture and marketing of chimney flues and metal roof outlets can boast of record 2021-2022 turnover of 302 million euros, up 23%. And the results should follow as analyst Nicolas Rouyot expects operating profit and net profit group share to more than double. He points to many structural, economic and regulatory support factors for Poujoulat, who will “continue investing to meet demand”.
Next event: annual results on July 21
Reworld Media: buy with a target price of 10.30 euros
Frequent holder of the High Five, Reworld Media is back on the scoresheet. The year got off to a good start and the acquisition of Unify and its 12 reference brands (including Aufeminin, Doctissimo and Gamekult) is considered promising. It is all the more interesting that the title reacted little to this “structuring acquisition which might offer an additional upside of 20% to the title” according to the Jérémy Sallée analysis which covers the value.
Next event: 1st half results on September 21
Roche Bobois: Reinforce with a target price of 36 euros
Despite the current degraded context, “the orders hold” rejoices Arnaud Despré who covers the title. They amount to 190 million euros in the 1st quarter while those of the following quarter “should at least in volume equal those of Q2 2021 at 131.2 million”. The analyst underlines that the exchange carries the margin on the US / Canada zone and he concludes by explaining that “the visibility and the positioning are reassuring for the next publications”.
Next event: Q2 revenue on July 21