Petites et moyennes valeurs : pas de vacances pour le High Five de Portzamparc

Petites et moyennes valeurs : pas de vacances pour le High Five de Portzamparc

Over the past month, the High Five has performed well: +11.1%, compared to +9% for the CAC Mid & Small Index. (Photo credits: Adobe Stock -)

While many investors are on vacation or already on the beach, analysts at Portzamparc remain true to the position even during the lethargy of summer and have updated their selection of five stocks, the High Five, to August. Over the past month, the High Five has performed well: +11.1%, compared to +9% for the CAC Mid & Small Index. All stocks in the selection were up, but performance was buoyed by Ipsos (+13.5% over the period) and especially Poujoulat (+22.1%).

Therefore, the month of August is an opportunity to make some adjustments leaving Ipsos, Poujoulat but also Clasquin. Ipsos leaves with no immediate news, but remains on Portzamparc’s sentence list for the second half. Poujoulat leaves the High Five, precisely because it has confirmed the expectations placed on it and Clasquin is considered to be at a “close to market” price.

Thus, or rather their return, three new candidates enter: Hexaom, SII and Esker.

Also Read: Small and Mid-Caps: Portzamparc Is Cleaning Its High Five in July

A little reminder for investors unfamiliar with this selection: it is equally weighted and revised 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 summer High Five.

Esker: buy with a target price of 191 euros

For analyst Nicolas Royot, Esker is a GARP value, that is, growth at a reasonable price, a growth value but at a reasonable price. The publisher of document dematerialization solutions has confirmed its objectives, in particular that of an operating margin of 12 to 15%. Portzamparc forecasts an operating result of 11.7 million euros in the first half, 28% more. The share price has been divided by three from the highest with an estimated EV/CA (enterprise value to turnover) ratio of 4.9 for 2022 and 4.2 for 2023.

Next Event: First Half Results on September 14

Hexaom: buy with a target price of 46 euros

In a complicated context, should we worry about the old Maisons France Confort? Analyst Arnaud Despré does not think so. So yes, the developer’s orders fell in the first half, either in volume or value. But Portzamparc has made his calculations. Even in the worst case scenario (revenues from the construction of individual houses drop 12% with an operating margin of 2.5%, which implies stable fixed costs and the lowest in the last ten years), the operating profit would only drop 4, 6% compared to 2021 and 20.9% more compared to 2020 thanks to the diversification operated by the group.

Next Event: Q2 Earnings on August 4

Roche Bobois: Strengthen with a price target of 40 euros

The world leader in high-end furniture maintains its position in the High Five and its target price rises from 36 to 40 euros. No big change in analyst arguments with visibility into 2023 activity, margin driven by positive FX effects with North American markets and still “reassuring” positioning for future releases.

Next Event: First Half Results on September 29

Reworld Media: purchase with a target price of 10.30 euros

Another value to remain in the High Five, Reworld Media is having a good start to the year and the acquisition of Unify and its 12 reference brands (including Aufeminin, Doctissimo or Gamekult) is considered promising.

Next event: 1st semester results on September 21

SII: purchase with a target price of 54.20 euros

SSII is in “extremely sustained momentum” and its peers’ releases at the end of July “attested to intact customer demand despite the backdrop.” For analyst Maxence Dhoury, growth will remain in double digits for the first half, despite an extremely demanding base of comparison. The valuation remains reasonable “in a scenario that, however, is very likely to go up.” A good extender…

Next Event: First Quarter Earnings on August 10th.

Laurent Grassin ([email protected])

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