Small and mid caps: Portzamparc unveils its April selection – 04/10/2022 at 1:25 pm


Spie entered the Portzamparc High Five for the month of April. (photo credit: / L. Grassin)

The least we can say is that the analysis company Portzamparc has been able to do well since the start of the year, in a complicated market context. Its list of five values, called High Five, has posted a performance of 10.8% since January 4, when the CAC Mid & Small index has fallen by 5%.

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.

Of course this April update sees its share of entries and exits. Exit Hexaom, SQLI and Reworld Media, welcome 2CRSI, Clasquin and Spie. Over the month of March, the High Five will have gained 11.5% against 4.8% for its benchmark index.

Review of details of the companies present in the selection.

2CRSI: buy with a target price of 6.90 euros

In debt 2CRSI? Yes, but according to Maxence Dhoury who follows the file, it is a subject that can be put into perspective. At the same time, the group should announce at the end of April a “2nd consecutive year of double-digit organic growth”. The analyst expects a 2021 gross operating margin (Ebitda) around 5.7%, up 1.2 percentage points and a current operating margin of 2.1%, up 1.6 percentage points. The valuation is discounted and “the group should give the market a medium-term trajectory”.

Next event: annual results on April 28

Clasquin: buy with a target price of 80 euros

The world expert in international transport and logistics left the High Five in March to better find it in April with an unchanged advice and price target. Yann de Peyrelongue believes that there is “another solid quarter to come”. The analyst appreciates a price dynamic that is still favorable in the air and maritime sectors. He is betting on a future write-off of the debt while acquisitions are possible. last attractive point: a discount of 31% compared to its peers.

Next event: Q1 revenue on April 8

Jacquet Metals: buy with a target price of 33 euros

The leader in the distribution of special steels has fallen by 12% since the start of the year. But Nicolas Montel expects a strong growth in 2022 (21% estimated against only 7% by consensus). The Portzamparc analyst explains that we witnessed continued strong demand in the first quarter with continued price increases with nickel prices (one of the main values ​​in stainless steels) at a historic level of 33,000 dollars per ton. The valuation remains low and acquisitions are possible.

Next event: 1st quarter sales on May 11

Séché Environnement: buy with a target price of 83.40 euros

Nicolas Royot suggests that we set the course for 2025 with the group, which is proposing “ambitious but credible” objectives: a contributing turnover close to one billion euros and a gross operating margin of between 24 and 25% with international as the main lever. In the shorter term, the analyst expects a still dynamic first quarter and bets on a 13% increase in activity to 192 million euros.

Next event: Q1 revenue on April 26

Spie: buy with a target price of 27 euros

For investors unfamiliar with this discreet group, Spie is the European leader in multi-technical services in energy and communications. Yann de Peyrelongue expects an increase in organic growth to come, which should exceed 3% against a maximum of 2.5% previously. The analyst also highlights “means of amplifying transforming or recurring acquisitions”. The group posted a discount of 20% compared to its peers.

Next event: Q1 revenue on April 29

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Laurent Grassin

Laurent Grassin



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