The phase of future investment will be more difficult

Fellows, who are no longer an inconsistency, reduced yesterday to EUR 90 million the capitalization of the NRJ Group. The leader of 15-25 years radio did a reduction of its hearings or below its forecast advertising revenues Not at all, on the contrary, after a poor 2005, its 2006 prospects are rather good. But NRJ has warned that by reason of the application of standards IFRS acquisition costs of the NRJ mobile subscribers would be charged as and as to its operating result and not more spread over twelve months previously. This was needed no more. While NRJ was himself complicated life delaying for a year, as authorized it the regulation, its transition to the new standards, and the pedagogy that should prepare. He has also been imprudent in suggesting until recently that the dynamics of its historic perimeter offset, by French standards, the impact on its results of its diversification in telephony and digital terrestrial television. But, if it is a rule that goes in the direction of transparency, it is that which deals with support and non-investment of such startups. And if it is a company that has the financial means and the mark in the creation of growth relay, it is NRJ.

A morale of steel

The value does not expect the number of years, even after three centuries of history. From the top of his four years of new life, the holding company of the Wendel family participation look in the "private-equity" actor displays a compelling charts. The Wendel action had followed the progress of the CAC 40 since 2002, she is supposedly to 38 euros. Yesterday, it caracolait to more than 97 euros, is for a slight premium on a net reassessed 94 euros. In the context of lower rates of recent years, of course, it was not necessary to be X-Mines as Jean-Bernard Lafonta, Chairman of the Executive Board to double the last. The phase of future investment will be more difficult. But Wendel assets. When he buys Materis putting EUR 310 million in capital, his foals Legrand, Editis and others perform for their account acquisitions EUR 760 million, while désendettant. With rather virtuous, even if inadvertent assistance of the European Commission that precipitated Legrand in his arms is will not. Less spectacular, the buyout of minority interests of Bureau Veritas in 2004 is a superb operation. Specialist compliance, a margin of 15, contributing in 2005 to 39 operational benefit of portfolio companies. He could even make more spark than the King of switches.

Telescopic growth

Our small business does not know the crisis, could sing stone and Alexander Saubot, father and son, leaders and first Haulotte Group shareholders. Once again, the number three global lifts nacelles and other telescopic gear has surpassed expectations, yet very warm, analysts. 2005 ending on a result net superior to 25 in the consensus, and 2006 promising a net margin of at least 11 on a turnover increase of 25 to 30, the title has found the energy to continue on its impressive launched: an increase of 220 over a year, it was multiplied by 12 since March 2003! With growth fueled by advances on all continents and services to the sale of equipment, Haulotte surfing on a market which must remain very dynamic until 2007 at least. Careful shareholders say that it is perhaps time to take precautions, especially if they remember that title had already been, after its introduction in late 1998, a mad ascent, followed by also vertiginous drop. Optimists are will reassure Haulotte valuation ratios are more reasonable than those of many societies less exciting than his remains from its previous summits and in the meantime the company doubled in size, never create bad surprise.