Small and Medium Capitalists: Portzamparc presents its June choice – March 6, 2022 at 8:05

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Pitch for selecting High Five (formerly shortlist) from Portzamparc. Its list of five values ​​has lost 2.3% since May 3, while its benchmark index, CAC Mid & Small, has fallen by only 0.6%.

Two stocks (Bénéteau and Jacques Metals) left Quadient and Entech this month.

A small note for investors who are unfamiliar with this choice: it is equally weighted and checked every month. Shares are selected using a dual approach: excellent fundamentals and short-term market potential. The free volume must be higher than 10 million euros.

2CRSI: buy with a target price of 6.90 euros

The computer server manufacturer appears in the Portzamparc selection for the third month in a row. Analyst Maxence Dhoury again believes that the group’s debt is an “object” but not a real “threat”, and that 2CRSI’s profitability still has a “long way to go”. Especially since the next publication should be more reassuring. Until the group publishes its annual results at the end of the month, the subsidiary BNP Paribas is betting on double-digit organic growth (+ 11.4%) with a gross operating surplus margin of 5.7%, which is 1.2 points more. Finally, the argument in favor of the discounted valuation was re-emphasized, in particular because “the group could provide the market with a medium-term trajectory”.

Next event: annual results on June 27

Entech: buy with a target price of € 9.90

With a turnover that more than doubled (turnover in 2021-2022: 20.8 million euros, ie + 121%), driven by the increase in project size, the group is gaining the favor of a design office in Nantes. In addition, the group has confirmed its outlook (gross operating margin for 2021 – 2022 close to profitability) and is succeeding in improving the profitability of storage projects despite the context of rising costs. Finally, analyst Nicolas Royot, Entech can rely on its price strength in a rapidly accelerating sector.

Next event: annual results on June 20

Equasens: buy with a target price of 104 euros

A “take-off” for the former Pharmagest, now called Equasens, which is also back in Portzamparc. There are ambitions for pharmacy computerization specialists at all levels, according to financial analyst Gaétan Calabro. Many projects really support the dynamism of all Pharmagest divisions (Segur de la Santé, strengthening operations in Italy, launching nursing software). As expected, the group’s good entry into the fiscal year in the first quarter (turnover of 49.4 million euros) was confirmed by the Portzamparc scenario (turnover 2022: 215.6 million euros + 11.7%). Finally, the decline of the title has yet to be exploited. Under good conditions.

Next event: Yields in the 2nd quarter of August 3rd

Quadient: buy with a target price of 34 euros

While the group of logistics and mail processing facilities has to publish its turnover for the first quarter within a few days, Portzamparc claims to expect favorable publication. Although the underlying effect is difficult for the group’s package management segment, this should not prevent it from experiencing “good growth” in 2022. In addition, the valuation of the share is considered insufficient (7.6 times 2022 Ebitda and 6 times 2023 Ebitda). Under good conditions.

Next event: Yields in the 1st quarter of June 7th

Spy: buy with a target price of 28.50 euros

“Acceleration on all fronts,” reports Portzamparc reports on a European leader in multi-technical energy and communications services. The results for the first quarter confirmed a return to organic growth (+ 3.3%) as well as an improvement in margins (+20 basis points). Analyst Yann de Peyrelongue also highlights the increase in recurring acquisitions and the improvement in margins that should continue (6.7% in 2025, 6.5% in 2023 compared to 6% in 2021). Finally, last but not least, the group still shows an 11% discount compared to its peers.

Next event: results of the first half of July 29

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