The French Specialist

Didier BODART.

Former equity analyst and portfolio manager with a focus on French Equities.

Contact info: +44 203 192 1795 – didier.bodart@taviramonaco.com

INGENICO

CLOSING POSITION +17.36% RELATIVE VALUE +10.58%

Taking my profits on the back of the Natixis news -Natixis Confirms Interest in Exploring Combination W/ Ingenico -Says in preliminary discussions, will inform market if and when necessary. -Will further develop and invest in payment ops   INGENICO SELL: 3RD PROFIT WARNING COMING Thursday • 22nd June 2017 • 09:21 TARGET PRICE: €70.00 News…

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NORSK HYDRO

A BUY +28% UPSIDE IF NEGOTIATIONS WITH BRAZIL SUCCESSFUL

Current Price NOK43 Target Price NOK56 Upside: +30% *The closing down of Alunorte is most likely the starting point of real negotiations (as SBM did for their settlement with the Brazilian authority) *Norsk Hydro’s balance sheet is strong with a net debt/equity ratio of less than 0.2x and a strong FCF generation “The closing of…

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CASINO

BUY - TAKING PROFITS FOLLOWING A BIG RUN +46.04%

On September 3rd we published a Trading Buy note on Casino. Taking our profits following a 40%+ jumped in the share price. On a DCF, the stock doesn’t offer anymore upside. Mr. Naouri, by getting a new 500mn credit line, has stopped the hemorrhage short term … Financing remains a problem for next year. Assets…

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SES GLOBAL

NEW MEO SATELLITES TO PROVIDE FUTURE GROWTH IN 2020

Description SES SA through its subsidiaries, offers global satellite broadband communications services. The Company offers feeds for cable television networks, Internet access, corporate networks, network facilities, telecommunications services, and audiovisual broadcasting. Short to medium term BUY thesis: *Future growth will be derived from the launch of new satellites, especially MEO * Company announced a dividend…

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GEMALTO

ATOS OFFERS €46/SHARE: CLOSING +40.30%

The board of Gemalto has noted announcement yesterday evening of unsolicited and conditional proposal by Atos to make a cash offer for all issued and outstanding shares of the company at offer price of EUR 46/sh (cum dividend in cash), company says in a statement on Tuesday. On Nov. 28, Atos submitted proposal, valid until…

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EDF: BUY

DEEP VALUE WITH ATOMIC UPSIDE

EDF break up talk in French press. Similar to RWE/IGY ” scenario has been circulating for many months separating EDF’s nuclear activities from the rest of the group, namely renewable energies, energy services and 27 million customers. Without going as far as a dismantling that would raise a sling of trade unions, the idea is…

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SAINT GOBAIN

COMPANY HAS DESTROYED VALUE FOR 10 YEARS: SELL

Compagnie de Saint-Gobain manufactures glass products, high-performance materials, and construction materials. They produces flat glass, insulation, glass containers, high-performance ceramics, plastics, abrasives, and building materials such as gypsum, roofing, wall facings, mortars, and ductile cast iron pipe. SGO also retails building materials through Point P in France and Jewson in the UK. While the company…

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SOLOCAL

NEW CEO + STRONGER BALANCE SHEET + STABILIZING/GROWING BUSINESS => HIGHER PROFITS

Target Price €1.33 (upside of 42%) TP on ev/ebitda €2.03 (upside of 115%) Solocal Group is principally engaged in local online communication. The Co provides digital content, advertising solutions, and transactional services connecting people with local businesses. Solocal also supports the online development of SME. The print business (Yellow Pages) is slowly dying (15% of…

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BUY TELECOM ITALIA

CHEAPEST TELCO IN EUROPE WITH LARGEST UPSIDE

Cheapest Telco in Europe with largest upside with strong quarterly earnings for the past 3Q. Consensus remains well below management guidance. Telecom Italia S.p.A., through subsidiaries, offers fixed line and mobile telephone and data transmission services. Telecom Italia is set to dominate TV distribution in Italy with a market share similar to the 50% it…

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SHIRE

HUGELY UNDERVALUED WITH 50% UPSIDE

Superb Drug Pipeline –Strong Acquisition Track Records – Great Value – Management Second to None, the way Shire management team has developed the controversial drug ADHD is a testimonial their capabilities Shire is a biotech company focusing on specialised and rare diseases across 7 therapeutic areas – haematology (20%), genetic diseases (25%), neuroscience (23%), immunology…

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