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

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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TECHNICOLORE

CLOSING POSITION AFTER ANOTHER PROFIT WARNING -3.25%

It feels that it is a bigger profit warning than just the risen cost of DRAM and mgt sees falling rev in Connected Home by about 10% in 1H (tough comps) but expect rev to rise 15% in 2H … It feels that they postponing again a turnaround: I would take my profits / cut…

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INGENICO

SELL: 3RD PROFIT WARNING COMING

TARGET PRICE: €70.00 News flow points to continued weakness in the 1H = risk of a 3rd profits warning Ingenico provides solutions for e-payment transactions including hardware, software & services across all channels (point of sale, mobile, online). The Co. has 3 businesses, Smart Terminals, Payment Services and Mobile Solutions. Co is due to report…

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VIVENDI

STRONG BUY: A (NEW) POWERHOUSE IN CONTENT/PRODUCTION & DISTRIBUTION BUSINESSES

Target Price: 23€ Blue Sky: 29€ UMG is turning around as streaming more than compensate for downloads. Growth is coming back for the first time since the early 2000. UMG is the largest of the 3 major (Warner Music and Sony Music) with a 35%+ market share and more than 3mn titles. Increasing adoption of…

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