ID logistics enters this first High Five of the year. (credit: L. Grassin)
Will average values perform well in 2025? In any case, the Portzamparc analysis office is publishing its first High Five of the year with the renewed ambition of doing better than the CAC mid & small index.
We reset the counters to zero. This is the first High Five of the year, this monthly selection of 5 midcaps offered by the Portzamparc analysis office. Ultimately, the High Five will have increased by 52.6% since January 9, 2024 when the CAC Mid & Small has fallen by 3.8%. A good performance, boosted by the month of December (+11.3% compared to +4.7% for the benchmark index). It must be said that three of the High Five stocks impressed: GL Events (+19.8%), Fountaine Pajot (+15.7%) and Pullup (+15.5%). In January, Pullup bowed out as did Medincell, and Stif and ID Logisitics returned.
Fountaine Pajot: buy with a target of 184 euros
The boat manufacturer retains its place in the High Five. It posted a record current operating margin in 23-24, at 14.5%, and the group’s net profit was multiplied by 2.9, to 33.5 million euros. Arnaud Despre expects a cautious speech from management but he explains that “the new 2028 plan should reassure the market vision beyond the current adjustment season”. The anticipated enterprise value at the end of August 25 is “68.5 million euros, or two times less than in the pre-covid financial year” while at the same time, turnover increased by 41 % and the group’s share of net income was multiplied by 2.
Next event: medium long term plan on January 15.
GL Events: buy with a price target of 26 euros
This is another value that retains its place. It must be said that the dynamic seems promising with a good performance expected in 2024. Analyst Nicolas Delmas expects a turnover of 1.57 billion euros (+10.4%) and a current operating margin preserved. He sees new growth levers in 2025, notably with major events expected: Universal Exhibition in Osaka, UN Ocean Conference in Nice, FIFA World Cup 2025, etc. Despite the recent progression, the valuation remains attractive with an estimated EV/Ebit 24 of 8 in 2024 and 7.8 in 2025.
Next event: annual turnover on January 23
ID Logistics: buy with a price target of 450 euros
“You have to know how to exploit the withdrawal,” explains Nicolas Delmas. Especially since he explains that the contractual dynamic is favorable and “should continue to support growth”. This is particularly the case in Poland, Italy, as well as the United Kingdom, while in France, recovery is underway. The outlook is favorable for 2025 with a reassuring speech from leaders and a possible resumption of external growth, particularly in the United States. Finally, the entry point is interesting, after the recent decline in the stock.
-Next event: annual turnover on January 24
LDC: buy with a price target of 79.30 euros
Volumes are back for the poultry group and analyst Nicolas Royot expects a turnover of 1.72 billion in the 4th quarter, up 4.9% for organic growth of -1.2%. External growth also remains at the heart of LDC’s strategy with 7 acquisitions for just over 640 million euros without any dilutive effect on the margin. The objectives set are prudent: thus Portzamparc is targeting a 26-27 turnover of 7.2 million euros and a gross operating margin of 8.5% when the group is counting on 7 million and 8% respectively. The valuation remains low.
Next event: 4th quarter revenue on April 3.
Stif: buy with a price target of 40.20 euros
Will the specialist in anti-explosive devices for BESS explode expectations? This is what Jérémy Sallé thinks, who forecasts a turnover of 32.4 million euros in the second half, an increase of 69%, for an annual turnover of 60.1 million, close to the objectives set. by the group. And since we’re talking about BESS, it’s this activity that should record growth of 121% in the second half. A dynamic which does not yet seem to be completely integrated by the consensus: “Based on the current enterprise value and a valuation of historical businesses at 23 million euros, the market values BESS’s activities at 110 million euros, or multiples of Ebitda 24 and 25 of only 11.6 and 7.3 times.
Next event: annual turnover, January 22
The High Five is an equally weighted selection reviewed every month. Securities are chosen using a dual approach: excellent fundamentals and short-term stock market potential. The float must be greater than 10 million euros.
Laurent Grassin ([email protected])
Related News :