Longer term I turned to titles such as SFM

"There is no good or bad ideas of investment in and of itself." It is the Party of Philippe Emmenecker, responsible for the management of actions in Pro MGB, the group pension and provident for the building and public works employees. In its selection of values, the supporter of a flexible approach is willing to explore all the opportunities, they come from a "screening" of the rating, a recommendation of a broker or a simple observation of phenomena in society. "What matters then is to confront his own perception of the company to other investors." "Or enhancement that gives the market is, in my view, a rather relative concept which reflects mainly a degree of trust or distrust for a title, which has or does not have to be," says the Manager.

It takes the example of Arcelor. "On this title, multiple histories have much meaning, judge Manager." Assessment ratios that are applied in fact deserve to evolve as the profile of the company has changed with the growth of emerging countries. It is indeed cyclic, but the demand is so strong that the changes in activity will now operate on levels far higher. And whatever the outcome of the offer of Mittal, the sector is engaged in a logic of concentration which will establish a greater discipline-level prices.

He also cited the case of Porsche. Less than 14 times profits 2006, the title is valued at the top of the range of the automotive sector. Philippe Emmenecker nonetheless believe that it is more akin to the sector of luxury, compared to which it is still relatively décoté. Support, he pointed out that its margins are 18, a closer level of LVMH as the average of the builders.

As an illustration, it still evokes PPR or Lagardère. "These two titles show that well known companies may be poorly valued." "The market still has difficulty in understanding the values of assets and tends to favor the"stories"of growth on which it is easier to make projections," he said. Philippe Emmenecker however expects an adjustment of Lagardère at the horizon of 2007 with the transfer of the interest in EADS which will be a pure player in the media.

To find these poorly valued companies, Pro construction Finance Manager focuses on forgotten as modes of market values. In 2004, he was thus entered on future Telecom. "A the time, analysts had ceased to cover the value, although this distribution format continued to ensure sustained growth, traces it." Since then, the Group has regularly announced results in increase in Europe from the East, where the group is drilling, as in France, the United Kingdom or Spain where the renewal of equipment accelerates with third generation telephony as well. And woke up through publications, the interest for the title.

Philippe Emmenecker takes advantage for other sous-valorisations, such as restructuring, changes in ownership, or even flow movements. Currently, he emphasizes, among other things, Hagemeyer, industrial distribution group, whose margins should recover now that its restructuring is in good way. Recently, he strengthened on Agfa Gevaert, following the withdrawal of KBC, one of the shareholders of reference. His eyes, this assignment, which mechanically reduces the title, was an opportunity to purchase to the extent it does not call into question the refocusing of the Group on medical imaging and graphics equipment. The same logic, it had benefited from significant benefit taken on Tom Tom, the leader of the navigation satellite. While many funds have left this issue, for fear that the democratization of the GPS housings affects the margins, it considers that the Group has established a strong brand that should allow it to benefit from the growth of the volumes.

Take these paris, Philippe Emmenecker before course to diversify its portfolio. "Both in terms of sectors that skyline of investments, said." For the coming months, I was including positioned on Atos, even though I am generally suspicious to the technology. Since a few months, investors attention has focused on the SSII in restructuring and the title appears in "catalyst failure".But them courses could recover quickly if the Group launches an external growth operation in this sector where mergers and acquisitions are called upon to multiply. Longer term, I turned to titles such as SFM. In the immediate future, this value still suffers its "political" image, in particular the rates framework which prevents to pass rising costs. But this situation is not sustainable in the long term, the price will be called upon to adjust. And given the quality of the company, his haircut seems not warranted.