2 times 2007 are higher than the market recognizes

Make GARP (Growth At Reasonable Price) price growth reasonable with a big G! It is the objective that have set Franck the Franc and Guillaume Laconi, managers in Neuflize Obcam, when they have redefined the philosophy of the sicav Noam Europe Expansion. "The objective is to invest in companies capable of generating more growth than their competitors with a lower valuation," they explain. "In our selection of values, this growth may also pass by projects to win market share of organically by acquisitions if cash flows are sufficient to maintain large balances of the balance sheet." So far this new line successfully them since the Fund, which had suffered after the collapse of the dot-com bubble, returned to five star Standard & Poor's and progresses of 71 over two years.

To discover the companies who meet these qualifications, the two managers roam the Continent meet the managements, sharing the card in two: Franck the Franc load component Northern while Guillaume Laconi assumes responsibility for southern Europe.

His travels in Europe in the cold, Franck the Franc back including Kemira, a Finnish conglomerate. "The Group was selected for the quality of its management team which is illustrated by the reliability of its commitments, including the hard segments such as paper, is it.". This branch has weighed on its recovery, although activity has been redeployed in Asia, where demand is growing. The other branches by contrast high growth, in the treatment of the water. R & D efforts there were from time to time weighed on profitability but were ultimately allowed to land contracts for long-term local communities that provide high visibility for the investor.

In the Netherlands, Franck the Franc became interested in Sligro Food Group, which shows strong growth in the distribution (a branch which currently accounts for 30 of turnover). "This market, the pressure on prices is relaxed and differentiation is now on services to the customer." Gold Sligro is positioned on the formats most high-potential, such as downtown businesses or bio signs, experiencing success now the Dutch economy recovers. .

On Euronext Amsterdam, Franck the Franc also distinguishes Imtech industrial services company which used its cash reserves to make acquisitions in fragmented markets, such as the Germany or Great Britain.

Austria, it selects Palfinger, a company specialized in handling systems designed for trucks, that provides a vector to accompany the boom of logistics.

In this portfolio built in "stock picking" (the selection of values on a case by case), Guillaume Laconi for selected three companies Swiss, including Quadrant, a company specialized on plastics with high added value. "This market with a multitude of small companies, Quadrant strove to develop a wide range of skills, both through acquisitions in negotiating exclusivity of supply of some polymers, making it a leading player, a" one stop shop ", for its customers", says the Manager.

Were also selected Schindler, elevator manufacturer, and Temenos, a banking software Editor. "Their PER, respectively 15.9 and 22.2 times 2007 are higher than the market, recognizes. But this year, Schindler won many contracts which augured an improvement of margins over the next years through maintenance contracts. Temenos operates on its side on a carrier contract with computer systems renewal. And through a few large scale (including HSBC) contracts, the Group demonstrated the reliability of its solutions. A reputation which now allows Temenos won an increasing number of calls for tender.

Back in Paris, Guillaume Laconi retains Teleperformance, which expands its service offer this carrier market with the growing outsourcing of call centres and Nexans, which recently strengthened in Asia via the acquisition of the Australian Olex. He finally turned to geophysics. "The acquisition of Veritas will accelerate its growth, anticipates it. The two companies are complementary both geographically and the level of the client portfolios, geophysics who used to work with national companies while Veritas is well positioned with the oil majors. And upgrading seems not excessive since the Ebitda enterprise value is five times against an average of nine times on the mid caps.