July 31 Alstom will replace Thales in the CAC 40

July 31, Alstom will replace Thales in the CAC 40. Curiously, it is at the time to profile this consecration that champion of turbines and the TGV begins to have difficulty in maintaining the appetite of investors. Evidenced by the poor reception at the excellent level of orders for the last quarter. Is not that scholars have doubts. Between the very strong global demand energy equipment and transportation which is Alstom and recognized for its management quality, the opinions of analysts are always very well oriented. Many of them have stalled their activity and forecasts margin on the high range provided by the group for the next two years. Arrival in force of Bouygues capital secure these expectations. In return, the current of Alstom are already at such a level that does much them more potential. 16 Times its expected profits for the fiscal year which ends in March 2008, Alstom will at the outset to find among the values the most expensive of the index, before signatures in the industry as prestigious as Air Liquide, Schneider, Lafarge or Saint-Gobain. To keep such a ridge, it already that no hitch Vienna contradict expectations. To go to earlier, should pass excellence to the feat.

Wreck buoy

The courageous flowing water can drown with the one he rescues. Officially, Alcatel and Lucent were intended to form a whole unsinkable in the permanent storm raging in the telecoms equipment markets. In reality, the French actually started in risk in joining the American. A report of upgrading to 60/40 in favour was the most compatible with a merger which was presented as "two equal" to be accredited by the American authorities. But, to use, it confirms that it is yet too beautiful to Lucent. First because the bulk of the benefits of it came not of its activities but the investment of its pension fund, then because each dollar of sales made by Lucent, for obscure reasons, better valued on Wall Street that each euro of Alcatel in Paris. Once fusion parity is fixed, fellows are cling as a lifeline, and all the bad news from Lucent as his last "profit warning" penalize especially Alcatel. Since 3 April, date of the announcement of the operation, where it had reached its highest two years, Alcatel course lost a third of its value. For a company which already is the only member of the CAC 40 to lose money to its shareholders over the past ten years, it is despair to have courage.

A taste of the unfinished

1 Am, second does deigns, to mutton am. "The old motto of one of the Bordeaux vintages of the Rothschild family siérait like a glove in Paris and Orleans. The holding company, very dependent of the banking activities of the branches of English and French of the dynasty, is probably the largest nor the most "pure" investment vehicle traded. But he has to accept its difference by reducing the discount of its course of scholarship from the net revalued in short time. Long superior to 20 and 19 again in late 2004, it is now less than 3, of Eurazeo remains around 8 estimated. And the capital gain realised on the transfer of management of the city of Paris housing activity gives hope that the 2006-2007 fiscal year will support this performance. However, the 2005-2006 results suggest as a taste of unfinished. Perhaps because to compensate cleanings banking activities abroad and a real estate interest, the vintage was a little dressed. Capital gains recorded on operations within the family sale securities areas Barons de Rothschild, and dedication to family societies of the usufruct on shares own accounted for slightly more than half of consolidated net income improved.