Over the past twelve months, the private bank Oddo BHF has bet on the good horses on the stock market, in the world of SMEs. “Since January 21, 2021, and as of January 12, 2022, the performance of our list of small cap convictions stood at 49.2%, a strong outperformance (+25 points) compared to the evolution of the Cac Small on the period (+24.1%)”, summarizes the analyst Jérémy Garnier. But, while the 2022 field is very different from that of 2021, the time has come for Oddo BHF to renew its team.
“We are updating this list and focusing on two main themes: companies benefiting from good visibility on their order book, with pricing power high, and undervalued players who should benefit from a strong post-crisis rebound. » The private bank is convinced that, once again this year, “best performance [en France] are to be found within this universe [des PME], whose long-term outperformance is well established. » Compared to large companies, SMEs have for them “A dynamic growth, a discount of 20% vs. the wide caps, valuations below the five-year average. » The strong collection of PEA-PME funds observed last year (+643 million euros), “after three complicated years (strong outflow in 2018-2019, stability in 2020)”, also pleads in their favor, as well as mergers and acquisitions transactions with significant premiums paid (median of 44% out of the thirty-eight transactions recorded in 2021).
To best capture this potential, analyst Jérémy Garnier is sharpening his selection of favorites for the first half of 2022. Assystem, Jacquet Metals, Ekinops and SMCP are no longer listed. Wavestone (management and cybersecurity consultancy) and the civil and military robotics manufacturer Groupe Gorgé – for which it identifies “stillupside » – are maintained, while six new companies are entering: Bigben Interactive in video games, ID Logistics (the carrier rejoins the list after a brief exit in December), Prodways, the specialist in flexible materials Serge Ferrari, Visiativ, which consulting in digital transformation, and the Voyageurs du Monde agency. For six of them, Oddo BHF sees a potential gain of more than 20%: Wavestone, Serge Ferrari, Voyageurs du Monde, Groupe Gorgé, Bigben and Prodways. With regard to this last company, specializing in 3D printing, the target price is 4 euros, giving hope for a jump of more than 40% of its shares on the stock market.