The performances of mid-caps were mixed in 2021. While the Cac 40 gained nearly 25% over one year, propelled, in particular, by the tenors of luxury and banking, the Mid 60 index did not increase. than 10%. Thus, over the past three or even four years, the adage that average values perform better than the flagship index has not been verified. This slight lack of interest in midcaps is manifested in particular in the weakness of flows, even if we are far from the hemorrhage of 2019. Investors have not returned to midcaps, despite a good level in terms of liquidity.
The year was marked by renewed interest in initial public offerings (IPOs), 37 in total, and in particular mid-capitalization companies, a number unmatched for thirty years. From a thematic point of view, it is the ecological transition which is the most represented, with more than a quarter of the files, as well in the sector of hydrogen as in sustainable chemistry, batteries and new forms. of energy. The health sector is not left out and has eight introductions in biotechs-medtechs and medical diagnostics. The big news comes from the arrival of four SPACS, thematic investment funds on the stock market. Almost 4 billion euros were raised in these IPOs, but with a negative median performance of 9% compared to the introductory levels. Portzamparc is nevertheless pleased with its list of small and mid-cap convictions for 2021, which outperforms the Mid 60 by 12.5%. It has just unveiled its list of eight titles which deserve, according to their analysts, the interest in this new year.
Clasquin
2021 has been an exceptional year for the Lyon transport organizer, which offers a tailor-made offer on the scale of its international network. Thanks to record results, it was notably able to get out of debt completely. For 2022, Clasquin should in the short term benefit from the historically high plateau in the cost of sea freight and, for air freight, from the still limited supply by commercial flights. In the medium term, the group will be able to capitalize on the many sea freight contracts it has. Portzamparc suggests taking advantage of the current slight decline in the share and its discount to buy.
Dontnod
Dontnod is a PC and console video game studio specializing in narrative games. Present in France and Quebec, the group is now able to carry out six projects in parallel without counting the edition of external games. According to the Portzamparc firm, the title is discounted while the company now has the means to meet its ambitions, with “staffed” marketing and development teams, and several projects carried out simultaneously. In addition, the entire strategy launched in 2018 should bear fruit in 2022.
Eramet
The mining and metallurgical group, which is among the world leaders in manganese and which also has significant assets in nickel, mineralized sands, high performance alloys and from 2024 in lithium, has an attractive valuation according to Portzamparc. The group benefits from a very favorable market environment with high yields for manganese and nickel. The group also has solid and very profitable assets, in particular the Moanda and Weda Bay mines.
Fountaine Pajot
The number 2 in France and in Europe in the nautical industry is organized around three brands: Fountaine Pajot Sailing Catamarans, Fountaine Pajot Motor Yachts & Dufour Yachts. The group, which has five production sites with a current volume capacity of around 280 units in catamarans and 400 units in monohulls, recorded double-digit growth in its order book with a favorable product mix. The restructuring of production lines has also enabled productivity gains and less mobilization of working capital requirements. The outlook is encouraging for the group, which will experience an acceleration in production rates at the start of 2022 and commercial synergies with Dufour.
Gorgé Group
Groupe Gorgé has strong positions in each of its markets: robotics offer selected by leading armed forces (Belgian navy, Israeli army), position of world leader in distress beacons for aviation and first partnership with Airbus in vehicles autonomous logistics. For 2022, the company is in a position to post good momentum. It is in the race for six new contracts, with management estimating that it can win at least three. These contracts would also be a source of recurring income, notably through maintenance and the sale of consumables. At the same time, the group has simplified its scope and refocused on its central activities, particularly robotics. Finally, it has a very attractive stock market profile.
GTT
World leader in the design of containment systems for the transport and storage of LNG at sea, GTT has strong commercial momentum with the recording of 57 orders for LNG carriers. The end-of-year order book would amount to 720 million euros, a level higher than that of the end of 2020 and the record level of the end of 2019. The consensus is judged ” too cautious ”by the analysts office. Finally, Engie’s disengagement would free up potential for other investors.
Lisi
Lisi, specialist in the design and manufacture of assembly solutions for the aeronautical, automotive and medical markets, is a value with great potential according to Portzamparc. Despite the difficulties in the automotive sector, future publications will be driven by improved prospects and confirmation of the turnaround in aeronautics. The consensus is cautious, coupled with a reasonable valuation.
SII
SII, specializing in both digital services and technology consulting, was already on the list of Portzamparc 2021 convictions, it will remain there for the next year. The group is well positioned given its diversification, its ability to recruit and its geographic positions. Management is confident with regard to margin projections and growth, in particular thanks to good commercial momentum. On the French market for example, despite a demanding comparison basis, the market is expected to grow by 5%. In the short term, the firm estimates that the title is undercut by nearly 30%.