Microsoft has permanently installed Bill Gates to the rank of largest global fortune. Five years, he also often plunged anonymous shareholders in bewilderment and frustration. The course, net rebound since mid-July (34) on its bottom of the century, has only barely found levels already known two and three years ago. However, the duration and the slope of the recent increase in are much more marked than usual. A current buyer well formed, upstream of the offensives of the giant of Vista and Office 2007 software, new versions of Windows and its Office suite. Most analysts in support of the title have yet not yet integrated into their spectacular effects of these launches 2007 forecasts. Should probably wait until 2008 to verify that Microsoft has found ways to return to his favour attention of consumers and investors which is mainly focused on Apple or Google. But less than 18 times its profits expected in 2007, and knowing that its always bloated cash leaves open the possibility of an exceptional dividend, take position now on Microsoft may seem a bet more reasonable to buy its competitors on their crazy multiple.
Selective size
Remove fruit on a tree that bears too is the best way to get more beautiful. Compass which increased its profits by 35 by selling its activity of public catering related to transportation. Emeritus gardener, Richard Cousins, new boss of the number one global contract catering, has not stop in so good way. After abandoning its railway station and airport restaurants, Compass offers for sale its subsidiary of vending machines for drinks and snacks. The 2.7 billion euro derived SSP had helped to reduce debt, to finance pensions and redeem shares. Selecta assignment should be fully used this last goal. Wants learning of activities too scattered by their nature, Richard Cousins to continue refocusing by reducing to one-third its geographic presence today scattered in 90 countries. Therefore, investors enjoyed a policy which they affect doubly fruit. On the one hand, by reducing the number of shares outstanding, on the other hand, the margins increase caused by the concentration of Compass on its strengths.
The breath of EDF
The same revenue do not always give the same results. Just a year ago, the introduction in EDF's stock exchange, at a price at the top of the range, had the effect of a cold shower for investors, despite a cleverly organized shortage. Yesterday, the entry on the market of its subsidiary EDF Energies new sparked a real rush, despite a high price. It is true that EDF EN weighs 30 times less than its parent. One-quarter of the capital placed on the market is therefore that EUR 500 million, 14 times less than the 7 billion of EDF. Oversubscribed 10 times by individuals and 31 times by the institutional, champion of wind energy therefore was a baptism of fire much more warm than the champion of nuclear power. EDF EN won 18 in one day, a progression that EDF had carried out in two months after a long stagnation. Remains whether the small subsidiary which will pay today more than 30 times its operating income could do as well as EDF on the duration, since the group shows a growth of 50 in one year.
Remains to know if it will be that move this hollow of activityThe Caisse des Dépôts must also inject 100 millionThe France was ready to participate in financing programsA scenario which was ultimately not acceptedTheir average annual growth amounts to 37Quickly they are shade to the large groupBehind meat and fish suffer no criticismSince January this scheme on average half housing reservations recorded by developersThey have much less control on their ownershipThe share of ferrous ores should on the other hand down from 74 to 56
