Bouygues is today the same level as at the beginning of the year

The stock market continues to feed for entrepreneurs a condition to eclipses. Bouygues is today the same level as at the beginning of the year. Curious route to family group which, in the meantime, much valued position of TF1 in GST, moved in force in Alstom and Martin Bouygues ensures that it has never had "a favourable situation in all its businesses" since he is President. By adding a new diversification to its portfolio now its other subsidiaries under pressure, Bouygues while sends a message rather confident on his vision for the future. In any case, it avoids the allegations made against others to keep their unspent surpluses of capital or lack of imagination by allocating them to redeem their shares. For the moment, the Alstom operation Bouygues balance gives a more efficient structure but penalizes its profile stock as it increases its holding character, and the property that its participation is already valued by 10. This is the kind of paradox which can leave Martin Bouygues more indifferent that it has outside scholarship more satisfied shareholders. Starting with its employees, which has been reserved in the first half of a new capital increase and, with about 18 of the voting rights, guarantee freedom of contractor.

The Kir and the Bellini

Basis of champagne or cognac cocktails are all the more appreciated that they are the result of a subtle balance between various ingredients. Long LVMH distinguished himself by proposing a close mix of the Kir of the Bellini or Side because both the share of the sector mode and leather dominated results due to the flamboyance of Louis Vuitton. This trend, which worried some investors, was down recently with the rise of wines and spirits. The movement increases again this year with the return to grace of perfumes, watches and distribution. While the profits of the cognac rise less than sales because of a less strong profitability in China, land of conquest, the leather goods continues to grow sales and profits. The watches are distinguished by a margin which doubles to 10 while those perfumes and distribution are more than 40 significantly more than the net sales. So the sources of profit of the group led by Bernard Arnault are more balanced. The "new" trades also still have margins of improvement which should enable the trend to continue in 2007 even though fashion will then benefit from the planned take-off satellites like Fendi and Donna Karan.

The flip side of opulence

Vivendi was found to be more expensive than PagesJaunes. At twenty times the gross margin, the price paid for the Music Edition of Bertelsmann relegates to the rank of balance the ratio of 12 which has sold the directories of France Telecom subsidiary Vivendi had to the General surprise, coveted in the spring. The ratio is also two times higher than in General attributed by analysts to Universal Music Group to evaluate the sum of the parts of the conglomerate. Stressing that Vivendi had been "by far offer the highest among seven contenders", the seller maintains also the fear that the group is all the more inclined to overpay its acquisitions he brims with resources, that its potential targets are public and they are often the screen private investment funds. At least the purchase has the merits of strengthening the single division, with the games, Vivendi controls 100 in a market which he is the undisputed leader and which is likely to emerge from its current turbulence with a reinvented economic model. But should be more, and less onerous conditions, to wake up a title which is 10 points behind on the CAC 40 in one year and that investors continue to use as a refuge in times of downturn rather than as a vehicle in rising.