Ecartant the probability of a rate hike todayThe talent of Eric Fréchon is not at issueat the last regions of the continental FranceThis is the result of a certain aversion to riskThis will be the same preferably in bestIn other words the market may indigestionThe attention is captured the step magnetizedThe negotiations will be launched on November 24My employer does not compensate me for thisEurope finds itself in a very tense situationA misfortune never comes alone. Having lost some of its stars and some emblematic budgets, Publicis must abandon the prestigious index CAC 40 for the benefit of Vallourec. Malicious spirits could see an act of the series, as Christophe Lambert and his acolytes is associated with Vincent Bolloré, is the President and first shareholder of Havas, which earned the SFR and EDF, budgets and it is also the first shareholder of Vallourec. Certainly, the promotion in the first division of the champion of the tube, record holder stock flights for two years, doped by the thirst for energy of the planet, is amply deserved. With a capitalization that exceeds 10 billion euros and a float of the order of 90, Vallourec widely deserves his entry into the Holy of Holies where he will place at the outset with companies like Lagardère, Essilor or Capgemini. On the other hand one might ask why the axe fell on Publicis, while the group is worth 2 billion euros more than Thomson, Red Lantern of the ACC in capitalization and stock market performance.
The arithmetic of hope
The last rating of Eurotunnel, may 12, emphasized a theoretical value of EUR 1.12 billion. In the backup procedure, the tribunal de commerce of Paris encrypted 1.3 billion the liquidation value of the operator of the channel tunnel, say, in view of its debt to zero for its shareholders. It is clear that if the process opened by the positive vote of the creditors of first rank goes to his term and therefore the plan is accepted by the "bond", the equation of valorisation of Eurotunnel will be to reconsider. The new company which will replace one that has escaped the liquidation will be still indebted more than 4 billion euros. But, for once in the history of the project, its operation will be likely to generate a sufficient margin to pay interest and a cash to repay the capital. Equal enterprise value, you might therefore see transformed little by little the debt capitalization. It is on this set of communicating vessels that are the last hopes of the "small carriers". The price of an ultimate sacrifice psychological, because recovering that 13 of the company, they will leave the bulk of its eventual creation of value to those creditors who are less well covered in the current plan. But better probably to 13 of billions that 100 of nothing.
The price of health
Fortune smiles on the bold. Generator, high price, the Schering laboratory at the beard of his compatriot Merck Kga will not affected Bayer, on the contrary. The German giant which pharmaceutical activities now almost as heavy that its chemistry takes full advantage of this refocusing. With EUR 17 billion invested in the producer of the contraceptive pill, Yasmin, and treatment antisclérose plates, Bétaféron, Bayer has been advancing its operating income of 22 in the third quarter. Allowing him to aim for the current year an operating margin of 22 in its health division, superior of 2 points to its original purpose. These elements are all the more significant that they contrast with the poor performance of plastics, where profits are shrinking despite increased sales, and especially of agrochemicals, where profits and turnover following the same downward. It is clear that the only progress of the former Bayer pharmaceutical division even boosted by its cancer drug Nexavar, up 41, would not enough to offset the disappointment of the chemistry. Now that health is by far his first business, the Leverkusen can therefore put overdrive in research to further expand its pipeline of new drugs.