French Market Community

Update as of 27 March: With specific auto tariffs announced by the Trump administration, Renault is the one European car maker in the green, confirming this narrative. The company's competitive edge, hence, ought to reward it with an even higher PE than originally anticipated here, so I now pencil in a ratio of 12.

Catalysts Record backlog in High Voltage (€6.2B in 2024). Growth in global electrification (CAGR 7% until 2028).

Worldline bought 3 major companies in the last decade, Equens, Six Payment services and Ingenico for about 15B, and was worth around 8B. Today it is worth two billions euro.

Catalysts EV and renewable energy demand (SiC chips) Growth in AI, IoT, and automation Government incentives for chip production Assumptions Revenue Projection (5 Years) Estimate: ~$22-25 billion by 2029 Reasoning: Current revenue : ~$17 billion Annual growth rate : ~5-6% CAGR (historical + industry trend) Growth drivers : Electric Vehicles (EVs) → SiC demand surging IoT & AI expansion → Increased adoption in smart devices Automotive & industrial electronics → Rising semiconductor integration China market expansion → Key growth opportunity Where do you think earnings will be in 5 years time? and why?

EssilorLuxottica, a global leader in the design, manufacture, and distribution of ophthalmic lenses, frames, and sunglasses, continues to redefine the eyewear industry through technological innovation and strategic acquisitions. With a diverse portfolio that includes iconic brands like Oakley and the recent addition of Supreme, the company is poised to enhance its market presence and consumer engagement.

ZCCM-IH is an investment holding based in Zambia with focus on mining and energy business. They hold very substantial assets: Investments – ZCCM Investments Holdings Plc Thank to the reorganization of the Mopani Copper Mine - they sold 51% to Delta Mining - an indirect subsidiary of International Resource Holding- Assets - International Resources Holding which is itself a subsidiary of Abu Dhabi listed International Holding Campany: IHC | International Holding Company which itself belongs 60% to the very powerful Royal Group of the ultra-rich Royal Family of Abu Dhabi; they recorded a profit on group level of 2 billion USD in first half 2024; but the share price don't go inline with the huge increase of the book value (market capitalization of just 200 Mio.

RIBER S.A is the world’s leading supplier of Molecular Beam Epitaxy (MBE) products and related services for the compound semiconductor research and industrial field. Riber MBE equipment is the most versatile and precise tool to deposit very thin layer of materials onto substrates with a very high control.

Fair Value is based on 5 analyst following the company. The company is active in the domain of semi-conductors so highly volatile but the story behind this company is very appealing : It is a family owned company with a management being there already for longtime and having themselves important stakes They have a very tight relation of being the producers of Melexis (that only conceives chips) qnd hence is assured by a steady flow of orders The current figures are biased by a hefty investment in building up extra capacity They do not target high volumes as this is a battle they can not win, they are just strong in making small to medium batches The major risks and attention points are : Will follow the volatily of the semiconductor business Linked to auto industry so if this one is suffering XFab will perform weaker as well They realize high margins but if Revenue is not attained immediate impact on the bottom line as there are consequent sunk costs.

Nextedia anticipates regaining control of its results while continuing to grow its revenue. The company is determined to pursue external growth in the fields of cybersecurity and customer experience, particularly with partners such as Salesforce, IBM, and Palo Alto.