The French economy is finally showing signs of recovery

The French economy is finally showing signs of recovery. But listed companies have not expected the rally to deliver excellent results. Publications in publications, they openly defy the decline theories, each time beating benefits records. This excellent health is attributed everything to their efforts of restructuring and rationalization of their costs to their growing internationalisation.

If the purely domestic values have completely disappeared from the CAC 40 (GDF, the index the more "French", carries out a quarter of its turnover outside France), the "small" and "midcaps" have also, largely taken this international. For Jacqueline Eli-Namer, President of Oudart management, "the leaders of companies French were able to meet the challenges of globalization, starting generally by developing expertise in France and strengthen a dominant position, to expand then their activities to the eurozone become little by little their new area domestic , before getting to the assault on international markets." This challenge was met despite a strong euro, which has not prevented corporations today display margins similar to those of US companies.

In their choice of management, managers of French shares celebrate this development, resolutely surpondérant corporations more internationalised. By contrast, the purely domestic companies reduced be a shrinking in portfolios. "They are mechanically less represented because their weight on the ratings continued to decline," argued Patrick Lecomte, Manager of the company 1818 heritage.

With this trend of investor tours values export, what are the domestic companies that are still with the eyes of the market As summarized by Michèle Giovannetti, Manager of the FCP Montpensier values French, "domestic corporations retain a place in the portfolio including with the regional companies that expand the mesh size of the territory." As long as they generate growth above 20 in France, they are a priori no reason to turn to foreign. Other examples include Orpea, the provider of services to the elderly, VM Matériaux, a trader in materials of heavy work and development of the House or houses France comfort, which multiplies the acquisitions of small local companies. So far, it was also the case of April, one of the rare franco-français insurers. "But now that his model is well-honed, the group begins to display claims beyond the borders, with the acquisition of Italian Dierrevi".

For his part, Cyril Charlot, Manager of the FCP Sycamore Mid Caps, also evokes houses France comfort and Celeos, a side on Alternext, but also Acadomia developer. "This company has positioned itself much more than its competitors in the segment of home school support services, which allowed him to build a strong brand." On this basis, it now expands its offer, child care, cleaning, full advantage of the development of employment-service cheque. The same logic, he mentions Aurea, which procurement has expanded its range of activities in the recycling and environmental services and NextRadio, where Alain Weill is working, after have reinvigorated CTMR hearing, to redress BFM and positioning the Group on digital networks.

Among other strong domestic colour values, Sophie Boudeau, Arbevel financial analyst, highlights the Internet companies. "The sector remains fragmented, particularly in advertising and marketing, where the new sites (1000mercis, eMarketing, Maximiles, Adverline, comeandstay) are engaged in a race for market share." But if their turnover is still exclusively produced in France, international developments will probably well-received, because they are often considered as a guarantee of sustainability sites. The market also welcomed Aufeminin strategy, which seeks growth in Spain, Italy and Germany relays.

A reverse of the trend to internationalization, Sophie Boudeau, nevertheless isolates the case of Toupargel-Agrigel (frozen), who has opted for an exclusively French presence. "Rather than scatter its efforts in Europe where the group does not have the critical size, the leaders chose to focus on the development of a strong network which allows him to get out of the package on its own market, where competition from international actors is already intense.

Michèle Giovannetti also points out that some sectors to export less well than others, in the image of the media, the distribution and services. "Distribution formats face often tastes of local consumers, which calls for vigilance against the vain of international growth in this sector."

Christian Cambier, founder of Prigest and Manager of the Valfrance CPF, is abundant in this sense in choosing the Flo group, owner of fossil and Bistro Romain food chains. "The company had attempted to establish themselves in England, without success." While the market swear more per the international values, it is precisely with this return to the sources that the Group found its appeal, now that it will concentrate its efforts on the enhancement of its marks on its own market.