tag:blogger.com,1999:blog-4967053617570960260Sun, 11 Jan 2026 13:00:09 +0000VIVINFESAMPGEAFPTESILDKapschKlarmanQ-FreeAKAALNEXCENCRIFFPFSCOREGadinGreenwaldLACOPAPourquoi je crée ce blogSIISTXStockopediaTsunamiUGWDCInvestissement avec un biais "Value" et petites capitalisations. Value and small caps investing in France.http://valueinvestingfrance.blogspot.com/noreply@blogger.com (Caque)Blogger57125tag:blogger.com,1999:blog-4967053617570960260.post-2655351800364337971Thu, 01 Jan 2026 20:34:00 +00002026-01-01T21:34:10.008+01:00Oui oui, c'est bien le bilan 2024, juste un an de retard. L'avantage c'est que je peux revisiter mon baratin sur mes choix d'investissement de fin 2024, et voir ce que cela a donné en 2025.Bilan PEALe PEA a fini l'année 2024 à +2% Comparaison par rapport à mes blogs et et gérants favoris : Blog Value and Opportunity -2,5%, Fonds Indépendance et expansion -1%, HMG Découvertes +7%, Gay Lussac http://valueinvestingfrance.blogspot.com/2026/01/bilan-2024.htmlnoreply@blogger.com (Caque)0tag:blogger.com,1999:blog-4967053617570960260.post-509437608673097133Sat, 28 Sep 2024 21:28:00 +00002024-09-28T23:31:48.344+02:00&nbsp;Bilan PEA&nbsp;Ok je suis très très très en retard cette année.Le PEA finit l'année 2023 à +12%, avec un un minium à -2% en octobre, je suis sauvé par le brutal rebond de fin d'année et l'OPA sur SII.Comparaison par rapport à mes blogs et et gérants favoris : Blog Value and Opportunity 14%, Fonds Indépendance et expansion 12%, HMG Découvertes 8%, Gay Lussac microcaps 6% : ma perf est http://valueinvestingfrance.blogspot.com/2024/09/bilan-2023.htmlnoreply@blogger.com (Caque)0tag:blogger.com,1999:blog-4967053617570960260.post-250054541879413223Thu, 11 May 2023 20:25:00 +00002023-06-03T20:17:45.499+02:00Le bilan est très très tardif cette année ! Mon PEA finit l'année à -3% (dividendes et frais de transaction inclus, avant taxes), avec un minimum à -12% en octobre.&nbsp;2022 : -3%, 2021 : +26%, 2020 :+1%,&nbsp; 2019 : +16%, 2018: -11%, 2017: 20%, 2016: 22%, 2015: 15%, 2014: 11%, 2013: 35%, 2012: 15%, 2011:-1%, 2010:15%, 2009: 33% et perte de 40% en 2008 Le principales positions ont peu évolué http://valueinvestingfrance.blogspot.com/2023/05/bilan-2022.htmlnoreply@blogger.com (Caque)0tag:blogger.com,1999:blog-4967053617570960260.post-1445412095511650621Wed, 12 Jan 2022 21:48:00 +00002022-01-17T23:41:29.872+01:00Bilan 2021Mon PEA finit l'année à +26% (dividendes et frais de transaction inclus, avant taxes).&nbsp;Dans l'absolu il s'agit d'une bonne performance, en relatif ce n'est pas spécialement brillant notamment par rapport aux indices ou aux fonds que je suis, et ce pour la deuxième année de suite.Cette année je passe donc plus de temps à analyser mes performances relatives sur une longue période.&http://valueinvestingfrance.blogspot.com/2022/01/bilan-2021.htmlnoreply@blogger.com (Caque)3tag:blogger.com,1999:blog-4967053617570960260.post-7498192580321583710Sat, 02 Jan 2021 21:21:00 +00002021-01-07T18:03:31.945+01:00Performance 2020Mon portefeuille principal (PEA) finit 2020 à peu près stable (+1 % environ). Le PEA-PME fait beaucoup mieux (+70%) mais j'ai fait des versements significatifs cette année sur ce portefeuille, donc le TRI donne une idée plus juste : +25%. Malheureusement pour moi le deuxième portefeuille pèse seulement 1/4 du premier...Performances historiques (du PEA), donné en TRI annuel pour http://valueinvestingfrance.blogspot.com/2021/01/bilan-2020.htmlnoreply@blogger.com (Caque)1tag:blogger.com,1999:blog-4967053617570960260.post-2162816833106036851Wed, 02 Jan 2019 22:06:00 +00002019-01-04T23:43:00.009+01:00My portfolio is down 11% in 2018 (incl dividends). Past years :(2017: 20%, 2016: 22%, 2015: 15%, 2014: 11%, 2013: 35%, 2012: 15%, 2011:-1%, 2010:15%, 2009: 33% largest loss -40% in 2008 Benchmark: -&nbsp;HMG Finances Découvertes down ~20% -&nbsp;Independance et expansion&nbsp;-32% -&nbsp;sextant pea&nbsp;-20% - cac mid&amp;small -23% I've been somewhat protected from the general http://valueinvestingfrance.blogspot.com/2019/01/2018-review.htmlnoreply@blogger.com (Caque)4tag:blogger.com,1999:blog-4967053617570960260.post-3740573371361876198Sun, 07 Jan 2018 22:23:00 +00002018-01-07T23:23:35.276+01:00Yes, I'm still alive. The blog reflects my portfolio activity...I currently find few investment opportunities fitting my criteria (cheap valuations and reasonable quality companies), so I do nothing. I've mainly trimmed down some positions, and I'm now around 17% cash. My portfolio is up 20% in 2017 (incl dividends), carried by the rising tide of valuations. (2016: 22% ; 2015: 15% ; 2014: 11%, http://valueinvestingfrance.blogspot.com/2018/01/2017-review.htmlnoreply@blogger.com (Caque)5tag:blogger.com,1999:blog-4967053617570960260.post-8534526646506731995Tue, 27 Dec 2016 22:49:00 +00002016-12-27T23:49:36.027+01:00Well 2016 is not finished yet but I do have some free time now. My portfolio is up 22% vs 15% in 2015 (11% in 2014 and 35 % in 2013) (internal rate of return, including dividends and broker fees). Benchmarks: - the mid&amp;small caps index (MS190) is up ~6 % - my favorite investment funds with the same universe (value, small caps) - Amiral Gestion Sextant PEA up ~19 % - HMG Decouvertes up ~20 % http://valueinvestingfrance.blogspot.com/2016/12/2016-review.htmlnoreply@blogger.com (Caque)2tag:blogger.com,1999:blog-4967053617570960260.post-6112640288116920038Wed, 24 Feb 2016 22:55:00 +00002016-05-07T23:23:41.919+02:00May 07 update The AMF has decided (April 06) that a tender offer is not mandatory and made an answer to CCI holders :&nbsp;link (in French, no official translation available). Some points of interest (rough/simplified translation from legal French, difficult for me): - the principle of equality between shareholders is a structuring principle but not an absolute law, especially for CCI which are http://valueinvestingfrance.blogspot.com/2016/02/credit-agricole-regional-banks.htmlnoreply@blogger.com (Caque)9tag:blogger.com,1999:blog-4967053617570960260.post-6010738299589102709Sun, 03 Jan 2016 21:28:00 +00002016-01-03T22:28:06.121+01:00Best wishes to all. My portfolio is up 15% vs 11% in 2014 and 35 % in 2013 (internal rate of return, including dividends and broker fees). Although 15% looks good, it's not brilliant compared to my benchmarks: - the mid&amp;small caps index (MS190) is up ~17 % - my favorite investment funds with the same universe (value, small caps) - Amiral Gestion Sextant PEA up ~22 % - HMG Decouvertes up ~28 http://valueinvestingfrance.blogspot.com/2016/01/2015-review.htmlnoreply@blogger.com (Caque)4tag:blogger.com,1999:blog-4967053617570960260.post-2597091792132631810Wed, 02 Sep 2015 21:25:00 +00002015-09-02T23:25:37.115+02:00Summary CNIM has released yestersday its HY2015 results (in French only, for the moment, but CNIM has an english version of its website). HY results are good and valuation is rather attractive on the basis of trailing earnings (EV/2014 EBIT ~ 4). Stock is up 5% in 2 days, notwithstanding Monday declining overall market. However I'm not convinced that the valuation is so attractive, considering http://valueinvestingfrance.blogspot.com/2015/09/cnim-ticker-com-too-good-to-be-true.htmlnoreply@blogger.com (Caque)0tag:blogger.com,1999:blog-4967053617570960260.post-6770094579961807782Tue, 26 May 2015 07:17:00 +00002015-05-28T10:30:26.393+02:00Summary - Gevelot (ALGEV) makes auto parts and pumps -&nbsp; illiquid stock, trades 1 time/day (fixing)&nbsp; -&nbsp; 97 m€ net cash on the balance sheet vs 131 m€ market cap (at 145 €/share). EV/2014 EBIT~5 - Management shows no sign of &nbsp;returning this excess cash to shareholders, a situation quite similar to GEA ; cash will be used for investment - low valuation but the easy money has http://valueinvestingfrance.blogspot.com/2015/05/gevelot-algev.htmlnoreply@blogger.com (Caque)2tag:blogger.com,1999:blog-4967053617570960260.post-1906052921345613688Tue, 27 Jan 2015 21:45:00 +00002015-01-27T22:52:59.307+01:00GEA presented today its 2014 annual results. Sorry for the telegraphic style. See Fininfohub article here (analyst presentation in English, with lots of interesting information from management). Compared to my HY2014 worst-case scenario (9 to 10 m€ op result), the 2014 results (EBIT = 12 m€, net result 8 m€) are better than I expected. GEA apparently cut its costs (outside purchases, http://valueinvestingfrance.blogspot.com/2015/01/gea-2014-results-short-article.htmlnoreply@blogger.com (Caque)2tag:blogger.com,1999:blog-4967053617570960260.post-2214312829662042407Sun, 11 Jan 2015 23:27:00 +00002015-01-12T00:27:29.177+01:00Given how this new year has started in France, I guess it can only get better. Best wishes to everybody anyway. I will refrain from making comments on the recent events, as this is an investing blog. My portfolio is up 11% in 2014 vs 35 % in 2013. I have no real benchmark, but I invest primarily in French small caps, so it makes sense to compare with the following benchmarks : - the mid&amp;http://valueinvestingfrance.blogspot.com/2015/01/2014-review.htmlnoreply@blogger.com (Caque)2tag:blogger.com,1999:blog-4967053617570960260.post-7028155410031229480Tue, 28 Oct 2014 22:43:00 +00002014-10-28T23:44:06.772+01:00AKASII1) Intro The blog as remained silent for a few months, reflecting what I viewed as a relative lack of opportunities. However small/mid caps have gone down recently. I want to make an article on IT service companies (acronym: SSII in French). As usual, I suppose that many readers will think that the article is too long. However I'm not in a position where I need to pitch my ideas to a http://valueinvestingfrance.blogspot.com/2014/10/it-and-engineering-consulting-services.htmlnoreply@blogger.com (Caque)0tag:blogger.com,1999:blog-4967053617570960260.post-5268114819702409725Thu, 29 May 2014 22:45:00 +00002014-05-30T00:53:51.296+02:00GEAKapschQ-Free1) Intro Note that the article is not self-supporting and will not make sense to a new reader (see my previous articles here 2012 , 2013). GEA has published it's 2013 annual report and its 1stHY report: - in the annual report the CEO warns clearly about a marked slowdown of sales in France, the need to focus on export markets, albeit at the cost of significant commercial investments and http://valueinvestingfrance.blogspot.com/2014/05/gea-hy14-results-q-free-comparison.htmlnoreply@blogger.com (Caque)4tag:blogger.com,1999:blog-4967053617570960260.post-5137456465625244300Fri, 24 Jan 2014 22:04:00 +00002014-01-24T23:04:16.951+01:00GEAGEA published yesterday evening its annual results : link (in French only). The presentation slides are interesting to get an idea of GEA business. Previous posts on GEA: here and here. The stock went up sharply today (+15%, 88.4 €). A few comments Sales are flat ; EBIT margin (operational margin to be precise) is up but GEA warns that it is exceptional and linked to the end of several contractshttp://valueinvestingfrance.blogspot.com/2014/01/gea-2013-annual-results.htmlnoreply@blogger.com (Caque)0tag:blogger.com,1999:blog-4967053617570960260.post-629183040537361704Wed, 08 Jan 2014 08:59:00 +00002014-01-08T09:59:17.709+01:00As last year, I'll review my past decisions and try to draw some lessons to improve my investing process. So this is more a top of flop in terms of decisions, than in terms of performance. The reason, as I explained last year, is that performance is driven by the process but also (at least in the short term) heavily influenced by luck and outside incontrollable factors. I must also do a post onhttp://valueinvestingfrance.blogspot.com/2014/01/2013-review-tops-and-flops.htmlnoreply@blogger.com (Caque)0tag:blogger.com,1999:blog-4967053617570960260.post-299084118709384891Thu, 19 Dec 2013 21:28:00 +00002013-12-19T22:28:10.569+01:00The year is nearing its end, so it's time to reflect on 2013. My porfolio is up approx 35 % (defined in my case as the internal rate of return, XIRR function of excel), so I can't hardly complain. However some of the Small caps value funds I follow are doing much better: see this link (video in French): Independance et Expansion is up ~60 %, HMG Decouvertes up ~40 %, Sextant PEA ~37 %, Moneta http://valueinvestingfrance.blogspot.com/2013/12/2013-review.htmlnoreply@blogger.com (Caque)2tag:blogger.com,1999:blog-4967053617570960260.post-6933098023679467574Wed, 02 Oct 2013 21:47:00 +00002013-10-02T23:47:18.390+02:00ALNEXOPAI own some shares of&nbsp; Nexeya (ALNEX), bought between 5 and 8 € in 2012. I never made a post on Nexeya but Nate at oddballstocks did. Nexeya is currently making a tender offer at 12 € for minority shareholders. Nexeya released yesterday the details on its offer (link, in French only I fear), at the same time as its 2013 financial accounts. It's interesting to look at the offer for 2 http://valueinvestingfrance.blogspot.com/2013/10/nexeya-buyout-offer.htmlnoreply@blogger.com (Caque)1tag:blogger.com,1999:blog-4967053617570960260.post-2187362876557746772Mon, 16 Sep 2013 21:35:00 +00002013-09-16T23:35:23.356+02:00Stockopedia<!--[if gte mso 9]> Normal 0 21 false false false MicrosoftInternetExplorer4 <![endif]--> <!--[if gte mso 9]> <![endif]--><!--[if gte mso 10]> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tableau Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:http://valueinvestingfrance.blogspot.com/2013/09/stockopedia-review.htmlnoreply@blogger.com (Caque)0tag:blogger.com,1999:blog-4967053617570960260.post-5518266736426544952Sun, 30 Jun 2013 21:24:00 +00002013-06-30T23:24:58.413+02:00GEAThe title refers, of course, to the book by Nate Silver, that I'm currently reading. The Signal and the Noise I like the book a lot (even though the chapters about baseball are hard to follow if you don't know the game) and recommend it. GEA has recently offered me a good opportunity to think about how to filter the signal from the noise. The facts (as objectively as possible) I covered the http://valueinvestingfrance.blogspot.com/2013/06/gea-signal-or-noise.htmlnoreply@blogger.com (Caque)3tag:blogger.com,1999:blog-4967053617570960260.post-6542937344374978967Fri, 26 Apr 2013 07:22:00 +00002013-04-26T09:22:14.531+02:00 I already wrote about Vivendi several times : in sept 2011 : here updated mid 2012 : here Vivendi published its 2012 annual results recently, so it's time for an update. Besides some people apparently arrive on this blog after a google search on "vivendi value" so I feel more or less compelled to update. However, if you look for a clear-cut investment thesis and a strong conviction, you'll nothttp://valueinvestingfrance.blogspot.com/2013/04/vivendi-2012-annual-results-update.htmlnoreply@blogger.com (Caque)3tag:blogger.com,1999:blog-4967053617570960260.post-334497742844298712Mon, 18 Feb 2013 22:17:00 +00002013-02-18T23:18:43.707+01:00FPI 1st coved Total in August 2011 : see here. The company has just published its 2012 results. The company was (and is) extremely cheap on a PER or EV/EBIT basis and raised its dividend. However my main concern at that time was that Total was, as stated by Jim Chanos for integrated oil companies, in "stealth liquidation". To summarize Jim Chanos: "we are shorting oil majors. If you look at theirhttp://valueinvestingfrance.blogspot.com/2013/02/total-fp-2012-update.htmlnoreply@blogger.com (Caque)1tag:blogger.com,1999:blog-4967053617570960260.post-8654789510428858886Thu, 31 Jan 2013 21:11:00 +00002013-01-31T22:14:00.180+01:00GEAGEA has published its 2012 results. The financial report is available here (in French). Margins remain high (23 % op margin); no tangible sign of "mean reversion" as was (and still is) my main concern. Modest sales growth, stable order backlog. The balance sheet remains rock solid (40 m€ cash, 0 debt). Working capital requirement shows a marked increase (large increase in accounts http://valueinvestingfrance.blogspot.com/2013/01/gea-2012-annual-results.htmlnoreply@blogger.com (Caque)2