Generale de Sante, which the market questioned

Refuge. Among the niches that seem immune to a possible drop in growth, health still remains. The General Health ranks first in terms of European private hospitals ... Since its takeover by Italian interests, the attractiveness of fellow title is reduced with the reduction of its speculative and a floating weak. Nevertheless, the value still offers many advantages ... The organic growth is buoyant, 'drivée' structural phenomena arising from the ageing population. The company's policy is to acquire new facilities regularly which also contributes to the growth in revenues.

Indicators green. With efforts in the field of productivity and allocation of resources, the results are on high levels. The year 2007 has been thwarted from this point of view by the surrender of a portion of the real estate assets of the group. The backlash of this cash entry consists of the payment of rent coming negatively impacting the margin ... Another recent event on this title with the distribution of an exceptionally large coupon to enable new shareholders to return in part in their money. Net debt has risen significantly over the past year and now appears around the Billion Euros. In the new fiscal year, the firm plans yet maintain its investment programme.

Market Evolution. Recent developments in the title suggests that the profile of the firm is nothing defensive. The title loosely indeed 40% since mid-December 2007 ... The sudden disinterest of investors for the 'mid-cap' has a lot to do, as well as annual results as mixed. Despite the decline in price, the recovery is far from being ridiculous, close to the billion euros ... If the value of the company on operating results, it revolves around 14/15 times. The basics of the group is quality, it will retain the balance of the line to play a possible buyout of the minority.