There are two ways to enrich themselves in the large distribution

There are two ways to enrich themselves in the large distribution. The first is to exercise his profession at the highest level, the second of valuing real estate, which is essential. Investors sometimes forget this duality that a grocer as Jean-Charles Naouri became financial has never lost sight of. The Casino Group, that it controls, withdraws from Poland in reassuring terms. Trade funds are first sold on the basis of ratios at the top of the estimates. Better, separated from the walls of hypermarkets assignment highlights value more than analysts did not take the or bit into account in their calculations. Polish transactions thus illuminate a nine day the international portfolio that Casino has put for sale to reduce debt concern. Operational performance are unimpressive (the Poland had for 6 million of the consolidated income statement 2005 1.022 million) but Metro or Tesco are ready to prove that they will do better and locations contain enough heritage to compensate for years of low contribution to profits. The ideal would be that Casino will itself turn together these two engines. This is what can hope to its shareholders for the perimeter he held at the end of its plan of assignments.

The Philips exception

So far, Philips is the only major industrial group mid-year results were well received in the stock market. Two reasons for this exception. The Dutch conglomerate first displays an overall acceleration of its growth there where most of the others, especially those technological character, are the better state of stagnation. It is especially full recovery in its main market, Europe, falling to the time when North America and Asia slow. This is a sign that, beyond the next separation of semiconductor activity, the group gathers in its other divisions the fruits of its efforts in innovation and reconquest of consumers. In a securities context again more reluctant to risk profile refocused its priorities to medical equipment, lighting and Philips and other domestic applications of technology reassure more than strategic dispersion which prevailed previously. The new 1.5 billion share buyback program also is a reminder that external growth in the medical investments do not cover all recycling capacity of cash to shareholders. Since they have no bad surprise to fear in the immediate future, Philips can even afford vague in its forecasts for the remainder of 2006. Another way to make an exception.

Power without glory

Us Citigroup seems now installed on more than $ 1.7 billion profit rate per month. Compared to the 1 billion for the years 2001-2002, the progress is significant. Hence just as Wall Street does not follow and values the Bank us roughly the same course five years ago Shareholders certainly perceived dividends as strong as profits increase. They have also benefited from the powerful flow of share repurchases. But the account is not, and nothing suggests that investors change their approach, which is Citigroup value performance and not growth as unrealistic Charles Prince. The President of Citigroup puts forward two factors of dynamic: the vitality of international activities, particularly in Investment Bank, and accelerated openings of new agencies, the United States and abroad. For the moment, this means above all by a costs rise faster than revenues. And the effects these developments volumes obscure not disappointments in the management of heritage or "hedge funds". Rather than to be valued for its fire-power, the supermarket in finance is found on the smaller of its activities or the more volatile its trades. At despair to be universal.