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OUR REPORTS
AND STATISTICS
ON FINANCIAL
MARKETS.
Thanks to the market data and public information collected by our algorithms, we are committed to generating and publishing statistics of general interest, which we make available to everyone via social networks and our blog.
07/03/2024
THE HIERARCHY OF VALUATIONS IN CONTINENTAL EUROPE.
The valuations of the various European stock markets are far from uniform. Some markets have structurally higher median PERs (price earning ratios) than others, sometimes due to sector allocation. But counter-intuitively, the most expensive countries are not generally those with the highest earnings growth.
Using our algorithms, we constantly collect stock market and fundamental data on nearly 5,000 European companies, enabling us to establish the hierarchy of valuations on the Old Continent. The price-to-earnings ratio, based on the average annual number of outstanding shares and VWAP, stands at just over 14x in 2023 in Europe for profitable companies (9x including loss-making companies). Structurally, listed companies in the Nordic countries have the highest valuations, at around 20x net profit. This is except for Norway, where the large share of fossil energies and the banking sector in the stock market pushes down median valuations. The median P/E there is less than 10x. It is also interesting to note that in Switzerland, all sectors trade on higher valuation multiples than elsewhere.
More generally, economically mature countries are trading at valuations that are 30% higher than those in Eastern Europe, sometimes by as much as a factor of three. This is despite the fact that earnings growth is lower in these countries. Access to information, the language barrier and the small number of local investors partly explain the apparent attractiveness of multiples in the CEE. From an economic point of view, the proximity of the Baltics to Russia in a tense geopolitical context h...
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05/23/2024
THE IMPACT OF INSIDER TRADING ON SMALL-CAP SHARE PRICES.
Insiders are required to report to the financial markets authority (AMF) when they trade directly or indirectly in a listed asset, so that this information can be made public. This European measure (MAR-19) aims to guarantee transparency and prevent market abuse.
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06/12/2023
SHARE OF WOMEN IN THE TOP MANAGEMENT OF FRENCH LISTED COMPANIES.
In just a few years, ESG has become one of the main concerns of the financial asset management industry. While the proportion of women on boards of directors and supervisory boards has risen sharply, they remain under-represented in the operational management of listed companies, although their remuneration is close to that of men for companies of equivalent size.
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05/30/2023
FINANCIAL DISCIPLINE OF PUBLIC COMPANIES IN FRANCE COMPARED WITH THE NORDIC COUNTRIES.
The Nordic countries have a reputation for extreme fiscal rigor in public finances. Their budget balance is only slightly in deficit, and even in surplus in some countries. They are also much more averse to massive indebtedness than Latin countries. This discipline is partly mirrored in listed private companies.
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05/18/2023
AN INCREASE IN THE NUMBER OF REVERSE SPLITS AS A COROLLARY TO DILUTIVE FINANCING.
Reverse split transactions have become increasingly common in France in recent years. They very often follow the issuance of dilutive financing instruments such as convertible bonds. New financiers have recently appeared on this playing field, creating a population of zombies and aggrieved minority shareholders.
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05/02/2023
CHARACTERISTICS OF THE EQUITY MARKETS IN THE FIVE MAIN EURO ZONE COUNTRIES.
The stock markets of the five main Eurozone countries, ranked by their production (GDP), comprise almost 2,000 companies accessible to investors. Each has its own distinctive features characteristics, such as tax advantages for large groups in the for large groups in the Netherlands, or a significant renewal of the in Italy. Each also has its preferred sector in terms of the number of
number of listed companies.
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