SHORT LIST
Welcome to your Small & Mid Caps universe
JANUARY 2016
2 Moving in / Moving off the short list
3
Actia Group: embedded future growth at a good price
4 Esker*: a 25% increase in turnover for the fourth quarter and
90% increase for the operating result
5 Fleury Michon*: on a good trend
6 Thermador Groupe*: Positive external growth factors
7
Trigano*: still a very favourable commercial drive
* PEA-PME
eligibility (under
the French share
savings plan to
finance SMEs).
8
Publishing schedule
9
Performances
10
Operating guidelines
11
Disclaimer
12
Contacts
Moving in / Moving off the short list
+
Actia
Esker
Thermador
Trigano
5th January
2016
Actia
Esker
Fleury Michon
Thermador
Trigano
ATI
ALESK
FLE
THEP
TRI
5.19
31.00
63.56
87.97
61.81
Chargeurs – Buy (1), last objective set €11.0
-
There are no short-term catalysts for this security
GTT– Increase stake (2), last objective set €54.0
No new information in January after confirmation of annual guidelines; this sector is under
pressure
High Co – Hold (3) vs. Buy (1), last objective set €8.9
The sharp increase of this security leads us to be more cautious in the short run
Le Noble Age – Buy(1), last objective set €28.0
No catalyst identified in January
Short list - January 2016
Page 2
THERMADOR GROUPE
Positive external growth factors
Activity is expected to improve during the fourth quarter

 We are expecting a 53.4 M€ turnover for the fourth quarter (up 16.3%, and 0.4% at constant prices) owing to: 
1. A build-up of the group's international development (with a planned fourth quarter turnover of 4.5M€ for
Thermador International, up 17.6%);
2. A favourable baseline effect (turnover for fourth quarter of 2014 was 45.9M€, down 4.8%):
3. A positive 7.3M€ contribution resulting from the consolidation of Mecafer and Nuair France companies after the 1st of
July 2015;
4. Note: this is despite mild weather conditions which should have adverse effects on sales of heating equipment.
 The governmeent measures aiming to improve the construction market in France (particularly the recent zero percent rate housing
loan) ought to have positive effects during the ongoing financial year (it should be underlined that this group is currently doing well
in difficult market conditions).

Profitability is expected to improve

Along with an expected increase of turnover in 2015 of 7.9% (+ 1.7% at constant prices) up to 221.8 M€, the results should improve (EBIT at 32.6
M€ vs. 31.1 M€ the year before) with 1 / improved profitability for Thermador International, 2 / an accretive contribution coming from Mecafer
3/ despite currency effects concerning purchases and investments carried out. 
The upside potential has not yet been entirely used
 Although the price is at its peak and the valuation now includes some of the potential increase (P/E16 17.4x, EV/ EBIT16 10.1x), the
increase in activity and yield (~ 4%) should act as catalysts for this security. 
Price objective: 97.5€ per share vs. present price of 87.97€, Increase stake (2).
PEA-PME eligibility - Valuation multiples: P/E15 18.8x EV/EBIT15 10.7x. /TO
Short list - January 2016
Page 6
Publishing schedule
ACTIA GROUP - Turnover for fourth quarter published on 11/02/2016
ESKER - Turnover for 2015 published on 19/01/2016
FLEURY MICHON - Turnover for fourth quarter published on 28/01/2016
THERMADOR GROUP - Turnover for fourth quarter published on 15/01/2016
TRIGANO - Turnover for second quarter published on 22/03/2016
Short list - January 2016
Page 8
Performance since January 2009
Short list
CAC Mid & Small
Caps
Selection for Dec. 2015
+3.5%
+0.1%
Since Jan. 2015
+98.6%
+18.81%
Since Jan. 2014
+172.5%
+25.18%
Since Jan. 2013
+241.1%
+55.17%
Since Jan. 2012
+466.6%
+87.9%
Since Jan. 2011
+414.6%
+49.05%
Since Jan. 2010
+787.3%
+73.53%
Since Jan. 2009
+1019.2%
+137.14%
1000
950
900
850
800
750
700
650
600
550
500
450
400
350
300
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200
150
100
2009
2010
2011
2012
Portzamparc selection
Short list - January 2016
Page 9
2013
CAC Mid&Small Caps
2014
2015
Operating guidelines
1
2
The 5 securities were chosen according to a couple of complementary approach methods:
excellent fundamentals and short-term market potential
Cash position: cash available > 10 M€
3
The performance indicated is calculated using the closing price of the day preceding the
publication. It is provided for indicative purposes only and does not constitute a performance
information (securities average purchase/sale price, stamp duty, coupon)
4
Weighting: 20% for each security
5
Moving in / Moving off the short list: every month
6
No longer belonging to the short list does not mean that any particular security has been
downgraded. Its short-term market value is simply considered as now being less attractive
than those of the 5 other securities
Short list - January 2016
Page 10
Disclaimer
All disclaimers concerning Portzamparc research (transparency commitments, conflict of interest management policy,
recommendation system, breakdown per recommendation) are found on:
http://www.midcaps.portzamparc.fr/ (institutional clients) or can be provided by your regular advisor (private clients).
Without any specific criteria set by legislative or regulatory means, the Portzamparc Group establishes PEA-PME share eligibility,
according to its own understanding of the basic meaning of the French Finance Bill. In doing so, Portzamparc Group's can't be held
liable if it makes a wrong assessment.
Personal interest
of
the analyst
Conflict of interest
between Portzamparc
and Issuer
Financial interest
between Portzamparc
and Issuer
Liquidity agreement
Investment
Other conflict
services
of interest
Actia Group
NO
NO
NO
YES
YES
NO
Esker
NO
NO
NO
YES
YES
NO
Fleury Michon
NO
NO
NO
NO
NO
NO
Thermador Group
NO
NO
NO
NO
YES
NO
Trigano
NO
NO
NO
YES
NO
NO
Short list - January 2016
Page 11
Contacts
Institutional sales
François Bredoux, Head of institutional sales, +33 (0)2 40 44 95 21, [email protected]
Henri Tasso, Institutional sales, +33 (0)2 40 44 95 41, [email protected]
Henrique Cristino, Institutional sales, +33 (0)2 40 44 95 31, [email protected]
Nitin Khednah, Institutional sales, +33 (0)2 40 44 95 11, [email protected]
Franck Jaunet, Sales trading manager, +33 (0)2 40 44 95 26, [email protected]
Reine Haslay, Risk and performance analyst, +33 (0)2 40 44 95 40, [email protected]
Arnaud Guérin, Head of financial analytics, +33 (0)2 40 44 94 42, [email protected]
Nicolas Royot, CFA, Financial analyst, +33 (0)1 40 17 50 43, [email protected]
Romain Freismuth, CFA, Financial analyst, +33 (0)2 40 44 94 54, [email protected]
Maxence Dhoury, Financial analyst, +33 (0)2 40 44 94 12, [email protected]
Thomas Oillic, Financial analyst, +33 (0)2 40 44 94 52, [email protected]
Short list - January 2016