The title has yet undeniable effect contracts

The time is not yet arrived where the stock market to persuade that the future of Alstom is more in the hands of customers than in those of its bankers. The title has yet undeniable effect "contracts". The 2.8 billion euros of orders gained since the beginning of the year by the transport division and the division energy billion won on uncertainty due to the renegotiation of terms of funding and the review by the European Commission of the rescue plan. The title resumed 16 in two weeks, and the market is more responsive to industrial considerations that develop Patrick Kron. Just before fly inaugurate the TGV in Seoul, President of Alstom appears thus convinced a skewer of analysts that the resumption of the commands, renegotiated Bank sureties and the restoration of the operational margins would ensure a look presentable to the exercise which will end in exactly two years. This leaves a very long time to nasty surprises, but also, why not, for good. To verify that, without even bet on a TGV high-speed train Beijing-Shanghai, China, will represent more than 30 of global energy investment over the next five years, as is the future of Alstom.

The Alliance and the Prophet

The coincidence is troubling. At the same time where the France hold before the reforms of its vast public areas, Renault, the former laboratory of the nationalized sector, says global ambitions without complex, for a "third rank" by the quality of performance rather than volumes. Leaving before them that Toyota and an American or a German, Louis Schweitzer and Carlos Ghosn remind us that, if the arrival of Renault at Nissan date five years, "the Alliance" is in its infancy. The rebound of Nissan has already produced its accounting effects, the results of Renault, and fellows, by offsetting the recent passage of the ex-Régie. The best is yet to come. Starting this year, by the synergies that will generate purchases, plants, platforms and commercial offensive in common. Follow by the upraised flow of dividends that go back to Renault, as his partner, free of debts, retained all surplus capital that earned its record results. The ideal, if not utopian, is that Nissan performance reflect those of its French shareholder. It is the ambition of Carlos Ghosn. It will be exciting to check if it will be Prophet in his country.

Too deep pockets of Enel

Abundance of goods can be harmful. The Enel, the Italian EDF, as any "utility" a towering debt of EUR 24 billion to 21 billion of own funds. The Group rated and privatized 40 has especially before him a great surplus of capital. That will generate its core business, the surrender of a portion of his estate, next Fellowship of Terna warnings, the subsidiary has its network high voltage, and Wind, the mobile operator that it holds 100 are 25-30 billion euros that Enel will have to find a job by 2007. The market has a clear idea of the solution to this problem of opulence: return the maximum to the shareholders. What meet the Italian State, which has need of money, the largest, and reassure the other, concerned about the "strategic" errors, otherwise said acquisitions paid too much, that such affluence. Maintain this year and next year the dividend served in 2002, provides a 6.4 yield on the average price of the last twelve months, was the minimum. Promise an exceptional dividend from the proceeds of Terna was already better. However, that the title kind of its recent lethargy, need that the timetable and objectives of other jobs are also reassuring.