- 25/06/2025
Salut à tous les investisseurs ! 👋 Dans ce bilan hebdomadaire, on plonge au cœur des marchés boursiers pour décrypter l'actualité brûlante de la semaine du 2 juin 2025. Une semaine marquée par des mouvements majeurs !
📈 Au programme de cette vidéo :
Analyse Approfondie des Indices : Décryptage du Nasdaq, du S&P 500 et du CAC 40.
Les "Fantastic Seven" sous la Loupe : Que se passe-t-il chez Apple 🍏, Microsoft, Alphabet
Mon Portefeuille Bourse en Transparence : Je vous dévoile ma nouvelle stratégie d'investissement après avoir tout vendu ! Découvrez mes premières acquisitions : Adobe et Medpace.
Pourquoi ces choix ? Je vous explique tout en détail.
C'est l'occasion de comprendre ma vision pour bâtir un portefeuille solide et diversifié.
Sommaire de la vidéo :
0:00 Intro
0:45 Les indices
5:46 Les valeurs
12:02 Mon portefeuille
Restez connecté et apprenez davantage :
Ma dernière vidéo : https://youtu.be/Lyfd_N8aK_M ▶️
Mon analyse d’Adobe : Adobe : https://youtu.be/H98I5tusb9w 📖
Mon analyse de Medpace : https://youtu.be/f6uJW_RLauw 📖
Rejoignez ma communauté sur TikTok :
https://www.tiktok.com/@antoine_pastime?_t=ZN-8xMX03z5RKA&_r=1 👋
Besoin d'un Accompagnement Personnalisé pour Vos Investissements ?
🚀 Atteignez vos objectifs financiers avec un coaching sur-mesure ! Que vous souhaitiez démarrer en bourse, optimiser votre portefeuille ou affiner votre stratégie, je suis là pour vous guider.
Contactez-moi dès maintenant pour discuter de vos besoins :
📧 Mon Email : chapasantoine@gmail.com
Rejoignez la Communauté et Ne Manquez Aucune Analyse !
🔔 Abonnez-vous à la chaîne pour ne rater aucune de mes prochaines analyses de portefeuille et conseils d'investissement : https://www.youtube.com/@antoinechapas/videos
👍 Laissez un pouce bleu si cette vidéo vous a été utile !
💬 Partagez vos impressions et vos propres performances en commentaire ! Comment votre portefeuille a-t-il traversé cette semaine ?
#Bourse #Investissement #AnalyseBoursière #PortefeuilleActions #Nvidia #Tesla #SP500 #Nasdaq #CAC40 #MarchésFinanciers #StratégieDInvestissement #Actions #FinancePersonnelle #IA #Adobe #Medpace
📈 Au programme de cette vidéo :
Analyse Approfondie des Indices : Décryptage du Nasdaq, du S&P 500 et du CAC 40.
Les "Fantastic Seven" sous la Loupe : Que se passe-t-il chez Apple 🍏, Microsoft, Alphabet
Mon Portefeuille Bourse en Transparence : Je vous dévoile ma nouvelle stratégie d'investissement après avoir tout vendu ! Découvrez mes premières acquisitions : Adobe et Medpace.
Pourquoi ces choix ? Je vous explique tout en détail.
C'est l'occasion de comprendre ma vision pour bâtir un portefeuille solide et diversifié.
Sommaire de la vidéo :
0:00 Intro
0:45 Les indices
5:46 Les valeurs
12:02 Mon portefeuille
Restez connecté et apprenez davantage :
Ma dernière vidéo : https://youtu.be/Lyfd_N8aK_M ▶️
Mon analyse d’Adobe : Adobe : https://youtu.be/H98I5tusb9w 📖
Mon analyse de Medpace : https://youtu.be/f6uJW_RLauw 📖
Rejoignez ma communauté sur TikTok :
https://www.tiktok.com/@antoine_pastime?_t=ZN-8xMX03z5RKA&_r=1 👋
Besoin d'un Accompagnement Personnalisé pour Vos Investissements ?
🚀 Atteignez vos objectifs financiers avec un coaching sur-mesure ! Que vous souhaitiez démarrer en bourse, optimiser votre portefeuille ou affiner votre stratégie, je suis là pour vous guider.
Contactez-moi dès maintenant pour discuter de vos besoins :
📧 Mon Email : chapasantoine@gmail.com
Rejoignez la Communauté et Ne Manquez Aucune Analyse !
🔔 Abonnez-vous à la chaîne pour ne rater aucune de mes prochaines analyses de portefeuille et conseils d'investissement : https://www.youtube.com/@antoinechapas/videos
👍 Laissez un pouce bleu si cette vidéo vous a été utile !
💬 Partagez vos impressions et vos propres performances en commentaire ! Comment votre portefeuille a-t-il traversé cette semaine ?
#Bourse #Investissement #AnalyseBoursière #PortefeuilleActions #Nvidia #Tesla #SP500 #Nasdaq #CAC40 #MarchésFinanciers #StratégieDInvestissement #Actions #FinancePersonnelle #IA #Adobe #Medpace
Catégorie
📚
ÉducationTranscription
00:00Hi everyone, today we're meeting for the Friday check-up video.
00:03So as a reminder, this is simply a video in which I will take you through each week,
00:08so every Friday, the values, also the indices and also my portfolio
00:12so that we can see and follow the evolution, so that I can give you the current trend,
00:17at least that's what I imagine.
00:18And then there you go, so as you can already see on the thumbnail diagram,
00:22So I have only three positions with enormous conviction at the moment.
00:27So I hope you find this interesting.
00:30And that will be at the end of the video in the my wallet section.
00:33And otherwise I have two smaller positions at $418 and $900.
00:36So to start off, as I told you, the Friday videos are first of all the clues,
00:41then the values and then a check-up of my portfolio.
00:45So in terms of indices, the Nasdaq this week, it has progressed mainly thanks to tech stocks,
00:49with notably for example Nvidia which had released its results in particular,
00:52and therefore which still benefits from strong optimism about artificial intelligence,
00:57but also strong optimism about customs duties.
01:00We'll talk about it right after with the S&P 500.
01:02So as we see in this graph, suddenly, over five days, on Monday June 2,
01:05we were at approximately 21,255.55 and we obviously see a nice increase over the whole week,
01:11with a little stagnation there recently, rather Thursday and Wednesday.
01:15But there you go, so a positive performance this week,
01:18which suddenly gives a nice rise over a month, notably because of Donald Trump's customs duties.
01:23And we see that over six months, we have reached a kind of stagnation.
01:27We see that we are only at minus 0.35, so in the end, we have made up for all of Donald Trump's problems.
01:34All of this, over a single year, gives us a performance of 2.73,
01:39so a positive performance despite everything that potentially the banks, etc., the investors,
01:44could imagine. There was a lot of pessimism until recently.
01:48And so if we look at the Fear and Grid Index in particular, we see that it is at 58,
01:52So we're pretty optimistic about the grid. A week ago, it was at 61.
01:56Well, it's pretty similar right now. We're still in a relatively optimistic market.
02:01And then there you go, over a month and a year, we were more or less neutral.
02:04So there you have it, we've seen a huge surge of enthusiasm in the markets which is causing things to go up, up, up.
02:10If we return to the Nasdaq, the same thing, over one year, we have a performance of 13.28%.
02:14So the same, there is a very good performance over one year.
02:17And so, over 5 years, obviously, a nice performance at 119.3%,
02:21so that is very very interesting.
02:24Then, the S&P 500 gained slightly, a little less than the Nasdaq.
02:29And this is due in particular to the good employment figures in the United States in particular,
02:33and which therefore reassures the markets and the future, once again, obviously depending on customs duties.
02:38So here we are, on a 5-day chart, we can clearly see that this week, like the Nasdaq,
02:42it was positive with a little more stagnation on Wednesday-Thursday,
02:46with a positive performance also over one month,
02:49notably thanks to the return, let's say, to normal tariffs with Donald Trump.
02:54And so, we can clearly see that, over 6 months, we are at minus 2.48%,
02:59which still shows that the market is very enthusiastic
03:01compared to at least 18%, almost 19%, which had caused the S&P 500 to fall in any case.
03:08So there you have it, it's still a very interesting performance.
03:11and which means that, over a period from the beginning of the year in 2025,
03:15gives us a positive performance of 1.2%.
03:18So that's very interesting too.
03:21It should be noted, however, that it is difficult to exceed 6,000.
03:25So, we have gone through, if we look at 5 years for example, or even one year,
03:28we went once in December to 6,000, a second time in January-February to 6,000.
03:33And there, on the other hand, we are having a little trouble getting back to 6,000 in May 2025.
03:38So there we go, we'll see if it takes time.
03:40or if the market will start to fall again a little.
03:44In any case, for the moment, there is enthusiasm in the markets,
03:46but it lacks upward-pushing factors
03:49to really bring back even more buyers
03:51and get the markets to do like 2023-2024
03:54with exceptional annual performance.
03:56And finally, to finish with the clues,
03:58The CAC 40 also climbed slightly in the wake of its American counterparts
04:02with still problems of uncertainty about policies in Europe.
04:06I am thinking in particular of the various agreements with the United States.
04:09which have not yet been found.
04:11So for the moment, it's still a little bit unclear.
04:13in these two geographical areas, at least between them.
04:16And we also had some pretty strong profit taking,
04:19particularly in the luxury sector,
04:20after sharp increases in recent weeks.
04:22So all this, as we see here,
04:24It limits performance a little.
04:25We can still see that we are on a nice upward slope,
04:28but there you go, we still have this little stagnation Wednesday-Thursday
04:31including a Friday day
04:33which is in any case starting in the red
04:35at the time I make the video.
04:37So here we are, over a month,
04:38we are still on a positive performance,
04:40even if it is quite low, 1.19%,
04:42compared to the S&P 500 and the Nasdaq
04:44which were at plus 5 and plus 8%.
04:46And so there you have it, over six months,
04:47we see these famous customs duties.
04:49We are still a little below.
04:51We see that the CAC 40 had exceeded 8,000 over a long period,
04:55almost for two months, in any case, about two months.
04:59We came back down because of customs duties
05:00and there, we have difficulty getting back above 8,000.
05:02Since May 20, we have only decreased, so to speak.
05:06There you go, minus 1.2%.
05:07So again, catalysts are missing.
05:09to increase and bring in buyers.
05:12Which means that this year, on the other hand,
05:14the CAC 40 is still in the positive.
05:15So that's pretty interesting.
05:17We are on a performance of more than 5.3%,
05:19therefore largely superior to the American indices
05:21which were the Nasdaq and the S&P 500
05:23and which, therefore, over a year, on the other hand,
05:25give us a negative performance.
05:27So, we have a good boost in momentum on the French market.
05:30this year in 2025,
05:32but given that the year 2024 was not extraordinary either,
05:35There we are, at minus 3.15% over a year
05:37and so, over five years, we are only, in quotation marks, at 49.8%.
05:41It's true that when you compare that to the Nasdaq,
05:43we have a little more trouble.
05:45So, that's it for the clues.
05:47Now we move on to values,
05:48especially the fantasy sets.
05:50So, Nvidia, which is at the heart of the AI wave,
05:52still, it hasn't changed.
05:54It announces new partnerships in AI infrastructure,
05:57So that's super interesting.
05:58She has also delivered very good results in recent weeks,
06:01So that's very interesting, suddenly,
06:03for a market that was afraid, precisely,
06:06to see Nvidia fall a little bit
06:07because of customs duties.
06:09Apple, for its part, has strong rumors
06:11on, in particular, the integration of generative AI in iOS,
06:13with, in particular, the WWDC, I believe,
06:16which will happen soon.
06:18Microsoft, for its part,
06:19she will make a major update on Copilot
06:21including Windows 11.
06:23And there were also course targets
06:25which were noted following the very good results,
06:27which makes Microsoft almost
06:28surpassing its all-time high,
06:30So that's really interesting.
06:32Then, Alphabet, which is having a little more trouble at the moment
06:35because of regulators, in particular,
06:36which still offers new AI advances in the cloud,
06:39So that's super interesting.
06:40And they also scored a viewership record on YouTube,
06:44especially with AI content.
06:46Then we have Amazon entering into a partnership with Anthropik
06:49to, well, strengthen AWS, again,
06:53and also which, following these latest figures,
06:56shows us that the retail activity remains very solid.
06:59So that's super interesting.
07:00Again, in a customs duty situation
07:03potentially high,
07:04show that retail activity continues.
07:06That's pretty interesting.
07:07This shows that there is demand.
07:08and there may also be an offer that follows
07:11and which is not too expensive.
07:12So that's interesting.
07:13Then we have Meta, which has rather suffered a technical decline,
07:17especially after the very strong increase it experienced in May.
07:19We're almost at plus 45%, I think.
07:21We'll look at that right after on Meta, on the graphics.
07:25And then here it is, right now,
07:26we are starting to have some small worries
07:27compared to European regulators
07:29who potentially start launching investigations, etc., on Meta.
07:33So it could become a little bit like Google.
07:35and therefore stagnate the company a little, etc.,
07:38for a short period of time.
07:40So we'll see, that's something to follow.
07:41which I will tell you about in the next Friday videos.
07:44And finally, we end with Tesla.
07:45So Tesla, which has suffered a very sharp drop in production in China.
07:49So there is a very strong concern,
07:50simply on demand,
07:52with large percentages.
07:53If I'm not mistaken,
07:54It was a minus 18% drop in orders from China.
07:57So there you have it, these are huge figures,
07:59especially since it remains in a wake
08:01where actually, there is minus 18% at the moment,
08:04but there was less than 20% before, etc.
08:06So we are really in a phase of decline for Tesla in China,
08:09which is not necessarily very interesting.
08:11Anyway, just before you go look at this on the charts,
08:13Well, I'm open to your suggestions again.
08:15Feel free to comment.
08:16to put values that interest you
08:18and that I could follow like that from time to time.
08:21For now, it's just Fantastic 7,
08:22but later it could be replaced
08:24by other more interesting values
08:26for you and for me.
08:27So here we are, on my broker Interactive Broker.
08:30We still see that today,
08:32we are on beautiful positive performances
08:33for each of these values.
08:35Amazon up 1.17% and Tesla up 4.64%.
08:39So in the end, we still have a nice boost
08:41volatility on Tesla
08:43after this sharp drop, particularly due to China.
08:45If we look at it value by value,
08:47as I told you,
08:48we can already start with Microsoft at 470 dollars
08:51which, as a result, is almost in the process
08:53to exceed its all-time high
08:55which in any case is really stagnating on it.
08:57Then, regarding Google,
09:00171 dollars almost,
09:01Well, we're slowly getting back on track,
09:04but there you go, we are still very far away
09:06from the all-time high at $208.
09:09So we are almost at 25% to recover.
09:13So a fairly high performance to go for.
09:16Next, we're going to have Meta.
09:18Meta at $690.
09:19That's pretty incredible.
09:21Not long ago,
09:21we were at 480 with in particular a performance
09:26suddenly more than 45%.
09:29Plus 45% in the space of about fifty days,
09:32not even two months.
09:33So a performance that is quite exceptional.
09:35And there you have it, still a nice increase
09:37of the company,
09:39especially with everything we were saying
09:40on the slide just before.
09:42Next, we're going to have Amazon.
09:44So Amazon plus 1.2% as I said.
09:47Same, who had a little more trouble there,
09:49especially in the month of May,
09:51in the month of mid-May,
09:52which had suddenly suffered a slight drop
09:54by about 10%,
09:55a little less, 8-9%.
09:57But who is there, in total,
09:59still represents a nice increase of 30%.
10:01So Amazon, same thing,
10:03a good value nonetheless.
10:05But which is still quite far away
10:07from its all-time high of almost $240,
10:10a little bit more even.
10:11We are still at 15% of the all-time high.
10:14So there is still something to go and get
10:16of potentially performance
10:17if the company returns to its all-time high.
10:20And as for Tesla,
10:21so, plus 4.63%.
10:23So as we see,
10:24Tesla, it's still the case.
10:25Huge volatility.
10:27We bounced back, let's say,
10:28on the 50-day moving average.
10:31And today, we see that we are going back up
10:32mainly to the 200-day moving average.
10:35But there you go, we're still looking at figures.
10:37which are quite dizzying.
10:39There, if we look,
10:39we lost 25% in space
10:41of about ten days.
10:42Then, to finish, suddenly,
10:43we're going to have Apple.
10:45So Apple plus 0.43%.
10:47Listen, Apple who,
10:49despite uncertainties regarding customs duties,
10:51who didn't particularly lose that much.
10:53We are at least 35%, obviously.
10:56The action took a heavy toll
10:57and it took, in quotation marks, only 20%.
10:59It must be one of the weakest
11:01increase on the fantastic 7.
11:03But when you look,
11:04we're not that far away after all
11:06all-time high either.
11:07We are at 30% for a value
11:09which does not necessarily offer growth at the moment,
11:11which is a little behind on AI, etc.
11:12It's true that in the end,
11:14she's still doing pretty well
11:16for a value of the fantastic 7.
11:18And then afterwards,
11:19so, to finish,
11:20Nvidia which rose to $140.57.
11:24So there, on the other hand,
11:24a slight increase of 0.4%.
11:27But on the other hand, here it is,
11:28some pretty staggering figures too.
11:30We are on an increase of more than 60%
11:32within two months.
11:33So almost 1% per day, quite simply.
11:37It's pretty phenomenal.
11:38And suddenly,
11:39we are getting closer
11:40to about ten percentages
11:43all-time high.
11:44So that's quite exceptional.
11:46Nvidia, which offered very good figures
11:48despite forecasts anyway
11:49a little disappointing.
11:50But in any case,
11:51Well, that's very interesting
11:52regarding Nvidia.
11:54This shows us that the company is doing well.
11:56So that's it for the values.
11:58So the fantastic 7 mainly.
11:59Once again,
12:00Please feel free to suggest others.
12:02Now, let's move on to my wallet.
12:03So my wallet,
12:04Today,
12:05it is made up of only 15% shares.
12:07so that represents $1300
12:09and the rest of the shot which is in cash
12:11which represents $7,440.
12:13So why is that?
12:14Simply because
12:15for those who know,
12:16before I resume my YouTube videos,
12:19I therefore had a stock portfolio
12:21approximately fifteen companies.
12:22The problem,
12:23is that these companies
12:24weren't super interesting.
12:25I still migrated a lot of strategy
12:27compared to my beginnings.
12:29And so here it is,
12:29Today,
12:30I needed to sell my shares
12:32and start from scratch.
12:33So suddenly,
12:34I sold all the shares
12:35from my Interactive Broker account.
12:36I created a second Interactive Broker account
12:39and above,
12:40I'm starting a new wallet
12:41with new purchases,
12:43with quality companies
12:45and suddenly,
12:46that I buy at fair prices.
12:48So.
12:48So at the moment,
12:49we are only two actions away
12:50and this week precisely,
12:52I made a purchase
12:53on the spot,
12:54a new business.
12:55So we'll see that right away.
12:56So here it is,
12:56we meet again
12:57on Interactive Broker,
12:58my broker.
12:59The famous first account
13:00which I was telling you about,
13:01who currently,
13:02only has cash.
13:03So 6517.45 euros in cash.
13:05So it's a little bit more
13:06in dollar terms.
13:08And suddenly,
13:08the famous Antoine CH account,
13:10the famous one that I relaunched.
13:11And suddenly,
13:12inside,
13:12you will see,
13:13we have two values.
13:14So here are my two values.
13:15Today,
13:16I have Adobe
13:17and Metpace
13:18with only suddenly,
13:193 euros cash here.
13:20So this,
13:21It's not very interesting.
13:22And so as I was telling you,
13:23on my first account,
13:24we are at zero position
13:25and therefore $7,438 in cash
13:28which roughly corresponds
13:29at 6,520 euros in any case.
13:31But here it is,
13:31if we look at it suddenly
13:32my first account,
13:33Adobe.
13:34Adobe then,
13:35that I bought
13:35at a price of $400.26.
13:39So just at the level
13:40from that roundabout,
13:42so May 12, 2025.
13:44So.
13:44So Adobe,
13:45a value that seems to me
13:46very interesting.
13:47So.
13:48So if we look at it graphically,
13:49we see that the company
13:50has a little trouble,
13:51especially because
13:52investors
13:53are quite pessimistic
13:54on the company.
13:54they think that the company
13:56will potentially
13:57get a little bit disrupted
13:58by technology
14:00artificial intelligence.
14:01But in any case,
14:02There,
14:02I rather suppose
14:03that the company
14:04will enjoy this,
14:05use it as a tool.
14:07Especially when you look
14:08a little bit of the numbers,
14:09There,
14:09Adobe,
14:10it's still
14:10a performance
14:11of turnover
14:12extremely high,
14:1318, 14 and 11%
14:15almost growth
14:16with growths
14:17free cash flow
14:17higher than growth
14:19of turnover
14:19and growths
14:20free cash flow
14:21per share
14:22which are even more superior
14:24to free cash flow,
14:24which actually means
14:25that the shares are upstanding,
14:27so that is to say
14:28share buybacks
14:29are carried out.
14:30And so there,
14:30we see,
14:31over 10 years,
14:31we are at 1.2%
14:33share buyback per year
14:34and over the last year,
14:35we are at 2%,
14:36so we still see
14:37rather an increase
14:38of these famous share buybacks.
14:40Afterwards,
14:41at the margins,
14:41we have exceptional margins,
14:42so still increasing
14:44over 10, 5 and 1 year,
14:46but above all we have,
14:46There,
14:47a gross margin
14:47which is at 89%,
14:48notably thanks to its model
14:50of SaaS,
14:50this is mandatory,
14:52and suddenly,
14:53which allows for huge gross margins.
14:55We also have operating margins
14:57excellent
14:57and net margins
14:58and free cash flow
14:59very very interesting too,
15:01so there too,
15:02criteria that are validated.
15:03We have a ROC
15:04all free cash flow
15:05which is constantly evolving
15:07and which is very high,
15:0830.8% over 5 years
15:09and 37.5%
15:11at the present time,
15:12so extremely interesting,
15:13including in particular
15:15SBCs
15:16in percentage
15:17free cash flow
15:17which are decreasing
15:19and above all
15:20quite weak all the same,
15:21it remains more than 20%,
15:23but it's technology,
15:24it's normal,
15:25as long as we don't go over
15:26the 30, 40%,
15:27It's still fine for me
15:27a little bit.
15:28CAPEX
15:29who him,
15:30conversely,
15:30compared to free cash flow
15:32only decreases,
15:32which represents only
15:332.3% at present,
15:35so which is very very weak.
15:36Afterwards,
15:37a net debt
15:37compared to free cash flow
15:38which is extremely weak
15:39and a performance
15:40over 10 years
15:4118% per year
15:42and over 5 years
15:432.6% per year,
15:45so that's exactly it
15:45as we have seen
15:46due to this famous
15:48pretty horrible drop,
15:49we will say,
15:50if we look at 5 years,
15:51Effectively,
15:52we see that we still have
15:52a beautiful stagnation
15:53because it's mounted,
15:55it's really gone down
15:56in 2022,
15:57it went back up
15:58and it went back down again,
16:00which was not the case
16:00For example
16:01of an S&P 500
16:02or a NASDAQ
16:02at the present time.
16:03If we linger
16:04on the valuation,
16:05I bought
16:06Adobe
16:06at a price to free cash flow
16:08of 19,
16:09so knowing that
16:10I bought it for 400 dollars
16:11and me my theory
16:12that would be it,
16:13a price to free cash flow
16:14in 10 years
16:14of 22
16:15and growth
16:16free cash flow
16:17of approximately 8.5%,
16:18which would give
16:19a purchase price
16:19at 400 dollars,
16:20So there we have hypotheses
16:21who are still
16:21very defensive,
16:24very pessimistic
16:25and yet I still have
16:26managed to catch
16:27a purchase price
16:28at 400 dollars,
16:29so it seems to me to be
16:30a very interesting position.
16:31The only problem
16:32I only have 417 euros
16:34on this position there,
16:35what bothers me
16:36a little bit
16:36because I thought
16:37enter it for the first time
16:39at 400 dollars
16:40and potentially
16:40a little bit below
16:41380, 360
16:42but here it is,
16:43the action only went up
16:44for now,
16:45I don't find that
16:46the price is
16:47much more interesting
16:48Today,
16:49so here it is,
16:50at the present time
16:51I'll wait a little while,
16:52I will reinforce if it goes down
16:53and if it goes up, so much the better
16:55I will earn money.
16:56Then suddenly
16:57we can move on
16:58Medpace,
16:58so the stock I bought
16:59only yesterday,
17:00so at the end of the week,
17:01THURSDAY,
17:02and so suddenly
17:03a company,
17:03This is how you can see it
17:04June 5th
17:05It's Friday the 6th
17:06at the present time,
17:07so here it is,
17:08a stock that I bought
17:09at the present time,
17:10as a reminder
17:11Medpace is a company
17:12who suddenly
17:13is in the CROs,
17:15clinical research,
17:16clinical trials sorry,
17:18There,
17:18and who suffered
17:19a strong discount
17:20particularly following
17:21difficulties
17:22in quotation marks
17:23Right now,
17:24There,
17:24I think everything will be fine
17:25but in any case
17:25it remains a business
17:26of extreme quality
17:27who lost anyway
17:28minus 35%
17:29and so suddenly
17:30I start from the principle
17:31that the company
17:31could succeed
17:32to rebuild
17:33potentially
17:33by the end of 2025
17:34or even 2026,
17:36so I started
17:36a fairly strong position
17:37so with an average price
17:39at $300.46
17:41and a purchase
17:42at 901 dollars
17:43as a result,
17:44good indeed
17:45so at the moment
17:46I am at minus 2.29%
17:47good in the short term
17:49it's annoying
17:49but in the long term
17:50in the end I don't care
17:51a little bit
17:51so here it is,
17:53Medpace as a reminder
17:54fundamentally
17:55It's also very solid
17:56we have growth
17:57of turnover
17:57which is quite high
17:58even if she is strong
17:59slow-down
18:00compared to 2024,
18:02like growth
18:03cash flow costs
18:03and a cash flow charge
18:05by expensive
18:05which is extremely high as well
18:07so that's a criterion
18:08which is fully validated
18:09we also have
18:10gross margins
18:10operating margins
18:12net
18:12and in cash flow costs
18:13increasing
18:14so that's very interesting
18:15and which are much higher
18:17that the margins
18:17of its competitors
18:19so super interesting
18:19and this is notably due
18:20to the fact that the company
18:21is much more
18:22in a scientific style
18:24rather than a commercial style
18:25where she wants to sell
18:26many clinical trials
18:27no, she,
18:28she really tries
18:28to advance science
18:29and that's really it
18:30very interesting
18:31so a criterion
18:31which is very validated
18:32clearly
18:33a ROC
18:34all free cash flow
18:35which is constantly evolving
18:37including in particular
18:37a very high percentage
18:39This year
18:3966%
18:40but even if we look
18:415 years ago for example
18:42we were at 25%
18:43so in the end
18:44it's very interesting
18:45the company
18:46she's just starting
18:47to make share buybacks
18:48minus 0.3%
18:50share buybacks
18:51so that was exactly it
18:52share issues
18:5310 years ago
18:54per year
18:55but on the other hand
18:55over 5 years
18:56we are at 3.4%
18:57per year
18:58so that's very interesting
18:59this year on the other hand
19:00she didn't do any
19:01for now still
19:02but here it is
19:02I doubt she won't
19:04it issued a share buyback
19:05a share buyback program
19:06pardon
19:07at about
19:081 billion dollars
19:09so here it is
19:10very interesting
19:10and suddenly
19:11so we meet again
19:12with SBCs
19:14all free cash flow
19:14constantly decreasing
19:15CAPEX
19:16all free cash flow
19:17also extremely weak
19:18so that's super interesting
19:20a net debt
19:21compared to free cash flow
19:22which is greatly diminished
19:23she was quite in debt
19:2510 years ago
19:25but today
19:26she is not at all anymore
19:27so that's super interesting
19:28and then
19:28a 5-year performance
19:30which is extremely interesting
19:31also
19:32note that we do not have
19:33all the numbers
19:34over 10 years
19:34because the company
19:35is not on the stock exchange
19:36for a very long time
19:37so I couldn't find
19:38all performances
19:39but in any case
19:40we can still see clearly
19:40a trend towards evolution
19:41on business
19:42and if we look
19:43business valuation
19:45we'll meet up anyway
19:46with my hypothesis
19:47from price to free cash flow
19:48at 18
19:49with growth
19:50free cash flow
19:51at only 8%
19:52for a company
19:53who still had
19:53revenue growth
19:55at 20-25%
19:56for free cash flow
19:57also 25%
19:58I find that 8%
19:59it's still
20:00ultra conservative
20:01for the quality of this business
20:02and yet
20:03we arrive suddenly
20:03at a purchase price
20:04at 303 dollars
20:05knowing that I
20:05I bought it for 300 dollars
20:07so in the end
20:07we meet on
20:08a very good performance
20:10I am very happy
20:11of this purchase
20:12that I did yesterday
20:12and if the action continues
20:13also to decrease
20:14a little bit
20:15at 285-275 dollars
20:17well potentially
20:18that I could strengthen
20:19again
20:19with the 6500 euros
20:21of cash
20:21that I have at the moment
20:23so here it is
20:23For now
20:24only two positions
20:25Adobe and MedPace
20:26with three actions
20:27MedPace
20:28and an Adobe action
20:29There
20:29so for now
20:30we're going to have a performance
20:31Besides
20:32who will not be
20:32extremely representative
20:34if we look
20:35the broker was opened
20:37finally the account
20:37was opened
20:38May 14, 2025
20:39thanks to Adobe
20:40I had a beautiful
20:41outperformance
20:41and in particular
20:42for one or two days
20:43I went into the red
20:44because of the company
20:46MedPace
20:46who has a little bit
20:47decreased my wallet
20:48so in relation
20:49to the S&P 500
20:49for now
20:50I have some microphones
20:51percentages of delay
20:52it's not a problem at all
20:53For now
20:54my investment tests
20:55did not come true at all
20:56I made the investments
20:57a very, very short time ago
20:58so here it is
20:58a performance
20:59which is not at all
21:00representative
21:01of what it will be
21:01in the future
21:02but in any case
21:03for now
21:03There
21:03purchases that have been made
21:05and which are very interesting
21:06in my opinion
21:07so here it is
21:07That's all for this video
21:08I hope you liked it
21:09don't hesitate to subscribe
21:11to like
21:11and share this video
21:13obviously
21:13if you want to follow
21:14the evolution of my portfolio
21:15once again
21:16every week
21:17every Friday
21:17it was Antoine
21:18and ciao
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