They have lifted more than 51 million euros

A market that is starting to regain its dynamism, but still mixed performance. Five years after its creation, it is in summary balance of Alternext, this organized - but not regulated - market for small and medium-sized enterprises. After two black years (only 5 operations in 2009), introductions in stock market of SMEs go upward. Since the beginning of the year, 12 companies have entered on Alternext. They have lifted more than 51 million euros. NYSE Euronext table on a quarantine of new venues in 2010, including a dozen of transfers from the regulated rating. In total, since May 2005, raised capital have surpassed the symbolic threshold of EUR billion, with more than 130 ratings of SMEs in various sectors. Summing primary and secondary levees, the figure climbed to EUR 2.3 billion.

If it is still far from the Cape of 100 companies originally targeted annually, the market operator remains confident: "this market was not spared by the crisis." However, we should gradually recover the activity and dynamism of 2007, particularly in terms of IPO. "The fabric of SMEs - ETI is very dense," indicate Marc Lefèvre and Xavier Bommart, Nyse Euronext.

The stock market, the authorities and actors of the place have implemented a series of initiatives in recent months for small and medium capitalization to develop Alternext. "Its success will be a critical size, which should be around 300 companies: this will create a real market with better tracking of analysts, said Yannick Petit, President of Allegra Finance, accompanying businesses in their ratings." After several months of uncertainty where the leaders were difficult to plan for the future, we feel a new interest. Tax deductions for the ISF for capital increases, help boost the market. "Good point: there was no high-profile bankruptcies, as some might fear during the crisis. The accompaniment of "listing sponsors" and the fact that Nyse Euronext has placed the informal criteria for the selection of records of introduction - a positive result, some sectors, and an income of EUR 5 million minimum-y contributed. Companies listed on Alternext are rather healthy: their average sales amounted to EUR 39 million in 2009. And analysts predict a growth of 70 in 2010, on a sample of 70 companies followed by FacSet.

Progressions limited

Yet, the stock-market performance are very mixed. The Alternext All-Share index declined 25 since 2005. Only 25 companies displayed a progression since their introduction, and more than 50 recorded a fall of more than 50! "There is a little of everything on Alternext, beautiful SMEs but also companies introduced rather expensive and which have not met their promises, as well as companies who are not really of market life, said Romain Burnand, Moneta Asset Management." In view of the lesser protection of minority interests and reduced information obligations, should not dream on the ability of investors to go towards very small companies, which would have a better adapted to the venture capital or capital-investment profile. "The recent turbulence in the markets did not help. Investors are reluctant indeed to position itself on the very small cap, by fear of being "stuck". Since the beginning of the year, Alternext All-Share is nearly stable. He was, among others, affected by Poweo retreat, its main weighting.