Word: massots
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Nestle's complexity, though, comes at a price. While the company's long-term growth has outstripped that of many rivals, its margins are lower; "subpar profitability" is how Morgan Stanley analyst Sylvain Massot describes it. Its stock trades at about 15 times estimated 2002 earnings, less than that of Kraft Foods, Kellogg or Hershey Foods, which all trade at price-earnings multiples of about 20. And Nestle ranks far behind Unilever, which trades at 35. Brabeck isn't fazed. "If I had run the company based on the opinion of financial analysts, it would already have been bankrupt...
...Francois Cotier of the Bank of France in Chalons-sur-Marne, the heart of champagne country, detect only "a slight ripple of improvement" this year. Larger champagne houses more dependent on exports will continue to be held hostage by the performance of the global economy, and analysts like Sylvain Massot, of the U.S. brokerage house Morgan Stanley, are not looking for a speedy recovery. "We are not far from reasonable prices now," he concedes, "but it will take three or four years for the industry to pick up again." And for the harvesters to resume picking everything in sight...
...late winter he goes up into the hills to live with Massot, the shepherd. "Madame Massot received me with clasped hands. . . . She was an agreeable country lady, very ugly; with so much goodness in her blind eye, so much goodness in her moustache, in her snuff-taking nose, in her sagging cheeks, in her black-lipped mouth, that she was frightfully ugly. It was an ugliness made of all that sacrifice, of all that martyrdom which constitutes real goodness...
Last fortnight the French Academy of Sport gave Inventor de la Cierva its grand prize for 1928. Last fortnight, also, the French Flyer Massot flew an autogiro from Paris to Troyes, 86 miles, in one hour...
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