Glossary
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P
- Par value »
- fixed price of a share, registered in the company’s by-laws, as opposed to the market share price, which depends on supply and demand. Par value of the Société Générale share is € 1.25.
- PEA (Plan d’Epargne en Actions) »
- French investment support for French shares, destined to encourage individual investors’ investments on stock-markets, and thus free of taxes on revenues and capital gains if there is no withdrawal from the PEA within five years of its opening date. However, it remains subject to the 11% social contribution (conditions for a person under the French tax regime).
- PEG »
- ratio of the PER over profit growth. A PEG over 1 means the security is expensive.
- PER (Price Earning Ratio) »
- ratio of the share price over Earnings Per Share. It expresses the expensiveness of the share price compared with expected profits: the higher this ratio, the more expensive the share, and vice-versa. It is to be kept in mind that the only relevant comparisons are those between companies of a same business area.
- Preferential subscription rights »
- if the company decides to increase its capital via a public issue, preferential subscription rights are attached to all existing shares, and may be used to subscribe new shares in cash. These rights are tradable, and can be bought and sold separately from the shares themselves over the duration of the public issue. The issuer may decide to give up these rights (Extraordinary General Meeting decision), in which case they may be replaced with a subscription priority.
- Premier Marché (First Market) »
- regulated market for French and foreign Blue Chip companies listed in Paris. Several conditions must be fulfilled to be quoted on this market, namely making a minimum of 25% of the capital public and presenting a three-year history of profitability just before the market introduction.
- Primary market »
- market on which all new shares are issued and sold.
- Profit and Loss account (P&L) »
- financial statement of all the operations of a given period, i.e. all income and expenses. The difference between income and expenses gives the amount of the company’s profits or losses of the period.
- Profit warning »
- warning on the results of the current period when it appears that result forecasts will not be met.
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