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Editor's notes: CDI.PA trades at a discount to its core assets and to peers despite strong growth prospects. Double-digit upside to start, with room for a significant re-rating as growth continues.

The wealth, asset, and investment management industries are, at their very core, built on the premise that markets are inefficient. If every security (be it debt, equity, or anything in between) was always priced at its "true" (not a subjective truth, but an objective one) value, there would be no point in investing, for the securities you sought to invest in would always be fairly priced. But, history has shown time and again that the global capital markets are anything but efficient. And it is these inefficiencies that have created untold billions in wealth around the world. In this article, we wish to highlight another such inefficiency, this time taking place in France.

Many of the world's leading luxury brands...

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