(BFM Bourse) – The morning was again marked by nervousness on the Parisian market in the face of persistent tensions between Ukraine and Russia. But solid publications, in particular from the world number 2 in luxury Kering, but also from Carrefour or Schneider Electric, allowed the flagship index to record a small increase at midday.
Between the risk of conflict in Ukraine and the news specific to companies, the CAC 40 tricolor is hesitant Thursday. The momentum brought by a new burst of results won (by little) at mid-session, as indicated by a gain of 0.21% around 12:15 p.m. to 6,679.38 points.
The situation in Ukraine remains worrying for the markets, with the risk of a slippage on one side or the other which would precipitate a large-scale conflict. New shootings were observed by Reuters in Donbass, a separatist province. Since 2015, violations of the ceasefire have been almost daily in the region, but in the context of recent tensions, observers fear the proverbial spark that would ignite the powder.
Kering posts record profits
Nevertheless, today’s delivery in terms of corporate results gives investors reasons to place themselves in the purchase, in particular on Kering (+6.9%) which jumped to the top of the flagship index. It must be said that sales of its flagship brand Gucci re-accelerated significantly between October and December, largely exceeding analysts’ expectations. The group’s sales and profits are at record highs, while its operating margin is back close to its 2019 peak.
Carrefour’s accounts (+5.8%) are almost as warmly welcomed, the group having succeeded in improving its current operating profit by 7.7% (at constant exchange rates) in 2021, thanks in particular to a spectacular jump of 20% of the France’s trading profit (while revenue growth there was only +1.8%), which illustrates the substantive work accomplished under the direction of Alexandre Bompard. The one who took over the reins of the distributor in 2017 also announces that an “ambitious” new strategic plan will be presented next fall.
From the publication of the Schneider Electric annuals, the market retains in particular a generation of record operating cash flow of 4.5 billion euros (free cash flow at 2.8 billion). The action takes 2.1%. Orange did a little better than expected and confirmed its objectives by 2023, but is content to grab 0.3%.
Outside the flagship index, Klépierre climbs 4.5% after an above-target improvement in its cash flow last year, and as the group reports that the turnover of its tenants is returning at the start year 2022 almost at its pre-pandemic level.
Not all publications are equally well received, Airbus for its part falling by 1% despite robust annual accounts and the return of the dividend. Verallia lost 3.6%, despite achievements rather higher than the consensus of forecasts, while the manufacturer of glass containers expects to improve its Ebitda this year despite cost inflation. Sodexo is mistreated (-4.6%) while the general management was finally entrusted to the president Sophie Bellon, when an external candidate was approached for this role.
Growth stalled Eutelsat
The fall reached 5.5% on Eutelsat, the satellite operator warning that turnover for the current financial year would be at the low end of initial expectations, while the commissioning delays of certain satellites would reduce the turnover for the next few years. A return to revenue growth is now not expected before 2023-2024.
The most spectacular correction (-5.9%) affected Air France-KLM, although the group managed to significantly reduce its losses compared to 2020, with EBITDA even returning largely to positive territory at 745 million euros. euros, thanks to a very good fourth quarter. Nevertheless, the horizon is still not clear for the carrier in the face of the health situation in Asia in particular, and the question of refinancing remains unresolved.
Among the smallest values, Nacon won 5.5% on the announcement of the acquisition of the German publisher Daedalic Entertainment for 53 million euros, the largest external growth operation in its history. Graines Voltz, on the other hand, lost 9.3% after a reserved capital increase, excluding current shareholders.
As for other assets, oil fell sharply to 92.92 dollars per barrel of Brent (-1.97%). The euro varied little at 1.1364 dollars (-0.09%), while Bitcoin lost 2% at 43,200 dollars.
Guillaume Bayre – ©2022 BFM Bourse