Closing Paris: the CAC40 above 6,700 points


THE TREND

(Boursier.com) – The CAC 40 rose 0.42% on Thursday to end the day at 6,707 points. The star index in Paris is thus at its highest since last April, but in a calm market on this Thanksgiving day in the United States. Wall Street is closed today.

The minutes of the last meeting of the US Federal Reserve confirmed analysts’ slightly more flexible expectations last night, enough to support the trend a little more. The publication period for the quarterly accounts of listed groups is coming to an end, which also explains the low volumes traded on the markets currently… Note, however, the new turmoil surrounding Elior and Derichebourg with a view to an operation finance in preparation.

ECO AND CURRENCIES

Minutes of the Fed’s latest monetary meeting were announced on Wednesday evening. A “substantial majority” of the members of the US Federal Reserve’s monetary policy committee thus estimated at this meeting that it would “probably soon” be appropriate to slow down the pace of rate hikes by the central bank… The Fed had raised its main interest rate by three-quarters of a point at the end of this meeting in order to curb inflation but suggested that future increases in the cost of credit could take place at a slower pace.

The euro is at 1.0415 against the greenback. For its part, the barrel of Brent is trading down at $84.7.

RISING VALUES

Following recent press articles and following the announcement made on July 4, 2022, Elior and Derichebourg were searched. The former climbed 10% to 2.836 Euros while the latter gained 8.3% to 5.24 Euros. Derichebourg has confirmed the existence of discussions with Elior to provide it with its multiservices branch. This would make it possible to diversify Elior towards temporary work, cleaning, multi-technical services… To date, however, there is no certainty as to the outcome of these discussions and the conclusion of a firm agreement relating to to this contribution. In any event, Derichebourg confirms that it has no intention of filing a takeover bid for Elior.

Recall that Elior announced Wednesday a heavy annual loss. The collective catering firm is suffering from the consequences of teleworking in companies, inflation in food prices and a form of staff shortage. Group CEO Bernard Gault said Elior will finalize its strategic options in the coming weeks…

Virbac: +5.3% with Atos at +5%

Fnac Darty: +4.8% followed by M6 andOrpea

Score: +3.4% with Nexity and Valneva

Voltalia (+3.6%) announced the signing with Renault (+3%) Group of the largest renewable electricity supply contract ever signed in France.
The contract covers a total capacity of 350 megawatts representing the production of approximately 500 gigawatt hours per year. Lasting 15 years, this is an unprecedented commitment in France in terms of power.

The agreement with Voltalia will allow Renault Group to cover up to 50% of the electricity consumption of the manufacturer’s production activities in France in 2027, including Cléon’s electricity consumption as well as all sustainable electricity needs. of the ElectriCity division, the largest and most competitive electric vehicle production center in Europe whose ambition is to produce 500,000 vehicles per year by 2025. With its Renaulution strategic plan, Renault Group confirms its commitments to achieve net zero carbon emissions from its ElectriCity division plants in France in 2025, in Europe in 2030 and worldwide in 2050.

CDL (+3%) had a good first half of 2022-2023 in a context marked by avian flu, cereal inflation and the difficulty of passing on this increase to selling prices. The gross operating surplus of the company still rose to 240.1 ME against 198.3 ME in the first half of the previous year, up 21%. It represents 8.8% of turnover for the period compared to 8.3% for the comparable period. The net profit attributable to the Group increased to 93.9 ME against 80.1 ME in the comparable period. The volumes marketed fell by 3.3% and by 4.2% on an identical basis, but price increases favored invoicing.

Manutan (+1%) did not fail to present solid figures for the 2021-2022 financial year. The operating result at 66.6 ME gains 12.4%. Operating profitability stood at 7.3% against 7.2% for the previous financial year. The net result is up by 20.2% to 50.8 ME, ie a net margin of 5.6% of turnover against 5.2% over the previous financial year. The payment of a dividend per share of 1.80 euros will be proposed to the General Meeting of the company called to be held in March 2023 on the approval of the financial statements for the financial year ending on September 30, 2022.

Orange (+0.6%) signed with 27 international banks a multi-currency syndicated revolving loan of 6 billion euros indexed on environmental and social indicators, in order to refinance in advance its syndicated loan maturing in December 2023.

Kering (+0.3%) Gucci has announced the departure of its Creative Director Alessandro Michele. At the head of the House’s creation since January 21, 2015, Alessandro Michele has greatly contributed to making Gucci what it is today by bringing his revolutionary creativity while remaining faithful to its well-known codes.

FALLING VALUES

Rexel at -0.9% with Office Veritas -0.9%

Remy Cointreau (-0.1%) continued to benefit from strong demand for cognac. The company achieved consolidated revenue of €867.1 million in the first half of 2022-23, up +21.1% on an organic basis. Current Operating Income amounted to 319.3 ME, up +27.2% organically and +50% reported. The current operating margin improved by +1.7 points on an organic basis to 36.8%, or +3.8 points as published. Rémy Cointreau intends to continue implementing its strategy, centered on the development of its brands in the medium term and driven by a policy of sustained investment in marketing and communication, particularly in the second half. Consequently, the organic improvement in the Current Operating Margin will be driven by the solid resilience of its gross margin despite an inflationary environment and by strict control of its structural costs.

Soitec (-0.8%) The dynamic continues to be well oriented for Grenoble society. Sales for the first half of the 2022/2023 financial year reached €471 million, up 26% on a reported basis. This increase is the result of growth of 18% at constant scope and exchange rates combined with a positive exchange rate effect of 9%. EBITDA from continuing operations was €167m in the first half of 2022-2023, up 22%, reflecting a slightly lower EBITDA margin at 35.5% of revenue versus 36.8% in the first half of 2021-2022. Profitability factors in an unfavorable exchange rate effect and an increase in costs linked to inflation. Consolidated net income for the first half of 2022-2023 reached €95 million, an increase of 28%. Soitec continues to anticipate revenue growth of around 20% for the 2022-2023 financial year at constant scope and exchange rates. Soitec also confirms that its EBITDA margin should reach around 36% of revenue in 2022-2023 thanks in particular to the significant operating leverage.



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