THE TREND
(Boursier.com) — Up 0.88% to 7,348 points on Friday, the CAC40 returned very close to its recent historic highs (7,387 points), still supported by the solid 2022 results of listed groups. On the rate and economic indicators side, Raphael Bostic of the Fed and China also supported the trend: Bostic’s remarks were appreciated since he estimated that the Fed could be able to suspend its rate hikes by this summer. … The chairman of the Federal Reserve of Atlanta, although ranked in the camp of the “hawks”, also spoke out for a “slow and steady” increase in rates, adding that the impact of the current monetary tightening “could n ‘be tangible only in spring’.
In addition, activity in China, which is once again dynamic, has what it takes to support the trend: activity in the services sector in China thus progressed in February at its strongest rate for six months, while the strict measures in the face of COVID-19 have revived demand and led to job growth, show the results published Friday of a private survey… The euro ends this evening at 1.06/$. The barrel of crude goes back to $85 per brent.
RISING VALUES
CGG climbs 10%. The oil services group posted 2022 revenue of $928 million, down 1% and up 3% pro-forma year on year. The respective contributions of the group’s segments were 31% for Geoscience, 40% for Earth Data (or 71% of the total for DDE) and 29% for SMO. The 2023 business adjusted EBITDAs margin is expected around 39 to 41% due to the business mix, compared to 50% in 2022. In 2023, CGG expects positive net cash flow before changes in working capital.
Faurecia : +6.8% with Valeo (+5%) with the rebound from China
Bonduelle (+5.7%) expects, for the full year, an increase in its turnover of around 8% and a stable current operating margin compared to the previous year, both at a rate of constant exchange rates and perimeter, in line with the objectives announced at the start of the financial year.
nokia : +4.5% with Plastic Omnium, Eramet, Casino
J.C. Decaux : +3.5% with Peugeot Invest And S30
Arkema rises by 3% to 99 euros, while the group announced a turnover of 11.5 billion euros, up 21.3% in 2022 compared to 2021. Organic sales growth is 13.6% , reflecting the price increases in the face of significant raw materials and energy inflation and the improvement in the product mix, as well as the slowdown in demand and the significant destocking observed in the fourth quarter. The group notes the acceleration of opportunities for innovative solutions with high added value, particularly in low-carbon mobility, weight reduction, the circular economy and ‘3D’ printing. EBITDA is at a historic high at 2,110 ME, up sharply by 22.2% compared to last year, and the EBITDA margin at 18.3% (18.1% in 2021). The increase in net current income is 30.2% to 1,167 ME, or 15.75 euros per share. The group aims to achieve an EBITDA of around €1.5 billion to €1.6 billion in 2023 and to maintain a high conversion rate of EBITDA into cash above 40%.
Korian : +3% followed by OVH, Guillemot
Stellantis recovers 2.8% and increases its lead to 6% for the week, as the group will launch a share buyback program worth up to 1.5 billion euros after unveiling record 2022 results … The automotive group recorded a net profit of 16.8 billion euros last year, up 26%, for net sales of 179.6 billion euros, up 18 %. Among the latest brokers’ opinions, Berenberg is buying with an adjusted target of 18 to 21 euros and RBC has moved from ‘market performance’ to ‘outperformance’ with an unchanged target of 19 euros.
Ubisoft : +2.8% with Valneva, Nexans (+2.5%), Dried, BigBen, rally
FALLING VALUES
Manitou fell 6% to 25 euros. 2022 revenue is 2.362 billion euros, up +26% compared to 2021 (+23% on a comparable basis). Despite a machinery order book of 3.521 billion euros at the end of the 4th quarter of 2022 (2.993 billion euros a year earlier), the pressure is still strong due to the inflationary context. Manitou is therefore revising its operating margin estimate for 2022 to around 3.5% of its turnover…
LFE : -5% with Balyo (-4%)
score yields 2% despite a notice from UBS to buy, aiming for a price of 29.2 euros.
Elior : -2% with Voltz Seeds
Interparfums : -1.5% followed by Gl Events, Line data, Sword
Wendel : -1% with Ipsen, Orpea, Innate