(Boursier.com) — THE TREND
The Parisian market ended the week on the right foot, with the CAC 40 finally winning 1.34% at 7,389 points. The index benefited from the new progression of Wall Street with an S&P 500 which has just aligned a sixth consecutive day in the green, its longest bullish series since November 2021!
Bets on the Federal Reserve’s tightening cycle coming to an end soon after its status quo on Wednesday and a series of statistics showing a reduction in inflationary pressures also support the trend, even if the Fed has clearly left the door open for others. rate hikes – possibly two – in the coming months. Concerns about China’s growth are also turning into hopes for additional policy support…
On the Old Continent, the European Central Bank unsurprisingly continued its monetary tightening by announcing a further increase in its key rates by a quarter of a point, Christine Lagarde adding that another increase in July was very likely. Joachim Nagel, a “hawk” on the Board of Governors, estimated for his part that it might be necessary for the rise in rates to continue after the summer break.
The euro remains firm against the greenback, at $1.0925. The barrel of Brent fell 0.2% to $75.80.
RISING VALUES
poxels : +11% with Gensight
Orpea : +6% followed by DBV, Inventiva (+5%) and Medincell
Liquid air : +4.7% with GTT, Argan and Essilor (+4%)
Guerbet : +3.5% followed by TechnipEnergies
Ipsos climbed 3.5%. Portzamparc sees a substantial upside after the stock’s fall, with a valuation of only 7X EV/EBIT 2023. Enough to go from ‘hold’ to ‘buy’ on the stock and aim for a price of 64.2 euros.
Dior : +3% with Aramis, Bastide, Esso, LVMH and Sopra
Alten : +2.5% with Thales, Air France, Dassault Aviation
Eutelsat Communications (+1.5%) announced the signing of an agreement relating to the sale of its retail activities for broadband services in Europe for the benefit of a private operator recognized for its expertise. The activities targeted by this sale include those of the subsidiary Bigblu Operations Ltd as well as the other retail activities carried out in the United Kingdom, Ireland, France, Germany, Italy, Spain, Portugal, Poland, in Hungary and Greece.
Alstom (steady). Oddo BHF upgraded the file from 32.1 to 34 euros while confirming its ‘outperform’ opinion. The analyst believes that the group is now out of crisis management. While challenges remain (margin recovery and FCF generation), the favorable environment (strong demand) is a major asset, which should not be underestimated. The current valuation includes an excessive share of risk (rolling stock valued at zero for a turnover of 8.8 billion euros), adds the broker. Especially since among the European players, Alstom stands out for the quality of its CSR and climate strategy, and its positioning on hydrogen. 59% of its turnover and 54% of its Capex are aligned with the European taxonomy.
Agricultural credit (stable) would be well placed to take over Belgian wealth management and investment banking group Degroof Petercam. According to the sources of ‘Echos’, the green bank would have been designated as the finalist of the auction, in the same way as ABN Amro and “one or the process as well as investment funds, specifies the financial daily. Degroof Petercam would be valued more of 1 billion euros.”Some even raise the range to nearly 2 billion.”Delivery of final offers would be expected before August, adds the newspaper.
FALLING VALUES
LDLC stumbles by 10%, sanctioned after his results. Annual turnover came out at 567.4 ME and the gross margin rate at 20.8%, close to the group’s standard level. EBITDA reached 14.3 ME and net income 1.2 ME, in line with the decline in the group’s activity. Net cash is balanced taking into account the acquisition of the ACTI MAC group finalized on 1 April. Management has a target of “moderate growth” in turnover in 2023-2024 on a like-for-like basis.
claranova down 7%. The group has announced the launch of a capital increase by way of a public offer with a priority period for its existing shareholders (on an irreducible basis only) and a global offer, for an initially planned amount of €20 million . The Offer may be increased to a maximum amount of €23 million in the event of full exercise of the extension clause. The main purpose of the issue is to strengthen the company’s equity and simplify and optimize the debt structure.
rally : -7% with Casino which loses more than 3%
Focus Entertainment (-3%) the day after the presentation of record canceled results. The video game publisher unveiled an Ebita of 28.4 million euros, a net result of 7.3 ME against 3 ME a year earlier for a historic turnover of 194.1 million euros, in total growth of 36.2%. The gross margin stands at 72.6 ME, a substantial improvement compared to the 2021/22 financial year (37% against 30%), thanks to the performance of the six major titles. Focus Entertainment is confident in the execution of its line-up for the 2023-2024 financial year. TP ICAP Midcap (‘purchase’) speaks of excellent results and slightly above its expectations. With a powerful back catalog and a rich pipeline for the current financial year, the outlook is just as excellent.
S30 : -3% with AB Science, Solocal (-2%)
Nakon : -1.5% followed by ALD, Savencia, Forvia, FNAC Darty
Gl Events : -1% with Chargeurs, Bonduelle, Valeo