THE TREND
(Boursier.com) — Red for the CAC40 this Friday to end the week! Again weighed down by the banking sector, the Parisian market dropped 1.74% but kept the 7,000 point mark at 7,015 points at the close after falling to 6,953 pts at its lowest. Some investors still fear that the difficulties that the financial sector has been facing for several days will spread to Europe. There Deutsche Bank (-8.6% to 8.53 euros) attracts particular attention as a sharp increase in the cost of insurance against a risk of default by the German bank is fueling concerns about the stability of the entire ecosystem European banking.
To make matters worse, Credit Suisse and UBS are among the institutions under investigation by the US Department of Justice to determine whether they potentially helped Russian oligarchs evade international sanctions, ‘Bloomberg’ reported.
This overshadows the preliminary results of the Purchasing Managers’ Surveys (PMI) on private sector activity in the euro zone: growth in the region reached a ten-month high in March, thus confirming the signs of economic recovery observed recently, after the decline in the contraction zone recorded at the end of 2022… The euro is camped this evening at 1.0750/$, while oil returns below $75 for Brent .
RISING VALUES
Cegedim rebounds 10% after its accounts. The group generated current operating income in 2022, down to €25.7 million compared to €39.9 million in 2021. It represents 4.6% of turnover in 2022 compared to 7.6% in 2021. “This decline is mainly due to the impact of massive hiring to support the growth of Cegedim Santé, the difficulties encountered by activities aimed at healthcare professionals in the United Kingdom and sustained investments in innovation (R&D)”, explains Cegedim . Turnover had increased by 5.8%, to reach 555.2 million euros in 2022.
Vetoquinol (+7%) after its accounts. The group, which had already published a turnover of 540 ME, for the 2022 financial year, up +3.6% on a reported basis and down -0.8% at constant exchange rates, reveals a current operating profit before amortization of intangible assets resulting from acquisitions, which amounts to €98.6 million, down -€2.2 million for the financial year ended December 31, 2022, i.e. 18.3% of 2022 revenue.
Depreciation of assets resulting from acquisitions amounted to +€14.1 million, an amount identical to that recorded at the end of December 2021. They mainly consist of the depreciation of assets linked to the Drontal and Profender products.
The Group’s current operating income amounted to €84.6 million (15.7% of revenue), down -2.2 million compared to €86.8 million for the 2021 financial year. stands at 34% (vs 27.5% at the end of December 2021). Restated for the impairment of goodwill in Brazil (9.5 ME), the apparent tax rate comes out at 29.7%. EBITDA stood at €118m at December 31, 2022, or 21.9% of revenue. The net result of the Vetoquinol laboratory amounts to 48 ME, or 8.9% of 2022 turnover, after taking into account non-recurring items for -10.6 ME.
The Board of Directors will propose to the General Meeting of Shareholders of May 25, 2023 the payment of a dividend of 0.80 euro per share.
The French Energy (+5%): the stock is driven by very solid half-year results. The energy producer with a negative carbon footprint saw its turnover jump 134% to 21.3 ME over the period, allowing a threefold increase in operating profit, to 14.6 ME over this semester. This very good momentum will continue in the second half of 2023 with the implementation of additional recovery levers on the current fleet of 15 cogeneration units and the production of green electricity from the group’s first photovoltaic project (15 MW), fully effective since January 2023. , says the group.
dare : +2% with Voltz, Robertet
Aramis : +1.5% with Sanofi, Altamir, Groupe Crit
Virbac : +1%. The group generated 2022 current operating income before amortization of assets resulting from acquisitions of €186.6 million, up 7.7% compared to 2021. The 2022 current operating margin (before amortization of assets resulting from acquisitions) stands at 15.3%, whereas annual turnover had increased overall by +14.3% to almost 1.22 billion euros. Net income, Group share amounted to 122 ME, an increase of 8%. The distribution of a net dividend of 1.32 euros per share will be proposed to the next general meeting of shareholders, up from 1.25 euros in 2021. For 2023, Virbac confirms its current operating margin forecast of between 13 % and 14% at constant exchange rates, with revenue growth at constant exchange rates and scope expected between 4% and 6%. This deterioration in the margin is mainly the result of the voluntary acceleration of R&D investments relative to sales since the start of 2022 and the expected effects of inflation in 2023.
believe : +1% with Lisi, Equasens
FALLING VALUES
Casino plunges another 16% with rally. After Rallye’s warning on its own debt the day before, Moody’s yesterday evening lowered the distributor’s long-term credit and CFR ratings from ‘B3’ to ‘Caa1’ (very poor quality bonds presenting a high risk of default). The outlook remains ‘negative’, a sign that the agency could further lower its rating in the coming months. “The downgrade reflects continued market share losses in the French retail market, still negative free cash flow in France and reduced margins in domestic retail in 2022,” Moody’s said.
Fermentalg : -8% with Esso (-7%), Rexel, CGG, Guillemot
Technip Energies (-7%). The selling pressure on the file is to be linked to a note from JP Morgan which downgraded its recommendation to ‘neutral’ despite a target raised from 18.7 to 20.4 euros.
Societe Generale (-6%) and BNP Paribas (-5%) stumble with the banking sector which is again shaken, against a backdrop of fears of contagion since the sudden bankruptcies of several regional banks in the United States, and the express rescue of the Swiss credit by UBS. Deutsche Bank crystallizes all the attention this Friday with a title that falls by more than 13% in Frankfurt. The German bank’s five-year CDS climbs 200 basis points, the highest since early 2019, data from S&P Market Intelligence shows. On Thursday, it recorded its largest ever one-day rise, according to ‘Refinitiv’. “Deutsche Bank has been in the spotlight for some time, the same way Credit Suisse has been,” Stuart Cole, chief macroeconomist at Equiti Capital, told Reuters. “It has gone through several restructurings and management changes in an attempt to regain a solid base, but so far none of these efforts seem to have really paid off.”
Innate : -5% with Vallourec, Accor, Saint-Gobain, Faurecia, Manitou, Schneider, Assystem, ALD
Publicis : -4% with P&V, GTT, Eiffage, Alstom, Tikehau, Elior
Spie : -3.5% followed by OVH, Elis