(Boursier.com) — THE TREND
The CAC40 finally fell 0.25% to 6,929 points in a market that remains attentive to the worrying evolution of the situation in Ukraine, Moscow continuing to maintain pressure. Pro-Russian separatists in eastern Ukraine have announced their intention to evacuate civilians from the breakaway regions they rule to Russia, as shelling intensifies in the region for the second consecutive day, accentuating Western fears of an imminent Russian invasion… The American State Department announced for its part that the head of US diplomacy, Antony Blinken, had accepted an invitation to meet his Russian counterpart, Sergei Lavrov, next week, “provided Russia does not invade Ukraine”. Joe Biden warned yesterday that the likelihood of an invasion was still “very high”.
ECO AND CURRENCIES
On the monetary front, speculation on the US Federal Reserve’s strategy continues: on Thursday, St. Louis Fed President James Bullard said he was once again in favor of a 100 basis point rate hike. July to stem inflation and her Cleveland counterpart, Loretta Mester, said the pace of increases should be faster than in previous cycles of monetary tightening.
A barrel of Brent returns tonight at $91. Oil is heading for its first negative weekly performance in 9 weeks, with the prospect of Iranian crude returning to the international market weighing on the trend. The euro is at 1.1350/$.
Consumer prices continued to rise in France in January, although the rise was more limited than in recent months… According to final data from INSEE, annual inflation reached 2.9% in January after +2.8% in December. The prices of energy (+19.9% after +18.5%) and services (+2.% after +1.8%) accelerated, as well as, to a lesser extent, those of food ( +1.5% after +1.4%). The prices of manufactured products slowed down (+0.6% after +1.2%) and those of tobacco fell back slightly (?0.1% after +0.0%). Sequentially, the consumer price index increased by 0.3%, after +0.2% in December.
RISING VALUES
Teleperformance (+5%) achieved 2021 revenue of 7,115 million euros, an increase of +25.7% like-for-like (at constant currencies and scope) and +24.1% based on data published by compared to the same period last year. The milestone of 7 billion euros is reached a year ahead of schedule and the world leader in outsourced customer experience management. Current EBITA reached 1,071 million euros compared to 735 million euros last year, representing growth of +45.7%. The margin rate amounted to 15.1% in 2021 compared to 12.8% last year, reflecting profitability significantly higher than before the crisis (14.3% in 2019). The operating result (EBIT) amounted to 869 million euros compared to 555 million euros last year. Net income group share amounted to 557 million euros against 324 million euros last year, representing growth of +71.9%. Diluted earnings per share amounted to 9.36 euros in 2020, compared to 5.52 euros in 2020. The board of directors will propose to the general meeting, which will meet on April 14, 2022, to increase the dividend paid for the 2021 financial year at 3.30 euros per share compared to 2.40 euros paid for the 2020 financial year. The proposed dividend corresponds to a distribution rate of 35%.
Lagardere gains 5% to 25.30 euros after suddenly accelerating at midday following a press release from Vivendi: The group controlled by Vincent Bolloré has indicated that it plans to increase, for those shareholders wishing to sell immediately their shares, the price of its takeover bid at 25.50 euros per share, from which the 2021 dividend would be deducted. Vivendi announced in mid-December that it intended to file a takeover bid in February resulting from the acquisition of shares sold by Amber Capital at a price of 24.10 euros per share. He clarified today that he intended to guarantee this price of 24.10 euros until December 15, 2023…
Ubisoft (+4%). During the quarter ended at the end of December, the group’s net sales reached 746.1 ME. According to the consensus of place, analysts expected on average quarterly sales of 795 ME over the quarter. Revenue under IFRS15 standards came to €665.9 million in the third quarter, down 31% year-on-year. During the first 9 months of the financial year, Ubisoft achieved a turnover of 1.41 billion euros, down 17.7% and net sales of 1.46 billion euros, down 16.6%. The group confirms its financial objectives for the financial year which will end at the end of March and is still aiming for stable or slightly declining net sales. The group is also repeating its annual non-IFRS operating profit target of between 420 and 500 million euros.
Guerbet : +4% with Linedata, Eutelsat
Altamir : +3% followed by ID Logistics
Pernod Ricard : +2% with P&V, Carmila
Coface : +1.5% with ESI Group, Thermador, Inventiva, Savencia, L’Oreal and Alten
Renault (stable) published this Friday a net profit of 888 ME for the 2021 financial year, after two consecutive years in the red. The French automaker, which has embarked on a major restructuring to reduce its fixed costs and refocus on its most profitable models and markets, reports an operating margin of 3.6%, above its target of 2.8% . The group had recorded a historic net loss of more than 8 billion euros in 2020, after a deficit of 141 ME in 2019, then its first loss in the space of ten years. The group’s turnover stands at 46.2 billion euros (+6.3% vs 2020). The operating margin was 1.7 billion euros (3.6% of revenue), an improvement of 2 billion euros vs. 2020. It stood at 4.4% in the second half of 2021. The operating free cash flow of Automotive after change in working capital requirement came to 1.3 billion euros.
FALLING VALUES
Prodways : -8% followed by Showroomprivé, Chargeurs (-7%) and Poxel (-6%) with Stedim and ADP (-5%)
Hermes (-4.5%): The group’s consolidated annual turnover amounted to 8.98 billion euros, up 42% at constant exchange rates and 41% at current exchange rates compared to 2020 Over two years, this increase reached 33% at constant exchange rates, in both the first and second half. Current operating income jumped 78% to 3.53 billion euros, or 39.3% of sales. The net income group share reached 2.45 billion euros, up 77% compared to 2020.
Valneva : -4% with Orpea, Vallourec (-3.5%) and Wavestone with Faurecia and Aramis
Neoen : -3% followed by Michelin
EDF (-2.5%) announces a capital increase project of approximately 2.5 billion euros to improve its financial structure. Management specifies in a press release that the expected drop in its nuclear production in France, linked in particular to corrosion problems on safety circuits, would penalize its earnings before interest, taxes, depreciation and amortization (Ebitda) to the tune of 11 billion euros. euros. The French government’s recent decision to force it to sell more electricity at low prices to its competitors should have a negative impact of 8 billion euros, while the high prices would benefit it up to 6 billion euros…
EDF also published sharply higher results for the 2021 financial year, helped by a rebound in demand and prices, with a net profit group share of 5.1 billion euros, against 650 million euros in 2020. The net current result stands at 4.7 billion euros, against 2 billion euros. EBITDA stands at 18 MdsE (+11.3%) and turnover climbed 22.4% to 84.5 MsdE. For 2022, EDF draws attention to 2022 EBITDA. Starting from a 2021 base of 18 billion euros, this indicator will include around 6 billion euros in the improvement of the price factor, around -8 billion euros linked to exceptional regulatory measures, around -11 MdsE in connection with the drop in nuclear production and other effects linked to the group’s performance. These estimates, which are very sensitive in particular to market prices, are presented for illustrative purposes and based on the current information available to the group.
FDJ : -2% with STM, Korian, Virbac, Valeo, Atari and Edenred