THE TREND
(Boursier.com) — Finally returned above 7,000 points yesterday, the CAC40 confirms its course, up another 0.7% this Thursday midday around 7,080 points. Quite a few publications still feature in the rankings and the medium-term objectives revealed by Schneider Electric are very well received, providing great support for the CAC40.
As for the macroeconomy, the latest central bank meetings have given investors hope for an end to rate hikes and a significant easing of monetary policies in 2024, and monetary policy makers are now seeking to qualify this optimistic perception. steps. But investors remain convinced that the Fed is done with increases: 90% of them are betting on a status quo at the next meeting of the American central bank on December 13, according to the Fedwatch barometer.
RISING VALUES
* At the top of the CAC40, Schneider Electric jumped almost 7% to 161 euros. Operators welcome the company’s new medium-term objectives. Ahead of its Investor Day, management indicated that it was targeting annual organic growth of between +7% and +10% over the 2024-2027 period with an average annual organic growth rate of the adjusted EBITA margin of approximately + 50 basis points. Long-term ambitions also include organic growth in activity of more than 5% on average over the entire economic cycle and a free cash flow conversion rate of around 100% overall. of the economic cycle.
* Veolia climbs 2% to 26.8 euros after maintaining its annual guidance and the publication of significantly improved results for the first 9 months of 2023 thanks to price increases and synergies with Suez. Veolia thus recorded a current operating profit of 2.5 billion euros at the end of September (+14.2% at constant scope and exchange rates), an EBITDA of 4.8 billion euros (+7.7% at constant scope and exchange rates). ) and a turnover of €33.2 billion (+10.7% at constant scope and exchange rates). Veolia also reported a faster than expected reduction in its debt, with a debt ratio lower than 2.9 times targeted at the end of the year, compared to around 3 times previously. The French specialist in water and waste treatment confirmed that for the current financial year it was targeting organic growth in its Ebitda “at the top of a range of 5% to 7%” and a net profit current share of the group “around 1.3 billion euros”.
* Worldline advances 3.5% to 13.5 euros in the morning, supported by the surge in Adyen. The Dutch digital payment specialist soars 30% in Amsterdam, boosted by the announcement of much better sales than expected and the presentation of new, more realistic and credible medium-term objectives, according to analysts. The firm reported net revenue of 413.6 million euros for the third quarter, up 22% year-on-year, and reduced its medium-term annual revenue growth target. net business between 20 and 29% (“low-to-high-twenties”). Adyen surprised the financial community this summer by issuing a profit warning and then collapsed on the stock market.
* Solutions30 (+8% at 2 euros) achieved consolidated turnover of 250.7 million euros, up +18% compared to the same period of the 2022 financial year (+17.3% organically ). For the entire first nine months of the 2023 financial year, the consolidated turnover of Solutions30 amounts to 769.7 million euros, an increase of 17.2% (16.9% organically) .
* Orpea jumped 8% to 1.05 euros. The Paris Court of Appeal confirmed this morning the decision of the Financial Markets Authority to authorize the Caisse des Dépôts to increase its capital in the company without launching a takeover bid. In a press release, the court said it had confirmed this decision adopted last May by the AMF “in order to preserve the useful effect of the European directive which is at the origin of the accelerated safeguard procedure and to facilitate the restructuring of companies facing financial difficulties.
FALLING VALUES
* Airbus drops 2.4% to 127 euros after its quarterly point. The aeronautics giant confirmed its financial and delivery targets for 2023, while posting increased accounts in the third quarter. Over the period, the group recorded an adjusted operating profit of 1.013 billion euros, up 21%, for a turnover up 12% to 14.897 billion euros. Results nevertheless a little short compared to market expectations. Production of the Airbus A320 family, Airbus’ main profitability driver, is “progressing well” towards the previously announced target of 75 aircraft per month in 2026, Airbus said. The aircraft manufacturer has also indicated that it wants to return to ‘pre-Covid’ levels of 10 A350 aircraft per month in 2026, compared to a previous objective of nine per month by the end of 2025. “By definition, by nature, 2024 production will be significantly higher than that of 2023, and we will be more precise at the beginning of next year”, declared the general director, Guillaume Faury, during the presentation conference.
* Beneteau fell 4.5% to 11.36 euros. In the 3rd quarter, the group’s turnover stood at 315.6 million euros, up 2.2% at constant exchange rate compared to the previous year. At the end of September, the Bénéteau Group’s sales amounted to 1.344 billion euros, an increase of +30.2% compared to 2022. In application of the IFRS 5 standard, the Group is required to restate the Housing activity , this is now presented under “Activity intended for sale”. Excluding Housing, the Group’s turnover in published data therefore amounts to €1.105 billion, up +31.2% on a comparable basis. Comforted by its order book, and despite the slowdown observed on smaller units, the Group confirms its latest turnover forecast for the Boat division, growing by 16% vs. 2022. The Boat division confirms its margin forecast operational, up to 12% over the financial year. Concerning the Housing division, turnover for the financial year should be above 300 ME for an operating margin which would exceed 11%.
* Chargers fell by more than 10 to 7.23 euros. The group’s turnover in Q3 stood at €150.8 million, down 7.6% organically and -13.8% raw data.