(Boursier.com) — THE TREND
The decline in the CAC40 is 1% this Friday noon at 7,035 points, while the index fell for a moment below the 7,000 pts mark in the morning, at 6,992 pts, in the wake of the difficult session recorded in New York after the publication of a surge in inflation in the United States… The comments of a member of the Federal Reserve also made investors fear an accelerated monetary tightening by the American central bank in the coming weeks.
St. Louis Fed President James Bullard said after the European market closed that it had become “drastically” more restrictive in light of the level of inflation and now wanted interest rates to rise. interest be raised by 100 basis points, or 1%, over the next three meetings of the US central bank. The yield on ten-year US government bonds remained at more than 2% on Friday, a threshold it crossed on Thursday for the first time since August 2019.
Note also the persistent tension of the international situation around the Ukrainian file which could “degenerate at any time” according to American diplomatic sources…
ECO AND CURRENCIES
The American stock market indices therefore did not resist the downward pressure after the announcement of an acceleration in inflation to 7.5% over one year in January in the United States. This figure caused a new outbreak of rates on government bonds, and increased the risk that the Federal Reserve will raise its key rate sharply, by half a point, at its meeting in March.
At the close, the Dow Jones fell 1.47% to 35,241 points, while the broad index S&P500 lost 1.81% to 4,504 pts, and that the Nasdaq Compositerich in technology and biotech stocks, dropped 2.1% to 14,185 pts.
The euro/dollar parity reached $1.14 this afternoon. A barrel of Brent is trading firmly at $91.75.
RISING VALUES
parrot : +4% with Abivax
Atos (+3%) is changing its governance in order to accelerate its transformation, return to the path of growth and economic performance, and create value for all its stakeholders. Now simplified, this new governance is organized around 3 business lines and 4 regions, steered by a Center of Commercial Excellence and corporate functions. Each business line will group together activities with a similar business model and competitive environment.
CGG : +3% with Innate
IIS : +2.5% after the upward revision of its forecasts, followed by Genfit and TF1 after its accounts
TF1 (+ 2.2%) unveiled for the financial year 2021 a consolidated turnover of the group of 2.427 billion euros, a sharp increase of 345.4 million euros over one year (+ 16.6%). It is also higher than the level reached at the end of 2019 (+3.8%). Current operating income amounted to €343.2 million, up €153.1 million over one year and €88.1 million compared to 2019. This strong increase in turnover and the profitability is explained both by the Media activities as well as by the significant contribution of the complementary activities developed by the group, in particular the production of content with Newen Studios and distribution. In 2021, the current operating margin rate was 14.1% (12.9% excluding recognition of the €29.5 million tax credit granted in respect of the pandemic), compared to 9.1% in 2020 and 10.9% in 2019. Operating profit amounted to €332.9 million and included -€10.3 million in exceptional charges relating to the proposed merger between TF1 and M6. Net income, Group share amounted to €225.3 million, up €170.0 million over one year.
McPhy : +1.5% with Neurons, M6 and Catana
Atari : +1% followed by Linedata, P&V
Rexel (+0.7%) announced constant-day sales up +12.2% in Q4, with positive momentum in all geographies vs 2019, at 4,077.3 ME. Management points to a sequential acceleration compared to Q3, both in price and volume. Overall, 2021 sales and growth are at record levels at E14.7 billion, or +15.6% like-for-like and like-for-like. The 2021 adjusted EBITA margin was up +196 bps at 6.2% vs 2020 (5% in 2019) thanks to constant day-to-day sales growth of +15.6%, the continued deployment of digital initiatives , the focus on price increase and operational excellence. Adjusted EBITA includes 40 bps of positive one-off effects due to non-cable stored product price inflation, net of higher performance bonuses. Recurring net income is 575 ME, up +107% in 2021, a historically high performance.
Korian : +0.5% with Manitou and Infotel
Ipsen (stable) today revised its target for 2020-2024, excluding any contribution from the Consumer Healthcare business and taking into account the solid performance achieved in 2021. Group CAGR of between + 4% and +6% at constant exchange rates over the period 2020-2024, incorporating the development of additional risk-adjusted guidance. Ipsen posted growth in total group sales of 12.3% at constant exchange rates to €2,868.9 million (+10.7% in reported data) and an operating margin from activities of 35.2% (IFRS operating margin of 29.6%). IFRS operating profit was €849.5 million. Consolidated IFRS net income climbed 17.8% to 646.7 ME.
FALLING VALUES
X-FAB (-9%): The Ebitda margin is 23.3%, within the forecast range of 23 to 24%. Ebitda was $153.3 M, up $92.8 M, an increase of 154% compared to 2020. Ebit was $77.2 M, up +91.8 M $ compared to 2020. The expected turnover for the 1st quarter of 2022 is included in the range of 175 to 185 M$, with an Ebitda margin between 19 and 23%. Forecasts are based on an average USD/EUR exchange rate of 1.14. The turnover expected for the year 2022 is included in an interval of 750 to 815 M$ with an Ebitda margin between 21 and 25%.
Euronext (-4.5%) reported strong revenue growth, driven by strong organic performance from non-volume related businesses and significant contribution from acquisitions. The 2021 cost targets have been exceeded and the first synergies drawn from the integration of the Borsa Italiana group are being felt. 2021 turnover thus stands at 1,298.7 ME (+414.3 ME, +46.9%, +3.3% like-for-like). EBITDA amounted to 752.8 million euros (+232.8 million euros, +44.8%, +3.7% like-for-like), the EBITDA margin at 58% (-0, 8pts) due to implementation costs and like-for-like EBITDA margin at 59.7% (+0.2pt). The published net result, share of the shareholders of the parent company, comes to 413.3 ME (+97.9 ME, +31%).
EDF (-4%) announced a downward revision of its estimate of nuclear production in France for 2023, to 300-330 TWh (terawatts/hour) against 340-370 TWh previously, the group citing in particular the checks and repairs to be carried out in order to remedy the corrosion problems detected on certain reactors. This estimate also takes into account a “busy industrial program”, with 44 reactor shutdowns for maintenance and control, to which are added four scheduled shutdowns started in 2022 which will continue in 2023, EDF explained in a press release.
According to a spokesperson for the group, on-site checks related to corrosion problems will take place on all of the 56 reactors in the French nuclear fleet, but some of them will be integrated into shutdowns already scheduled. The French electrician had already lowered its 2022 production forecast on Monday due to these anomalies…
BNP Paribas down 3% with Akwel and Essilor
Faurecia : -2.5% with Alstom, Legrand, Schneider, SG, Vilmorin
Valeo : -2% followed by Elior, Vinci, Bastide and Veolia, followed by Vallourec, LVMH
Ruby (-2%) in Q4 2021 increased by 44% to 1,338 ME following the increase in oil prices. However, the evolution of volumes is the key indicator of the progression of results rather than turnover. In terms of operational activity, Rubis Énergie once again recorded a good quarterly performance and the Rubis Terminal joint venture continued its growth observed since the start of the year… Management reiterates its objective of growth in net operating income of Ruby Energy for the whole exercise…
Guerbet (-2%): published 2021 annual revenue of 732.1 ME, up 2.8% compared to December 31, 2020 despite an unfavorable exchange rate effect of 16.4 ME. Guerbet confirms an increase in its operating profitability, reflected in an EBITDA/reported revenue rate of at least 14.1%. The Group also reiterates its objectives aimed at a gradual improvement in the EBITDA / Turnover ratio enabling it to generate strong and sustainable growth from 2022.
Aperam (-1%) announced its results for the quarter and year ending December 31, 2021. Steel shipments amounted to 1,819 thousand tonnes in 2021, up 8.5% compared to steel shipments. steel of 1,677 thousand tonnes in 2020. EBITDA was €1,186 million in 2021, including an exceptional gain of €126 million, compared to an EBITDA of €343 million in 2020 , including an exceptional gain of 50 million euros. EBITDA was €462 million in the fourth quarter of 2021, including an exceptional gain of €117 million, compared to an EBITDA of €159 million in the fourth quarter of 2020, including an exceptional gain of €50 million euros. Net profit is 968 million euros in 2021, compared to 175 million euros in 2020. Basic earnings per share is 12.21 euros in 2021, compared to 2.19 euros in 2020.
Liquid air : -1.5% followed by Amundi, Hermes, Getlink, Amundi, SoiTec