THE TREND
(Boursier.com) — As 9:30 a.m. approaches, the CAC 40 falls back below 8,200 points, but is still progressing (+0.45%). The first minutes of trading saw it reach a new record at 8,229.25 points, in the wake of the triple record recorded in the United States, for the Dow Jones, the Nasdaq and the S&P 500.
Also note, still in the “records” section, that of the ounce of gold, for the first time in its history above 2,200 Dollars.
The declaration of intention to reduce rates by three-quarters of a percentage point on ‘fed funds’ reassured the stock markets.
Quoting…
The Fed, while deciding to maintain its key rates for the fifth consecutive time, indicated that it still planned to reduce them by three-quarters of a percentage point this year, despite more modest forecasts on the fall in inflation. Jerome Powell, president of the institution, however indicated that recent data did not strengthen the Fed’s confidence to the point of saying that the battle against inflation was won.
WALL STREET
Three historic records yesterday for the three flagship American indices: the S&P 500 recovered by +0.89%, to 5,224 pts this Wednesday. The Dow Jones, which measures industrial stocks, was firm with an increase of +1.03% to 39,512 pts. At the same time, the Nasdaq Composite gained +1.25% to 16,369 pts.
ECO AND CURRENCIES
The business climate is improving in France. In February, the indicator which summarizes it calculated by INSEE based on the responses of business leaders in the main commercial sectors of activity, gained two points. At 100, it returned to its long-term average, for the first time since September 2023. This improvement results from the more favorable economic situation in all sectors of activity, with the exception of construction. The consensus was for an index of 99.
France :
– Preliminary French manufacturing PMI index. (09:15)
– Preliminary French PMI services index. (09:15)
UNITED STATES :
– Current account balance. (1:30 p.m.)
– Weekly unemployment registrations. (1:30 p.m.)
– Philadelphia Fed manufacturing index. (1:30 p.m.)
– Preliminary US composite PMI index. (2:45 p.m.)
– Preliminary US manufacturing PMI. (2:45 p.m.)
– Preliminary US Services PMI. (2:45 p.m.)
– Resales of existing housing. (3:00 p.m.)
– Leading indicator index. (3:00 p.m.)
Europe:
– Preliminary German Services PMI. (09:30)
– Preliminary German manufacturing PMI. (09:30)
– Preliminary Eurozone composite PMI. (10:00 a.m.)
– Preliminary Eurozone Services PMI. (10:00 a.m.)
– Preliminary Eurozone manufacturing PMI. (10:00 a.m.)
– Preliminary UK Services PMI CIPS Index. (10:30 a.m.)
– Preliminary UK manufacturing PMI CIPS index. (10:30 a.m.)
– Preliminary British Composite CIPS PMI Index. (10:30 a.m.)
– Monetary statement from the Bank of England. (1:00 p.m.)
The euro/dollar parity reached $1.0942 this morning. A barrel of Brent is trading at $86.41. An ounce of gold sells for $2,208.
RISING VALUES
Vetoquinol (+1.75% to 98.70 Euros): The turnover for the 2023 financial year stands at 529 ME, stable at constant exchange rates and down -1.9% in published data. As of December 31, 2023, Essentials product activity amounted to €313 million, up +4.5% at constant exchange rates and +2.9% based on published data. Current operating income before amortization of intangible assets resulting from acquisitions amounts to 85 ME, for the financial year ending December 31, 2023, or 16.1% of 2023 turnover. (98.6 ME, and 18. 3% of 2022 turnover). The Group’s current operating profit stands at 71.6 ME (13.5% of turnover) compared to 84.6 ME for the 2022 financial year. The Group’s operating profit is 74.3 ME (14% of 2023 turnover) , to compare with 74ME in 2022. Ebitda stands at 113ME as of December 31, 2023, or 21.3% of turnover. It takes into account the result of the renegotiation in 2023 of the final acquisition price of Clarion in Brazil with a gain of +6.1 ME (1.2pt). The net result of the Vetoquinol laboratory amounts to 55.6 ME, or 10.5% of 2023 turnover, after taking into account non-recurring items for +2.6 ME and a financial result of +2.6 ME.
NRJ Group (+5.10% to 7.86 Euros) recorded very good results in 2023 which validate the strategies implemented by the Group for its various divisions. Consolidated turnover was 391.9 million euros, up +3%. It was driven by the growth of Radio activities (+4.9%) and the growth of Broadcasting activities (+5.3%). Expenses are under control since their increase is limited to +2.5% (+8.4 ME) despite the inflationary context and an increase in the cost of electricity of 8.8 ME (net of aid). The Group’s current operating margin rate increases again in 2023, to stand at 12.5% (12% in 2022, 9.8% in 2021 and 7.9% in 2019). It is driven by the dynamics of operational activities and the controlled growth of its expenses. After a financial result of 10.6 ME for 2023 (+9.6 ME compared to 2022), the Group’s share of net income increased by +30.3%. It stands at 45.2 ME (34.7 ME in 2022) thanks to the growth in operating profit excluding trade and financial result.
FALLING VALUES
Bastide Le Confort Medical (-5.75% to 16.72 Euros): activity remained very dynamic in the first half of 2023-2024 with growth of +6.1% including +5.7% organic growth. Over the period, turnover amounted to 265 million euros (249.7 ME in the first half of 2022-2023). Over the half-year, in an inflationary context, the evolution of the product/service mix, following the Bastide Group’s strategic choice to develop its more technical activities, made it possible to significantly improve the Group’s gross margin. This increased by +110 basis points and reached 67.2%. EBITDA increased by +7.5% to €53.6 million, representing a high margin of 20.2%, up +20 basis points, despite a negative impact of personnel costs of -150 basis points. explaining both by wage inflation and by the significant growth recorded in home health services. Current operating profit stood at €21.9 million, up +2.1%. The current operating margin thus stands at 8.3%, in line with the Group’s business plan. Operating profit increased by +9.5%, to €20.7 million. The net income from continuing activities came to €3.6 million after accounting for a tax charge of -5.1 million. Discontinued activities generated a net loss of -1.2 ME over the half-year, linked to the finalization of the sale of Livramedom.
Aubay (-3% to 38.30 Euros): turnover came to 534.1 ME, a purely organic increase of 4%. In this context, the management efforts deployed by the group and the achievement of a productivity rate slightly better than expected allowed the operating margin to settle at the top of the revised range during October. It thus amounts to 8.9%, still among the highest on the market. Aubay thus demonstrates its good resilience in the face of exogenous impacts, always maintaining a good ratio between the evolution of its sales prices and its average salary in a more normalized environment. The group’s net profit stood at €33.4 million, a limited decline of -6.2% compared to the record net profit reached in 2022.
Reworld Media (-14% to 3.31 Euros) published a turnover of 549.3 ME as of December 31, 2023, up +8.6% but -1% on a comparable basis. Reworld Media records a consolidated EBITDA of €59.3 million in 2023, down -12.1% compared to the previous year, i.e. an EBITDA margin of 10.8% vs. 13.3%. Operating profitability increased significantly during the financial year, with the EBITDA margin increasing from 8.4% in the 1st half to 13% in the 2nd half. In the 2nd half, EBITDA was up compared to the 2nd half of 2022. The group’s net profit amounted to €24.2 million, down -43.7%.
LATEST PUBLICATIONS OF TURNOVER/RESULTS…
Phaxiam Therapeutics, Peugeot Invest, Drone Volt, Courtois, Esso, Clasquin, Claranova, Innate Pharma
THE LATEST “RECOS” FROM ANALYSTS…
Deutsche Bank raises to ‘retain’ its opinion on Pernod Ricard aiming for 140 euros.
Berenberg goes ‘purchase’ on bioMérieux aiming for 114.5 euros.
GreenSome Finance adjusts the slider to Reworld from 8.81 to 8.17 euros (‘purchase’).
MARKET INFO
Waga Energy finally raises 52 ME
IN SHORT
Afyren receives 3.4 ME
Europlasma: the takeover offer from MG-Valdunes is validated by the Lille-Métropole TC
2CRSi: the British subsidiary signs a contract for more than 500 servers
METabolic EXplorer: opening of legal recovery for the benefit of METEX Noovistago