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(Boursier.com) — THE TREND
The day after the euphoric session, during which the CAC40 posted its best performance of the year (+2.29%) after the 50 basis point drop in US interest rates, it was already time for a comeback this Friday: Under the weight of rapid profit-taking, the CAC40 lost 1.51% to 7,500 points. Luxury weighed on the trend by losing most of its gains from the previous day, while the automobile sector remains controversial…
The Bank of Japan decided this morning to keep its short-term rate target unchanged at 0.25% but did not rule out raising it depending on the evolution of the economic situation, a trajectory opposite to that of the other major monetary institutions of the planet. In China, the central bank also kept its key rates unchanged, thwarting expectations of a decrease…
The euro ended the week at 1.1155/$, while oil remained below 75$ per Brent. Gold meanwhile broke new records at 2,621$ per ounce…
RISING VALUES
Esker jumped 12% to €264. As the latest rumors suggested, the company active in the sector of automation of document processes and in the dematerialization of management documents will be acquired by Boréal Bidco SAS, a company controlled by Bridgepoint. The British private equity group associated with General Atlantic and the shareholder managers of the Company is offering €262 per share, materializing a premium of 30.1% compared to the unaffected share price of €201.4 on August 8 (i.e. the date before the first market rumors) and a premium of 37.2%, 43.6% and 62.4%, respectively, on the average share prices weighted according to the volume over 3, 6 and 12 months preceding this date. The offer values Esker at approximately €1.621 billion, on a fully diluted basis.
Genfit (+10%) reported cash and cash equivalents of €61.6 million as of June 30, excluding the €48.7 million milestone payment invoiced in June 2024 (received in August 2024) on the first sale of Ipsen’s Iqirvo (elafibranor) in the United States for the treatment of PBC. The group posted revenues of €59 million, including €48.7 million of milestone payment invoiced in June 2024.
LDC : +4.6% followed by SdBM (+3.6%) and Prodways
Assystem : +3% followed by Covivio (+2%) with Lectra and Voltalia
Engie : +1.5% with JC Decaux, Bastide, Groupe Crit, Waga, Vantiva, Neurones and BigBen
S30 : +0.5% with Safran, Elis, URW, Orange and Bonduelle
VALUES DOWN
Atos 16.6% relapse followed by Forvia (-8%) and X-Fab (-6%) with OpMobility
Ubisoft is down 5.5% after three great bullish sessions. Deutsche Bank has reiterated its ‘buy’ rating on the video game publisher despite a target price reduced from 28 to 24 euros. With the stock down around 30% since the launch of ‘Star Wars: Outlaws’ (August 30), it seems clear that the market has considered the game a “flop”, notes the broker.
Argan : -5.5% with Stedim, Valneva and Arkema
OVH : -4.5% with STM, Antin, Clariane, Valeo and Vallourec
Old yields 4.2%. The group warned that its activity will continue to slow down in the second half of the year and now only expects to achieve organic growth of between 0.5% and 1% in 2024. The target of an operating margin of between 8.7% and 8.9% for the whole year is however confirmed.
Chargers : -4% followed by Edenred, Dior, Innate, Teleperformance, Verallia
Eramet : -3.5% with Capgemini, Mersen, ADP, Rexel, Interparfums
LVMH also falls back below 600 euros (-3.5%). Hermes lost 3.1%. Goldman Sachs lowered its target from 2,240 to 2,010 euros (‘neutral’).
Stellantis (-3.4%) and Renault (-2.6%). German manufacturer Mercedes-Benz has reduced its 2024 profit outlook.
Kering fell by 3.3%, again penalized by fears about the economic situation in China. On the analysts’ side, Goldman Sachs reduced its target from 270 to 235 euros while remaining ‘neutral’, while Jefferies cut its target from 300 to 230 euros with a recommendation maintained at ‘hold’. Morgan Stanley maintained its recommendation at ‘market weighting’ while adjusting its target price from 310 to 265 euros.
Coty : -2.8% with Equasens, STEF and Seb followed by Pluxee and Elior
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