THE TREND
(Boursier.com) — The CAC 40 is blowing hot and cold at the start of the session, moving around its closing level yesterday close to 7,040 points. It hides more marked movements in certain securities of companies having published their quarterly accounts since yesterday. In this game, Arkema and Euronext are doing well while, conversely, Airbus, Bénéteau and Chargeurs are at half mast.
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, according to the Fedwatch barometer.
WALL STREET
Wall Street was hesitant at the close on Wednesday, after a powerful rebound led by the Nasdaq and fueled by hopes of an end to monetary tightening in the United States… The S&P 500 is moving close to equilibrium at 4,382 pts (+ 0.10%). The Dow Jones lost 0.12% to 34,112 pts. The Nasdaq takes 0.08% to 13,650 pts.
ECO AND CURRENCIES
UNITED STATES :
– Weekly unemployment registrations. (2:30 p.m.)
The euro/dollar parity reached $1.0704 this morning. A barrel of Brent is trading at $80.04. An ounce of gold sells for $1,949.
RISING VALUES
Arkema (+1.80% to 88.98 Euros) achieved a solid EBITDA margin and high cash generation in a context of still low volumes reflecting the current economic environment. Turnover was €2.3 billion, down 17.2% at constant exchange rate compared to 3Q 22. Volumes were down 6.6% compared to last year in an environment of generally slowed demand and comparable to that of previous quarters. The price effect is -10.6%, reflecting the drop in raw materials as well as the normalization of prices in PVDF and upstream acrylic in view of the exceptional market conditions of 2022. EBITDA stands at €386 million, down compared to last year’s high comparison base (495 ME in 3Q 22), with an EBITDA margin holding up well at 16.6% (16.7% in 3Q’22), reflecting the strength of the Group’s positioning and the initiatives undertaken to adapt to the economic situation. The net current result is 177 ME (260 ME in 3Q 22), or 2.38 euros per share. Cash generation is high with a current cash flow of €312 million (€434 million in 3Q’22). Net debt stands at 2,419 ME, including hybrid bonds (2,645 ME at the end of June 2023), representing 1.7x the EBITDA of the last twelve months.
Euronext (+3% to 71.85 Euros) announces an increase in its third quarter turnover to 360.2 million euros, +2.8% compared to the underlying turnover for the third quarter of 2022 and +19.5% compared to total revenue for the third quarter of 2022, driven by its diversification strategy. The operator achieved an adjusted profit (EBITDA) of 213.7 million euros in the third quarter, up 7% compared to the same period last year. Adjusted net profit rose 13.2% to 146.5 million euros, and adjusted earnings per share increased 13.7% to 1.38 euros per share. “This performance results from our successful diversification strategy, with significant organic growth in non-volume revenues, which now constitute 60% of total turnover,” Euronext management said.
Solutions30 (+8% at 2 Euros) achieved a consolidated turnover of 250.7 million euros, an increase of +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) .
FALLING VALUES
Veolia (-0.50% to 26.10 Euros) published significantly improved results for the first 9 months of 2023, helped by price increases and synergies with Suez. At the end of September, Veolia recorded current operating income (Ebit) of 2.5 billion euros (+14.2% at constant scope and exchange rates), earnings before interest, taxes, depreciation and amortization (Ebitda) of 4. €8 billion (+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”.
Chargers (-5.70% to 7.63 Euros): turnover in Q3 came to 150.8 ME, down 7.6% organically and -13.8% raw data. confirms its ambition to achieve in 2024 a total turnover of more than €800 million, an EBITDA margin of between 9% and 10% and a Debt/EBITDA multiple of less than 3x.
Airbus (-2.70% to 126.84 Euros) publishes an adjusted operating profit of 1.013 billion euros, up 21% in Q3. Turnover increased by 12% over the period to reach €14.897 billion. Analysts expected a profit of €1.14 billion on average for a turnover of €15 billion, according to the market consensus. The aeronautical group also raised its A350 wide-body production target and reaffirmed its financial and delivery targets for 2023. The aircraft manufacturer explained that it wanted to return to ‘pre-COVID’ levels of 10 A350 aircraft per month in 2026, up from a previous target of nine per month by the end of 2025. Other industry targets, including 720 jet deliveries in 2023, are unchanged.
Eiffage (-1.20% to 85.94 Euros) achieved consolidated turnover of 5.5 billion euros in the 3rd quarter of 2023, up +5.5% compared to the 3rd quarter of 2022 (+4 .9% in Works and +8.3% in Concessions). The Group’s consolidated turnover as of September 30, 2023 thus reached €15.9 billion, up +8.7% on an actual basis and +7.3% like for like.
Beneteau (-3% to 11.54 Euros): 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. In the 3rd quarter, the turnover of the Boat division amounted to €292 million, up +2.2% at constant exchange rate compared to the previous year. Over 9 months, sales of the Boat division increased by +31.2% in published data. Sales of the Housing division amounted to €23.5 million in the 3rd quarter of 2023.
LATEST SALES/RESULTS PUBLICATIONS…
Ateme, Poxel, Neurones, Altamir, NRJ Group, Bourrelier, Aures Technologies, Metavisio, Claranova, Forsee Powe, MRM, Gérard Perrier, Vente-unique.com, Bilendi
THE LATEST “RECOS” FROM ANALYSTS…
Jefferies remains a buyer on TotalEnergies with a target lowered from 70 to 69 euros and retains Agricultural credit with an adjusted objective of 13 to 13.40 euros.
Citigroup remains a buy on Antin Infrastructure with a target price reduced from 21 to 16 euros and is still for sale on Great with a target reduced from 82 to 75 euros.
Morgan Stanley is ‘overweight’ on Great with a target adjusted to 100 euros.
MARKET INFO
Smart Good Things Holding: bond issue and share consolidation planned
OL Groupe: debt refinancing agreement of €320 million
Delfingen Industry cancels 1.9% of capital
Legrand launches the 4th tranche of its share buyback program
IN SHORT
Voltalia commissions the Montclar solar park
Manitou: acquisition of 75% of the capital of two Italian companies