(Boursier.com) — THE TREND
The CAC 40 ended the week on a stable note after climbing above 6,500 points with the help of better than expected results from financial institutions… The CAC40 was unchanged at 6,515 points this morning.
After a good session on Wednesday, the New York Stock Exchange was also more hesitant last night, with only the Nasdaq managing to end in positive territory… Investors played the card of caution, on the eve of the publication of important figures, with the July employment report in the United States due this Friday at the beginning of the afternoon, which could say more about the health of the economy and give clues to future decisions the US Federal Reserve…
WALL STREET
At the close of Wall Street, the Dow Jones lost 0.26% to 32,727 points, and the S&P500, wider, fell 0.08% to 4,151 points. the Nasdaq is doing better, up 0.41% to 12,645 points.
The monthly report on the employment situation in the United States for the month of July will therefore be published this Friday. The consensus is located at 250,000 creations of non-agricultural jobs, for 3.6% unemployment and 230,000 creations in the private sector.
The largely positive second-quarter corporate earnings season contributed to a recent rebound in equity markets after a first half weighed down by concerns over the war in Ukraine, runaway inflation, new lockdowns in China and rising interest rates. The downside still comes from uncertainties about economic growth and the pace of monetary tightening by the US Federal Reserve…
ECO AND CURRENCIES
In the currency market, the dollar fell 0.5% against a basket of benchmark currencies, giving up some of the gains made in recent days in reaction to statements by Fed members. The euro points to 1.0230 dollars.
Oil prices remain controversial: concerns of a sharp slowdown in the global economy or even a recession are fueling fears about demand for crude while on the supply side, some of the extreme tensions observed in the oil market in recent months have eased. OPEC+ members have agreed to increase their supply by 100,000 barrels per day in September.
the Brent peaks at $94.50 a barrel and US light crude (West Texas Intermediate, WTI at $89.
ECONOMIC INDICATORS TO MONITOR
Europe:
– Italian industrial production. (10:00 a.m.)
UNITED STATES :
– Monthly government report on the employment situation. (2:30 p.m.)
– Consumer credit. (9:00 p.m.)
BROKERS
Jefferies retains Crédit Agricole with an adjusted target of 10 to 10.50 euros.
Berenberg is still buying on Imerys but with a target reduced from 51 to 46 euros.
Jefferies goes back from buy to ‘hold’ on Legrand, targeting a price of 79 euros, while Berenberg keeps the file with an adjusted target price of 100 to 95 euros.
Berenberg keeps Vicat with a target price reduced from 32 to 29 euros.
Citigroup resumes monitoring Elior at ‘neutral’ with a target of 3.3 euros.
VALUES TO FOLLOW
NHOA : +5% with Akwel (+4%) and Eutelsat (+3%)
Maurel & Prom (+3%) posted a strong improvement in financial performance for the first half, thanks to the maintenance of financial discipline in a favorable context of high prices. The average oil selling price stands at $105.0/b, compared to $63/b in H1 2021.
EBITDA was $250m, up 113% compared to H1 2021 ($117m). Net income was $138m, more than quadrupling compared to H1 2021 ($32m).
Deleveraging was rapid thanks to strong cash flow generation. Free cash flow was $155 million, compared to $38 million in the first half of 2021. Net debt thus stood at $195 million as of June 30, 2022, down $148 million compared to December 31, 2021 ($343 million). $).
Management recalls the drawing of new borrowing facilities which took place at the beginning of July, offering visibility over 6 years with annual repayments compatible with a Brent price of $45/b.
SQLI : +2.5% with Mauna Kea, Casino and Lagardère
Showroomprivé : +2% with Vicat, Rallye, Guillemot
Cellectis (+1.5%). Including Calyxt, the group had $135 million in consolidated cash, cash equivalents, current financial assets and blocked cash, of which $123 million is attributable to Cellectis excluding Calyxt. This compares to $191m of consolidated cash, cash equivalents, current financial assets and blocked cash as of December 31, 2021, of which $177m was attributable to Cellectis excluding Calyxt. This net decrease of $56 million mainly reflects (i) a net cash flow of $47 million used by Cellectis’ operating, investing and finance leasing activities, (ii) $13 million of net cash used in operating activities and acquisitions of property, plant and equipment and finance leases of Calyxt partially offset by (i) $10 million of net proceeds from the capital increase at Calyxt and a favorable foreign exchange gain of 6 M$.
Ubisoft (+1.5%) In a letter received on August 1 from the AMF, The Capital Group Companies, Inc., acting as “investment adviser” on behalf of funds, declared having crossed downwards, the July 29, the threshold of 5% of the company’s capital Ubisoft Entertainment. She holds 6,226,063 Ubisoft Entertainment shares representing as many voting rights, i.e. 4.96% of the capital and 4.51% of the company’s voting rights.
This threshold crossing is the result of a sale of Ubisoft Entertainment shares on the market.
Haulotte : +1% with Tikehau, Cegedim, Valneva, Michelin, Crédit Agricole, Wavestone, Alstom, Saint-Gobain, Quadient, Guerbet, BioMerieux, Air France KLM, Atos.
Celyad (+1%). Net loss for the first half of 2022 amounted to €14.1 million, or (0.62) euros per share, compared to a net loss of €14.9 million, or (1.02) d per share, for the first half of 2021. Net cash flow from operating activities amounted to €16.3 million in the first half of 2022 compared to €12.2 million in the first half of 2021.
As of June 30, 2022, the company had cash and cash equivalents of €14.4 million ($15 million).
Stellantis (+1%). Fitch Ratings has raised the Long-Term Issuer Default Rating (IDR) and Senior Unsecured Rating from Stellantis NV from ‘BBB-‘ to ‘BBB’. The outlook is at ‘stable’.
Ipsen (stable) today announced that its indirectly wholly owned subsidiary Hibernia Merger Sub, Inc. (Acquirer) has extended the term of its previously announced tender offer to acquire all of the common stock outstanding (the Shares) of Epizyme, Inc. (NASDAQ: EPZM (Epizyme) at a price of $1.45 per share, payable to the holder in cash, without interest and after applicable withholding taxes, plus a non-transferable Certificate of Guaranteed Value (CVG) per Share, until 11:59 p.m. Eastern Time on Thursday, August 11, 2022, except in the event of a further extension.
The tender offer was previously scheduled to expire one minute after 11:59 p.m. Eastern Time on Monday, August 8, 2022. All other terms and conditions of the tender offer remain unchanged.
FALLING VALUES
Rothschild & Co (-6%). Pre-tax income was €121 million (H1 2021: €185 million). Revenues are 1,375 million euros, up 2% (H1 2021: 1,350 million euros). Net income group share came to 249 million euros, down 28% (H1 2021: 346 ME).
Earnings per share (EPS) is 3.43 euros, down 28% (H1 2021: 4.78 euros). The positive impact of the change in exchange rates is 31 million euros on revenue and 1 million euros on net income, group share.
Assets under management decreased to €99.6 billion (-4% compared to December 2021) due to negative market performance (€9.1 billion) partly offset by strong net inflows of 2 .8 billion euros in Europe and by the impact of an acquisition in France (+3 billion euros).
Deezer : -5% with Believe which loses 3% followed by Balyo (-2%)
McPhy : -1.5% with Burelle, Publicis, CGG
Thermador : -1% with Danone, Vallourec, IPSOS, TotalEnergies, Chargeurs
Sanofi (-1%) and Innovent Biologics are establishing a collaboration to bring innovative medicines to patients with hard-to-treat cancers in China.
The two companies are committed to intensifying the development and commercialization of two of Sanofi’s main oncology actives currently in clinical phase: SAR408701 (tusamitamab ravtansine; anti-CEACAM5 antibody-drug conjugate – phase III) and SAR444245 (IL- 2 non-alpha – phase II), in combination with sintilimab, the leading immune checkpoint inhibitor in China.
Thales : -0.5% with Eurazeo, SES, Dassault Aviation, TechnipEnergies