THE TREND
(Boursier.com) — The profit-taking triggered in the middle of the session and which resulted in a clearly bearish close yesterday on the CAC 40 (-0.92%), gave way this morning to a form of wait-and-see attitude. Now below 8,200 points, the Parisian index has been moving slightly in the green since the opening (+0.10% to 8,135 points), while it narrowly missed setting a new record 24 hours ago.
Regardless, few movements to be expected on the Paris market between now and 11 a.m. and the publication of inflation for March in the Euro zone, expected at 2.6% as in February. If German inflation, published on Tuesday, was slightly lower than consensus, an upward surprise on price dynamics in the European bloc cannot be ruled out… This would be bad news for the equity markets, while a consensus around a rate cut in June begins to emerge within the Governing Council of the European Central Bank.
Investors fear having to revise their positioning, as was the case in the United States after the publication of a survey on job offers that was better than expected. Numerous indicators have demonstrated the resilience of the American economy in recent weeks, complicating the outlook for the Federal Reserve…
Quoting…
WALL STREET
Wall Street corrected on Tuesday following an already heavy session the day before. The S&P 500 dropped 0.72% to 5,235 pts, the Dow Jones fell 1% to 39,170 pts and the Nasdaq -0.95% to 16,240 pts.
ECO AND CURRENCIES
UNITED STATES :
– ADP report on American private employment. (2:15 p.m.)
– Final US composite PMI index. (3:45 p.m.)
– Final US Services PMI. (3:45 p.m.)
– ISM American services index. (4:00 p.m.)
Europe:
– Unemployment rate in Italy. (10:00 a.m.)
– Preliminary consumer price index in the euro area. (11:00)
The euro/dollar parity reached $1.0772 this morning. A barrel of Brent is trading at $88.97. An ounce of gold sells for $2,282.
RISING VALUES
Renault (+0.75% to 47.86 Euros): CMA CGM Group has joined Flexis SAS founded on March 22, 2024 by Renault Group and Volvo Group, a joint venture dedicated to the development of the next “revolutionary” generation of electric vans. CMA CGM, through its PULSE energy fund, is taking a 10% stake in Flexis SAS and will invest up to 120 million euros by 2026. Volvo Group and Renault Group, which each hold 45% in Flexis SAS , plan to invest respectively 300 million euros over the next three years.
Herige (+1.10% to 27.60 Euros) achieves a turnover of 835.6 ME, or -3.2% on a comparable basis compared to 2022. Faced with a new construction market in difficulty, the the group quickly initiated operational performance actions which made it possible to limit the drop in EBITDA during the 2023 financial year. EBITDA thus amounted to 46.8 MEUR, a limited decline of 8.7 ME, i.e. an EBITDA margin of 5.6%, down 1.4 points compared to 2022. HERIGE’s operating profit stands at €25.6 million, or -11.6 million compared to 2022. Net income, Group share for 2023 stands at €9.3 million compared to €21.9 million in 2022.
Argan (+0.40% to 81.50 Euros) recorded rental income of €48.1 million in the first quarter of 2024, up +6% compared to the same period of the previous year. The sustained growth of the first quarter comes mainly from the revision of rents (+4.6%) as of January 1, 2024, supplemented by the full-year effect of 2023 deliveries.
FALLING VALUES
Delfingen (-5.80% to 37.50 Euros): 2023 turnover amounts to €456.7 million, up +9.5% (+9.6% at constant scope and exchange rates) . The exchange rate effect accounts for -2.3%, mainly linked to the unfavorable change in the EUR/$ parity over the financial year, offset by a scope effect of +2.1%. The current operating margin (MOC) stood at 6.2% of turnover, higher than the revised objective of around 6% communicated when publishing the turnover for the fourth quarter of 20233, increasing by 1.2%. points compared to 2022. After accounting for non-current operating expenses in the amount of 4.3 ME linked to the costs of external growth and reorganization efforts, the operating profit amounts to 23.8 ME, an increase of +34 .5%. The group’s share of net income stood at €6.9 million, down 14.8%.
The cross (-7.70% to 24 Euros): LACROIX’s current operating income stands at €17.8 million in 2023, i.e. a margin of 2.3%. After taking into account non-recurring items, notably linked to the ongoing sale of the Signaling BU and the exceptional amortization of intangible assets, operating profit came to €3.8 million for the financial year. After accounting for financial charges (-8.5 ME) and a positive tax balance (+1.9 ME) from the activation of deferred taxes, the Group’s share of net income stands at 4.3 ME , compared to 11.9 ME in 2022.
Boiron (-1.30% to 33.75 Euros): the 7.7% decrease in turnover in 2023 results from a drop in volumes of -8.8% mitigated by a favorable price effect of +2, 6%. Operating profit amounts to 42.2 ME and represents 8.6% of turnover, down 21.1 ME compared to 2022. The net result is 35.8 ME, or -19.8 %. The drop in net cash over the financial year is linked to the payment of an exceptional dividend of 10.36 Euros per share in October 2023.
LATEST SALES/RESULTS PUBLICATIONS…
Delta Plus, Aelis Farma
THE LATEST “RECOS” FROM ANALYSTS…
Morgan Stanley moves from ‘overweight’ to ‘market weight’ on Soitec with a target reduced from 173 to 102 euros.
JP Morgan is ‘underweight’ on Air France-KLM with a target adjusted to 9 euros.
Stifel is for purchase on Interparfums targeting 62 euros.
Citigroup remains ‘neutral’ on Veolia aiming for 29.90 euros. Morgan Stanley overweights the file by adjusting the slider from 34 to 35 euros.
Citigroup remains a buy on Amundi with a target which goes from 71 to 74 euros.
MARKET INFO
Parot Group: lifting of conditions precedent in the context of the purchase of the majority block
Crossject: Trading resumes this Wednesday, April 3
Tonner Drones managed to raise 5 million euros
IN SHORT
Eurofins Scientific: strengthens its position in transplantation tests and kidney care with Ascend
Econocom signed the sale of Abeilles with Boluda
TME Pharma: FDA Grants Fast Track Designation for NOX-A12
Thales completes acquisition of Cobham Aerospace Communications
Nexity: effective transfer of personal services activities to Bridgepoint