THE TREND
(Boursier.com) — After a slightly lower start to the session, the CAC40 rose in session above 7,100 points to end just below this cap at 7,097 points, a symbolic increase of 0.02%. The annual publications, numerous since yesterday, have been received differently, while LVMH is hovering around 800 euros, close to its historic highs.
While the prospect of the Federal Reserve easing the pace of its monetary tightening next Wednesday, as inflation slows, has provided support for equities for several days, European and American markets also hailed the latest US data on Thursday as a proof that the US economy could experience a “soft landing”, rather than tipping into a recession…
The euro is back tonight at 1.0860/$. Oil lost some ground at $87/Brent.
RISING VALUES
Solutions 30 jumped 23%! The group unveiled consolidated revenue for 2022 of 903 ME, up +3.3% and +1.2% organically, with growth accelerating to 11.6% in the fourth quarter (+ 10.1% organic). Order intake for the year reached almost 920 ME, a historically high level. For the 2023 financial year, the good momentum at the end of 2022 as well as the excellent commercial activity of the financial year confirm the outlook for a return to double-digit growth, making it possible to cross the €1 billion mark in sales. business. Solutions 30 is now aiming for a turnover of around 2.5 billion euros in the medium term.
The software publisher Axway (+15%) has revised upwards its organic growth and profitability objectives for the financial year ended December 31, 2022 thanks to a historically high level of activity recorded at the end of the financial year. In fact, thanks to an organic increase in Subscription activity of more than 100% in the 4th quarter of 2022 compared to the 4th quarter of 2021, on a full-year basis Axway now expects organic growth in its revenue of between 4.5 and 5 .5% (compared to 1 to 3% previously) and operating profit representing between 14 and 15% of sales (compared to 12 to 14% previously).
Balyo : +7.7% with Erytech (+5.5%) with Valeo (+5%) andFaurecia
Esso : +4.5% with P&V, SG, TechnipEnergies, Mauna Kea, Casino
J.C. Decaux earn 3%. Group adjusted revenue J.C. Decaux for the year 2022 is up by 20.8% to 3,316.5 million euros. Excluding the positive impact linked to changes in exchange rates and changes in scope, adjusted organic growth is announced at +16.6%. Adjusted organic advertising revenue, excluding sales, rentals and maintenance contracts for street furniture and advertising media, was up +18.4% in 2022. JC Decaux exceeded its forecasts in the fourth quarter of 2022 with a organic growth of 5.1% (around +3% announced in November).
Eramet : +3% followed by country house, Saint Gobain
Mersen climbed by nearly 2.5% this Friday, while the group achieved consolidated turnover of 294 million euros in the 4th quarter of 2022, up by more than +19% at constant scope and exchange rates. Taking into account a positive exchange rate effect of almost 7 ME, growth was 22.7%. For the year 2022, Mersen achieves consolidated sales of 1.115 billion euros, representing organic growth of more than 15% compared to 2021. Around 5% of this growth is linked to price increases. Based on the turnover achieved in 2022, the Mersen Group expects to post a current operating margin for the year of around 10.9% (previously around 10.8%). Current EBITDA margin is expected to grow by around 60 basis points compared to 2021 (previously 50 basis points).
ALD : +2.5% followed by Alstom, STM, Virbac
Danone rises 0.6% this weekend and ends four consecutive sessions in the red. Operators appreciate the latest announcements from the agribusiness giant, which said last night that it was exploring various strategic options, including a possible sale, for the organic dairy activities of Horizon Organic and Wallaby in the United States. “This announcement marks further progress in the portfolio review and asset rotation program announced by the company in March 2022 as part of the Renew Danone strategy,” Danone said.
LVMH stabilizes around 800 euros (801 euros) the day after a new solid publication. The title, which is by far the largest capitalization of the CAC40, still hit a new stock market peak this morning at more than 808 euros. As expected, activity slowed down over the last three months of the year, but the world’s number one luxury brand nevertheless exceeded market expectations with organic growth of 9% (6.2% consensus). The owner of the Dior, Louis Vuitton, Sephora and Hennessy brands posted 20% growth in the first nine months of 2022, but suffered at the end of the year in the Chinese market with store closures and the abandonment of the policy national zero Covid, which caused a wave of contamination in the second world economy. The group’s flagship ‘Fashion and Leather Goods’ division grew by 10% in the fourth quarter, against +9% expected, and posted organic growth of 20% over the full year. Overall, the company had a record year last year with sales of 79.2 billion euros, up 23% and +17% like-for-like, current operating income of 21.1 billion euros, also up 23%, and a net profit Group share of 14.1 billion euros (+17%). The company’s flagship brand, Louis Vuitton, exceeded 20 billion euros in sales for the first time.
FALLING VALUES
Guillemot 21% drop. The Group’s 2022 annual revenue increased by 6% to 188 million euros, with ‘Thrustmaster’ growing by +5%, and ‘Hercules’ up by +39%. The 4th quarter of 2022 stood at 46.9 ME. This figure is down 29% compared to the 4th quarter of the previous year which had benefited from significant deliveries of steering wheels in anticipation of the release of the flagship game Gran Turismo 7… The Guillemot Group forecasts an annual turnover of more than 150 ME.
Score down 7.5%. Complicated weekend after the announcement of the surprise resignation of the group’s general manager, Laurent Rousseau, less than two years after taking office. Thierry Léger will be the next boss of Scor from May 1st. He has 25 years of experience in the reinsurance sector, with leading responsibilities (at Swiss Re). Thierry Léger is in charge of developing a new engaging and ambitious strategic plan for Scor, the orientations and main axes of which he will outline at the 2023 general meeting. His mission will be to enable Scor to consolidate its place in the very first circle of global reinsurers, the group said. The market could speculate by estimating that the departure of Mr. Rousseau could increase the probability of a dividend payment for 2022, despite the significant loss expected last year (more than 300 ME?), explains Oddo BHF . It is, from his point of view, very difficult to draw a certain conclusion, because the analyst still believes that, even if Scor has the financial means to pay a dividend, the payment of this would impoverish the group (this which would increase the cost of capital applied to the share), even though it could benefit from attractive opportunities to redeploy its capital as part of its future strategic plan. The broker remains to ‘outperform’ on the title, with a target of 26 euros established on very cautious valuation bases. Beyond the short-term uncertainties resulting from the change of CEO and the expectations of the future strategic plan, Oddo BHF remains confident about the prospects for a recovery in Scor’s profitability in a context of rising interest rates and damage prices. .
Houses of the world loses 4.8% and Remy Cointreau dropped 3.7% after reporting a decline in sales in the third quarter. The spirits group recorded sales of 414.3 million euros over the period, down 6% on an organic basis (-0.7% in published data). Analysts had expected a drop of 6.7% at constant scope. Strong shipments to China in the run-up to Lunar New Year partially offset lower cognac consumption in the United States. Sales for the entire Cognac division fell 11% during the quarter (-11.3% consensus). The branch suffered above all from the decline in sales in the United States due to the normalization of consumption after the Covid period, despite very good momentum in shipments to China.
In last position of the CAC40, Airbus (-3.5%) continues to suffer the revolt of analysts at the end of January… After Deutsche Bank yesterday, it is the turn of Kepler Cheuvreux and Jefferies to downgrade their recommendation on the file. The first lowered his advice from ‘hold’ to ‘reduce’ and the second reduced his opinion to ‘hold’ while adjusting his target price from 135 to 130 euros. The broker explains that the stock could rally later in the year, particularly if the potential for share buybacks materializes, but it faces several short-term headwinds: inflation effects on costs, first quarter of 2022 which represents a relatively difficult basis of comparison in the defense and space divisions, and commercial aircraft delivery volumes which remain limited by supply chain challenges.
Manitou down 3%. The group’s turnover in the 4th quarter of 2022 amounted to 730 million euros, an increase of +54% compared to the 4th quarter of 2021. The turnover at 12 months is 2.362 billion euros. euros, up +26% compared to 2021 (+23% on a comparable basis). Despite a machine order book of 3.521 billion euros at the end of the 4th quarter of 2022 (2.993 billion euros a year earlier), the pressure is still strong due to the inflationary context. Manitou is therefore revising its operating margin estimate for 2022 to around 3.5% of its turnover… For 2023, Manitou anticipates a turnover increasing by more than 20% compared to 2022.
Nakon : -2% with Pernod RicardDS, L’Oreal
Seb : -1.5% followed by Korian, Amundi, Thales, BioMerieux