THE TREND
(Boursier.com) — Even if they have somewhat revised the monetary easing scenario that was theirs at the end of 2023, investors remain confident about the evolution of interest rates and will seek, in Christine’s speech Lagarde at the beginning of the afternoon, reason to reinforce their opinion In the meantime, the prospect of the meeting of the European Central Bank does not encourage risk-taking and the Parisian market should open almost stable, potentially on a slight decline according to the precedence indicators.
In addition, the publication of GDP for the fourth quarter in the United States, at 2:30 p.m., will also liven up discussions…
WALL STREET
Wall Street ended in mixed order on Wednesday following a new series of company results. Netflix supported the Nasdaq, the index rich in technology stocks ending up 0.36% at 15,481 pts. The S&P 500 gained 0.08% to 4,868 pts, on its historical records, while the Dow Jones lost 0.26% to 37,806 pts.
ECO AND CURRENCIES
France :
– Business climate. (08:45)
– Job seekers registered with Pôle emploi. (12:00 p.m.)
UNITED STATES :
– Advanced GDP for the fourth quarter of 2023. (2:30 p.m.)
– Weekly unemployment registrations. (2:30 p.m.)
– Orders for durable goods. (2:30 p.m.)
– Trade balance. (2:30 p.m.)
– Chicago Fed National Activity Index. (2:30 p.m.)
– Sales of new homes. (4:00 p.m.)
– Kansas City Fed Manufacturing Index. (5:00 p.m.)
Europe:
– German Ifo Business Climate Index. (10:30 a.m.)
– Main ECB refinancing rate. (2:15 p.m.)
– ECB monetary policy statement. (2:15 p.m.)
– Press conference by Christine Lagarde (BCE). (2:45 p.m.)
The euro/dollar parity reached $1.0890 this morning. A barrel of Brent is trading at $80.32. An ounce of gold sells for $2,016.
VALUES TO FOLLOW
STMicro :reveals results that are generally lower than market expectations and its own forecasts in the fourth quarter and disappoints in terms of its outlook. The semiconductor giant recorded net income of $1.08 billion ($894 million consensus) over the last three months of 2023, or $1.14 per share after dilution, for net sales of $4 .28 billion dollars ($4.31 billion consensus). The gross margin stood at 45.5% (46.1% expected) and the operating margin at 23.9%, in line with expectations.
Publicis today publishes in advance its net income for the fourth quarter and full year 2023. All audited results for 2023 will be published on February 8, 2024 before the opening of the stock market. Organic growth for 2023 amounts to +6.3% with net income of €13.099 billion, above the target range of +5.5% to +6% which was revised upwards last October. The fourth quarter thus came out above expectations with organic growth of +5.7% to €3.540 billion.
Maurel & Prom delivered Group production in M&P share in 2023 of 28,057 boe/d, an increase of 10% compared to 2022. The turnover of $682 million in 2023 shows a small increase of 1% compared to 2022 Available liquidity as of December 31, 2023 stands at $159 million, including $97 million in cash and $62 million in undrawn RCF tranche.
Getlink published a 25% drop in its turnover in the fourth quarter, while the number of trucks transported by Eurotunnel shuttles and the turnover of the ElecLink unit recorded a decline over the past period. The group’s turnover amounted to €423 million in the last quarter of the 2023 financial year, compared to a recalculated turnover of €562 million a year earlier.
Vetoquinol :sales for the 2023 financial year came to 529 million euros, stable at constant exchange rates, and down -1.9% based on published data. Foreign exchange impacts are negative -10 ME, linked to the Americas and Asia Pacific/Rest of the world territories. The rationalization of the non-essential product portfolio resulted in a negative impact of around €10 million on turnover for this financial year. The good level of activity in the 2nd half of 2023, growing at constant exchange rates by +4.5%, erased a 1st half disrupted by economic phenomena and in particular the impact of the ERP change in the 2nd quarter.
Solutions30 ended the 2023 financial year with a turnover of 1.055 billion euros, up 16.7% (+16.3% organically). despite a decline of 5.1% in France. The last quarter shows an increase of 15.3% compared to the same period of 2022 (+14.6% organically). Solutions30 confirms an improvement in its profitability during the second half of 2023.
HRS records the highest turnover in its history for this first half of 2023/2024, at 12.8 ME, representing growth of +20%, including 10.9 ME for the Hydrogen Stations segment, growing by + 18%. HRS confirms its medium-term growth potential, taking into account the current speed of infrastructure development. Conservatively, HRS is revising its objectives by one year. Achieving a turnover of between 45 ME and 60 ME with a positive current EBITDA for the financial year ending June 30, 2025. Achieving a turnover of 85 ME and a margin of Current EBIT of around 20% for the financial year ending June 30, 2026. For the current financial year which will end June 30, 2024, HRS is now targeting a turnover of between 31 ME and 40 ME. In addition, HRS continues the work of increasing its gross margin and its financial discipline.
Aramis: 1st quarter turnover was 527 million euros, up 20%. Total sales of vehicles to individuals increased by 31.9% compared to the 1st quarter of 2023, at 26,442 units, representing an outperformance of +31 points compared to the market.
This performance is driven by all countries, with double-digit growth, with the exception of Spain which is continuing its transition.
Aubay publishes a turnover for the 2023 financial year of €534.1 million, a purely organic increase of 4%. This turnover is finally in the middle of the range announced in October and benefits from a fourth quarter which saw several parameters improve compared to Q2 and Q3, a productivity rate of consultants once again at above 93%, a drop in inter-contracts and a slight increase in staff numbers.
Crossroads announced its entry into exclusive negotiations with Intermarché with a view to the takeover of 31 stores in the group Casino. The park concerned represents 94,000 square meters, or 0.3% of the sales area of food distribution in France. In 2022, it generated a turnover of around €400 million. The amount of the acquisition is presented as not significant. Under the terms of the agreement, Carrefour will replace Intermarché for the purchase of 26 stores from Casino, the other five stores will be purchased directly from Intermarché. Carrefour, which will take over all of the business, has undertaken to retain all employees working in the stores and to maintain their social benefits for a minimum period of 15 months.
ID Logistics records a turnover of 776.2 million euros in the 4th quarter of 2023, an increase of +14.5%. This performance includes the turnover of Spedimex, a company acquired in Poland and consolidated since June 1, 2023. Restated for this scope effect and a generally unfavorable exchange rate effect during the past quarter, the growth is +11, 9% like-for-like compared to the 4th quarter of 2022. Annual turnover thus stands at 2.747 billion euros (2.481 billion euros in 2022). It is up +7.2% on a comparable basis (+10.7% on published data).
LATEST SALES/RESULTS PUBLICATIONS…
Largo, Omer-Decugis, HighCo, Cibox, Lepermislibre, Hunyvers, BIO-UV Group, Invibes, Visiativ, VusionGroup
THE LATEST “RECOS” FROM ANALYSTS…
Goldman Sachs remains Buy on L’Oreal with a target increasing from 450 to 460 euros.
Citigroup is for purchase on Airbus with a target which goes from 168 to 174 euros. Deutsche Bank is also buying and raising its target from 152 to 165 euros.
Citigroup retains Veolia with a target raised to 27.90 euros.
MARKET INFO
Sensorion: modification of the conditions for exercising vouchers
Metavisio carries out a capital increase of 1 ME
Mare Nostrum: opening of a safeguard procedure
Orapi: Paredes Group acquires all of the ORA2 Orapi held by the Kartesia entities
IN SHORT
GTT signs two new contracts with Jovo
Omer-Decugis strengthens in Denmark
2CRSi: great hosting contract for the Green Data subsidiary
Lhyfe and EDPR sign a 15-year contract to supply renewable electricity in Germany
TotalEnergies: selected in New Jersey