(BFM Bourse) – Certain securities of the Paris Stock Exchange are traded at very high nominal amounts, up to 6800 euros for a single share. Overview of the most expensive shares of the place.
As every year in December, BFM Bourse presents the ranking of the 15 most expensive shares of the Paris Stock Exchange. Remember that the nominal price says nothing about the valuation of the companies considered (and therefore about their intrinsic “expensiveness”), since it is necessary to multiply by the number of shares making up the capital of each company to obtain the capitalization, which can then compare for example to the net profit to obtain the PER, to name only the best known of the many ratios used in financial analysis.
No. 15. Kering: €475.10
At less than 500 euros, Kering brings up the rear in this ranking of the most expensive stocks on the Parisian coast. The luxury giant has lost 3 places since last year, the 33% drop in its title since the start of the year is no stranger to this demotion. The stock market development of the luxury giant continues to depend on the performance of Gucci, which is far from shining. Moreover, UBS anticipates a “turbulent” year 2023 for the parent company of Gucci. The bank believes that Gucci’s momentum could lag behind that of its competitors in 2023, as long as Alessandro Michele’s successor as artistic director has not yet been announced. Balenciaga, the other house owned by Kering, should give him a hard time. UBS estimates that Balenciaga could see a drop in its “mid-single digit” sales, that is to say around 5% next year, which would weigh on the “other houses” division of Kering.
No. 14. Franco-Belgian malt houses: 560 euros
Like Kering, 2022 will not be a great year for Malterie Franco-Belges, but for very different reasons. Eleventh in the 2021 ranking, the group 90% owned by Malteries Soufflet was affected by the health and geopolitical context, falling 3 places this year. The malt producer was particularly affected by the conflict in Ukraine, the group being exposed to Eastern European countries, with subsidiaries based in Russia and Ukraine. Over the 2021/2022 financial year, the malting barley supply market was tight under the effect of an average collection in quantity and quality in Europe. It was particularly affected by the general rise in grain prices, aggravated by the Russian-Ukrainian crisis.
No. 13. Altareit: 625 euros
Altareit is a pure player in property development in France. Amply capitalized, the firm is a key player in major development projects in French cities. The company strengthened its expertise with the acquisition of Primonial, the independent leader in real estate savings, in particular via SCPIs, and in the management of real estate assets. But the Altareit share is extremely illiquid since its main shareholder Altarea Cogedim holds… 99.85% of the capital, a record.
Nice comeback for Christian Dior, who moved up 2 places in this ranking of the most expensive stocks on the Parisian coast. The company originated in the creation in 1946 by Christian Dior, supported by the industrialist Marcel Boussac, of a haute couture house in a private mansion at 30 avenue Montaigne, in Paris, which is still today the address of its head office. The Boussac group, of which the Christian Dior company was a part, was taken over in 1984 by Bernard Arnault associated with a group of investors. In 1988, the company acquired, through one of its subsidiaries, a 32% stake in the capital of LVMH, a stake which has grown over the years. Christian Dior is the last listed holding company in the Arnault galaxy, Financière Agache having been the subject of a public buyout offer in 2021 at a price of… 44,000 euros per share targeting 0.07% of its capital, the balance was already held by the Arnaults. To date, Financière Agache owns 97.5% of Christian Dior, which in turn owns most of the LVMH shares with 41% of the capital and 56% of the voting rights (knowing that the Groupe Familial Arnault owns more directly about 6% of the capital and 7% of the voting rights).
No. 11. LVMH: 684 euros
For the second year in this ranking, we find another company better known to the general public from the luxury empire owned by Bernard Arnault. Like the other stocks in this universe, LVMH was dependent on the evolution of the health situation in China, the Middle Kingdom market being very important for luxury groups due to its size. The title thus shows a decline of 6% since January 1, a decline which does not prevent it from gaining two places in this ranking.
No. 10. Equatorial Forest: 715 euros
La Forestière Equatoriale is one of the companies of the Bolloré group. As is often the case in the Bolloré galaxy – which currently has no less than nine listed entities, Vivendi included – the company takes the place of one of the Russian dolls in the cascade of holdings (between Compagnie du Cambodge, Financière du Champ de Mars and Société Bordelaise Africaine), while holding its own activity, here its stake in the Ivorian company Sitarail, operating the rail network linking Côte d’Ivoire and Burkina Faso. Headquartered in Abidjan, the company generates all of its turnover in Africa.
No. 9. Robertet (investment certificate): 797 euros
Founded in 1850 and established in 1883 in Grasse, Robertet is one of those relatively discreet family companies, but which enjoys international influence. The firm is indeed the world number 1 in natural ingredients, in particular aromatic products, intended for perfumery. After the acquisition of a minority stake by the Swiss Firmenich in 2019, another Swiss competitor, the giant Givaudan, invited itself to the capital in 2020. But the Maubert family group (CEO Philippe Maubert representing the fourth generation at the helm of the company) remains intractable on the independence of the company.
No. 8. Robertet (ordinary share): €840
See No.9.
No. 7. Unibel: €945
Not to be confused with Unibail, the commercial real estate giant (now Unibail-Rodamco-Westfield), Unibel is the leading holding company of the Fromageries Bel group – listed on the Paris Stock Exchange until January 2022 – owner of the Laughing Cow, Boursin or Port Salut. It diversified into desserts with the acquisition of Mont-Blanc-Materne. Created in the 1920s by the Fiévet family under the name “La Carbonique” (to manufacture industrial carbon dioxide, used in particular in refrigeration and… the addition of bubbles in sparkling drinks), the company has become Bel’s majority shareholder in 1987, having sold its gas branch in the meantime. The descendants of the founders own 80% of the capital of Unibel, which owns 67.7% of Fromageries Bel (Lactalis owns 24.1% on its side).
No. 6. Farmer’s Society of the Municipal Casino of Cannes: 1300 euros
In this sense, a farming (gaming) society is a society which has obtained from the State the right to run a gaming house. Without being legally part of the Lucien Barrière casino group, SFCMC benefits from a commercial agreement which allows it to operate the Casino Barrière de Cannes Croisette (originally the municipal casino of Cannes) and the Barrière Les Princes. In addition to these two casinos, SFCMC is active in luxury hotels and restaurants, with three hotels (the Gray d’Albion, the Majestic and the Carl Gustaf in Saint-Barth), eight restaurants, a spa and nine bars. The Desseigne-Barrière family owns the majority of the funding round, which also includes investors like Marc Ladreit de Lacharrière. The free float is reduced to 6.15%. Only 8 shares were traded during the session of December 20, 2022.
No. 5. Odet company: 1362 euros
It is the listed holding company located the highest in the Bolloré galaxy, and the one on which there are the most exchanges. The discount hunters (the holding company weighs less than the value of its share in the subsidiary) have once again been rewarded with a rise in the stock since the start of the year.
#4. Hermès International: €1,464.50
At the foot of the podium, we find the most expensive value of the CAC 40 index. Hermes International retains its fourth place despite a luxury sector in difficulty on the financial markets, penalized by the health situation in China. Perpetually described as a dearly valued value, the action should for the first time in nine years record its first negative annual performance… The action of the luxury saddler owned by the descendants of Thierry Hermès (Guerrand, Puech, Dumas, Rédélé, de Seyne, etc.) outperforms despite all the rest of the luxury sector listed on the Paris Stock Exchange.
The first places are still monopolized by extremely illiquid holding companies from the Bolloré galaxy.
No. 3. Financial of Artois: 4800 euros
The Société Industrielle et Financière de l’Artois is one of the holding companies of the former galaxy of the Rivaud bank, now controlled by Bolloré. Endowed with its own activity, around the manufacture and marketing of specialized terminals, Financière de l’Artois mainly holds stakes in related entities such as Financière du Loch, Plantations des Terres Rouges and other companies of the Rivaud bank. In return, its capital is divided between the Bolloré Group, the Financière Moncey or the Compagnie du Cambodge (even with a sketch in front of you, unraveling the skein is not easy). Its price also lost ground over one year (-16%).
No. 2. Compagnie du Cambodge: 5800 euros
The company also originated from the former Rivaud galaxy, now part of the Bolloré group. The system of cross-shareholdings once again makes it difficult to precisely locate its place among the tangle of companies in the group. Until the contribution of Havas to Vivendi, it carried the participation of Bolloré in the advertising group. Today it holds a majority stake in Forestière Equatoriale, a stake in IER and 11.5% of Socfin. Here too, the other company in the Bolloré galaxy has not escaped the fall in the markets with a 17% drop in its share since January 1.
#1. Financial Moncey: 6800 euros
Despite its decline of more than 10% in one year, Financière Moncey remains at the top of the ranking. This is again a key cog in the intertwining of financial holdings constituting the Bolloré empire. It is owned by the Compagnie du Cambodge, the Société des Chemins de Fer et Tramways du Var et du Gard, Plantations des Terres Rouges and other companies of the Bolloré group, leaving only crumbs in the hands of the public. Most of its assets consist of its holdings in Société Industrielle et Financière de l’Artois and Compagnie des Tramways de Rouen. Moncey also controls IER, a company that produces charging stations and pedestrian crossing control equipment.
NB: this ranking is established on the basis of the prices recorded on December 22 at the close. It only takes into account securities trading on the regulated market, excluding Euronext Access and Euronext Growth, and excluding foreign securities. In absolute terms, it is still Eurofin Cerep (Euronext Growth) which is to date the most expensive value at 22,200 euros at the last quotation, which took place on September 28th.
Sabrina Sadgui – ©2022 BFM Bourse