After a good week of rebounds (more than 5% recovery), Monday’s initiative is very limited. CAC 40 has been largely stable since its opening, slightly above 6,600 points. Rising oil prices up to $ 112 a barrel in Brent have once again weakened investor enthusiasm, but the conflict in Ukraine has so far been a diplomatic solution, especially in the devastated city of Mariupol after a weekend battle. Does not suggest. ..
Investors pay little attention to Turkey’s Foreign Minister, who said in an interview released Sunday that the two countries are approaching an agreement on important points. Diplomatic efforts will continue. US President Joe Biden will visit Poland on Friday to meet with NATO allies, G7 counterparts and European leaders in Brussels to discuss the international response to the invasion of Ukraine.
Value to rise
* Vallourec (+ 4% to € 10.6) chose Philippe Guillemot to take over Edouard Guinotte at the top of the group. Following an external appointment process led by a special committee of the Board of Directors, the Appointment and Governance Committee has decided to appoint a former head of the Erior Group to the position of CEO. Philip Gilmo, appointed with a four-year term, takes effect immediately, supports the logic of “value for quantity” and accelerates the execution of the company’s global strategic plan by significantly lowering the profitability threshold. I am responsible. The company is constantly focusing on cost savings, operational efficiency, and new business practices to enable the company to pursue profitable growth. At the end of this process, by the end of 2023, Vallorec will be transformed and better prepared to manage the evolution of the complete business cycle.
* Other oil inventories stand out: CGG rose nearly 7%, Rubis rose 4% and TotalEnergies rose 1%.
* Essilorluxottica is up 1% to 167 euros. The world’s number one optical glass benefits from HSBC’s support of “buying” value with a goal of € 210. The turmoil at the executive level due to the dual governance structure is a thing of the past since last year’s annual meeting, paving the way for a “slimer” and more efficient organization, analysts write. The company is drawing cost synergies “at a much faster pace” from the combination of Essilor and Luxottica in Italy, and will also benefit from those related to the GrandVision integration. In addition, the long-awaited Investor Day date has been “fixed” on September 14th. This is another positive thing for the record.
* Sword Group earns € 7% to € 48 and investors welcome the acquisition of system integrator and managed service provider Britain’s Ping. The company forecasts sales of approximately 13 million euros in 2022. Brian Garnier said the business, which had been expected since Sword mentioned the acquisition of IT services in Scotland on March 10, is imminent. This will allow Sword to offer its customers a more complete range of solutions.
* Alstom (-0.6%) has decided to stop all deliveries to Russia. Alstom also holds a 20% stake in Transmashholding (TMH), a Russian supplier of locomotives and railroad equipment that primarily serves the local market. There was no commercial or operational link between Alstom and TMH … The book value of this stock will be revalued as part of the fiscal year 2021/22 closing. TMH is consolidated using the equity method. According to Alstom’s financial report for the first half of 2021/22, the book value of Alstom’s shares against TMH was 482 million euros, the estimated conversion difference was -169 ME, and TMH’s contribution to Alstom’s net income was slightly negative. was. -2 me. Alstom also confirmed the suspension of future investment in Russia. The group was developing a partnership project with UZ, the operator of the Ukrainian railway network, for locomotive supply and related maintenance services.
* Worldline (-0.6% to € 41.7) will immediately apply international sanctions related to Russia and pursue them as needed. The Group has confirmed that trading volumes related to Russia are limited and represent approximately 1.5% of Worldline’s estimated Proformer 2021 revenue from continuing operations. This is primarily the result of acceptance activities that take place outside Russia and allow domestic consumers to make online transactions with international merchants outside Russia. More generally, knowing that the group is not exposed to Ukraine, Russia and other Eastern European countries adjacent to Ukraine account for about 1.5% of annual sales. Financial services in the Baltic states). These activities are unaffected by the Ukrainian conflict.
* Atos continued to rise three times, but fell 3.4% to € 28.1 on Monday. Due to its “neutral” value, UBS has lowered its target from € 35.5 to € 27.5. Brokers believe the title will continue to fluctuate until Investor Day in May. According to the Bloomberg consensus, the market is divided by file, with four analysts being “positive,” 11 being “holds,” and three being “cells.” The average 12-month target is set at 31.75 euros.
* Kering and LVMH are slightly reduced. Jeffreys lowered Kering’s goal from 800 euros to 695 euros (“hold”) and Barclays lowered it from 850 euros to 795 euros (“overweight”). For LVMH, Jeffreys has lowered the target from 850 euros to 750 euros (“buy”) and Barclays is targeting only 815 euros compared to the previous 880 euros (“overweight”).