CAC 40 marks time as it approaches 6,700 points


The Paris Stock Exchange is marking the time after approaching 6,700 points this morning. CAC 40 currently has about 6,640 points at 0.3%, and has a fairly calm track record. Having been at 6,780 points on February 23, before the Russian attack, it must be said that CAC 40 has already accounted for most of that delay since the start of the war in Ukraine.

Since then, bond rates have risen sharply and inflation has accelerated, for example, the Brent barrel has risen again to $ 118. Yields on 10-year Treasury Bonds 2019, supported by Federal Reserve Chairman Jerome Powell’s speech, which opened the door to assessing a basic 50-point increase as needed to combat inflation. It peaked at 2.4170% since May of the year.

On the military side, the West “announced new sanctions against Russia and strengthened existing sanctions,” Joe Biden’s national security adviser Jake Sullivan said at a news conference on Thursday.

Value to rise

* Leading CAC 40, Air Liquide rebounded almost 2% to € 153.4. After ending in the red yesterday following the announcement of a new strategic plan for 2025, the industrial gas giant has returned to its first deal. Investors regret not having bought back as part of the plan’s presentation, but this morning the group announced a share buyback program with an initial unit price of € 150.74 and up to 1.2 million coins (0.25% capital). did. Some of the shares repurchased under this agreement will be canceled by the Company and some will be used to implement the Company’s performance-linked share system or employee shareholding operations. Air Liquide is supported by Goldman Sachs’ valuation, even though the target has been lowered from € 184 to € 176 (“buy”). Jeffreys also adjusted the target from € 181 to € 179, repeating the “buy” opinion.

* Thales is still at the forefront, up 1.3% to € 117.2.

* TotalEnergies (+ 0.6% to 46.3 euros) will make all purchases of Russian oil or petroleum products as soon as possible, and TotalEnergies will be in the spot market related to Russian oil or petroleum products since February 25, 2022. We have already announced that we have abandoned all of our trading operations. This also applies to spot trading on natural gas or Russian LNG. Meanwhile, TotalEnergies continues to secure the supply of liquefied natural gas from the Yamal LNG plant to Europe under long-term contracts that must respect Russia’s gas as long as the government considers it necessary.

* Groupe Crit (+ 3%) recorded strong growth in 2021 results. Ebitda increased by more than 50% at 113.2ME compared to 74.5ME in 2020. Operating profit was 75.3ME against 22ME in 2020, multiplied by 3.4. Net income attributable to the Group will be 44.1ME compared to 1.6ME in 2020. Payment of a dividend of € 1 per share will be proposed to the shareholders’ meeting on July 7, 2022.

Drop value

* Stellantis (-0.9%), TotalEnergies, and Mercedes-Benz have signed a final agreement to welcome Mercedes-Benz as a new partner of the Automotive Cells Company (ACC) for electric vehicle batteries. With this arrival, ACC’s industrial capacity will increase to a minimum of 120 GWh by 2030. At this point, the plants in France (Billy-Berclau / Douvrin) and Germany (Kaiserslautern) will each be able to produce at least 40 GWh per year. Against the originally planned 24GWh. ACC plans to invest in Italy to build a third cell manufacturing plant in Termoli.

* Crédit Agricole (-1.7% to € 10.86) has announced that it has suspended all new lending to Russian companies and all commercial activities in Russia since the start of the invasion of Ukraine on February 24th. In a press release, the bank contacted international corporate clients and stated that Crédit Agricole CIB, a subsidiary of corporate and investment banking, has decided on conditions for suspending services provided locally for implementation in the coming weeks. is showing. ..

* Poxel trips from 9% to 2.5 euros after that annual point. The company believes its resources are sufficient to fund its business and investment needs for at least 12 months from the closing date. However, Poxel is subject to certain financial covenants related to fixed income loans with IPF partners that may become disrespected in the third quarter of 2022. Therefore, management is actively considering various options to increase financial visibility. These options include diluted and non-diluted funding sources, as well as discussions with IPF partners, and the company has ensured that at least one of the options considered will be realized by the third quarter of 2022. I have a reasonable expectation.

* Virbac (-2%) generated a current operating profit of € 173.2 million in 2021, up 53.3%, a margin of 16.3% from 13.6% in the previous year. A net dividend distribution of € 1.25 per share for the 2021 fiscal year will be proposed at the next shareholders’ meeting. The group repeats its 2022 outlook and expects revenue growth at certain boundaries of 5% to 8%. The ratio of “current operating profit before amortization of assets due to acquisition” to “revenue” should be integrated to about 15% at a constant exchange rate (about 1 point as a ratio of sales compared to 2021). Intentional overinvestment in R & D).