THE TREND
(Boursier.com) — The start of the session on the Parisian market is as erratic as the evolution of ‘futures’ would lead us to predict. The opening in the red (-0.13%) gave way to a slight increase (+0.15% to 7,240 points). Yesterday, the CAC 40 suffered its biggest drop since June 10, 2022 (-2.69%), so it is not illogical that it is blowing somewhat this morning.
On today’s agenda, the consumer price index in the United States will be closely scrutinized at 2:30 p.m. and could well influence the end of the session in Paris. CPI inflation for October is expected to show price stability, as the Federal Reserve has already cut rates by 75 basis points since September.
A jump in inflation would be a bad surprise, because markets are already preparing for lastingly higher inflation in the context of Donald Trump’s victory, while the program could contribute to tensions on labor markets and prices. goods, due to immigration limitations and customs barriers.
WALL STREET
The US stock price fell slightly on Tuesday, the day after a close at the top and several records on most American indices. The S&P 500 lost 0.29% to 5,983 pts, while the Dow Jones lost 0.86% to 43,910 pts. The Nasdaq lost 0.09% to 19,281 pts, after being boosted by Tesla’s post-election rally. The stock of the EV manufacturer gave in to some profit taking, down 6.1% at the close.
ECO AND CURRENCIES
France :
– Unemployment rate in France. (07:30)
UNITED STATES :
– American Consumer Price Index. (2:30 p.m.)
– American budgetary balance. (8:00 p.m.)
The euro/dollar parity reached $1.0613 this morning. A barrel of Brent is trading at $72.06. An ounce of gold sells for $2,605.
RISING VALUES
Nexans (+0.80% to 114.90 Euros) is organizing its Capital Markets Day 2024 in London today. During this day, the group unveils its strategic and financial ambitions for the next four years (2025-2028). Thus, it anticipates a compound annual growth rate for the electrification scope of between +3% and +5% (on an organic basis), as well as an increase of 350 million euros in adjusted EBITDA between 2024 and 2028. Nexans also reveals its financial objectives for 2028 at Group level: adjusted EBITDA of 1,150 million euros (+/- 75 million euros), with the continued reorientation of the portfolio towards electrification activities. Return on capital employed greater than 20% thanks to improved profitability, rigorous management of working capital and controlled investments. Investments of approximately €1.2 billion between 2025 and 2028 to drive growth, with a reallocation towards the PWR-Grid and PWR-Connect segments (previously Distribution and Usage) during the period, supported by investments of growth. Cash generation (free cash flow) cumulative before mergers and acquisitions and capital transactions estimated at around 1.4 billion euros between 2025 and 2028, with a solid conversion rate above 45% in 2028. Nexans also intends to pursue the strategy of selective acquisitions to strengthen its portfolio in the electrification markets and new sources of value creation. With controlled leverage and a net debt/adjusted EBITDA ratio of less than or equal to 1.0x aiming to maintain a solid credit rating. For shareholders, a “progressive” dividend policy and a minimum distribution rate of 30% as well as share buybacks to avoid dilution.
Interparfums (+1% to 39.70 Euros) will achieve further growth in sales in 2024, above 10%, driven in particular by the remarkable performance of Lacoste perfumes in a year of resumption of distribution and relaunch of the brand. As anticipated, turnover should thus reach 880 to 890 ME and the current operating margin should exceed 19% thanks to the solidity of the gross margin and the recurring control of operating costs. The turnover for the 2025 financial year should reach 910 to 930 ME and the operating margin should again exceed 19%.
GenSight Biologics (+3.90% to 0.317 Euro) today announces the submission of the updated regulatory file for the LUMEVOQ gene therapy to the National Agency for the Safety of Medicines and Health Products (ANSM) to prepare for the resumption of the LUMEVOQ gene therapy program. compassionate access (AAC) in France.
FALLING VALUES
Innate Pharma (-0.35% to 1.678 Euro): cash, cash equivalents and financial assets amounted to 96.4 million euros as of September 30, with a cash horizon until the end of 2025. On the same date , the company’s total financial liabilities amounted to €33.2 million. Revenue for the first nine months of 2024 was €10.2 million compared to €36.5 million for the first nine months of 2023. For the nine months ending 30 September 2024, the turnover mainly comes from the partial or full recognition of payments received within the framework of collaboration and licensing agreements with AstraZeneca and Sanofi.
TURNOVER/RESULTS
Vente-unique.com, Obiz, Grolleau, Augros Cosmetic Packaging
THE LATEST “RECOS” FROM ANALYSTS…
Jefferies raises its recommendation from ‘underperform’ to ‘buy’ on Air Liquide
MARKET INFO
TotalEnergies: maximum acceptance amount for the redemption of Super Subordinated Indefinite Duration Bonds
Fnac Darty and Ruby secure 91.15% of the capital of Unieuro, which will be delisted
IN BRIEF
Damartex: change in sight at the Management Board
Sodexo: an agreement to acquire CRH Catering and accelerates the convenience market in North America
Ekinops: closure of the R&D center in Brazil
Vinci: design-construction contract for an energy recovery unit in Corrèze
Thales and China Eastern Technics extend their partnership
