100% French Shares – July 30, 2025
PREOPEN CAC 40: 7,586 points (+0.06%)
Key stocks of the day
L’Oréal (OR): Slowed growth in H1 but increasing margins.
Kering (KER): Sharp drop in Q2 revenues, ongoing caution despite analyst adjustments.
Capgemini (CAP): Lower half-year results, 2025 targets tightened within range.
Nexans (NEX): Solid earnings, raised forecast range for 2025.
GTT (GTT): Strong improvement in EBITDA margin in H1.
Worldline (WLN): Announces €4.1bn impairment, new CFO, sale of MTS, transformation underway.
Clariane (CLARI): Losses in H1, completes its disposal plan.
Saint-Gobain (SGO): Acquires 3 companies in concrete chemicals, continues its M&A strategy.
Sanofi (SAN): Received orphan drug status for its GPRC5D antibody in the US (multiple myeloma).
Eurofins (ERF): Issues €500m bonds over 7.5 years, at 3.875%.
Biophytis (ALBPS): Received FDA innovative product status for a syphilis test.
Carmat (ALCAR): Trading suspended as of July 30.
Roctool (ALROC): H1 revenue down (-€0.6m), hampered by customs environment.
Casino (CO): Returns to growth in Q2, +12.2% adjusted EBITDA, but still posts a net loss (-€204m).
Bourse Direct (MLBDD): Activity up (+16%), but H1 net profit down (-9%).
Inventiva (IVA): H1 revenue at €4.5m, boosted by milestone payments with CTTQ.
Chembio/Biosynex (ALBIO): FDA grants "Breakthrough Device" status for its rapid syphilis test.
Exosens (EXO): Strong H1 2025, revenue +20.1%, EBITDA +23.8%, record profitability of 30.9%.
Verallia (VRLA): Q2 revenue down (-2.5%), but EBITDA margin at 22.5%. Success of BWGI’s takeover bid (70.31% of capital).
Expected company results today
Highly anticipated results:
- Hermès International (RMS)
- Airbus SE (AIR)
- Vinci (DG)
- Danone (BN)
- Capgemini SE (CAP)
- Aéroports de Paris (ADP)
- Klépierre (LI)
- FDJ (FDJ)
- Nexans (NEX)
- Elis (ELIS)
- Wendel SE (MF)
- Bic (BB)
- Eramet (ERA)
- Worldline (WLN)
- Manitou Group (MTU)
- NRJ Group (NRG)
- Infotel (INF)
- Deezer (DEEZ)
- Verallia (VRLA)
- Casino, Guichard-Perrachon (CO)
Business updates:
- Vitura (MLVIT)
- SRP Groupe (SRP)
- Guillemot Corporation (GUI)
- ICAPE Holding (ALICA)
- Hopscotch Groupe (ALHOP)
- Coheris (COH)
- VusionGroup (VU)
- Tikehau Capital (TKO)
Analyst recommendations (French companies only)
Changes in recommendation
Upgrades
Abivax (ABVX) → Outperformance confirmed by Oddo BHF, target raised from €24 to €88.
Air Liquide (AI) → Outperformance maintained by Bernstein, target raised from €193 to €198.
Compagnie des Alpes (CDA) → Outperformance confirmed by Bernstein, target revised from €19.6 to €25.
Forvia (FRVIA) → Overweight maintained by Barclays, target raised from €13 to €15.
Rexel (RXL) → Outperformance confirmed by Bernstein, target increased to €32.
Thales (HO) → Morgan Stanley raises its target from €250 to €256, recommendation unchanged.
Neutral
Amundi (AMUN) → Oddo BHF and Citigroup maintain advice, but targets lowered (from €80 to €77, and €77 to €72).
BNP Paribas (BNP) → Buy confirmed by Citigroup, target adjusted to €87.
Lisi (FII) → Target strongly raised by BNP Exane (€28 to €45), neutral recommendation maintained.
Soitec (SOI) → Bernstein remains positive but lowers the target to €74.
Downgrades
Kering (KER) → Several analysts lower their targets (GS €162 to €160, JPM €150 to €145, TD Cowen raises but stays neutral at €240).
Stellantis (STLA) → BNP Exane maintains outperformance, but lowers target from €13 to €11.
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Have a great session everyone!
Sylvain Mouilhaud: Equity coach.