100% French Stocks – July 31, 2025
PREOPEN CAC 40: 7,907 points (+0.44%)
Key Stocks of the Day
Sanofi (SAN): Raises its 2025 revenue growth forecast (~+9%), driven by strong demand for Dupixent.
Société Générale (GLE): Ups annual targets, launches new share buyback program. 2025 RoTE target: 9%.
Renault (RNO): François Provost appointed CEO. Half-year results down, as expected.
Air France-KLM (AF): Sharp rise in half-year results, supported by passenger traffic and lower kerosene prices.
Airbus (AIR): Strong Q2 results, 2025 targets confirmed despite supply chain pressures.
Crédit Agricole (ACA): Results beat expectations, confirms profit growth excluding surtax.
Bouygues (EN): H1 results in line with expectations, confirms slight revenue and ROCA growth for 2025.
Legrand (LR): Strong H1 results growth, buoyed by demand in data centers.
Accor (AC): Rising half-year results, launches €240M share buyback program. 2025 targets confirmed.
Elis (ELIS): Hospitality sector rebound, rising margins and results. 2025 targets confirmed.
Veolia (VIE): "Excellent" results despite revenue hit from energy. Targets confirmed.
Vinci (DG): Results in line, improved profitability, but slowdown in order intake.
Scor (SCR): Net profit of €226M in Q2 (vs loss last year), €425M for H1.
Schneider Electric (SU): Growing results driven by electrification and AI needs. 2025 targets confirmed.
FDJ United (FDJ): 2025 outlook maintained despite mixed half-year results.
Groupe ADP (ADP): Profit plunges 72% in H1, but targets maintained thanks to traffic growth.
Mersen (MRN): H1 results down, but targets confirmed. New CEO expected in 2026.
Planisware: Cuts 2025 growth targets (~10%). Results up, adjusted EBITDA margin forecast at 36%.
Sodexo (SW): Announces acquisition of Grupo Mediterranea (€350M revenue).
Wendel (MF): NAV down in Q2, but €1.50/share interim dividend in November.
Emeis (ex-Orpea): Activity up, 2025 targets maintained.
SES: H1 results in line with expectations, targets confirmed.
Corporate Earnings Expected Today
CAC 40 / SBF 120
Accor, Air France-KLM, Airbus, Arkema, Bouygues, Crédit Agricole, Danone, Elis, FDJ, Groupe ADP, Hermès, Ipsen, Klépierre, Legrand, Renault, Safran, Sanofi, Schneider Electric, Scor, Société Générale, Spie, Technip Energies, Veolia, Vinci, Vivendi, Wendel, Worldline
Mid / Small Caps & Others
JCDecaux, Mersen, Planisware, Unibail-Rodamco, CNP Assurances, Electricité de Strasbourg, Bourse Direct, Coface, SAMSE, Teleperformance, Euronext, X-Fab, Exosens, Equasens, ClarANova, Unibel, Ayvens, Emeis, SES, Exclusive Networks
Analyst Recommendations (France only)
Recommendation Changes
Upward
Airbus (AIR) → Target raised from €185 to €212 by Vertical Research Partners.
BNP Paribas (BNP) → Target raised from €93 to €97 by Barclays.
Danone (BN) → Target raised from €64 to €70 by Deutsche Bank.
Elis (ELIS) → Target raised to €28.20 by Deutsche Bank.
Orange (ORA) → Landesbank moves to buy, target raised to €14.80.
Neutral
Amundi (AMUN) → Target cut to €69 by JP Morgan.
Hermès (RMS) → Citi and Oddo remain neutral, targets cut.
Worldline (WLN) → Targets cut by BNP Exane (€2.90) and Deutsche Bank (€3.60).
Soitec (SOI) → Jefferies stays at hold, target cut to €39.
Wendel (MF) → Target reduced to €120 by BNP Exane.
Downward
L'Oréal (OR) → JP Morgan moves from underweight to neutral, Deutsche maintains sell.
Nexans (NEX) → Target raised but still underweight at Barclays.
Solvay, M&G, Rio Tinto, Puma, Vossloh → Ratings downgraded (non-FR).
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Have a great session everyone!
Sylvain Mouilhaud: Equity Coach.