100% French Stocks – October 1, 2025

PREOPEN CAC 40: 7,897 points (+0.24%)

The CAC 40 is expected to open slightly higher despite the US shutdown. The US budget deadlock is delaying this week's anticipated economic statistics, especially the jobs numbers. Nevertheless, US markets ended in the green yesterday, showing some investor detachment at this stage.

Key Stocks of the Day

Aperam (APAM): Confirms Q3 2025 outlook despite seasonal slowdown. Adjusted EBITDA expected around €77M vs €86M in Q1.

Lacroix (LACR): Mixed half-year results. Net profit from continuing operations up (+8.3%), but overall loss of -€19.6M due to discontinued operations.

Figeac Aéro (FGA): Wins $8M contract with Bombardier through its US subsidiary for business jet tail panels.

ICAPE Holding (ALICA): Half-year sales up +13.1%, EBIT up +44.3%. Group maintains its 2026 targets.

Sanofi (SAN): Targeted by a European Commission investigation for possible abuse of dominance in flu vaccines.

TotalEnergies (TTE): Completes sale of 50% of a wind and solar portfolio in France.

Accor (AC): Completes the second tranche of its share buyback program.

Thales (HO): Announces interim dividend payment of €0.95 for the 2025 fiscal year.

Antin (ANTIN): Acquires majority stake in Swiftair.

NRJ Group (NRG): Finalizes sale of Chérie 25 to RMC-BFM.

Company Results Expected Today

ARGAN (ARG): Q3 2025 – Activity update.
ICAPE HOLDING (ALICA): Q2 2025 – Half-year results.

Analyst Recommendations (French companies only)

Upward

Legrand (LR) → Buy recommendation maintained, target increased from €147 to €165.
Schneider Electric (SU) → Buy confirmed, target raised from €272 to €280.
TF1 (TFI) → Overweight maintained, target adjusted from €13.50 to €13.70.

Neutral

Accor (AC) → Neutral recommendation maintained, target slightly decreased from €47 to €46.40.
Hermès (RMS) → Target lowered from €2,545 to €2,440, neutral recommendation maintained.
Arkema (AKE) → Neutral recommendation confirmed, target reduced from €64 to €58.

Downward

AB Science (AB) → Buy maintained, but target halved: from €10 to €5, potential impact on the stock at open.

Have a good session, everyone!
Sylvain Mouilhaud – Stock Coach