100% French Stocks – September 24, 2025
PREOPEN CAC 40: 7,871 points (-0.23%)
Key actions of the day
Sanofi (SAN): Injection of $625M USD into Sanofi Ventures to boost investment in innovation.
LVMH (MC): Announced takeover of the magazines Challenges and Science et Avenir.
Renault (RNO): Issuance of €850M in green bonds maturing in 2030 (rate: 3.875%).
Klépierre (LI): New issue of €500M in green bonds maturing in 2037 (rate: 3.75%).
Exail (EXAIL): Launch of a ODIRNANE of €250M with a potential dilution effect of 12.4%.
Antin Infrastructure (ANTIN): Scheduled acquisition of Aquavista by October 2025.
Emeis (EMEIS): Creation of a real estate company with two funds to house assets → debt reduction of nearly €700M.
Implanet (ALIMP): Distribution in France of the TiRobot for spine surgery.
OSE Immuno (OSE): Governance conflict ahead of the 09/30 General Assembly. Accusations of vote manipulation by the founders.
Company results expected today
Trigano – Q4 2025: Business development
Synergie SE – Q2 2025
Bénéteau – Q2 2025 (estimate)
Quadient – Q2 2025
Guerbet – Q2 2025 (scheduled release at 5:45pm)
Infotel – Q2 2025
Latécoère – Q2 2025
Arverne Group – Q2 2025
2CRSI – Q2 2026 (estimate)
Guillemot Corporation – Q2 2025
Micropole – Q2 2025 (estimate)
Coheris – Q2 2025
Analyst recommendations (France only)
Changes in recommendation
Upgrades
Trigano (TRI) → Bernstein maintains Buy, target raised from €184 to €202.
EssilorLuxottica (EL) → RBC Capital remains Outperform, target raised from €290 to €305.
Bouygues (EN) → Morgan Stanley moves from Underweight to Equal Weight, target €36 to €44.
Neutral
Sanofi (SAN) → Zacks maintains Neutral, target lowered from $53 to $50.
Orange (ORA) → Morgan Stanley maintains Neutral, target adjusted from €13.50 to €14.
Kering (KER) → RBC Capital remains Neutral, target from €220 to €240.
Downgrades
Hermès (RMS) → RBC Capital remains Outperform, but target cut from €2400 to €2300.
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Have a great session everyone!
Sylvain Mouilhaud: Equities coach.