100% French Stocks – Thursday, September 25, 2025

100% French Stocks – Thursday, September 25, 2025

PREOPEN CAC 40: 7,818 points (-0.22%)

Today's Key Stocks

Sanofi (SAN): Ordered to pay more than €150M to Health Insurance for anti-competitive practices related to Plavix.

TotalEnergies (TTE): Confirms return to shareholders ≥ 40% of cash flow, and launches a listing on the New York Stock Exchange.

L’Oréal (OR): Strategic reorganization in the USA with two new appointments heading US operations.

Dassault Aviation (AM): Ongoing tensions with Airbus on the SCAF program threaten the continuation of the Franco-German-Spanish project.

BNP Paribas (BNP): Controversy: the bank drops its commitment not to finance so-called "controversial" weapons.

GTT (GTT): New order for two LNG carriers via Samsung Heavy Industries.

Sopra Steria (SOP): In talks to acquire Neocase (HR).

Trigano (TRI): Annual 2024-2025 revenue down -6.8%.

Bénéteau (BEN): Seeking a turnaround with expected ROC close to breakeven.

Exail Technologies (EXA): The DriX drone achieves a technological feat with 2,000 km of autonomous navigation for REPMUS exercises.

Crossject (ALCJ): Managed cash at €6.3M, deployment of ZENEO Nest module for future production volumes.

Arverne Groupe (ARVEN): Half-year revenue +104%, aiming for €25-30M in 2025 driven by the Safran/Dalkia geothermal project.
Semco Technologies (SMCO): H1 revenue of €16.6M, gross margin at 66.8%, 2025 goal confirmed at €33M.

Chargeurs (CRI): Cambridge Satchel (subsidiary) awarded for its "Miffy" collaboration, praised for cultural and artisanal design.

Expected Company Results Today

ALTRAN Technologies (ALTEN) – Q2 results expected at 5:40 pm
Inventiva (IVA)
Marie Brizard Wine & Spirits (MBWS)
Hexaom (ALHEX)
Cegedim (CGM)
Biocorp (ALCOR)
OSE Immunotherapeutics (OSE) (estimate)
Adocia (ADOC) (estimate)
Jacques Bogart (JBOG) (estimate)
Affluent Medical (AFME) (estimate)
Transition Evergreen (EGR) (estimate)
Groupe Berkem (ALKEM) (estimate)

Analyst Recommendations

Recommendation changes affecting French companies only

Upgrades

Abivax (ABVX) → Recommendation maintained at Outperform, target raised from 95 → 114 USD.
Eiffage (FGR) → BNP Paribas Exane remains at Outperform, target raised from 148 → 154 EUR.
SAP (SAP) (note: although a German company, recommended by Oddo BHF France) → moved to Outperform, target slightly raised to 284 EUR.

Neutral

TotalEnergies (TTE) → Neutral recommendation maintained, target adjusted from 55 → 53 EUR.
Dassault Systèmes (DSY) → Outperform recommendation maintained, target reduced from 37 → 35.5 EUR.

Downgrades

Amadeus IT Group (AMS) → Oddo BHF cuts rating from Outperform to Neutral, target lowered to 76 EUR.

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