(News Bulletin 247) – Certain securities on the Paris Stock Exchange trade at very high nominal amounts, up to 7,400 euros for a single share. Overview of the most expensive shares on the market, with pride of place for the extremely illiquid holding companies in the Bolloré galaxy.

Like every year in December, News Bulletin 247 presents the ranking of the 15 most expensive stocks on the Paris Stock Exchange. Remember that the nominal price says nothing about the valuation of the companies considered (and therefore their intrinsic “expensiveness”), since it is necessary to multiply by the number of shares making up the capital of each company to obtain the capitalization, which we can then compare for example to the net profit to obtain the PER, to name only the best known of the many ratios used in financial analysis.

At almost 430 euros, Kering has left this ranking of the most expensive values ​​on the Parisian coast. Since entering this top 15 in 2020, the luxury group has continued to lose places. The stock market performance of the luxury giant continues to depend on the performance of Gucci, which is far from brilliant. The Italian brand is still suffering from a reduced desirability of its products while the other Kering houses are not to be outdone and have all suffered a decline in their activity this summer.

It is Altareit, a pure-player in real estate development in France, which entered the top 15 in 2023. Just like L’Oréal.

No. 15. L’Oréal: 443 euros

L’Oréal enters this list for the first time since we established this ranking. The second largest market capitalization in Paris and the fourth in Europe has increased by 33% since the start of the year. If the slowdown in demand in China is worrying, the global cosmetics giant has managed to do well, particularly in North America where the group recorded double-digit growth between July and the end of last September.

No. 14. Altareit: 450 euros

Ample capitalized, Altareit is a key player in major development projects in French metropolises. But Altareit shares are extremely illiquid since its main shareholder Altarea Cogedim holds… 99.85% of the capital, a record.

No. 13. Franco-Belgian Malteries: 650 euros

In 1994, the company integrated the malting division of the Etablissements J. Soufflet group (a French food industry giant founded in 1900) at the same time as the malt factories of Pithiviers (45), Prouvy (59), and Brazey- en-Plaine (21) and Saint Saulve (59). Fourteenth in the 2022 ranking, the group 90% owned by Malteries Soufflet moved up a small place this year. During the 2022/2023 financial year ending in June, Malteries Franco-Belges saw its turnover increase by 29% to stand at 132 million euros. Essentially made up of the share of the equity-accounted companies (Compagnie Internationale de Malteries and its subsidiaries), the profit amounted to 27.2 million euros.

No. 12. Equatorial Forestry: 665 euros

La Forestière Equatoriale is one of the Bolloré group companies. As is often the case in the Bolloré galaxy – which currently has no less than nine listed entities, including Vivendi – the company takes the place of one of the Russian dolls in the cascade of holding companies (between Compagnie du Cambodge, Société Industrielle et Financière de Artois and Société Bordelaise Africaine). La Forestière Equatoriale did not achieve any turnover just like in the first half of 2023. It no longer has operational activity following the sale in December 2021 of Sofib shares, an Ivorian company holding 67% of Sitarail , the company that owns the railway line linking Ivory Coast to Burkina Faso. Exchanges on the title are very rare.

No. 11. Christian Dior: 722 euros

New rise for Christian Dior, which moves up one place in this ranking of the most expensive values ​​on the Parisian coast. The company originated from the creation in 1946 by Christian Dior, supported by the industrialist Marcel Boussac, of a haute couture house in a private mansion at 30 avenue Montaigne, in Paris, which is still the address of its head office. The Boussac group, of which the Christian Dior company was a part, was taken over in 1984 by Bernard Arnault associated with a group of investors. In 1988, the company acquired, through one of its subsidiaries, a 32% stake in the capital of LVMH, a stake which increased over the years.

Christian Dior is the last listed holding company in the Arnault galaxy, Financière Agache having been the subject of a public buyout offer in 2021 at the price of… 44,000 euros per share targeting 0.07% of its capital, the balance was already held by the Arnaults. To date, it is Financière Agache which owns 97.5% of Christian Dior, which in turn holds the majority of LVMH shares with 41% of the capital and 56% of the voting rights (knowing that the Arnault Family Group holds in addition directly approximately 6% of the capital and 7% of the voting rights).

No. 10. Robertet (investment certificate): 727 euros

Created in 1850 and established in 1883 in Grasse, Robertet is one of those relatively discreet family companies, but which enjoys international influence. The firm is in fact the world number 1 in natural ingredients, particularly aromatic products, intended for perfumery. After the acquisition of a minority stake by the Swiss Firmenich in 2019, another Swiss competitor, the giant Givaudan, invited itself to the capital in 2020. But the Maubert family group (CEO Philippe Maubert representing the fourth generation at the helm of the company) remains uncompromising on the independence of the company.

No. 9. LVMH: 746.80 euros

For the third year in this ranking, we find another company better known to the general public from the luxury empire owned by Bernard Arnault. Like other stocks in this universe, LVMH suffered from the slowdown in demand for its products in Europe, the United States and Europe. The world number one in luxury has been caught up by the slowdown in demand from the most aspirational consumers, that is to say those who are moving towards the least expensive and more fashionable brands. The stock has nevertheless progressed by 8% since January 1, which allows it to gain a place in this ranking.

No. 8. Robertet (ordinary share): 778 euros

See No. 10.

No.7. Unibel: 1,010 euros

Not to be confused with Unibail, the commercial real estate giant (today Unibail-Rodamco-Westfield), Unibel is the holding company behind the Fromageries Bel group – listed on the Paris Stock Exchange until January 2022 – owner of La Vache qui rit, Boursin or Port Salut. It diversified into desserts with the acquisition of Mont-Blanc-Materne. Created in the 1920s by the Fiévet family under the name “La Carbonique” (to manufacture industrial carbon dioxide, used in particular in refrigeration and… the addition of bubbles in sparkling drinks), the company became the majority shareholder of Bel in 1987, having in the meantime sold its gas branch. The descendants of the founders own 80% of the capital of Unibel. The latter removed the Bel group from the Paris Stock Exchange at a price of 550 euros per share at the start of 2022.

No. 6. Compagnie de l’Odet: 1,430 euros

This is the listed holding company located highest in the Bolloré galaxy, and the one on which there are the most exchanges. As of December 31, 2022, Compagnie de l’Odet directly and indirectly held 67.7% of the capital of Bolloré.

No.5. Société Fermière du Casino Municipal de Cannes: 1,680 euros

In this sense, a farming (gaming) company is a company which has obtained from the State the right to run a gaming house. Without being legally part of the Lucien Barrière casino group, SFCMC benefits from a commercial agreement which allows it to operate the Casino Barrière in Cannes Croisette (originally the municipal casino of Cannes). In addition to this casino, SFCMC is active in luxury hotels and restaurants, with three hotels (the Gray d’Albion, the Majestic and the Carl Gustaf in Saint-Barth), seven restaurants (including three on the beach) and six bars, two spas and a unique private screening room. The Desseigne-Barrière family owns the majority of the round, which also includes investors like Marc Ladreit de Lacharrière. The float is reduced to 6.15%. The stock increases by 28% over the whole of 2023.

No. 4. Hermès International: 2,017 euros

At the foot of the podium, we find once again this year the most expensive value in the CAC 40 index, which this Thursday set an absolute record during the session (2,063 euros). Hermes International thus maintains its fourth place despite a luxury sector in difficulty on the financial markets, penalized by a slowdown in demand. After posting its first negative performance in 2022 in the space of nine years, Hermès International has regained color this year. The action of the luxury saddler owned by the descendants of Thierry Hermès (Guerrand, Puech, Dumas, Rédélé, de Seyne families, etc.) has increased by almost 40% since the start of the year and is enjoying the luxury of very clearly outperforming all the rest of the luxury sector listed on the Paris Stock Exchange. It must be said that Hermès lived up to its rank by publishing double-digit growth (at constant exchange rates) in the third quarter, where LVMH and Kering clearly disappointed with quarterly activity below expectations.

The first places are still monopolized by extremely illiquid holding companies from the Bolloré galaxy.

No. 3. Financière de l’Artois: 5,100 euros

The Société Industrielle et Financière de l’Artois is one of the holding companies of the former Rivaud bank galaxy, today controlled by Bolloré. With its own activity, around the manufacturing and marketing of specialized terminals, Financière de l’Artois mainly holds stakes in related entities such as Financière du Loch, Plantations des Terres Rouges and other spin-off companies. of the Rivaud bank. In return, its capital is distributed between the Bolloré Group, Financière Moncey or Compagnie du Cambodge (even with a sketch in front of you, untangling the tangle is not easy).

No. 2. Cambodia Company: 6,600 euros

The company also comes from the former Rivaud galaxy now integrated into the Bolloré group. The system of cross-shareholdings once again makes it difficult to precisely locate its place among the tangle of companies in the group. Until Havas’ contribution to Vivendi, it carried Bolloré’s stake in the advertising group. Today it holds a majority of the capital of Forestière Equatoriale, a stake in IER and 11.5% of Socfin. The Bolloré galaxy company has benefited from the market rebound with an 11% increase in its shares since January 1.

No. 1. Financière Moncey: 7,400 euros

Year after year, the undisputed Financière Moncey stands at the top of this ranking. This is once again a key cog in the interweaving of financial holding companies constituting the Bolloré empire. It is owned by the Compagnie du Cambodge, the Société des Chemins de Fer et Tramways du Var et du Gard, Plantations des Terres Rouges and other companies in the Bolloré group, leaving only crumbs in the hands of the public. Most of its assets consist of its holdings in the Société Industrielle et Financière de l’Artois as well as the Compagnie des Tramways de Rouen. Moncey also controls IER, a company that produces charging stations and pedestrian crossing control equipment.

NB: this ranking is established on the basis of prices recorded on December 14 at the close. It only takes into account securities trading on the regulated market, excluding Euronext Access and Euronext Growth, and excluding foreign securities. In absolute terms, it is still Eurofin Cerep (Euronext Growth) which is to date the most expensive stock at 25,000 euros during the last listing, which took place on November 2.