(News Bulletin 247) – With 2024 over, which SBF 120 groups have stood out for good or bad? If Esso and Medincell shone and Alstom regained a lot of credit, Atos had a dark year and the former Orpea Emeis suffered again.

The year 2024 was not a milestone for the Parisian market. Ultimately, the SBF 120 lost 2.45%

penalized by political instability in France and the slowdown in the Chinese economy which has weighed down the activity of luxury and spirits groups.

The rankings of the second flagship index of the Paris Stock Exchange, after the CAC 40, however, show that certain stocks have done well while others have, on the contrary, drank the chalice to the dregs in 2024.

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New arrivals at the top of the SBF 120

The top five with the highest increases is occupied by several groups which have recently joined the SBF 120. This is the case for the largest increase in the index in 2024, namely Medincell (+130.83%), which has makes its debut no later than Monday, December 23.

Listed on the stock market in 2018, the Montpellier-based biotech company specializing in treatments for mental disorders is reaping the benefits of its partnerships with major laboratories. Notably with the Israeli group Teva, which distributes its Bepo technology, intended for the treatment of schizophrenia, under the Uzedy brand in the United States. Teva had also revised upwards, in November, its forecast of revenues from Uzedy to $100 million for 2024, compared to $80 million previously.

This year, the company also entered into a new partnership with the American company AbbVie to co-develop up to six products. “Through the collaboration agreement with AbbVie, the group should benefit from significant growth drivers: up to 6 potential products, with $315 million in milestones (stage payments, Editor’s note) for each program, to which royalties received on sales will be added,” explained TP ICAP Midcap at the end of December, purchasing on the file.

Esso, which joined the SBF 120 in June, takes second place (+112.75%). The bulk of the performance of the specialist in the refining and distribution of petroleum products was mainly concentrated in the first part of the year, between March and June, after the publication of the company’s annual results on March 20. With a balance sheet strengthened by two years (2022 and 2023) during which refining margins increased significantly before falling again, Esso had cash of more than a billion euros. This allowed it to distribute to its shareholders a dividend of 15 euros per share for 2023, including 12 euros of exceptional dividend. Esso shares then fell significantly in the second part of the year.

Alstom regains credit on the stock market

Alstom climbs to third place (+87.69%) while the railway equipment manufacturer suffered in 2023 (-46.6%). The TGV manufacturer has straightened out its balance sheet via several measures, including a capital increase of one billion euros which was well digested by investors. However, the market continues to monitor its cash generation like milk on the fire.

On this point, the company has had a series of good publications, whether when announcing its 2023-2024 results, in May, or when it announced its half-year accounts, in November. Deutsche Bank, in particular, then praised a “reassuring” cash flow generation dynamic. Faced with this accumulation of good news, short sellers, still very present in the stock in June, unwound their positions. Which contributed to the rise in the stock.

Planisware (+75.75%) fails at the foot of the podium. The company specializing in project management software has had a good stock market performance since its introduction in Paris last April. This despite a hitch in October, when the company was forced to revise downwards its objectives for 2024 due to uncertainties over the delay of certain contracts. The company presents “a superior growth profile”, appreciated Bank of America in May, when it initiated its hedging (purchase) on the stock.

Among the other notable increases are the best performances of the CAC 40, such as the Accor hotel group (+35.95%), which exceeded expectations in the third quarter, a key period as it takes place during the summer, and raised its objectives. Or Safran (+33.01%) also progressed well even if the action came to a halt at the beginning of December, following the communication of cautious medium-term objectives. Deutsche Bank, however, saw it as an entry point, purchasing the stock a few days later.

Like Accor, Schneider Electric (+32.52%), also increased its objectives for 2024 this summer, and posted strong growth (+6.8% on a comparable basis over nine months). A good run which did not suffer from the surprise change of general manager in November.

The annus horribilis of Atos

On the side of the biggest declines, Atos is ending a terrible year 2024 (-95.04%) on the stock market. By obscuring certain technical elements linked to the recapitalization (such as the restatement of the calculation of the title by excluding the preferential subscription right), the share has almost lost 100% this year, with a price of only 0.2 cents now.

To be able to survive and clean up its finances, the company carried out a major financial restructuring which allowed it to erase 2 billion euros of debt by converting loans into capital. As a result, the company’s creditors took control, with nearly 90% of the capital, and the group had to issue nearly 180 billion shares (compared to 111 million shares in circulation previously). Which therefore resulted in mega-dilution.

Note that Casino (-98.60%), whose action was also penalized by a heavy financial restructuring, would certainly have suffered the biggest drop in the SBF 120. But the Saint-Etienne distributor left the index on 23 last December.

The former Emeis Orpea, which fell by more than 99% last year, suffered again in 2024 (-63.90%). The retirement home operator notably lowered its forecasts at the end of July, after publishing a disappointing occupancy rate in its establishments in France.

Forvia, completes the “podium” of the biggest declines (-57.49%). The automotive supplier suffered from sluggish automobile production, with difficult markets, particularly in Europe. The company issued a profit warning at the end of September, which was, paradoxically, well received by the market.

Among the other companies badly hit in 2024 is Valneva (-54.19%). The group specializing in vaccines for infectious diseases notably carried out a capital increase of 60 million euros to finance its clinical trials and support the marketing of its current vaccine against chikungunya.

Rémy Cointreau (-49.22%) once again suffered this year from weak sales in the United States but also from geopolitical risk, with Beijing’s desire to introduce customs surcharges on cognac imports.

STMicroelectronics (-46.35%) and Soitec (-46.14%) have, like several semiconductor groups, been penalized by the poor dynamics of several end markets, notably automobiles and PCs and smartphones.

Ubisoft (-43.10%) for its part had a very complicated year with a flagship game which largely disappointed, namely “Star Wars: Outlaws” and another which was postponed for several months (“Assassin’s Creed Shadows” ). As a result, the company issued a heavy profit warning in September. But the return of speculation, with hopes of a takeover bid and a delisting, have mitigated the fall in the stock.