(BFM Stock Exchange) – Since January 1, the SBF 120 prize list has been occupied by very volatile shares, such as operators of retirement homes, as well as by defense groups. The “losers” are for many companies that have issued results on results.

Like all European markets, the Paris Stock Exchange is currently experiencing a fairly good vintage. The CAC 40 has won 7.25% since January 1 and, more broadly, the second index of the place, the SBF 120, advances 7.16%.

But these global progressions are accompanied by disparities. While the first quarter is on the way to end (the last session will take place on Monday March 31), News Bulletin 247 takes stock of the shares of the SBF 120 which progress the most and those which, on the contrary, decide the most since January 1. The infographic below compiles both the ten highest increases and the ten largest drops.

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Casse values

The operators of Clariane (ex-Korian) and Emeis (ex-Orpea) retirement homes occupy the first and third rows respectively, with respective increases of 110% and 80%. However, these increases must be nuanced, the two actions still losing very large in the medium term, with falls of 68% for Clariane over three years and almost 99.9% for Emeis. The two titles fell into the stock market abyss by leading very dilutive financial recapitalizations for their shareholders, in particular Emeis.

A certain volatility, certainly positive, was therefore observed on these titles. Besides Atos, who has great similarities (a heavy recapitalization with a grade of the stock market course) is eighth with an increase of 46% since the start of the year.

To return to Clariane and Emeis, it should be noted that the latest publications of the two companies sent encouraging signals. During the publication of its annual results, at the end of February, Clariane had left a “rather positive impression” underlined Oddo BHF, with figures in line with its objectives and “an operational inflection” drawn by the Netherlands and Germany as well as a reduction in its debt. However, the company must still complete (for around 500 million euros) its asset sale plan.

Emeis, for his part, delivered preliminary results in February above expectations which showed that the company was “on the right track”, noted Yi Zhong, analyst at the independent alphavalue design office. The analyst noticed “operational improvements in key countries and progress in the asset transfer plan”, which motivated him to take up his advice to “accumulate” against “sell” on the title. The analyst was however cautious about the recovery of activity in France where occupations are “still lower than the profitability threshold”.

The Luxembourg Satellite operator SES is second, with an increase of 82.15%. This group has, like its French rival Eutelsat (+79% but excluding SBF 120), benefited from anticipations of additional orders, to bypass the Starlink system of Elon Musk in Europe.

Well -placed defense

Other well -placed groups in the record (and without too much surprise), the companies exposed to La Défense, namely the Thales electronics group (fourth with +77.9%), the imagery and optronic group, in particular exose military ( +71%, fifth) and the manufacturer of the Rafale Dassault Aviation (sixth with +56.7%).

This sector was propelled by the multiple advertisements of military budgets in Europe. In Germany, for example, parliamentarians last week approved changes in budgetary rules necessary to implement an investment plan of several hundred billions of euros in defense and infrastructure. While NATO rules recommend a threshold of 2% of gross domestic product (GDP) for military spending, several European leaders mentioned targets of 3% -4% or even 5%.

On Monday, UBS raised its opinion to purchase on Thales, judging that the group could record an average annual growth of 12.6% per year over the period 2023-2030 in its defense division thanks to its positioning on electronic systems and integrated communications. Jefferies for his part, in mid-March, initiated to buy his advice on Dassault Aviation, believing that the prospects on sales (and delivery) of the Rafale were promising.

Société Générale occupies seventh rank with an increase of 56.6%. The Defense Bank benefited from a much better perception on the part of investors after the publication of results of the fourth quarter good in all respects. Several financial intermediaries have come to buy on the establishment, notably JPMorgan, at the end of February, which estimates that the action is still cheap and that the group should achieve its medium -term objectives in terms of equity return. Note that if they do not appear in the top 10, the other French banks sign enviable increases, BNP Paribas taking 32.6% and Crédit Agricole SA 27.5%.

Valneva, ninth (+51.5%) was carried by positive announcements concerning his vaccine against chikungunya, Ixchiq. France notably placed an order of 40,000 doses on Monday to combat disease on Reunion Island.

The former Virid-CGG (tenth, +46.3%) delivered results showing that its activity improved as is its cash generation. Barclays this week has raised his opinion on the title.

Result warnings hurt

On the decline side, the first observation remains that the releases remain (relatively) limited compared to increases, a sign that the Paris Stock Exchange evolves well on a bullish phase.

The highest drop is accused by Soitec (-41.2%) which especially suffered on a session, that of February 6, when the title had lost 29.7%. The specialist in semiconductor materials had issued a heavy warning on results due to the weakness of automotive segments and “Edge and Cloud” AI, its division intended for semiconductors for connected objects, data centers and 3D sensors.

Worldline, second with a drop of 28.1%, had once again disappointed the market at the end of February, with annual results and prospects below expectations.

Sodexo, the third highest decline, accuses a withdrawal of 24.6% since the start of the year, which is explained in large part by the correction (-17.15%) suffered on March 20. The collective catering company had also launched a heavy warning on results due to a disappointing activity in North America and more particularly in the education segment.

The group of spirits Rémy Cointreau (fourth with -22.6%) suffered from its status as an obvious victim of customs surcharges wanted by Donald Trump. The White House tenant also, a few weeks ago, threatened to establish 200% customs duties on wines, champagnes and other European alcohols.

Nexity, fairly used to on the wrong side of the charts, recorded the fifth most pronounced fall (-22.5%). The action had lost more than 20% on February 28, after the property developer published its 2024 results and its prospects for 2025. Oddo BHF underlined “uncertainties that surround the reservations in 2025 and an economic context which remains uncertain” to justify the renewal of its opinion to “neutral”.

FDJUNITED (sixth with a decline of 21.7%), a new name of FDJ, was for its part weighed down by the increase in samples from the games of money in France, as well as by an unfavorable development of the regulations in the Netherlands, now its second market since the redemption of Kintd (Unibet).

Note that Stellantis (-17%) suffered from his exposure to American customs duties on automotive imports.