(BFM Stock Exchange) – At the end of its quarterly review of the indices, the Euronext scientific council opted for the status quo on the CAC 40. On the SBF 120, Eutelsat and OVH come back while Beneteau and Maurel and Prom will come out.

The composition of the CAC 40 will remain unchanged for at least three months. Euronext’s scientific council, a body that decides to integrate or get out of the values ​​of the Paris Stock Exchange, opted for the status quo at the end of its last quarterly review, held this Thursday, June 12.

On the other hand, two changes will take place on the SBF 120, the second large barometer of the Parisian square. The specialist in dematerialized computer services OVHCLOUD will return to the index, after having left it in June 2023, as well as the satellite operator Eutelsat, out of the SBF 120 last December. Conversely, the manufacturer of pleasure boats Beneteau will leave the SBF 120 as well as the oil producer Maurel & Prom.

These changes will be effective at the end of Friday June 20. The actions in question will be integrated into the SBF 120 during the session on Monday, June 23.

Since the start of OVHCLOUD and EUTELSAT have experienced agitated stock markets, indirectly linked to Donald Trump’s policy.

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OVHCloud facing “hyperscalers”

OVHCloud, 60% has been, has been 60% since the beginning of January 1. Its action was made by speculation as to measures on the part of the European Union against the American digital giants.

Including competitors in the OVHCloud cloud, “hyperscalers” (Google Cloud, Amazon Web Services, Azure from Microsoft). A taxation of these services was mentioned by the French and German authorities. After these statements, the title had taken 45% in five sessions.

“Such a decision could weaken, the ultra-dominant market share of Amazon, Microsoft and Google in cloud services in Europe,” said Oddo BHF in a note.

The digital services of American groups are widely used by European companies and taxation could have brought these same companies and the states to favor European offers whose relative competitiveness would have been improved. OVHCLOUD, one of the largest European cloud groups, could therefore take advantage of “these political decisions”, judged Oddo BHF.

TP ICAP Midcap was much more skeptical, on the contrary, that the measures envisaged by Europeans would hardly change the situation in terms of competition and would not benefit OVHCLOUD. Stifel shared this last opinion somewhat, noting that the company suffers from a “low-cost” image with customers.

The ephemeral mega-row of Eutelsat

Eutelsat has known an incredible flight. At the height of its aberrant rally, the title displayed an increase of more than 200% over the whole of 2025 with three consecutive sessions of strong increases ( +68% then +77% and +119.8%).

This movement had been fueled by speculation linked to diplomatic tensions between the United States and Europe, and to the proximity of Elon Musk to the American president, Donald Trump. The market has anticipated an additional order for European satellite operators to circumvent the Starlink system of Elon Musk in Europe.

“In the past two days, the Eutelsat share price went from 1.20 euros to 3.57 euros (+197 %), since Eutelsat (with its European counterparts) could provide additional satellite connectivity in Ukraine and constitute a credible alternative to Starlink”, noted Deutsche Bank in early March.

“Current geopolitical tensions have created a breach so that the Eutelsat Oneweb constellation was used strongly for defense communication services, and European governments have put more emphasis on this subject,” said alphavalue.

It is also suspected that betting of private investors have accentuated the leap of Eutelsat.

These hopes, however, seriously made “Pschitt”. Compared to its highest in early March, the action of the satellite operator relapsed 75%.

It must be said that the financial situation of the company is not very enviable. At the beginning of the year, Moody’s lowered the company’s credit note, citing in particular “reduced visibility on Eutelsat’s ability to reconnect with profits growth, continuous pressure on the free cash flow given the significant investment needs, and significant refinancing needs in 2027 at a time when the funding cost increased significantly”.

“As a reminder, while the company is in negative cash flows, Eutelsat must finance for 4 billion euros in investments on 2026-2031 to develop the Iris² constellation and replace the Oneweb constellation”, noted in May Oddo BHF. “The director confirms actively working on a refinancing plan, an option to be a significant recapitalization ‘option,” added the broker. Oddo BHF estimated that a capital increase was “more likely that never” and considered an amount of 1.5 billion euros.

“A clear financing plan, as well as a strategy to improve income from the government services division are now necessary for action to rise,” said its alphavalue side, also in May.