1. Homepage
  2. Equities
  3. France
  4. Euronext Paris
  5. Coface SA
  6. News
  7. Summary
    COFA   FR0010667147

COFACE SA

(COFA)
  Report
Real-time Euronext Paris  -  05/20 11:35:06 am EDT
10.52 EUR   -3.22%
05/17COFACE SA : Combined Shareholders' Meeting of May 17, 2022 approved all the proposed resolutions
GL
05/17COFACE SA : Combined Shareholders' Meeting of May 17, 2022 approved all the proposed resolutions
AQ
05/17COFACE SA Approves Payment of Dividend for the 2021 Financial Year, Payable on May 24, 2022
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Coface : Chief Economist Jean-Christophe Caffet's 2022 Outlook

01/12/2022 | 10:46am EDT

What is your outlook for the global economy? Have you forecast different scenarios depending on the danger of the new Omicrom variant?

The emergence of new coronavirus variants, beyond Omicron, is naturally the main risk for 2022. However, we feel that including this possibility in our forecasts is relatively futile, or illusory, as the impact on economic activity and society as a whole depends on a number of variables that are impossible to predict and quantify: how dangerous (lethality)? How contagious? What response from the public authorities? How will society react? The unknowns are so numerous that it would be necessary to construct an incalculable number of "alternative" scenarios. We prefer to build and quantify a scenario that we qualify today as central, and to remain attentive so that we can reorient our views if current events so require - according to what we know, rather than what we can imagine today.

All extreme risks aside, 2022 looks like a year of transition or normalisation, after two years of very high volatility at all levels: economic activity, consumer prices, asset prices, agents' expectations, etc.

In this scenario, we expect global economic growth to slow significantly, from just over +5.5% for 2021, according to our latest estimates, to nearly +4% next year. The balance of risks is nevertheless tilted clearly to the downside.

Should we be concerned about China's economic slowdown?

Not least of these risks is the Chinese economic slowdown. The Chinese economy now accounts for about one-sixth of global GDP, and is no longer just the "workshop of the world" but also a major driver of global demand. The slowdown in household consumption and business investment observed over several quarters, in a context of high indebtedness and a crisis in the real estate sector (which represents, in a broad sense, more than a quarter of Chinese GDP) poses a risk that the Chinese monetary and fiscal authorities are currently trying to contain, but which remains difficult to assess. This phenomenon is therefore worrying, as much for China as for the rest of the world.

Is the inflation we are currently experiencing, whatever its source (raw materials, multiple shortages, carbon prices), transitory?

It is fundamental to know where inflation comes from in order to know whether it is transitory or sustainable. In this respect, there is an important dichotomy between continental Europe and the United States. In continental Europe, inflation comes mainly from energy prices (oil products, gas, electricity) and disruptions in global value chains (increased supply times, shortages, etc.). In the US, these initial effects, which are also at work, seem to have spread more broadly throughout the production process, particularly to wages, in a context otherwise marked by labour shortages. In short, inflation still has the characteristics of a transitory (albeit persistent) phenomenon in the eurozone, whereas it is in the process of taking hold in the US. This explains the asymmetry in the two region's monetary policies.

This article is a translated extract of an interview published on WanSquare. Visit their website for the full article (in French).

Disclaimer

Coface SA published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 15:45:03 UTC.


© Publicnow 2022
All news about COFACE SA
05/17COFACE SA : Combined Shareholders' Meeting of May 17, 2022 approved all the proposed resol..
GL
05/17COFACE SA : Combined Shareholders' Meeting of May 17, 2022 approved all the proposed resol..
AQ
05/17COFACE SA Approves Payment of Dividend for the 2021 Financial Year, Payable on May 24, ..
CI
05/17COFACE SA : Proxy Statments
CO
05/02Coface appoints Hugh Burke to lead its Asia-Pacific region
GL
05/02Coface Appoints Hugh Burke as CEO of Asia-Pacific Region
CI
05/02Coface appoints Hugh Burke to lead its Asia-Pacific region
GL
04/29COFACE SA : Publication of Group and Standalone SFCR as of 31st December 2021
GL
04/29COFACE SA : Publication of Group and Standalone SFCR as of 31st December 2021
AQ
04/28COFACE : 2022 04 28 Summary non audited consolidated financial statements Q1-2022
PU
More news
Analyst Recommendations on COFACE SA
More recommendations
Financials
Sales 2022 1 719 M 1 813 M 1 813 M
Net income 2022 208 M 219 M 219 M
Net Debt 2022 - - -
P/E ratio 2022 7,54x
Yield 2022 12,6%
Capitalization 1 571 M 1 657 M 1 657 M
Capi. / Sales 2022 0,91x
Capi. / Sales 2023 0,88x
Nbr of Employees 3 667
Free-Float 98,6%
Chart COFACE SA
Duration : Period :
Coface SA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COFACE SA
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Last Close Price 10,52 €
Average target price 14,23 €
Spread / Average Target 35,2%
EPS Revisions
Managers and Directors
Xavier Pascal Durand Chief Executive Officer
Phalla Gervais Chief Financial & Risk Officer
Bernardo Sanchez Incera Chairman
Keyvan Shamsa Director-Business Technology
Declan Daly Chief Executive Officer-Central Europe
Sector and Competitors