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    POM   FR0000124570

COMPAGNIE PLASTIC OMNIUM SE

(POM)
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Sharp rise in European sentiment helps stocks higher

06/29/2021 | 04:30am EDT

* EU economic sentiment surges to 21-year high in June

* Germany's DAX leads gains on Adidas boost

* German inflation eases in June, still above C.bank target

* Germany's Knorr slumps on report of possible Hella buy

June 29 (Reuters) - European shares ended higher on Tuesday after data showed economic sentiment improved sharply in June, while Adidas lifted the German index with a share buyback plan.

The pan-European STOXX 600 closed 0.3% higher at 456.37 points, after data showed euro zone economic sentiment hit a 21-year high in June as a steady vaccination programme saw several economies reopen.

While the data did not factor in the new Delta variant of the coronavirus, the improving mood saw investors pile into sectors most likely to benefit from a recovery.

Chemical stocks rose 0.9%, while automobile and financial services were among the best performers.

"Only in May 2000, at the height of the dotcom boom, did we see more positive economic sentiment than now... The reopening of economies is causing a synchronised boost to both production and optimism about the months ahead among industry, services and consumers," ING analysts wrote in a note.

German shares were the best performers, adding 0.9%. Adidas rose 2.5% to a record high after the sportswear maker said it will launch a new share buyback programme worth up to 550 million euros ($654 million).

German inflation also eased in June, quelling some fears over increasing price pressures. But the reading remained above the central bank's target.

Optimism around a steady economic recovery has put the European benchmark on course for its fifth straight month of gains, but it has recently struggled to break above its all-time closing high on June 16 on concerns over the Delta variant of the coronavirus.

Travel-related European stocks fell 0.2% after their worst session in more than a month, following reports of a potential ban on UK travellers in Germany. Spain also tightened travel rules for British tourists.

"Concerns (are) growing that the race between the vaccine and the virus is being lost," said Michael Hewson, chief market analyst at CMC Markets UK.

Among individual stocks, French electrical parts supplier Rexel jumped 4.3% after it lifted its 2021 sales forecast.

Knorr Bremse fell more than 12% to the bottom of the STOXX 600, after Reuters reported the German brakes maker, along with French auto plastic suppliers Plastic Omnium and Faurecia were interested in buying German automotive lighting group Hella.

Hella surged nearly 4% on the news.

(Reporting by Sagarika Jaisinghani and Ambar Warrick in Bengaluru; Editing by Shounak Dasgupta and Alexander Smith)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG 1.67% 289.1 Delayed Quote.-4.55%
COMPAGNIE PLASTIC OMNIUM SE 3.17% 23.4 Real-time Quote.-19.63%
FAURECIA SE 6.69% 40.37 Real-time Quote.-9.71%
HELLA GMBH & CO. KGAA 0.03% 60.64 Delayed Quote.14.59%
KNORR-BREMSE AG -0.10% 100 Delayed Quote.-10.37%
REXEL 1.42% 17.485 Real-time Quote.33.70%
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Analyst Recommendations on COMPAGNIE PLASTIC OMNIUM SE
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Financials
Sales 2021 7 873 M 9 240 M 9 240 M
Net income 2021 269 M 316 M 316 M
Net Debt 2021 662 M 777 M 777 M
P/E ratio 2021 12,5x
Yield 2021 2,12%
Capitalization 3 294 M 3 866 M 3 866 M
EV / Sales 2021 0,50x
EV / Sales 2022 0,43x
Nbr of Employees 21 473
Free-Float 37,3%
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Number of Analysts 8
Last Close Price 22,68 €
Average target price 31,05 €
Spread / Average Target 36,9%
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Laurent Favre Chief Executive Officer & Director
Kathleen Wantz-O’Rourke EVP, Group Chief Financial & Information Officer
Laurent Burelle Chairman
Ronan Stephan Scientific Director
Bernd Gottschalk Director
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