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    ERF   FR0014000MR3

EUROFINS SCIENTIFIC SE

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Real-time Euronext Paris  -  05/20 11:35:24 am EDT
85.50 EUR   -0.19%
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European shares slide as rising yields hurt tech stocks

01/10/2022 | 05:16am EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

* Tech stocks slump 3.6% to a near three-month low

* EU banks only sector to rise

* Euro zone investor morale inches up

* Atos plunges on profit warning

Jan 10 (Reuters) - European shares posted their biggest one-day drop since late November on Monday as rising bond yields weighed on the heavyweight technology sector, while the rapid spread of the Omicron COVID-19 variant also dented sentiment.

The pan-European STOXX 600 closed 1.5% lower, with technology stocks tumbling 3.6% to a near three-month low. Losses were spread out across most European sectors.

Rising bond yields in Europe and the United States were the main driver behind the stock rout, as investors awaited an end to pandemic-era liquidity measures in the wake of surging inflation.

"Inflation is concentrating minds of investors in Europe... which is piling the pressure on the ECB (European Central Bank) to tighten monetary policy," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

December inflation rose to a record high of 5% for the currency bloc, data showed last week.

On Monday U.S. 10-year yields hit a two-year high, while Germany's 10-year yields briefly hit their highest since May 2019. Investors have begun pricing in rate hikes by the ECB later this year.

Regional bank stocks, which tend to benefit from higher lending rates, were the sole gainers, rising 0.2%.

Credit Suisse rose 1.3% after traders cited media speculation about a possible sale or merger of the embattled Swiss bank.

The STOXX 600 kicked off January with a rally to record highs but has hit choppy ground recently as worries around inflation, COVID-19 and the central bank tightening cycle cloud the equities outlook for 2022.

But a survey showed on Monday that investor morale in the euro zone had risen this month as momentum is not expected to slow despite the new variant. The effect of rising COVID-19 cases is expected to be felt in January.

Carige rose 1.0% after a report said BPER Banca , Italy's fifth-largest bank, had improved its offer to prevail over rival suitor Credit Agricole Italia.

BMW gained 1.7% after Goldman Sachs upgraded the German car giant to "buy" from "hold," saying the consolidation of the BMW Brilliance Automotive joint venture should result in earnings growth this year and next.

French diagnostics company Eurofins Scientific dipped 4.7% after Jefferies downgraded the firm to "hold" from "buy," saying COVID-19 testing has lifted the stock towards its target price.

French technology consulting company Atos slumped 16.8% to the bottom of the STOXX 600 after issuing a profit warning that reflected customer deal delays and pressured margins at its hardware and software resales unit. (Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu, Ramakrishnan M. and Jan Harvey)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ATOS SE 5.70% 24.86 Real-time Quote.-37.10%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.06% 0.6659 Delayed Quote.4.02%
BANCA CARIGE S.P.A. - CASSA DI RISPARMIO DI GENOVA E IMPERIA 0.13% 0.79 Delayed Quote.5.06%
BMW AG -0.50% 77.45 Delayed Quote.-12.04%
BPER BANCA S.P.A. -1.22% 1.7465 Delayed Quote.-3.02%
BRITISH POUND / EURO (GBP/EUR) 0.35% 1.1822 Delayed Quote.-0.94%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.05% 0.737675 Delayed Quote.6.42%
CREDIT SUISSE GROUP AG 0.83% 6.582 Delayed Quote.-26.42%
CRÉDIT AGRICOLE S.A. 0.21% 10.394 Real-time Quote.-17.35%
EUROFINS SCIENTIFIC SE -0.19% 85.5 Real-time Quote.-21.27%
HARGREAVES LANSDOWN PLC 1.42% 857.2 Delayed Quote.-37.62%
INDIAN RUPEE / EURO (INR/EUR) -0.38% 0.012157 Delayed Quote.4.12%
STOXX EUROPE 600 NR 0.74% 986.21 Delayed Quote.-10.89%
US DOLLAR / EURO (USD/EUR) 0.17% 0.94697 Delayed Quote.8.56%
All news about EUROFINS SCIENTIFIC SE
05/18Moody's Lifts Eurofins Scientific's Outlook To Positive On Good Operating Performance
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05/17Fitch Keeps Eurofins' Rating, Stable Outlook On Strong Business Risk Profile
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Financials
Sales 2022 6 591 M 6 953 M 6 953 M
Net income 2022 670 M 706 M 706 M
Net Debt 2022 2 409 M 2 542 M 2 542 M
P/E ratio 2022 25,8x
Yield 2022 1,13%
Capitalization 16 441 M 17 345 M 17 345 M
EV / Sales 2022 2,86x
EV / Sales 2023 2,79x
Nbr of Employees 57 992
Free-Float 66,7%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 85,50 €
Average target price 105,97 €
Spread / Average Target 23,9%
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Managers and Directors
Gilles G. Martin Chairman & Chief Executive Officer
Laurent Lebras Director-Group Finance & Administration
Christian Wurst Chief Operating Officer-Food & Environment Testing
Stuart Anderson Independent Non-Executive Director
Féréchté Pouchantchi Independent Non-Executive Director