Coface shares gain 2.5% and move back above their moving averages
The credit insurer rises sharply during the session, in a Paris market trending higher. The stock recovers after its nine-month results, which showed revenue growth and a decline in net income.
A rebound that puts the share price back above its moving averages
Coface shares gain 2.76% to €16.03 during the session, while the CAC 40 rises 1.54% and the SBF 120 rises 1.50%.
The stock is therefore above its 20-day moving average (€15.64, a gap of +2.49%) and its 200-day moving average (€15.67), and near its 50-day moving average at €15.96. This move extends a 3.62% gain over the week, while the RSI at 57 remains neutral.
Resistance at €16.94 is the next level on the chart, with support at €15.41.
Nine-month accounts split between revenue growth and a decline in net income
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On November 2, Coface published revenue up 1.7% at constant scope and exchange rates, to €1,413.3 million, while net income attributable to the group fell 11.8% to €155.5 million. The gap is due to higher costs, insurance finance expenses and the tax rate, while the net loss ratio improved by 1.9 points.
In this release, the group anticipates a continued rise in corporate defaults and maintains a very high level of vigilance. The board of directors also co-opted John Gaines, head of Arch Mortgage Insurance, to replace Yves Charbonneau. The analyst consensus on the stock is available online.
« Coface anticipe que les défauts d'entreprise vont continuer à croître et a de nouveau augmenté le nombre de ses actions de prévention de manière significative » ; « Dans cet environnement toujours difficile Coface maintient un niveau de vigilance très élevé »
Risks mentioned
Corporate defaults remained at a record high, resulting in larger claims for credit insurance.
Rising interest rates and energy costs will continue to put pressure on the most indebted countries and companies.
Client activity continues to weigh on credit insurance and factoring, particularly in Poland.
Opportunities identified
Non-insurance activities growing by +10.0% with double-digit growth in Business Information (+15.3% with Cedar Rose acquisition).
New business reached a new record high of €105m, driven by increased demand and growth investments.
Client retention remains at a high level (93.1%) with improved client activity of +2.5% in 9M-26.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
