# 04
April 2017
Finalised at 24 March 2017
4 CAC 40: highest corporate earnings
The essential
since 2010 with more surprises in store!
IBRA WANE, Strategy and Economic Research
In 2016, CAC 40 cumulative net
earnings shot up 38% to their best
level since 2010. This improvement
still owed a lot to reduction of nonrecurring expenses that weighed
on 2015, but the trend is clearly
encouraging. Activity picked up
significantly between the first and
second half. The normalisation of
commodity prices should reduce
write-downs even further.
CAC 40 earnings at an all-time high since 2010
In 2016, CAC 40 cumulative net earnings shot up 38%1. Totalling €73 billion,
they hit their peak level since 2010 (Chart 1). The financial structure of the
CAC 40 also significantly relaxed. Excluding the banking sector, the net
debt to equity ratio dropped from 36% in 2015 to a 10-year low of 30% in 2016!
(Chart 2).
Top profit-earners included the same trio as in 2015: BNP-Paribas (€7.5bn,
+17%), Axa (€5.7bn, +7%) and Total (€5.6bn, +23%). The biggest improvements
were recorded by newcomers such as ArcelorMittal, LafargeHolcim and
Safran, all three of which are now in the black. Meanwhile, Technip, Peugeot,
Bouygues and Solvay posted gains of more than 50%. Finally, only three
companies recorded losses (Engie, Nokia and Publicis) versus four in 2015
(ArcelorMittal, Engie, LafargeHolcim and Safran), and while gas company
Engie (formerly GDF-Suez) was in the red for the second year in a row, it did
manage to cut its losses by close to 90% between 2015 and 2016.
CAC 40 earnings should surprise on the
upside once again in 2017, especially
in light of low consensus predictions
(+5% according to the IBES consensus).
Between the acceleration of nominal
growth, a less negative forex effect,
ongoing normalisation in the Energy &
Commodities sector, and the automatic
turnarounds of Airbus, Engie, Nokia and
Publicis, a +16% rise in CAC 40 earnings
is entirely plausible.
Of course, these spectacular improvements need to be taken with a
pinch of salt because they are largely based on the reduction of non-recurring
expenses, down from €25bn to €10bn between 2015 and 2016. Bear in mind
that in 2015, ArcelorMittal, Engie and LafargeHolcim altogether recorded asset
impairments of nearly €18bn, primarily consisting of write-downs triggered by
the collapse of metal and energy prices.
Similarly, the 2016 erosion of CAC 40 revenues (-1.1% reported, -2.7% likefor-like) puts a dampner on the much-vaunted impact of the improved
economic environment in Europe. Counteracting the cyclical turnaround
in Europe, CAC 40 companies were hurt by the steep drop in emerging
currencies or the decline in interest rates, penalising international or financial
names depending on the case.
1
S1
S2
12M
SourceArial
Factset,
Amundi
8 Bold
(1Recherche
or 2 by
lines
maxi)
+38% (aggregateTitle
data) :and
+20%
weighted
market
cap
28
40: Net
income
CAC 40: CAC
Net income
(Sum
in Bn EUR)
(Sum in Bn EUR)
1
Bn EUR
100
95
82
80
60
73
68
64
44
62
53
42 42
40
H1
H2
2016
2015
2014
2013
2012
2011
0
2010
20
2009
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
To gauge the impact0 of the normalisation of commodity prices, the cumulative
earnings of the three Energy & Commodities companies (ArcelorMittal, Total
and Technip) rose by €10bn between 2015 and 2016, accounting for half
English version
2008
coming out of the
40 red (Δ +€10.1bn), reduced losses in Utilities (Δ +4.1bn)
and significant gains in Industry & Chemicals (Δ +€5.1bn and +58%) and
Consumer goods (Δ +€3.2bn and +22%); together, these sectors made up
20
58% of the CAC 40 market cap.
2016 earnings at a record
high since 2010
2007
While it is important to consider the progress made in 2016 in
perspective, the trend is encouraging nonetheless:
--First, the increase in earnings was more broadly distributed than usual.
Of the 40 companies in the index, only 11 saw their earnings decrease in
2016, compared with 15 in 2015 and as many as 26 in 2008!
--In addition, the opposing forces weighing on CAC 40 revenues started to
Graph
n°
French
version
ease up in the second half
(H2). A sharp
improvement was observed
over
the course of the year, with comparable revenues at -0.5% in H2 versus
CAC 40 : Résultats nets (cumul en Mds EUR)
n°1
-4.9% in H1.
--Finally, the steep drop in non-recurring expenses recorded in 2016 was
not merely an accounting feat. It also reflected a real improvement in the
95
environment. 100
Since the start of 2016, as concerns over Chinese growth
82 prices have significantly climbed. Oil
have dissipated, metal and energy
73 steel and gas
prices rose from
80 $36 at end-2015 to68$57 at end-2016, while
64
prices rebounded by 56% and 59%, respectively,62in 2016 (chart 3).
53 up +€20.1bn and
60
Sectorwise, the 2016
improvement in CAC 40 earnings,
44
42
+38%, can be primarily attributed
to the42Energy
& Commodities sector
12M
Source:Arial
Factset,
Amundi(1
Research
Title
8 Bold
or 2 lines maxi)
Document for the exclusive attention of professional clients, investment services providers and any other professional of the financial industry
CAC 40 : Fonds propres en Mds EUR et Gearing en %
n°2
CAC 40: Total Equity in Bn EUR and Gearing in %
Graph n°
English version
CAC 40 : Résultats nets (cumul en Mds EUR)
n°1
CAC 40: Net income (Sum in Bn EUR)
Bn EUR
73
base 100 au 30 juin 2014
70
n°3
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After this rundown of CAC 40 earnings in 2016, what can we expect to
60
see in 2017? The 110
IBES consensus predicts that CAC40 EPS will climb another
50100
+5%, versus +13%
for the euro zone as a whole. Excluding exceptional policy
circumstances, 40
such
90 as Frexit, which threaten to distort CAC 40 earnings,
the consensus30is80on the low side in our view. Combining macro and
microeconomic factors, another increase in cumulative CAC 40 earnings
20 70
of around +16%2 is within reach, as we see it.
60
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On the macroeconomic
front:
50
Steel global Index
Gaz naturel
Brent
- -Real GDP growth
in
2017
should be slightly stronger than in 2016, both
40
Title
8
Bold
(1
or
2
lines
maxi)
SourceArial
: Datastream,
Recherche
Amundi
in France (+1.3% versus +1.1%) and the World (+3.2% versus +3.0%), which
30
is good for the top line of CAC 40 companies and hence for their margins.
20
- -Sales growth will be on an even better track considering that inflation in
CAC
40 : Résultats
nets 2015-2016
par secteur
developed countries
is expected
to reach
2% for(cumul
the first time n°4
in five
en
Mds
EUR)
years, compared with +0.2% in 2015 and +0.8% in 2016. After years under
Steel global Index
2
Gaz naturel
Title
Arial
8 BoldRecherche
(1 or 2 Amundi
lines maxi)
Sourceaux
: Datastream,
Services
Conso.
+15% weighted by market cap
Technologie
Brent
H2
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
H1
42 42
53
12M
Source:Arial
Factset,
Amundi(1
Research
Title
8 Bold
or 2 lines maxi)
20
H1
Bn EUR
H2
2016
2015
2014
2013
2012
2011
2010
2009
0 40: Total
CAC 40:
Total
BnGearing
EUR in %
CAC
Equity
in Equity
Bn EURinand
and Gearing
in %
S, Net debt/Equity)
(Right
S, (Right
Net debt/Equity)
2008
2
12M
Source:Arial
Factset,
Amundi(1
Research
Title
8 Bold
or 2 lines maxi)
800
60%
750
50%
700
CAC 40: Total Equity in Bn EUR and Gearing in %
40%
(Right S, Net debt/Equity)
650
Bn
600EUR
30%
800
550
60%
20%
750
500
50%
10%
Equity (ex Banks)
2016
2015
2014
2013
550
2012
600
2011
650
400
2010
700
450
2016
2015
2014
2013
2012
2011
30%
10%
450
400
40%
0%
Gearing (ex Banks)
20%
500 Factset, Amundi Research
Source:
2010
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
Cours des matières premières
The earnings improvement
should accelerate in 2017
40
44
2009
30%
Midway between 550
sectors posting the biggest improvements and those
F.P. ex Banques
Gearing ex Banques
20%
on the decline were Financials (Δ +€1.3bn, +6%), Healthcare
(Δ +€0.5bn,
500
Source
:
Factset,
Amundi
Recherche
Title
Arial
8
Bold
(1
or
2
lines
maxi)
+9%) and Telecoms (Δ +€0.3bn, +11%). Financials continued10%
to suffer from the
450rate environment. They also had a high comparison base
unsupportive interest
to deal with: 2015 earnings
had doubled with the elimination0%
of the record fine
400
levied on BNP in 2014. In Cours
Healthcare,
Sanofi’s
consolidated net income rose
des matières
premières
n°3
10% to €4.3bn, although it was
byjuin
lower
basehelped
100 au 30
2014impairments than in 2015 (Δ
F.P.
ex
Banques
Gearing
ex
Banques
-€0.5bn). Sanofi’s economic performance, undermined by high start-up costs
SourceArial
: Factset,
Amundi
Recherche
and a negative110
forex
effect,
was (1actually
down
1% restated. In Telecoms,
Title
8 Bold
or 2 lines
maxi)
100 (+11%) were boosted by improvements achieved in 2015
Orange’s earnings
(+187%) to a record
90 high since 2011.
80
62
60
0
2009
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
600
The rebound in 2016 earnings
53
44
42 42
is predominantly
attributable
95
100
40
to the normalisation
82
73
80 commodity prices
of
20
68
64
2008
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
750
50%
Unlike these sectors, Consumer Services (Δ -€2.3bn,
-41%) and
CAC 40 : Fonds
Mdsearnings
EUR et Gearing
en % Despite the
Technology (Δ 700
-€2.1bn,
-78%)propres
saw en
their
decline.
n°2
(Ech D, Dettes nettes/Fonds propres) 40%
650 by Accor
progress achieved
(+9%) and Kering (+17%), Consumer Services
suffered from simultaneous
downtrends recorded by Sodexo
Mds EUR
600
30% (-9%), Carrefour
(‑24%), Vivendi (-35%)
and especially ad agency Publicis60%
(-158%). Publicis
800
550
20%
was forced to book a write-down of €1.4bn owing to problems
faced by US
750
digital subsidiary500
Sapient,
bought at the end of 2014 for €3.0bn.
50% In Technology,
700
Nokia tipped the450
scales
with a net loss of -€0.9bn versus a10%
profit of +€1.2bn in
40%
2015. Corrected400
for650
non-recurring expenses subsequent to
0%the acquisition of
Alcatel Lucent, its reported net income (non-IFRS) would only have fallen 10%.
62
60
Bn EUR
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
20
The Industry & Chemicals sector (+58%) managed to overcome the
stagnation of Saint-Gobain (+1%) and Air Liquide (+5%), and more importantly
0 : Fonds
CAC
40
propres
EUR et provisions
Gearing en %(€2.2bn) on the
the nose-dive of
Airbus
(‑63%)
due en
toMds
massive
n°2
(Ech D, Dettes
nettes/Fonds
propres)to LafargeHolcim and
A400 M. The sector bounced
back
thanks largely
Safran successfully
getting outS1
of the red,S2the turnaround
12M for Bouygues (+81%)
Mds EUR
Source
: Factset,
Amundi
Title
Arial
8 Bold
(1Recherche
or 2 lines
maxi) (+14%), Vinci (+22%) and
and Solvay (+53%),
and
strong
showings
by Legrand
800
60%
Schneider (+24%).
73
68
CAC
6440: Net income (Sum in Bn EUR)
2007
53
60
The Automotive sub-sector was
44 noteworthy
42the Consumer Goods sector
42 in
95
(+22%). Driven by an
100upturn in vehicle registrations (+6.5%) in Europe, this sub40
sector recorded a +€2.1bn increase 82
in profits, i.e. an average improvement of
+38%, with +21% for
Renault,
+27%
for Valeo, +43% for Michelin
and +92%
73
80
68 names, Oréal’s reported earnings
20 other Consumer Goods
for Peugeot! Among
64
62
shed 6%, compared with increases of +11%, +34% and
53 +43% respectively
60
for LVMH, Pernod0Record (fiscal44year at end-June) and Danone. Restated for
42 42
non-recurring items, their differences were much narrower. Pernod Ricard’s
restated net income40would have
been up
+2%, Oréal’s
+5% (impairment loss
S1
S2
12M
on two subsidiaries:
and
Clarisonic),
SourceArial
:Magic
Factset,
Amundi
Title
8 Bold
(1Recherche
or 2 linesDanone’s
maxi) +7% and LVMH’s +11%.
80
English
version
82
2008
68lower provisions for impairment, with
Engie’s losses is largely attributable
to
CAC64
40 : Résultats nets (cumul en Mds EUR)
n°1
an impact of -€3.8bn on net income in 2016 versus62
-€6.8bn in 2015.
2007
80
95
100
2007
82
Graph n°
French
version
the increase in CAC 40 earnings!
Similarly,
in Utilities, the 90% reduction in
0%
Commodity prices, index 100 on June 30 2014
Equity (ex Banks)
110
Gearing (ex Banks)
Source: Factset, Amundi Research
100
90
Commodity prices,
380
Commodity
prices,
100 on
index
100index
on June
30 June
2014 30 2014
70
60
110
50
100
40
90
30
80
20
70
60
50
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95
100
Steel global Index
Natural gas
40
Title
8 BoldAmundi
(1 orResearch
2 lines maxi)
Source:Arial
Datastream,
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30
20
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April 2017
# 04
French version
CAC 40 Net results 2015-16 by sector (Bn EUR)
Steel global Index
Natural gas
Brent
Title
Arial
8 BoldAmundi
(1 orResearch
2 lines maxi)
Source:
Datastream,
Cons.
Services
Technology
29
Télécom
Telecom
Document for the exclusive
attention
of professional
clients,
investment
services providers and any other professional
of the financial industry
CAC 40
: Résultats
nets 2015-2016
par
secteur (cumul
CAC 40 Net results 2015-16 by sector (Bn EUR)
n°4
Santé
en Mds EUR)
Healthcare
April 2017
30
30
20
20
Steel global Index
Gaz naturel
Brent
Title
8 BoldRecherche
(1 or 2 Amundi
lines maxi)
SourceArial
: Datastream,
Steel global Index
4
Finally, on the microeconomic front, we predict that:
Biens de Conso.sectors will continue improving (Δ +€3.0bn,
- -the Energy & Commodities
+40%) as will Industry
& Chemicals (Δ +€1.5bn, +11%). For Energy &
Indus. & Chimie
Commodities, the stabilisation of Brent oil prices at around $50 versus
& Mat
1ères
$44 in 2016, Energie
coupled
with
Chinese growth, should bring asset impairment
down even further. The sector’s
-5 comparison
0
5
10 base
15 will
20 also
25 continue to be
positive. At end-2016, its cumulative
earnings represented
only 36% of 2007
2016
2015
cumulative earnings
(77% Amundi
for theRecherche
CAC 40). In addition to the acceleration
Source : Factset,
of nominal growth, the Industry & Chemicals sector will be driven by the
take-off of Airbus. By way of precaution, our assumptions on Airbus
are
n°5
significantly below the consensus (i.e. €1.6bn in 2017e versus €2.6bn
according to the consensus and €1.0bn in 2016) due to the persistent lack
of visibility on certain programmes.
- -Nokia, Engie and Publicis will get out of the red, in the wake of nonrecurring expenses totalling over €7bn last year. This in turn should trigger
a major rebound in Technology (Δ +€2.0bn, > 100%), Utilities (Δ +€1.6bn,
after losses of €0.1bn in 2016) and Consumer Services (Δ +€1.9bn, +59%).
Our 2017 assumptions for Engie are also below the consensus (€1.0bn
versus a range of €2.1bn to €2.4bn). In Consumer Services, while Vivendi
should remain under pressure, Accord, Carrefour and Kering should be able
to improve their results. From a more general standpoint, we would stress
that the comparison base for of 2016 versus 2007 earnings in all three
sectors is very positive, at 42% for Consumer Services, 8% for Technology
and -3% for Utilities!
- -for the rest, cumulative growth in other sectors should only be +3%:
+8% for Consumer Services (vs. +22% in 2016), +7% for Healthcare (+9% in
2016), -1% for Financials (+6% in 2016) and -3% for Telecoms (+11% in 2016).
We are little surprised to find Financials at the bottom of the ranking; the
expected decrease
in the number
of non-performing
loans and steepening
CAC 40 : Résultats
nets 2016-2017
par secteur (cumul
of the yield curve should fuelen
earnings
growth
for
banks.
Is it because of a
Mds EUR)
relatively difficult comparison base, given that Financials were more resilient
than average, contrary
to accepted views 3? Or will analysts keep raising
Financières
their forecasts, as they have for the last six months? Time will tell!
Télécom
Ultimately, despite any reservations one might have on a given sector, the
Santé
earnings improvement trend
begun in 2016 should pick up in 2017. Given the
wariness surrounding
the
equity markets in general, and the shadow cast over
Biens de
Conso.
France due to the upcoming elections, it is not small thing for the CAC 40 to
Services
aux Conso.
be in such good
health.
CAC 40 Net results 2015-16 by sector
CAC 40 Net results 2015-16 by sector (Bn EUR)
(Bn EUR)
Technology
Telecom
Healthcare
Financials
Utilities
Cons. Goods
Ind. & Chemicals
Oil & Basic Res
-5
2016
5
Cons. Goods
Cons. Services
Energie & Mat 1ères
Oil & Basic Res
20
25
Healthcare
Ind. & Chemicals
15
20
Telecom
Indus. & Chimie
2016
15
2015
Financials
Technology
10
10
CAC 40 Net results 2016-17 by sector
CAC 40 Net results 2016-17 by sector (Bn EUR)
(Bn EUR)
Technologie
5
5
The turnaround is set
to gather pace in 2017
Utilities
0
0
Source: Factset, Amundi Research
Utilities
-5
Brent
Cons. Services
Utilities
2017
Natural gas
Title
8 BoldAmundi
(1 orResearch
2 lines maxi)
Source:Arial
Datastream,
the threat of CAC
deflation
and falling
commodity
prices,(cumul
this trend will give
40 : Résultats
nets 2015-2016
par secteur
n°4
companies back their pricing power.
It EUR)
is even more crucial given how much
en Mds
bigger the impact of price rises is compared to volume increases.
-Furthermore,Services
the forex
effect should be slightly more favourable in
aux Conso.
2017 than in 2016. Although the dollar was stable against the euro in
Technologie
2016, the pound sterling (-12% over the full year) and emerging currencies
depreciated. This year,Télécom
the euro should weaken slightly against the dollar
(1.08 versus 1.11), and while
the pound sterling is likely to continue having a
Santé
negative impact (-5% over the full year), emerging currencies are expected
Financières
to appreciate somewhat
(barring any extreme protectionist measures).
25
-5
2017
0
5
10
15
2016
20
25
Source: Factset, Amundi Research
Source: Factset, Amundi Recherche
3
# 04
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40
Encadré élections françaises (en absolu)
t end-2016, Financial company earnings represented 115% of their 2007 starting point,
A
or even 95% excluding the Kerviel
versus1974
77% for the CAC 40.
MSCI scandal,
France depuis
MSCI France since 1974
(Performances annualisées ex dividendes)
annualized performances (ex div)
30
Document for the
exclusive
attention
of professional
clients,
financial
industry
-20%
0%
20%
40%
60% investment services providers and any other professional
-20%
0%of the20%
40%
60%
Moy. Gauche
13%
Avg. Left-Wing
13%
auche
Droite
74-76
76-81
81-84
84-86
86-88
88-91
91-92
92-93
93-95
95-97
97-02
02-05
05-07
07-12
12-14
14-16
16-17
Avg. Left-Wing
Avg. Right-Wing
13%
Telecom
2%
-5%
Chirac 74-76 -5%
Barre 76-81
Healthcare
10%
çaises (en absolu)
Source: Datastream, Amundi Research
Encadré élections françaises (en relatif)
Absolute performance
MSCI
France
I France vs MSCI Europe
depuis
1974since
MSCI
France
since1974
1974
annualized
performances
(ex
annualized
performances
(ex div)
div)
ormances annualisées ex dividendes)
Relative performance
MSCIFrance
France vs
vs MSCI
MSCI Europe
MSCI
Europesince
since1974
1974
annualized
performances
(ex
annualized performances (exdiv)
div)
-5%
0%
5%-20%10%0%15%20% 40%
Avg. Left-Wing
13%
3%
Avg. Right-Wing
2%
-2%
Chirac 74-76 -5%
-5%
Barre 76-81
10%
3%
Mauroy 81-84
13%
1%
Fabius 84-864%
Chirac 86-88 -4%
0%
Rocard 88-91 5%
16%
Cresson 91-92
12% 12%
Beregovoy 92-93
6%
-3%
Balladur 93-95
1%
-7%
60%
-10%
81-84
84-86
86-88
88-91
91-92
92-93
93-95
# 04
10%
again become a key focus for the markets, so we decided to examine how French equities have fared under different majorities since 1974(*).
19%
Ayrault
12-14
19% administrations
Empirically, the French
co-habitations,
than under right-wing
-5market0 has done
5 better
10 under
15 left-wing
20 25administrations, including
2%
Valls
14-16
2%
(see chart). This is true
in absolute
and relative terms
markets.
The
disqualification of the
left-wing party in round one
2017
2016compared to other European
36%
Cazeneuve 16-17
36%
and
the potential
of aResearch
“left and right-wing” candidate would be unprecedented, however.
Source:
Factset,victory
Amundi
(*) Stockprices from May 19, 1974 to March 30, 2017
74-76
76-81
13%
Cons. Goods
13%
Mauroy 81-84
13%
April 2017
50%
Fabius 84-86
50%
-4%
Chirac 86-88 -4%
Cons. Services16%
Rocard 88-91
16%
12%
Cresson 91-92
12%
6%
Utilities
Beregovoy 92-93
6%
1%
Balladur 93-95
1%
Technology
> French
equities
and political regimes
17%
Juppé 95-97
17%
12%
Jospin 97-02
12%
-2%
Raffarin
02-05
-2%
Ind.
& Chemicals
The
next
French presidential election will be held from 23 April to 7 May. The second
round will
likely pit
Marine Le Pen (Front National) against
22%
Villepin
22%
Emmanuel Macron (En Marche) or François Fillon (Republicans). She will most likely be
beaten 05-07
in the second round, but after the
Brexit referendum
-11%
& Basic
Reselection, investors are on their guard. Under the circumstances, Fillon
andOil
Donald
Trump's
politics07-12
- usually
relegated to the background - have once
-11%
tastream, Amundi Recherche
auche
Droite
2%
07-12
Juppé 95-97
Jospin 97-02 5%
Raffarin 02-05 -2%
-1%
Villepin 05-07
1%
-3% Fillon 07-12-11%
12-14
14-16
16-17
Ayrault 12-14
3%
Valls 14-16
2%
Cazeneuve
16-17
-2%
95-97 -6%
97-02
02-05
05-07
Avg. Left-Wing
Avg. Right-Wing
0%
-2%
Chirac 74-76 -5%
Barre 76-81
50%
22%
Fillon 07-12
19%
36%
Source:Recherche
Datastream, Amundi Research
astream, Amundi
Ayrault 12-14
Valls 14-16
Cazeneuve 16-17
5% 10% 15%
3%
3%
Mauroy 81-84
Fabius 84-86
Chirac 86-88
0%
Rocard 88-91
Cresson 91-92
Beregovoy 92-93
-3%
Balladur 93-95 -7%
Juppé 95-97 -6%
Jospin 97-02
Raffarin 02-05
Villepin 05-07
17%
12%
2%
-10% -5%
-1%
1%
4%
5%
12%
5%
1%
-3%
-2%
3%
2%
Source: Datastream, Amundi Research
çaises (en relatif)
MSCI France vs MSCI Europe since 1974
annualized performances (ex div)
-10% -5%
Avg. Left-Wing
Avg. Right-Wing
0%
-2%
Chirac 74-76 -5%
Barre 76-81
Fillon 07-12
Ayrault 12-14
Valls 14-16
Cazeneuve 16-17
3%
3%
Mauroy 81-84
Fabius 84-86
Chirac 86-88
0%
Rocard 88-91
Cresson 91-92
Beregovoy 92-93
-3%
Balladur 93-95 -7%
Juppé 95-97 -6%
Jospin 97-02
Raffarin 02-05
Villepin 05-07
5% 10% 15%
-1%
1%
4%
5%
12%
5%
1%
-3%
-2%
3%
2%
Source: Datastream, Amundi Research
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#04
April 2017
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