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CAC 40: highest corporate earnings since 2010 with more surprises in store!

The essential

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 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.CROSS ASSET (Download)