CS
Air France +2-3% FY sales inline but op income light, pricing better
Allianz +1-2% Op profit and net income in line, dividend ahead
Balfour +2-3% Awarded $1.95b design/build/finance/op/maintain contract
Cellnex M/P Revenues 1.6% ahead of cons, EBITDA 0.9% beat
Clariant -1-2% CS DOWNGRADE to UNDERPERFORM (Valuation)
Danone +1-2% FY Total Sales EU24.68b vs cons EU24.72b, div ahead
ENI +1-2% Op profit 2bn euros vs cons 1.93bn, net ahead
Eutelsat M/P Numbers and outlook inline with market expectations
Faurecia +2-3% FY op income beat of +3%, revs 1% beat, div ahead
Miners M/P Copper +0.40%, Brent +1.55%, Iron Ore closed, China closed
Norsk Hydro +1% EBIT 3.6b Cons 3.64b, Guidance vague
Oils +0.5-1% Brent +1.55% to $64.65, WTI +2.25% to $61.65
Renault +3% Op income c11% ahead, FY17 margin of 6.5% (est 6.2%)
Roche M/P To pay $1.9b for software startup Flatiron Health
Schindler +1% FY Orders 1.9% ahead of cons, Q4 margin 12.4% (cons 11.9%)
Segro +1-2% EPRA NAV/shr up 16.3% to 556p, dividend better
TF1 M/P FY Sales EU2.12b vs cons EU2.11b, NI EU136m vs cons EU138m
Vivendi -0.5% Revs -1% vs cons, group income -2% vs cons, no guidance
Vopak +2% FY17 revenues inline, net profit 1.5% ahead
Investec UK & Euro Pre Mkt Indications
UK
* BALFOUR BEATTY-JV wins $1.9b Los Angeles Airport contract.................+1%
* CRODA-Rec. cash offer for PLANT IMPACT(PIM LN,+40%)Value £10m............unch
* CVS-H1.#'s & trading I/L.Placing 6.4m new shares(not less than 1050p)...-3-5%
* SEGR0-FY.NAV 556p(+16.3%)PTP +25.7%.Occupier demand strong +ve o/look.....+1%
Euro
* AIR FRANCE-FY sales and op inc small miss, cautious on bookings beyond Q1..-1%
* ALLIANZ-Q4 op inc meets ests, div top end, on track for 3 yr targets.......+1%
* CELLNEX-FY in line but guidance for 2018 looks 2% below cons...............-2%
* DANONE-Q4 lfl +3.7%(3.3%), WhiteWave integration ahead of plan.............+2%
* DEUTSCHE BANK-HNA lowers stake to 8.8% from 9.9%, plans no further sale....+1%
* EDF-FY ebitda in line, div looks better than exp, confirms targets.........-1%
* ENI-4Q adj net looks v strong vs peers, €975m(est €576.9m), div in line....+2%
* EUTELSAT-H1 rev in line, net beats, cost saving plan ahead of track........+2%
* FAURECIA-FY sales,op inc look top end, sales guidance looks weak...........-2%
* NORSK HYDRO-Q4 rev beat but ebit looks 5% light, missed savings target.....-2%
* RENAULT- FY op inc 5% ahead, div a bit light, CEO stays on(expected).......+2%
* ROCHE-buys Flatiron Health for $1.9bn....................................+0.5%
* SCHINDLER-FY rev in line but net looks touch light, guidance in line.......U/C
* SCOUT24-Hellman & Friedman sell their 8.6% stake at €36.5 (<1% disc).....+0.5%
* VOPAK-FY rev , ebitda look ahead, div in line, o/look slightly downbeat?...U/C
* VIVENDI-FY strong but no plan yet for UMG ipo might disappoint...........+0.5%
* US Co’s reporting (selected) : Coke, Deere, Kraft Heinz, Vulcan
MS
AF FP +3-5% 4Q EBIT MISS BUT OUTLOOK ON PRICING NOW POSITIVE WITH FUEL INFLATION NOT AS HARSH AS EXPECTED - WILL SQUEEZE ON THIS.
ALV GY +3% NO.S BEAT WITH STRONG AM INFLOWS - SOLVENCY GOOD & CONFIDENT ON OUTLOOK
BBY LN +2-3% BALFOUR BEATTY JV GETS $1.95 BN LOS ANGELES AIRPORT CONTRACT
BN FP +2% Q4 LFL BEAT 3.7% v CONS. 3.3%; BEAT ON ALL CATEGORIES EX BABY. STRONG BEAT ON WATERS WITH DAIRY WEAK BUT IMPROVING. MGN BEAT BY 10BPS; DIVI +12%.
CLNX SM UNCH FCF INLINE, NO ANNOUNCEMENT OF STRATEGIC ACQUISITIONS
EDF FP +3% NET INCOME BENEFIT DUE TO LOWER TAX RATE LEADING TO EPS & HIGHER DIVIDEND PAYOUT.
ENI IM +2-3% EBIT AHEAD, NET INCOME BEAT. GUIDES FOR 3% INCREASE IN 2018 FY PRODUCTION
EO FP -2% FAURECIA 2017 OP INCOME EU1.17B VS BLOOMBERG EST EU1.14B,2017 DIV EU1.10/SHR,2018 EPS REITERATED EU5.0 BUT CONS WAS LOOKING FOR MORE
G24 GY UNCH *HELLMAN & FRIEDMAN SELLS 9.25M SHARES IN SCOUT24 @ 36.5 EUROS
NHY NO +3-4% NUMBERS AHEAD, WOULD BE EVEN BETTER WITHOUT HIGHER DEPRECIATION CHG. NET DEBT & DIVI BETTER
RNO FP +2-3% STRONG 2017 EBIT BEAT DRIVEN BY BETTER COSTS, SEES SALES GROWTH IN 2018 ALTHOUGH MARGIN GUIDANCE A TOUCH LIGHT
SCHP SW +1% NUMBERS TOUCH AHEAD, DIVI BETTER. OUTLOOK CONSERVATIVE (AS USUAL)
TF1 FP -1% TF1 FY REV EU2.12B,FY OP PFT EU162M
VIV FP -1-2% FY UMG GROWTH DISAPPOINTING AND NO 2018 GUIDANCE. KEEPS UMG IPO ON THE TABLE.