BAML:
SABADELL - Increased NPA coverage & guiding down 2018 impairments (2.03)....+5%
SABADELL - Increased NPA coverage & guiding down 2018 impairments (2.03)....+5%
LAIRD - H1 numbers read very well with much improved performance too (149.1)+5%
ADIDAS - Pre-release which is a beat and upgrades FY17 guidance nos (185).+4-5%
CS - Strong results. Beat across the board, notably in APAC & markets (15)+2-3%
T.ITALIA - Good print with revs +1.3% and EBITDA +0.7%, debt inline (0.885).+2%
AIR FRANCE - Beat with q revs +5.4% YoY LFL. Announce two deals (12)........+2%
EUTELSAT - Revs inline, outer year EBITDA upgrade, should be well taken (23)+2%
KERING - Growth surpassed expectations: +24.6% v +19.6%. Gucci good (310).+1-2%
EDP - EBITDA inline with cons, net income a beat. Op trends inline (3.03)...+1%
BNP - 19% net income and 13% op profit beat driven by good provisions (66.6)+1%
EDF - EBITDA down 22% y/y but slight beat v cons. Targets confirmed (8.7)...+1%
IMI - Raising guidance. Demand inline with our forecasts,ahead of cons(1300)+1%
MTU - Big Q2 beat again as margins surprise to upside. Op profit 12% (129)..+1%
BT - Revs 0.6% and EBITDA 1.3% ahead of ests. EE the driver of the beat(319)+1%
WOLTERS KLUWER - Rev 1% ahead of cons, reflecting org growth of 2% (37.5)...+1%
IAG - Op profit for Q2’17 was c.€805mn. Outlook commentary is positive (600)+1%
ENGIE - EBITDA beat v cons, COI slight beat v ests. Guidance restated(13.9).+1%
BARCLAYS - Q2 nos look disappointing but guidance should be enough (210)....+1%
LINDE - EBITDA 4% beat v cons. Sales inline, no change to FY17 guide (166)+0.5%
MELIA - RevPAR in H1’17 grew by 7.7% vs H1’16. Spain strongest region (13)+0.5%
SALZGITTER - Guidance u/g. Now expects pre-tax profit of EUR150-200mn (39)..u/c
ENI - Strong beat with op cash flow inline. DPS/prodn targets are unch (13).u/c
ENEL - Weighed down by weak hydro but we think '18 outlook improving (4.89).u/c
JMAT - Low single digit sales growth, FY17/18 guidance is maintained (2903).u/c
ABERTIS - ACS said to ask TCI to join Abertis consortium; Confidential (17).u/c
VINCI - Solid; contracting rev growth accelerating H2, backlog up QoQ (77)..u/c
CAIXABANK - Net profit a 19% beat, driven by fees and trading income (4.4)..u/c
SAFRAN - Profits a 2% beat but softer after-mkt trend this quarter (81.5)...u/c
B.VERITAS - Results inline for sales and EBITA, FY guidance unchanged (20.2)u/c
BBVA - Small beat but mix not great. Focus will be on Q2 weakness (7.7).....u/c
UBM - Rev of £448m v BAML £445m. DPS of 5.5p is inline with BAML est (717.5)u/c
UBS - Beat in wealth mgmt and CC offset by weakness in IB and WMA (17.2)....-1%
ALTICE - Solid, revs inline & EBITDA 0.9% ahead of cons.Travel & arrive (21)-1%
L'OREAL - Not good enough top line and margin contraction will weigh (179)..-1%
AIR LIQUIDE - Miss with sales 50bps below cons and EBIT below cons (105.7)..-1%
ST GOBAIN - Op profit 2% below cons but includes -ve from cyber attack (46).-1%
ESSILOR - Cut FY17 guide from 3-5% LfL to 'around 3%'. EBIT guide reit (115)-1%
MINERS - Copper -1.1%,Iron Ore fut -1.4% with BHP OZ -1.3%,RIO OZ -1.35%..-1-2%
RENAULT - Op profit 3.5% above, Nissan -4% and auto op profit miss (79.8).-1-2%
PROXIMUS - Nos a little light. Revs 2.2% and EBITDA -0.9% miss v cons (31)-1-2%
FERROVIAL - EBITDA inline, services better but construction is weaker (18)..-2%
AMUNDI - Beat on revs and cost/income ratio but AuM a 10% miss v cons (65)..-2%
ROTORK - The CEO departing 'mutually' agreed with Board of Directors (247)..-3%
RBC:
*ADIDAS: +7% Q2 revenues 4% ahead, org growth strong, FY guidance raised.
*ADIDAS: +7% Q2 revenues 4% ahead, org growth strong, FY guidance raised.
*AIR FRANCE: -3% Q2 margin lags, dilutive deal.
*ALTICE: +2% Q2 op trends good, US good, revenue boosted by wholesale.
*AMUNDI: -1% Q2 AUM declined 1%.
*BARCLAYS: -1% Q2 results PBT 7% miss, guidance on UK NIM upgraded.
*BBVA: +1% Q2 numbers decent, 11% pretax beat driven by higher NII.
*BNP: +1% Q2 pretax beat driven by stronger revenues, equities +26%, FICC -16%.
*BT/: +1% small beat across the board.
*BVI: 0% H1 numbers in line, Q2 growth not enough.
*CAXIA: +3% beat across the board, quality driven, CET1 ratio flat.
*CSGN: +2% Q2 results strong, constructive outlook, private banking better.
*EDF: +1% H1 results in line, strong beat at bottom line, FY guidance confirmed.
*EDP: -1% H1 numbers weak as expected, with poor weather.
*ENI: +1% Q2 results in line, net beat on tax, FY guidance confirmed.
*ENEL: +3% H1 results strong, positive management outlook.
*ENGIE: +2% Q2 numbers beat, 3% beat @ op level,
*EUTELSAT: +2% FY results strong, dividend up & debt target down.
*FERROVIAL: -1% construction cautious, no comment on dividend.
*FPM: 0% $5M acquisition announced, increased stake in BLANE.
*IAG: +2% Q2 numbers 8% beat, expects improved FY op profit.
*IMI: +2% Q2 small beat & raises guidance.
*JMAT: +1% Q2 trading in line, FY guidance unchanged.
*KERING: +2% H1 results strong, luxury division org growth +28%, Gucci beat.
*LINDE: 0% H1 op profit +4.3%, FY forecasts confirmed.
*L'OREAL: -2% Q2 LFL sales growth light, op profit in line.
*MTU: +3% Q2 adj EBIT beat.
*PROXIMUS: 0% Q2 rev slight miss, FY guidance reiterated.
*RENAULT: -1% H1 numbers not enough, FY targets confirmed.
*RIGHTMOVE: +1% H1 trading in line, FY guidance confirmed.
*ROTORK: 0% Peter France resigns as CEO.
*SABADELL: +1% beat driven by trading gain, long term guidance better.
*SAFRAN: -1% H1 numbers in line, confirms outlook, weak into numbers.
*SAINT GOBAIN: 0% Q2 results in line, FY guidance confirmed.
*SANTANDER: +2% Q2 pre-tax 6% beat, better NII & fee income, lower impairments.
*SECURITAS: -5% Q2 EBITA light, another earnings miss.
*SES: -2% Q2 numbers small miss, lowered FY guidance.
*TELECOM ITALIA: +2% Q2 numbers solid, rev & EBITDA ahead.
*UBS: -2% Q2 headline beat, but lower CET1 ratio.
*VINCI: -1% H1 sales -1.4% v consensus, EBITDA in line, FY guidance confirmed.
*WACKER CHEMIE: +3% Q2 numbers solid, FY forecasts raised.
Citi:
UK
* Morgan Advanced - H1 revs/op profit beat,improvements ahead of plan +1%
* IMI - H1 pretax beat,sees fy results modestly above consensus +2%
* UBM - H1 revs small beat,op profit light,outlook unchanged +2%
* Barclays - Q2 adj pbt/revs/capital beat +1%
* BT - Q2 ebitda/revs in line,maintains fy,new consumer ceo +2%
* Essentra - H1 revs beat,eps miss,expects improving trends in H2 unch
* Rightmove - H1 revs/op profit in line,confident in fy exoectations +2%
* IAG - Q2 op profit beat,expects to improve op profit this yr +2%
* Laird - H1 pretax/revs beat,fy expectations unchanged +2%
* Johnson Matthey - Q1 trading in line,fy guidance unchanged +1%
* Rotork - ceo Peter France resigns,Martin Lamb exec chairman -2%
UK
* Morgan Advanced - H1 revs/op profit beat,improvements ahead of plan +1%
* IMI - H1 pretax beat,sees fy results modestly above consensus +2%
* UBM - H1 revs small beat,op profit light,outlook unchanged +2%
* Barclays - Q2 adj pbt/revs/capital beat +1%
* BT - Q2 ebitda/revs in line,maintains fy,new consumer ceo +2%
* Essentra - H1 revs beat,eps miss,expects improving trends in H2 unch
* Rightmove - H1 revs/op profit in line,confident in fy exoectations +2%
* IAG - Q2 op profit beat,expects to improve op profit this yr +2%
* Laird - H1 pretax/revs beat,fy expectations unchanged +2%
* Johnson Matthey - Q1 trading in line,fy guidance unchanged +1%
* Rotork - ceo Peter France resigns,Martin Lamb exec chairman -2%
Barcap:
UK
UK
LRD +3% PBT £24.1, encouraged by progress, fy expectations remain unchanged.
RMV +2% Inline with no's, ARPA +£81 slightly ahead with confident outlook
UBM +2% Revs +18% with improving margins,good integration of Allworld acqn
BT +1% Q1 revs £5.84bn vs 5.71bn cons. Adj ebitda 1.79bn vs 1.75bn, Outlook maintained
ROR +1% CEO resigns, mutually agreed, current projections in line with expectations.
IMI -1% FY results ahead of exp, organic rev growth to be below last year
EURO
ADS +4% Raised guidance, Sales +19% to €5bn, EBIT +18% €505m driven by gross margins
ETL +4% FY rev. €1.477bn is inline, ebitda margin 76.7% touch better
CABK +3% Nos strong, Revs 19% beat, net profit 19% ahead on cons, CET1 flat 11.5%
BNP +2% 19% reported PBT beat, Revs 1% ahead, CET1 at 11.7%, +10bps looks inline.
MTU +2% BEAT EBIT €163m est €146.8, EBIT margin 12.7% raises forecast
TIT +2% Q2 Rev €5bn vs 4.9 cons, EBITDA inline, MSR +2.5% org, Mobile net adds +535K
UBS +1% NI CHF1.17bn beat, Revs inline, IB weak FI/EQ 15%/2% miss, CET1 light 13.5%
ATC +1% Q2 revs €5.96bn vs 6bn cons. Adj Ebitda 2.41bn vs 2.39bn cons
SAB +1% Net 27% ahead, 12% better revs, NII drove revs 46% ahead higher trading gains.
BBVA +1% Net profit €1.1bn 7% ahead, NII +2% CET1 11.1% 30bps ahead vs Barclays
CSGN +1% U/L PBT 14%, Core Net Revs 1% ahead, NII 1.74bn, CET1 13.2 c10bps better.
IAG +1% BEAT Revs €5.95bn est €5.78bn Op Pro €805m est €746m
ENGI +1% H1 ebitda eu 5bn..c 4% ahead cons
SAF +0.5% NI €1.61bn Revs €8.04bn, FCF €666m, FY guidance
ENI UNCH op cash $2.28bn vs (e) $2.2bn..breakeven @ $61
ENEL UNCH H1 ni eu 1.8bn vs (e) eu 1.78 bn
CLNX UNCH Q2 rev €192m vs 191m, ebitda 85m is inline , net debt 1.55bn.
LIN UNCH q2 ebitda eu 1.08bn..c 3% light..gases marin 27.6% vs (e)
AIA -2% H1 record growth in VNB, +42% (x FX). APE up 37%, margin up to 54.2%.
AMUN -1% Nos inline, Revs 2% ahead est, costs 1% better, PBT 4% ahead net profit inline
PROX -1% Q2 rev €1.42bn light, Adj Ebitda 464m light. Ses FY capex €1bn
RNO -1% Revs 29.54bn, Op Profit €1.82bn, Auto margin of 4.8% (cons of 5%)
SGO -1% ebit 2% below cons, operating profit 2% ahead, fy reiterated.
AI -1% small miss vs cons (rev's eu 5.1bn c 50 bps light vs cons), guidance maintained
DG -1% Numbers fully in line with EBIT at EUR1.883m (vs. EUR1,862m Barclays)
Exane:
Adidas +6%
Adidas +6%
Air France +2%
Air Liquide -2%
Altice +1%
Altran +1%
Amundi -1%
BBVA unch
BNP +1%
BT +3%
Bureau Veritas +1%
Caixa Bank +2%
Coface +3%
Cofinnimo unch
Credit Suisse +2%
EDF +2%
EDP +2%
Enel -2%
Engie +2%
ENI -1%
Essilor -4%
Euler Hermes +2%
Eurazeo -2%
Euronext +2%
Ferrovial -2%
Flow Traders -1%
IAG +2%
IMI -3%
Kering +4%
Lagardere +3%
Lectra +2%
Linde +1%
Luxottica -4%
MTU Aero +3%
Nexans -2%
Oreal -2%
Proximus -3%
Prysmian +1%
Renault -1%
Rightmove +2%
Safran unch
Saint Gobain -1%
Santander unch
SESG -2%
Sopra +1%
Spie -5%
Telecom Italia +1%
Teleperformence +4%
UBS unch
Vinci -1%
Wacker Chemie +1%
Numis:
* CLIPPER LOGISTICS -1% Interims in line with expectations; shares have been strong into numbers
* CLIPPER LOGISTICS -1% Interims in line with expectations; shares have been strong into numbers
* FORTERRA Mkt: Acquisition of Bison (manufacturer of concrete flooring) for £20m, funded by existing cash balances.
* FRONTIER DEVELOPMENTS +5-7% £17.7m Strategic investment from Tencent
* IAG: +1%, Solid H1 driven by lower Q2 costs and strong demand.
* IMI +1% Interims in line; positive order in take in critical
* LAIRD -1% Interims broadly in line; however, Margins in CVS a bit light
* NUMIS Trading update - comfortably ahead - FY rev and Profit will be comfortably ahead of prior year
* RIGHTMOVE: +1%, solid update, good ARPA growth to £911
* SATELLITE SOLUTIONS WORLDWIDE Mkt Proposed acquisition of Quickline Communications & Proposed placing to raise £8m at 7p
* UBM: -1%, Underlying Rev -0.9%, but increasing divi payout