MS:
BRSN LN
-2%
BERENSDEN CUT TO UNDERWEIGHT AT BARCLAYS,PT 700P
BWY LN
UNCH
BELLWAY 1H REV GBP 1.15B,MARGIN EXPECTED MAINTAINED AT 22%
CFR VX
-1-2%
EXPORTS WORSEN -10% IN FEB VS JAN -6%; US IN PARTICULAR SEES A BIG FALL; HK REVERTS SOMEWHAT.
DWNI GY
-1.5%
DEUTSCHE WOHNEN CONFIRED PRELIM ANNOUNCED NUMBERS AND DIV / GUIDANCE A TOUCH WEAKER
FPE3 GY
+1%
FUCHS PETRO CONFIRMED FINAL FY16 NUMBERSAND OUTLOOK
UHR VX
-1-2%
EXPORTS WORSEN -10% IN FEB VS JAN -6%; US IN PARTICULAR SEES A BIG FALL; HK REVERTS SOMEWHAT.
VEC LN
+2-3%
VECTURA PRELIMINARY EBITDA GROWTH OF 47% TO £34.1M,SAYS IT LOOKS FORWARD TO 2017 WITH CONFIDENCE
Investec:
EU
* AKZO- PPG said to prepare new offer........................................+2%
* BMW-annual press conf today, detailed FY16 results & 2017 o/look.
* D WOHNEN-FY in line w/guidance, broker d/grade away........................-2%
* ERICSSON-Chair never had Cisco talks(CNBC).Had been mkt bid spec recently..-1%
* FUCHS-FY revs in line,ebit and div ahead,guidance in line/slightly ahead...+1%
* L’OREAL-Body Shop bids said <€700m vs €1bn sought by L’Oreal(Rtrs).........-1%
* NORDEA, DANSKE-liknked to money laundering(Berlingske). Looks old story....U/C
* PARTNERS GRP-FY16 beat across board, div raised to Chf15 from Chf10.5....+0.5%
* PORSCHE-FY16 results due.
* PUBLICIS-Honda said to drop Publicis unit after trust breakdown(WSJ).......-2%
* SANOFI-China Head sees continued dbl digit gth this yr(WSJ)................U/C
* TIT-Vivendi(+0.5%) said weigh plan to oust C/man, transfer power to CEO....+1%
* UNIPER-in tlks with unions over salary, benefit cuts(WAZ)..................U/C
UK
* 888-FY.EBITDA 3.4% ahead of cons.(Sport strong)$0.105 special div.........+3%
* CLS HDGS-Acquires Network Perlach property (Munich) for €15.3m...........unch
* BELLWAY-H1.#'s & div in line. Order book ahead of last yr.Trav&Arriv......-1%
* ENQUEST- Kraken under budget & on time. confirms guidance...............+1-2%
* FAROE PETROLEUM-Production ahead rest looks inline........................+2%
* FEVERTREE-FY.In line(no u/g's)Charles Rolls taking back seat(-4% yday)..-2-3%
* GAMMA COMMS-FY.EPS 5% ahead. U/G FY17 & 18 fcast.........................+3%
* GOOD ENERGY- deal with DONG & resilient results.........................+2-3%
* HUNTSWORTH-FY.EPS ahead and restructuring complete.U/G FY 17&18 EPS.......+1%
* MEARS-FY.#'s a miss. FY17 to be lower end of guidance.D/G FY17&18.........-5%
* MEDICA-IPO(MGP LN) priced at 135p. Opening Ind. 165-70p..................+20%
* NAHL GRP-FY.~'s in line.Reaffirms its new strategy after MoJ proposals....+1%
* SCS GROUP-H1. #'s ahead current trading a little weaker but FY unch......unch
RBC:
*888: +2% FY pretax profit +82%, rev +18%, plans additional one-off dividend.
*AKZO NOBEL: +2% PPG said to be actively working on revised takeover bid.
*BELLWAY: +1% H1 profits +10%, raise interim dividend.
*BNP/AXA: +1% Macron perceived as victor in French Presidential debate.
*ENQUEST: +1% FY'16 broadly in line, KRAKEN on track, FY'17 guidance reiterated.
*FAROE PET: +1% finances in line, FY'17 positive & increased lower end prod guidance.
*FEVERTREE: +2% FY'16 results 2.5% beat, outlook reassuring, encouraging start to '17.
*FINGERPRINT: -10% expects weaker Q1, profit & rev warning, withdraws div proposal.
*IMB: +2% SKY: considering taking stake in P&H with JAPAN TOBACCO (+2.23%)
*L'OREAL: +2% REUTERS: suggests private equity interested in THE BODY SHOP.
*SINCLAIR: 0% Q1'17 trading in line with pre-announced.
*UHR/CFR: -2% weaker Swiss Watch exports, -10% in February v -6.2% in January.
*VECTURA: +2% FY'16 decent rev growth, strong into numbers, confident of outlook.
ML:
PARTNERS GR - EPS c11% above our ests on good cost control/lower tax (546)+2-3%
888 - Statement reads very well with revs 2% beat, EBITDA 3% ahead (240)..+2-3%
ENQUEST - Inline with prodn averaged 39.7kbd, with revs of US$850mn (41.5)..u/c
GRAND CITY - Inline. Rental income up 31% YoY, LTV at 35% v 42% in FY16 (17)u/c
BELLWAY - Interims confirm growth. Did pre-announce so no surprises (2828)..u/c
FEVERTREE - Inline with FY revs +73%,says confident of further growth (1462)u/c
LVMH - Takes majority stake in Maison Francis Kurkdjian,perfumes brand (200)u/c
SWATCH - Weak Swiss export data for Feb,adj for FX & days -4.3% in Dec (342)-1%
PUBLICIS - Honda said to drop ad unit after trust breakdown; WSJ report (62)-1%
MINERS - Copper -1.1%, Iron Ore fut -2.2% with BHP OZ -0.96%, RIO OZ -1.27%.-1%
RICHEMONT - Weak Swiss export data for Feb, adj for FX & days -4.3% (76.77).-1%
D.WOHNEN - Inline with NAV €29.68 v ~€30 cons and LTV flat at 38% (31.3)....-2%
FINGERPRINT - Warning.Sees rev decline of >50%,withdraws div.SI 18% (42)-15-20%
Citi:
UK
* Bellway - H1 revs/pretax beat,sees fy op margin maintained at 22% unch
* Enquest - fy revs beat,ebitda light,confirms 2017 output guidance +1%
* Vectura - annual savings of £10m by 2018,looks forward with confidence +1%
* 888 - fy revs beat,op profit/eps miss,current trading healthy +1%
EU
* Akzo - PPG said to ready new offer after failed $22.4bn bid +4%
* Partners - fy revs beat,ebitda margin above target,confirms fy demand +2%
* L'Oreal - Body Shop sale may fetch <€700m vs €1bn sought by co -1%
* Deut Wohnen - fy adj ebitda miss,+ve mkt development led to revaluation unch
* SGL - fy sales in line,ebit beat,sees ebit rising > than sales +2%
* Fuchs Petro - sees 2017 1-5% ebit growth/4-6% sales growth +1%
* Swatch - Swiss watch exports -10% in Feb yoy,in line with cons unch
* Subsea 7 - awarded $300-500m contract by BP offshore Gulf of Mexico unch
CS:
888 +2-3% Revs $520m vs cons $508m, special div announced
Akzo Nobel +1% PPG Said to Prepare New Akzo Bid
BASF M/P BASF SE is considering making a bid for Bayer
Bayer R BASF SE is considering making a bid for Bayer
Bellway +1-2% 1H operating inline, FY guidance better
Deut Wohnen -1% FY16 numbers broadly inline with guidance
Fevertree UNCH FY revs inline, adj EBITDA small ahead, divi better
Fuchs +0.5% FY numbers inline, FY17 guidance solid
Grand City +1% NAV €16.4 vs CS ests €16.94, Payout ratio up to 65%
Hastings +1% CS INITIATE with OUTPERFORM (Debt+Capex reductions)
Komax M/P Adj EBIT slightly ahead of CS, divi slightly light
Mears M/P Revs slightly light £940m vs cons £957m, divi ahead
Miners -1-2% Copper -1.40%, Brent +0.20%, Iron Ore -1.70%, China +0.20%
Partners +2-3% FY revs CHF973m vs cons CHF909m, EBITDA 8% ahead
Publicis -1% Honda US unit said to have dropped Publicis ad-buying unit
Richemont -1-2% Swiss watch export data -10% y/y for the month of Feb
Subsea +2% contract from BP as part of deepwater Mad Dog 2 development
Swatch -1-2% Swiss watch export data -10% y/y for the month of Feb
Mainfirst:
*SANOFI-Sees drug sales in China to rise at least 10% in yr-WSJ......+0.5%
*FUCHS-Sees further OG for '17,Sales +4-6%(4%),Ebit +1-5%(2%)........+0.25%
*PARTNERS-FY Rev 973m(909),Ebitda 601m(548),NP 558m(508),Div 15......+1%
*D/WOHNEN-FY16 FFO known,FY17 Ebitda 527.4m(552.6),FFO 425m(443).....-2%
*LVMH-To acquire niche perfume label Maison Francis Kurkdjian........U/C
*KONE-Wins order for twin tower complex in Jakarta,no fins...........+1%
*PUBLICIS-Honda drops Ad unit after trust breakdown says WSJ.........-2%
*SGL-FY16 Rev 769.8m(763),Ebit 23.7m(14.05),FCF -48.1m(-71)..........+1.5%
*VINCI-CEO says would prefer not being involved in Trump wall........U/C
*AKZO-PPG said to prepare renewed takover offer,talk of €95(83)......+1%
*SWATCH/Richemont-Swiss watch exports -10% YoY tough comp -2.3%......-1%
ShoreCap:
BELLWAY - revs +5.9% £1.15bn,profit +8.9% £296.7,fwd order book +18%........+2%
VECTURA - revs +75.7% £126.5m,sees strong LfL rev growth in 2017............+2%
FEVERTREE - rev +73%, margin 55.2%,EBITDA +97%,encouraging start to 2017....+1%
SAFECHARGE - Revs 101.5m.Pft after tax 26.6m.Divi 16.47c.Good start to 2017.+3%
888 - Fy op pft 60.6m.Ytd trading avg daily rev over 11% above prior year...+2%
WYNNSTAY - On track to return to growth in current fibal year..............UNCH
JUDGES - Fy revs 57.3m.Op pft 7.1m.Divi 18.5p.Mixed statement...............-2%
ACCESSO-Fy rev $102.5m.Op pft 15.7m.Confident statement....................UNCH
FAROE PET - Fy loss £33m (expl write-offs&imp'ment),'17 prod 13k-15k boepd.UNCH
SCS - sales +14.1%,profit +12.4%,slow Feb/improved March,in line...........UNCH
SINCLAIR PHARMA - sales +51%,profit +56%,EBITDA losses narrow,in line.......+1%
HUNTSWORTH - rev +7%,op.loss narrows,divi maintained,positive outlook.......+2%
EARTHPORT - revs +34.9%,profit +33.8%,transactions +85%,EBITDA loss grew....+2%
Winterflood:
******* Small Cap / AIM *******
* 888 HOLDINGS (888) +3%; Rev +13% to $520.8m. EBITDA +12% to $90.2m. Recommending final div of 5.1c, and an additional one-off 10.5c. Trading since start of the year has been in line.
* AUDIOBOOM (BOOM) unch; Placing at 2.5p to raise £4m.
* AUGEAN (AUG) unch; Trading in line with expectations. Dividend increase. Encouraging start to the year. Had small bounce in front of the figs.
* BERKELEY ENERGIA (BKY) +2%; EU Approval of Salamanca offtake contract.
* BRIGHTON PIER (PIER) +5%; Half Year. In line with management expectations.
* EARTHPORT (EPO) unch; Solid set of results, cash burn a slight concern however the board believe they will be cash flow breakeven by Q4 2017.
* ENQUEST (ENQ) +2%; Rev $849.6m vs $906.6m. PBT $237.1m vs $173.9m. Net debt $1,796m vs $1,548m. Cash capex $609.2m, down 19% y/y. 2017 production averaging 45k-51k boe/d, matching January guidance. Reiterates Kraken on schedule for 1st oil in 2Q.
* FAROE PETROLEUM (FPM) +2%; Finals, nothing new, reminder that the company is well funded with exciting drill programme continuing throughout the summer.
* FLOWGROUP (FLOW) +5%; Indicative offer received for energy business. No figures mentioned but had been expected to be at a premium to share price.
* GAMMA COMS (GAMA) +1%; Finals, in line with forecast and optimistic about growth.
* GOAL SOCCER CENTRES (GOAL) +5%; Final figs. Return to like for like sales and profit before tax. 2 new centres in US and overhaul of UK operation.
* GOOD ENERGY (GOOD) +2%; Robust finals, deal with DONG Energy to source offshore wind power.
* HUNTERS PROPERTY (HUNT) unch; Placing @ 55p to fund acquisition accompanied with a positive update.
* HUNTSWORTH (HNT) +2-3%; Prelims in Line. Loss due to restructuring costs and goodwill writedown. U/lying business performing well (Grayling aside). Outlook robust and $ strength a +VE. Undermanding mkt cap should attract buyers.
* JKX OIL & GAS (JKX) -10%; High Court Claim by Ukraine - Another blow for JKX as Ukraine MoJ makes application to overturn recent arbitration award.
* JUDGES GROUP (JDG) -3%; Prelims back up previously flagged mixed year. Company remains solid and div up 10% so share price reaction should be tepid.
* MEARS (MER) -1%; Finals - Looks like small miss on BBG estimates. +VE rhetoric and divi hike could mitigate.
* MIND & MACHINES (MMX) unch; +VE tone to a business update, but lacking in any real hard numbers.
* PREMIER AFRICA MIN (PREM) +10%; Positive assay results, Zulu deposit.
* RAINBOW RARE EARTH (RBW) +3%; Update. Activity commenced at Gakara project. First sales to commence by year end 17.
* SAFECHARGE (SCH) +2%; Good start to yr, strong sales, all seems to be going well, continued increase in dividend.
* SCS (SCS) -3-5%; Interims. REV £165.9m vs £145.4m, loss before tax £2.6m vs £3.4m, net cash £36.8m vs £32.2m. Interim div 4.9p vs 4.67p. Feb trading was challenging, however, seen an improvement in March. Strong comps for Easter but currently expects FY results to be inline with expectations. Lets hope the update after Easter period is more +VE.
* SINCLAIR PHARMMA (SPH) -2%; FY results. REV £37.8m v £25m. Op loss £6m v £13m. Net cash £16.8m. Trading for last year was in line with management expectations and they expect progress this year and returns for shareholders.
* SMART METERING (SMS) +2%; FY results. Rev £67.2m v £53.9m. PBT £18.2m v £17.5m. Div 4.1p v 2.2p. 2016 was a transformational year for the business and leaves it in a strong financial position. Business has had strong start to 2017 and is well positioned for the future.
* UBISENSE (UBI) +5%; Improved numbers. Reduced costs and loss and increased revenue and margin.
* VERSARIEN (VRS) +5%; 85% owned Cambridge Graphene already producing graphene for customers in samples quantities.
* XLMEDIA (XLM) +3%; Preferred partner status with Instagram.