ML
COBHAM - Good divestment of the Avcomm business in the US for £325m (130)...+4%
DANSKE - Q4 good with net profit c13% ahead of cons. Guidance is inline(247)+2%
FORTUM - Supportive with numbers slightly ahead of cons & divi held (17.71).+2%
PROVIDENT FINANCIAL - Has named Malcolm Le May as their new group CEO (676).+1%
WOOD GROUP - Sees FY net debt at $1.65b which looks better than f/c (655)...+1%
TELE2 - Good Q4 with FCF 35% ahead and revs +2.5% beat, guidance inline (99)+1%
MINERS - Copper +0.85%, Iron ore fut -0.25% & BHP OZ +0.49%, RIO OZ +0.71%..u/c
RYANAIR - Traffic grew +6% YoY while load factors in Jan rose +1% YoY (16.4)u/c
ENGIE - Delays Doel-3 Belgian reactor start 3months to August 1st (13.84)...u/c
METSO - Prereleased. Minerals & Flow Control conditions to remain stable(28)u/c
SABADELL - Divi better but all the core businesses are not improving (1.9)..u/c
AKERBP - Overall inline with a miss at net income on higher taxes (86%)(227)u/c
ASTRAS - 4Q Core EPS $1.3 v 84c, guide for sales up low single digit %(4886)u/c
BT - Touch light with revs 1.6% and EBITDA 0.7% miss. Guidance reit'd (253).-1%
LIGHT - Q4 revs inline but org growth of 3% and guidance for soft Q1 (31.7).-1%
D.BANK - Another revenue disappointment and cost guidance is worse (14.48)..-2%
NOKIAN - Op profit €122.6m, 1.3% above cons & FCF -12.8% below BAML est (40)-2%
VEDANTA - Weak with cost pressures, coal availability issues persist (811)-2-3%
CAIXABANK - Big net profit miss will be the focus and weigh on name (4.3).-2-3%
WERELDHAVE - EPS inline but guidance for 2018 is EUR 3.3-3.40 v 3.53 (37.6).-5%
MainFirst
*DBK-Q4 Net Rev 5.71b(5.88),CET1 14%,Sees costs & litigation up.......-4%*TELE2-Q4 Ebitda 1.53b(1.51),Sales 6.64b(6.7),FY Div lite.............+1%
*NOKIAN-Q4 Sales 490.4m(492.4),Ebit 122.6m(120.7),FY Div 1.56.........+1%
*PHILIPS-FY Ebitda 699m(681.5),Rev 6.97b(6.98),FCF 403m(353.3)........-2%
*BANCO SABADELL-FY Net 801.5m(795.6),NII 924.6m(931),CET1 12.8%.......+1%
*RENAULT-Ghosn to be reappointed as CEO, contract to expire June.......+0.5%
*DANSKE-Q4 NII 6.04b(5.96),Inc 12.22b(12.22),Net Inc 5.45b(4.93)......+2%
*CAIXABANK-Q4 NI 196m(360.8),NII 1.2b(1.2),CET1 11.7%,B/L 6%..........-1%
*TRELLEBORG-Q4 Sales 7.71b(7.64),OP 928m(915.5),FY Div 4.5(4.58)......+2%
*CENTROTEC-FY Rev 594m(588),Ebit 28-30m(29),FY18 Rev/Ebit ok..........-4%
*METSO-Q4 Net Sales 710m(706.7),Orders 684m,Adj Ebita 64m.............+1%
*FORTUM-Q4 OP 315m(280.6),Sales 1.43b(1.43),Ebitda 424m(390.9)........+2%
*LINDE-Is said to plan keeping engineering says Wirtschaft............U/C
*ASTRA-Q4 EPS 1.3(84c),Rev 5.78b(5.49),Sees '18 prod sales up LSD.....+2%
*MEDIOBANCA-ECB approves AIRB model for measuring risk as of 31/3.....+2%
*RYANAIR-Jan Load Factor 91% VS 90%,Passengers 9.3m vs 8.8m...........+1%
Carnegie
N.TYRES -5% Solid figs but guidance ambiguousTRELB -4% Good run and poor guidance
AKERBP -3% Mixed report and guidance not enough
ASTRA +2% Strong EPS beat
DANSKE +2% Solid report but lifts Divi
TELE2 +3% Solid beat and outlook & been a laggard
OUTOTEC +3% Better guidance and strong orders offsets weak Ebit
HUSQB +3% Org growth looks strong and better div
CS
Airbus -1-2% CS DOWNGRADE to NEUTRAL (Remove from focus list)AMS -1-2% Read from Apple - iPhone sales lower and guidance light
AstraZeneca UNCH Q4 EPS $1.30 est 84 cents, Q4 Rev $5.78 EST $5.49bln
Banco Sab M/P FY 925m vs 931m, NII small miss, capital inline
BT Group -1% 3Q numbers inline, FY Outlook maintained
CaixaBank M/P 4Q net income EU196m, est EU360.8m, 4Q NII inline
Cobham +3-5% To divest AvComm/Wireless test and measurement biz
Danske Bank +2% Q4 Net 10% beat, Capital better with CET1 at 17.6% vs 17.1%
Deut Bank -2-3% Q4 adjusted pretax loss higher, revs lower, costs higher
Dialog Semi -1-2% Read from Apple - iPhone sales lower and guidance light
Fortum +2% Q4 EBITDA 8% ahead of Bloomberg cons, Op profit 12% ahead
Husqvarna M/P Q4 net sales 6% beat, net sales 1% beat, op income inline
IQE -1-2% Read from Apple - iPhone sales lower and guidance light
Metso -1-2% 4Q net sales inline
Miners UNCH Copper +1.00%, Brent +1.30%, Iron Ore -0.60%, China +0.20%
Nat Grid M/P Update on the expected impact of the US Tax Cuts
Nokian -1-2% Q4 net sales inline, EBIT 1.5% beat, had a strong run
Phil Light -1-2% FY Adj EBITDA 699m vs cons 681.5m, FCF ahead
Ryanair +0.5% Traffic stats - load factor 91% from 90%
Suez +1% CS UPGRADE to NEUTRAL (Following underperformance)
Talktalk M/P Vague bid spec in the Times
Tele2 AB R 4Q Ebitda SEK1.53 billion, estimate SEK1.51 billion
Vedanta M/P Q3 margin +34%. Already seen results from 95% of portfolio
Wood Group +2% Positive one off P&L from tax changes