CS
Adidas +2% Q1 revs €5.67bn vs cons €5.40bn, EBIT margin 30 bps ahead
Air France +2-3% Operating loss €143m vs cons €142m
Airbus +2% CS REITERATE OUTPERFORM - IDEAS ENGINE
Alstom +1-2% FY revs inline, EBIT 1% beat, 5.8% margin (est 5.7)
AB Inbev +2-3% Organic EBITDA 5.8% vs cons 3.3%, Brazil strong
Arkema +1% EBITDA 355m vs CS at 340m cons 341m, Volumes +4 pricing +1%
BMW M/P Confirms prelim Q1 earnings released on 20 April
Carlsberg +2% Q1 rev DK 13.7bln est DK 13.4bln, keeps outlook
EDP +1% EBITDA €1,011m, Reuters cons €991m
Esure M/P Gross written premiums +24%, motor good..home subdued
Freenet +1% Revs 838mln cons 815.8mln, guidance slightly better
G4S +2% Q1 organic +8.9%, Q4 was +8%, guidance inline
Gemalto +1-2% Secure smart chip to be integrated in the Samsung Galaxy S8
Glencore M/P Production numbers,miss in Coal and Copper,weather related
Gjensidige +2% Q1 Net of NOK 1.1bn vs 944m cons, 11% beat at the PBT level
GN Store -2% Q1 Revenues 4% ahead, EBITA inline, guidance confirmed
HSBC +2% 12% adjusted PBT beat, better revs and lower provisions
Imagine Tech +3-5% Puts MIPS and Ensigma up for sale
IMI +2% Organic growth 4% in Q1 cons around flat to -1%
Infineon M/P Q2 revs EU 1.77bln est EU 1.78bln
Inmarsat +1-2% Revenues and EBITDA beat
Ladbrokes -1% Confident to deliver FY inline, online competative
Lanmcashire -3% 1Q Written Premiums 9% light, 1Q pretax profit 2% light
Leonardo +1-2% 1Q revs EU2.48B, EST. EU2.41B, confirms guidance
Miners M/P Copper -0.25%, Brent +0.65%, Iron Ore -1.00%, China UNCH
Morrison +1-2% Expectation and guidance for 2017/18 unchanged
Next -3-5% Sales miss, lowers top end of profit guidance
Nokia +0.5% Plans to sell its undersea cabel divisions
Randgold M/P Q1 Gold production 322,470 ounces (CSe325k), EBITDA ahead
Repsol +2% Adj net EU630M; EST. EU533M
Rolls Royce M/P Trading inline and outlook unchanged, gearing fell to 27%
RSA +2% Solvency better and TNAV better
Royal Dutch +2-3% EPS beat, big FCF generation
Siemens UNCH Orders 6% ahead of expectations, pension funny in there
Snam M/P Q1 EBIT 353mn, bbg consensus 345mn, Confirms FY targets
Soc Gen -1-2% Numbers beat but 75% of it is the Corporate center
Statoil +2-3% Adj net $1.11b, v cons $736.5m, another $1b efficiency
Swiss Re +1% Q1 Net Income inline, better P&C, marginal Life Re miss
Telecom It +1-2% 1Q Ebitda EU1.99b vs est. EU1.98b
Telenor +1% Numbers inline and raise EBITDA margin outlook
Veolia UNCH 4% beat at EBIT level but Net a 2% miss
Yoox +2% 1Q sales +15.5% Y/Y, Management maintained current guidance
CARNEGIE Indications
* STATOIL +5% 24% Ebit beat, solid production and maintains CapEx
* FRED OLSEN +5% 10% Ebitda beat, upbeat outlook and due a bounce.
* SERNEKE +5% We upgrade to Buy from Hold
* ELTEL +5% We upgrade to Buy from Hold & -17% yday.
* TELIA +2% Reducing Turkcell stake a clear +ve in our view
* GN +1% only up small despite solid figs due to recent strength
* CARLSBERG +1% in lines figs, strong EEurope growth, but priced in?
* FINGERPRINT -10% Ebit miss of 36% despite only warning end March
* EDGEWARE -3% likley down on Sales miss, but we would buy on weakness
* TELENOR -3% Ebitda 2% light and poor margin growth
* GJENSIDIGE -2% COR 2% miss
MainFirst
*SOC GEN-NI 1.08b(863.2),Net 747m(863),Legal Provs €350m............+1%
*INBEV-OR +3.7%(2.8),Ebitda 4.81b(4.86),OVG -0.5%(-0.6),Rev 12.9....-1%
*ALSTOM-FY Net 289m(248),Div 25c,Confirms 2020 targets..............+1%
*SIEMENS-Q2 Sales 20.2b(19.7),sees FY Inds Bizz margin 11%-12%......-1%
*SWISS RE-NI 656m(708.4),P&C NI 321m,L&H NI 193m,SI 2.11%...........+1%
*GJENSIDIGE-PT 1.37b(1.23),NI 1.11b(943.8),EPS 2.22(1.89)...........+2%
*BPOST-Rev €764m(709.8),Ebitda €176.9m(179),Net €96.1m(99.2)........-1%
*FREENET-Rev 838m(815.8),Ebitda 100.9m(97),NI 41.7m(51),ok/l ok.....+1%
*TIT-Rev 4.82b(4.78),Ebitda 1.99b(1.98),Co exps LSD Ebitda grth.....+1%
*EDP-NI €215m(186.4),Ebitda €1.01b(976.6),Sees NP above 2016........+1%
*YOOX-Net Rev €515m(508),Net New Orders 2.2m,Short Int 26%.........+2%
*STATOIL-NI 1.1b(736),PT 3.3b(2.56),Div 22c,Addit Cost Cuts 1b......+3%
*ARKEMA-Net 137m(133.6),Rev 2.15b(2.09),Confident for FY targets....+2%
*IFX-Rev 1.77b(1.78),Seg Pft 296m(301.5),EPS 21c(22),SI 1.18%.......-2%
*ADIDAS-Sales 5.67b(5.4),GM 49.2%(49.7),OP 632m(589.66).............+1%
*VEOLIA-Rev 6.27b(6.17),Net Inc 155m(159),Confirms tgts 17,18,19....+1%
*ANDRITZ-Rev 1.39b(1.316),Ebit 86.9m(82.95),NI 63m(58.1),o/l ok.....+2%
*RHEINMETALL-Sales 1.35b(1.26),Ebit 50m(42.4),Confirms f/cast.......+1%
*BMW-NI 2.15b(1.83),FCF Auto 1.6b,Confirms 2017 forecasts...........+0.5%
*SNAM-Rev 628m(623),Ebit 353m(344.8),NP 254m(232.4),SI 2.5%.........+1%
*FINGERPRINT CARDS-Rev 685.9m(675.4),Op Inc 70.8m(110),GM 41%(42.9).-1%
*AIR FRANCE-Net -216m(-143.5),Rev 5.709b(5.74),Bookings gd start Q2.+3%
*REPSOL-Net 630m(533),Ebitda 1.7b(1.53),Net Debt 8.3b,SI 2.1%.......+2%
*CARLSBERG-Rev 13.7b(13.4),Org Rev 4%(2.8),FY outlook unch..........+1%
*ELMOS-Rev 60.8m(60.3),Ebit 4.7m(4.4),NI 2.9b(3),FY confirmed.......U/C
*TAG IMMOB-Rental Inc 71.5m(71),NI 22.1m(22),FFO 20c(19)............U/C