ML
DOMINOS - LFL's ahead, £20m additional buyback and FY PBT to be ahead (360).+3%
SWATCH - '17 op income 1% ahead of cons driven by revs +10% in H2 (413.4).+2-3%
T.ITALIA - Telecom Italia is said to detail network spin-off proposal (0.71)+1%
SCA - Beats with EBIT 4% ahead on higher margins. Div SEK1.5 v cons 1.27(87)+1%
LONZA - BAML initiate with a BUY, CHF 310 PO due to its strong growth(272)+0.5%
MONDI - Positive read across from Mondi beat; 4% ahead at EBIT level(1904)+0.5%
IMERYS - BAML initiate with a BUY rating and an EUR 107 price obj (83.2)..+0.5%
TEF - Small nos update ahead of Q4, non-cash provisions across Spain (8.48).u/c
ALTICE - Intends to reduce its shr capital by cancelling treasury shrs (8.9)u/c
LUXOTTICA - 4Q revs inline with cons, +4.3% cFX YoY. Reiterated guide (51)..u/c
ALFA - Mixed with orders good, +6% v cons but slightly cautious on Q1 (201).u/c
UNITE - To build 1000 bed development in London for £195m/ 6.25% yield (785)u/c
CYBG - NIM of 216 is inline but down YoY. Capital at 12.4% also inline (331)u/c
ZPG - Good start to '18.Says comfortable with market forecast for '18(345)-0.5%
MINERS - Copper -0.8%, Iron ore fut -0.65% & BHP OZ -1.27%, RIO OZ -0.66%...-1%
SAP - 4Q revs beat, small EBIT miss. Guide implies small d/g to street (91).-1%
PHILIPS - Q417 revs 2% and EBITDA 5% miss v cons but '18 should be solid(33)-
CS
Alfa Laval +1-2% Q4 orders 6% beat, sales 5% beat, adj EBITA 1.5% beat
Alstom -1-2% Reports CFE-CGC union will vote against Siemens deal
Anglos S/P De Beers announced revs from first sight of 2018 at
$665m
Doms Pizza +2-3% Q4 LFL +6.1% vs CS ests +5.1%, outlook good
Elis +1-2% Berendsen synergy targets better, capex plans reduced
Ericsson M/P Cevian says Ericsson has more than 20% upside potential
Informa R Sees FY 17 results inline, confirms offer for UBM
Luxottica +0.5-1% Q4 sales 1% beat, confirms 2017 outlook
Miners -1-1.5% Copper -0.90%, Brent -0.35%, Iron Ore -0.65%, China
-1.00%
Philips UNCH Q4 revs 2% miss, EBITA 1.5% miss, orders ahead
PZ Cussons M/P H1 revs inline, lower margins Europe/Africa, Asia
better
SAP -1% Op profit EU2.36b vs EU2.39b, to buy Callidus software
Swatch +3-4% Sales and op profit ahead, outlook positive
Tele Italy M/P Pitched Italian officials on landline network spin off
ZPG M/P Remains comfortable with 2018 market expectations
Investec:
UK
* CAMBIAN-Update.Trading I/L.Cash better, further Special Div(£15M).......+1-2%
* COHORT-SEA unit Awarded Gvt contract,inital £700k,could rise to £3m(2021).+1%
* CYBG-Update.Trading in line,confident o/look for remainder of FY18........+1%
* DOMINO'S PIZZA-Update.Strong Q4.Sees FY Profit slightly ahead of exp's....+3%
* ENT.ONE-Buys remaining stake in Mark Gordon.Raises $75m @ 305p(cl 312.2p).+1%
* INFORMA-Recommended offer for UBM(163p cash + 1.083 shs).....UBM +2%..INF -1%
* KIER GRP-Wins £8m British Red Cross facilities M'gt contract.............unch
* LSL PROP-Extends £100m banking facility(matures May 2022).................+1%
* MELROSE-Offered £150m voluntary contribution to GKN pension scheme.......unch
* PZ CUSSONS-H1.Asia strong,Afric&Euro weaker.Overall in line with exp's...unch
* SPORTECH-Continues formal sale process,extends process through first qtr.unch
* UDG HEALTH-Update.Strong trading, #'s ahead of last year.+ve outlook......+1%
* UNTIE GRP-Acquires 1000 bed site in E1, costs estimated at £195m.........unch
* VITEC-Changing to segmental reporting. U/G fcast, net debt will be lower..+1%
* ZPG-Update.Comfortable with FY exp's.Platform traffic remains strong......+1%
EURO
* ALFA LVAL-Q4 ptp 5% ahead,div small miss,Q1 demand lower (in line)........+1%
* ALSTRIA OFFICE-placed 15.3m new shs (10%) to fund aqns @ €12.6 (2% disc)..U/C
* CNH-results due this afternoon
* ELIS-FY rev miss but raises synergy ests from Berendsen aqn...............+1%
* ERICSSON-Cevian sees more than 20% upside for Ericsson(SVD)...............+1%
* HELLOFRESH-Q4 rev beat, sees FY rev €902-905m vs est €874m................+4%
* PHILIPS-Q4 ebitda small miss.Guidance : improvements at back end of yr....-2%
* LOOMIS-Q4 sales 2.5% miss,ptp 5% miss,div in line,not much detail.........-2%
* LUXOTTICA-Q4 sales small beat,w/sale +4.7%,retail +4.1%,confirms o/look...U/C
* ROCKET INTERNET-positive read from Hellofresh s/holding...................+1%
* SAP-Q4 mixed,buys Callidus for $2.4bn,FY18 guidance good,reits 2020 tgts..-1%
* SIEMENS GAMESA-Q1 results due
* SCA-FY sales in line, op pforit and dividend beat.........................+1%
* SWATCH-FY op profit 1% ahead, sales beat, margin tiny miss, +ive outlook..+2%
* TIT-said to detail network spinoff today..................................+1%
Commerz:
AIR -0.7% Alphavalue raised to ADD (reduce)
UK
* CAMBIAN-Update.Trading I/L.Cash better, further Special Div(£15M).......+1-2%
* COHORT-SEA unit Awarded Gvt contract,inital £700k,could rise to £3m(2021).+1%
* CYBG-Update.Trading in line,confident o/look for remainder of FY18........+1%
* DOMINO'S PIZZA-Update.Strong Q4.Sees FY Profit slightly ahead of exp's....+3%
* ENT.ONE-Buys remaining stake in Mark Gordon.Raises $75m @ 305p(cl 312.2p).+1%
* INFORMA-Recommended offer for UBM(163p cash + 1.083 shs).....UBM +2%..INF -1%
* KIER GRP-Wins £8m British Red Cross facilities M'gt contract.............unch
* LSL PROP-Extends £100m banking facility(matures May 2022).................+1%
* MELROSE-Offered £150m voluntary contribution to GKN pension scheme.......unch
* PZ CUSSONS-H1.Asia strong,Afric&Euro weaker.Overall in line with exp's...unch
* SPORTECH-Continues formal sale process,extends process through first qtr.unch
* UDG HEALTH-Update.Strong trading, #'s ahead of last year.+ve outlook......+1%
* UNTIE GRP-Acquires 1000 bed site in E1, costs estimated at £195m.........unch
* VITEC-Changing to segmental reporting. U/G fcast, net debt will be lower..+1%
* ZPG-Update.Comfortable with FY exp's.Platform traffic remains strong......+1%
EURO
* ALFA LVAL-Q4 ptp 5% ahead,div small miss,Q1 demand lower (in line)........+1%
* ALSTRIA OFFICE-placed 15.3m new shs (10%) to fund aqns @ €12.6 (2% disc)..U/C
* CNH-results due this afternoon
* ELIS-FY rev miss but raises synergy ests from Berendsen aqn...............+1%
* ERICSSON-Cevian sees more than 20% upside for Ericsson(SVD)...............+1%
* HELLOFRESH-Q4 rev beat, sees FY rev €902-905m vs est €874m................+4%
* PHILIPS-Q4 ebitda small miss.Guidance : improvements at back end of yr....-2%
* LOOMIS-Q4 sales 2.5% miss,ptp 5% miss,div in line,not much detail.........-2%
* LUXOTTICA-Q4 sales small beat,w/sale +4.7%,retail +4.1%,confirms o/look...U/C
* ROCKET INTERNET-positive read from Hellofresh s/holding...................+1%
* SAP-Q4 mixed,buys Callidus for $2.4bn,FY18 guidance good,reits 2020 tgts..-1%
* SIEMENS GAMESA-Q1 results due
* SCA-FY sales in line, op pforit and dividend beat.........................+1%
* SWATCH-FY op profit 1% ahead, sales beat, margin tiny miss, +ive outlook..+2%
* TIT-said to detail network spinoff today..................................+1%
Commerz:
AIR -0.7% Alphavalue raised to ADD (reduce)
AOX +0.2% Places 15.3mn shares in 10% hike with 2% discount at €12.60
COM +1.0% FY pretax profit 2% ahead consensus, dividened 3.7 cent ahead
HFG +1.5% FY Sales seen between €902 and €905mn, consensus @ €874mn
LEG -0.9% Exane cut to NEUTRAL (outperform) pt €96
LINU -0.6% FAZ says Linde was possibly sold below value in Praxair deal
RWE -1.8% Jefferies cut to HOLD (buy) pt €15
SAP -1.2% Q4 EBIT 2% below cons, new cloud bookings up 31%,2018 guidance inline
TKA -0.9% Thyssenkrupp union members are said to support Tata deal: BöZ
ZIL2 -0.2% Independent cut to SELL (hold)
Numis:
* Cambian u/c In line TU & CMD (special divi 8.2p)
Numis:
* Cambian u/c In line TU & CMD (special divi 8.2p)
* CYBG -1% CET1 ratio was 12.4% , Q1 NIM of 216 bps
* DIPLOMA +1% Names Richard Ingram CEO (Former Smiths Detection)
* DOMINOS PIZZA: +2%, Q4 UK ex splits lfl +6.1% and ahead of cons. FY PBT to be ahead of mkt expectations.
* EMIS -3% lost NHS Wales contract (worth only 1% of group profits), negative for sentiment
* ENTERTAINMENT ONE: -1%, placing price 305p (closed 312p), acquisition and placing announced after hours last night
* GREENCORE +1% Headline #’s inline, Outlook fine, FX levels if sustained would be a drag, been weak into this
* INFORMA: Unch, announces recommended offer for UBM, same terms as previous flagged, £60m annual synergies and confirms expects Full Year Results to be in line with expectations
* MENZIES MKT Sees no material impact for US tax changes
* NOSTRUM O&G: -2%, Announces plans to slow drilling ramp up drilling process.
* PZ CUSSONS -3% PBT £34m vs 36.3 NUM(e), tough trading in most markets, should see small downgrades
* UBM +2% confirms Informa's recommended offer on same terms as previously flagged. Confirms trading in the fourth quarter has been ahead of company expectations
* UNITE +2% acquires 1000 bed site near Liverpool St, great for earnings visibility
* YOUGOV: +3%, half year trading is anticipated to be ahead of previous expectations
* ZPG Mkt, in line statement and remains comfortable with year end expectations
JPM:
ALFA LABAL (ALFA SS) +1%
ALFA LABAL (ALFA SS) +1%
CAMBIAN (CMBN LN) +2%
DEUTSCHE BANK (DBK GY) -1%
DOMINOS (DOM LN) +2%
ERICSSON (ERICB SS) +1%
DEUTSCHE BANK (DBK GY) -1%
DOMINOS (DOM LN) +2%
ERICSSON (ERICB SS) +1%
HELLOFRESH (HFG GY) +5%
LUXOTTICA (LUX IM) +1%
PZ CUSSONS (PZC LN) +1%
PHILIPS (PHIA NA) -2%
SAP (SAP GY) -1%
SWATCH (UHR SW) +2%
UDG (UDG LN) +2-3%
UNITE (UTG LN) +1%
PZ CUSSONS (PZC LN) +1%
PHILIPS (PHIA NA) -2%
SAP (SAP GY) -1%
SWATCH (UHR SW) +2%
UDG (UDG LN) +2-3%
UNITE (UTG LN) +1%
MS:
ALFA SS +2% BIG BEAT, HUGE ORDER NUMBER IN KEY MARINE DIV. EXPECTS DEMAND IN Q1 LOWER THAN Q4 - NORMAL SEASONAILITY?
CYBG LN +1-2% CYBG 1Q CONFIDENT OF DELIVERING GROUPS FY18 AND MEDIUM TERM GUIDANCE
DOM LN +2-3% DOMINOS PIZZA GROUP 4Q SYSTEM SALES GBP321.8M,4Q PERFORMANCE AHEAD OF FORECASTS,EXPECTS FY UNDERLYING PBT TO BE SLIGHTLY ABOVE CURRENT RANGE OF MARKET EXPECTATIONS
HFG GY +3% GOOD SET OF NUMBERS / KEPT FY OUTLOOK
LUX IM +1% NUMBERS A TOUCH AHEAD OF CONSENSUS, POSITIVE 2018 OUTLOOK
PHIA NA -1% HEADLINE NUMBERS SMALL MISS, HURT BY A CHARGE IN H'CARE. DIAGNOSTICS ORDERS V STRONG. OUTLOOK REIT'D
SAP GY -1-2% TOTAL REVS INLINE BUT EBIT MISS. CLOUD SUBS €997 VS €1009. CONST CCY GUIDE IS INLINE BUT 3% CUT WHEN INCLUDED. 2018 EBIT GUIDANCE ALSO INCLUDES ACCOUNTING CHANGE.
UHR SW +1-2% SMALL BEAT ON SALES & EBIT. EXPECTS GROWTH ACROSS "ALL DISTRIBUTION CHANNELS" I.E INCLUDING WHOLESALE
ZPG LN +1-2% ZPG LN MANAGEMENT REMAIN COMFORTABLE WITH FINAL YR 2018 ESTIMATES,GOOD DEMAND SEEN IN PROPERTY DIVISION,SOLID SWITCHING VOLUMES IN COMPARISON UNIT
ShoreCap:
PZ CUSSONS - H1 ptp 34m.H1 op pft 37.5m.Divi 2.67p..........................-1%
PZ CUSSONS - H1 ptp 34m.H1 op pft 37.5m.Divi 2.67p..........................-1%
JOHN MENZIES - Doesnt see any material impact to underlying U.S tax........UNCH
ZPG - Says good start to 2018.Comfortable with market forecasts.............+1%
DOMINO'S - sales +18.2%,UK +9.8%,FY PBT seen slightly above range...........+3%
GREENCORE - rev +53.6%,strong growth in Food to Go business,well positioned.+2%
SPORTECH - sale talks continuing with interested parties...................UNCH
SAFESTAY - strong FY,significant increase in EBITDA,sales & occupancy......UNCH
SPRUE AEGIS - sees improvement in margins albeit against lower sales........-1%
YOUGOV - H1 trading seen ahead of expec, confident in meeting FY targets....+5%
EMIS - not chosen as vendor for NHS Wales GP framework agreement............-3%
ENTERTAINMENT ONE - raises £53m in placing of 17.5m shares at 305p..........MKT
CYBG - Q1 mortgage growth of 7.4%,on track to meet med-term guidance........+1%
NWF - revs +15%,PBT +10% inline with expec,sig.increase in feeds profits....+1%
OXFORD BIODYNAMICS - FY revs of £1.2m,Shore Capital named sole broker......UNCH
Citi:
UK
*BATS -Indian Government may look to put restrictions on tobacco sales -1%
UK
*BATS -Indian Government may look to put restrictions on tobacco sales -1%
*British L.-Dividend declaration of 7.52p per share u/c
*CYBG Plc -Q1 NIM of 216bps,small miss confident in FY guidance -1%
*Diploma -Names Richard Ingram as CEO u/c
*Domino Piz-Q4 performance ahead od forecasts, Q4 sales £294.7m +2%
*Informa -TU sees FY '17 in line, confirm recommended offer for UBM u/c
*ZPG Plc -AGM remains comfortable with final 2018 estimates u/c
EURO
*Philips -Q4 rev 5.3bn vs est 5.39bn, exp mkts to grow at 3-5% in '18. -2%
*SAP -Sees '18 op pft 7.3-7.5bn vs est 7.1bn, online orders climb. -1%
*Swatch -FY net sales 7.99 vs est 7.83bn, op margin 12.6% vs est 12.7% +1%
*Elis -Sees '18 ebit margin improving by c100bps vs '17. +2%
*Alfa Laval -Q4 net sales 10.11bn vs est 9.70bn, sees H1 demand lower. -1%
*Loomis -Q4 net sales 4.36bn vs est 4.48bn, organic rev +2%. -1%
*Julius Baer -CEO said to plan more aquisitions. FT. u/c
*Alstria Off -Places 15.5m new shs and confirms will meet guidance. -2%
*HelloFresh -FY rev 902-905m vs est 874m, on track to reach breakeven. +3%
*Svenska Cell-FY net sales in line at 16.66bn, div 1.5 vs est 1.27. +1%