ML
MEGGITT - FY16 beat and cash flow better. We put through 5% upgrades (436)..+5%
DERWENT LDN - Strong results plus flurry of activity shows +ve start (2800).+3%
GKN - 3% beat for op profit & mgmt PBT. Good enough for modest upgrades(353)+3%
SES - Spec of Intelsat (+25% a/h)/One Web consolidation is +ve (19.8).....+2-3%
BABCOCK - Trading since start of H2 has been inline. FY outlook unch (902)..+2%
TULLOW - Read from Kosmos call: Jubilee field producing 120kbd gross (275)..+2%
BOOHOO - Strong. Expect rev growth +50% v prev guided range of 46-48% (150).+2%
FERROVIAL - Modest beat on EBITDA & CF with Q4 traffic +6.5% v +4.5% (17.5).+2%
STEINHOFF - Decent. Rev ex acq grew 11%. Poundland performing ahead (5.3)...+2%
EUTELSAT - Spec of Intelsat (+25% a/h)/One Web consolidation is +ve (18.55).+2%
VALEO - Very bullish 2021 targets. To outperform auto prodn by 7% (59.1)..+1-2%
MERLIN PROPS - Announces 20c final div & lifts guide for '17 to 44c (11)....+1%
BLND - CC Land offered £1.02bn for the Cheesegrater; Co Star reports (616)..+1%
HISPANIA - Azora has proposed a value return plan. Nos look good (12.2).....+1%
V.MONEY - Beat cons with PBT 4% ahead. Capital & credit both strong (340)...+1%
ARKEMA - Solid. EBITDA 6.6%/revs 4.5% beat gives margin 13.1% v 12.9% (92.7)+1%
THALES - 2H operating beat & inline guidance. Positive acq comments (90.5)..+1%
TELEPIZZA - Group has beat on FY16 LFL sales but missed on margin (5.08)....+1%
ERSTE - Positive one offs but pre provision profit/guide is inline (27.72)..u/c
EDPR - Inline. Q4 load factors weak which explain weakness in op CF (6.2)...u/c
T.WIMPEY - Modest beat. PBT & EPS 2% beat with stronger commentary (178.4)..u/c
CRODA - Sales 2% ahead of cons with op profit broadly inline with est (3345)u/c
BODYCOTE - All looks bang inline. Nothing to move the dial this am (713)....u/c
MINERS - Copper -0.27%, Iron Ore fut -2.1% with BHP OZ +0.04%, RIO OZ -0.8%.-1%
ADIDAS - Struggling to sell Taylor Made (golf brand); New York post (156)...-1%
SALZGITTER - Inline with EBT 2% ahead but FY17 guide lower than exp (34.6)..-2%
ST JAMES - Mixed. Div ahead but miss on underlying cash generation (1050).-3-4%
SEADRILL - EBITDA 354m, slightly ahead of co guidance of US$340m (156.2)....-5%
MONY - Inline nos. Outlook weak saying group revs are behind last yr (327)..-7%
GO AHEAD - Half yr inline. FY exp lowered due to challenges in GTR (2056)..-10%
CS
Aalberts +1-2% Sales inline, operating profit ahead, net ahead
Ackermans M/P Net €224.2m vs cons 224m, divi €2.04 vs cons €2.09
Adidas -1-2% Losses at golf unit TaylorMade are much worse
Applus -1% FY results broadly in line
Arkema +1% Q4 EBITDA 243m Cons 228m, FY17 guidance 1.3bn Cons 1.29bn
Babcock +1-2% No's inline, outlook for FY remains unchanged
Bodycote M/P FY revs 7% beat, margin lower
Brit Land M/P In discussions to sell Leadenhall building
BT -1-2% OFCOM plans to cut bills
Croda +1% FY operating profit 298.2m vs cons 296.3m
Derwent +1-2% NAV lower but better vs cons, couple of small disposals
Erste M/P 4Q net income EU85.6m vs EU204m, 2017 Guidance confirmed
Eurofins +1-2% FY revs €2.54bn vs cons 2.532, guidance confirmed
Ferrovial +1% EBITDA ahead, Net light, buyback of up to Eu275m
Fresnillo +1-2% Revs $1.91b vs cons 1.90b, guidance inline
George Fisher M/P Sales CHF3.74bn vs cons 3.76bn, outlook reads fine
GKN +1-2% Operating profit 2% ahead, revenues 4% ahead
Go-Ahead -3-5% 1h Numbers fine but co have lowered guidance
Greggs M/P FY sales inline, PTP and outlook inline
Hochtief +2-3% FY16 sales 1% ahead, guidance reads well
Intesa M/P Wants to Buy a Large Bank in Russia: Local Unit Chairman
IWG +1-2% FY16 a touch ahead of cons, pick-up in sales
Meggitt +7-10% Revs £1.99b cons 1.91b, FCF is 29% ahead, guidance strong
Merlin Prop +1% FY16 net 20% ahead, Occupancy down to 91.3% vs 95.7%
Moneysuper -5-7% FY inline, slower start, CS DOWNGRADE to NEUTRAL
Miners -1% Copper -0.30%, Brent UNCH, Iron Ore -1.90%, China -0.10%
Novo Nord M/P Files NDA application with Japanese Ministry of Health
Orior +1% FY16 Turnover 1% ahead, EBITDA 2.5% ahead
Oerlikon +1% FY Turnover inline, Order intake 2% ahead, EBITDA 2% ahead
Safran UNCH To buy-back remaining €200m of €450m mandate
Salzgitter -0.5% Q4 beat, Guidance below consensus
Seadrill -5% Numbers inline but outlook extremely challenging
St James -1-2% CEO Bellamy stepping down, NAV at 900.6p is 5% above cons
Taylor Wimp +0.5% Op profit inline, No change to medium term targets
Thales +0.5% FY ebit 1.354 vs 1.325-1.374 range, strong FCF
Valeo +1-2% Announces new long-term targets ahead of its Investor Day
Valora +1% EBIT CHF72m vs cons 70m, Outlook for 2017 is positive
MF
*NOVARTIS-Has 13 potential blockbusters in pipeline says CEO........U/C
*VALEO-Tgts 2021 Sales above 27b,FCF 3.7b 2017-21,Margin 9% '21.....+1%
*EUROFINS-FY Rev 2.54b(2.53),Confirms 2017 targets,Trends +ve.......+1%
*ACKERMANS-FY Net 224.2m(224),Div 2.04(2.09),outlook ok.............+1%
*HOCHTIEF-Q4 Sales 5.4b(5.42),Op Ebt 196.2m(170),NI 112.4m(88)......+1.5%
*THALES-FY Ebit 1.354b(1.347),Sales 14.89b(14.85),Div 1.60..........+1%
*A2A-FY Ebitda 1.22b(1.14),PT 350m,Net Debt 3.14b(3.19),FY 3/4......+2%
*STRAUMANN-Ends partnership with MegaGen rec'd $30m repayment.......U/C
*OERLIKON-FY16 Sales 2.33b(2.34),Ebitda 334m(326),Net 388m(373).....+1%
*AALBERTS-FY Ebita 298m,FCF 273m,Div 273m,Sees bolt-on acq's........+1%
*ADIDAS-Struggling to sell TaylorMade Brand says New York Post......-1%
*ELRINKLINGER-Prelims Q4 Rev 407.2m(403),Adj Ebit 39.5m(36.7).......-1.5%
*SALZGITTER-FY16 Rev 7.91b(8.18),EBT 53.2m(52.2),Net 56.8m(32)......-1.5%
*HAPAG LLOYD-FY16 Ebitda 607m(569.7),Ebit 126m(82.82),Rev 7.3b(7.8).+1%
*ARKEMA-FY NI 427m(384.5),Rev 7.54b(7.45),Div 2.05(2.05)............+1%