BofA-ML
SUBSEA - Another strong beat with revs 4% and EBITDA 35% ahead of cons (125)+5%
ORANGE BEL - 3% beat to cons revs, EBITDA 9% ahead and guidance reit'd (22).+5%
PEUGEOT - 1H 10% beat,should be enough for a squeeze in stock to start(19)+3-5%
ST MICRO - Revs 1% and EBIT 5% ahead of cons. Profit guidance 3% beat (15)+3-5%
TULLOW - Little new operationally. Headline figures inline with ests (159)..+3%
SAGE - Weak Q3 nos, expensive deal but guiding to >200bps margin u/g (718)+2-3%
KLEPIERRE - Co generating good op performance, but still lagging Unibail(36)+2%
LONZA - EBIT CHF447m v bbg est 389m and co confirms FY outlook too (219)...+2%
THALES - Solid with sales 2.9% ahead of cons & guidance remains unch (95).+1-2%
KPN - EBITDA & FCF beat plus biz starting to recover. EBITDA 2.7% ahead(3)+1-2%
GKN - Profit beat with nos 2% ahead & pension costs coming down (330.9)...+1-2%
O2D - Revs 0.9% and EBITDA 2.4% ahead with capex 2.6% below cons ests (4.5).+1%
LAFARGE - Solid and CEO starts earlier than expected. EBITDA 1% ahead (58)..+1%
ENDESA - 5% ahead at EBITDA & 9% beat at net inc. Generation nos better (19)+1%
ALD - We initiate with a BUY rating, and a PO of EUR18, 15% upside (15.8)...+1%
III - Supportive with NAV a fraction ahead of exp. We raise PO to 980p (943)+1%
SNAM - Inline with N.Income 1.7% ahead and EBITDA inline with bbg cons (4)..+1%
COMPASS - Org growth 3.9% and op margins +20bps aft 9mnths as expected(1610)+1%
BANKINTER - Solid results with NII 4% ahead of cons, with Spain +3% (8.4)...+1%
MINERS - Copper +2%, Iron Ore fut -0.75% with BHP OZ +3.6%, RIO OZ +2.6%..+0.5%
REPSOL - BBB- positive from BBB- stable on a €3.8bn drop in net debt (14).+0.5%
ATOS - Nos inline with revs 10bps ahead and EBIT 2% beat. Guide unch (127)+0.5%
PROXIMUS - Positive read across from Orange Belgium numbers in fixed (31).+0.5%
ITV - EBIT beats, Q3 NAR guidance -4% (-3-5% range). FY guide reit'd (176)+0.5%
SOC GEN - CEO ruling out a tie up with Unicredit in Il Sole Interview (49.4)u/c
FRESNILLO - Q2 prodn only was inline with 14.5Moz silver +12% YoY (1528)....u/c
ACCOR - Announced 50:50 JV with Bouygues Immobilier to accelerate growth(41)u/c
UNICREDIT - Soc Gen CEO ruling out a tie up with co in Il Sole Interview(17)u/c
SEADRILL - Announce 6 wk extension to B/S restructuring talks to Sep (3.5)..u/c
RAIFFEISEN - We UPGRADE to BUY taking our PO to EUR28 (see 18% upside) (24)-1%
DAIMLER - Q2 headline miss,cars inline but reported EBIT 3% miss v cons (60)-1%
HAMMERSON - Headlines solid with NAV +4.3% but u/l trends not so good(577)-1-2%
MICHELIN - Disappointing nos. Mgmt confident pricing sticks into 2H (114)...-2%
CSFB
ALD M/P CS INITIATE with NEUTRAL (Risks balanced)
Antofagasta M/P Production inline, Net cash costs better
Atos M/P Confrims FY targets as H1 net rises 25%
Bankinter +2% Q2 NII 3.5% ahead, net income 10% ahead
Calida M/P Sales slightly light CHF175.6m (cons 182), outlook fine
Compass +1-2% Organic growth +3.9% vs CS ests +3.1%
Cramo -1-2% Sales 178mln cons 184.8mln, EBITA 27.8mln cons 28.82mln
Daimler -1-2% 2Q revs EU41.2B est EU41.19B, EBIT EU3.75B est EU3.90B
Enel +0.5-1% Positive read from Endesa numbers
EFG Int +2-3% H1 Gross profit 5% ahead, Underlying profit 20% ahead
EI Towers +1-2% Core Revenues 1% ahead, Adjusted EBITDA 3% ahead
Endesa +1-2% Net Income of 653m v CS at 635m, EBITDA 1.61b v CS 1.594b
Fresnillo M/P On track to achieve 2017 production guidance
GEA Group -1% Orders, sales, adjusted EBITA and 2017 guidance
GKN +1-2% 1H sales GBP4.88B vs GBP5.01B, profit inline
Hammerson +1-2% Nav 771 +4% vs CS around flat
Inficon +1-2% Revs $93.6m vs cons $90.1m, EBIT inline
Inwit +1% Q2 Headline Revs + EBITDA +1% vs cons, FCF better
ITV +1-2% Maintains FY guidance
Jupiter UNCH Inflows in line, net revs 2% light, costs higher
Klepierre +1% EPRA NAV €37 is 1% better than Dec, upgraded FY cash flow
Kloeckner M/P EBITDA €63m vs cons €62m, net debt stable, outlook inline
KPN +2% Q2 Rev EU 1.63bln cons EU 1.63bln, EBITDA beat
Kion M/P Q2 revs slightly light €2.02bn vs cons €2.05bn, confirm FY
Lafarge UNCH Q2 revs 6.85b vs cons 6.92b, confirms 17 tgts
Lonza +3% Revs 2.32b vs cons 2.2b, raised guidance
Marstons +1-2% lfl taverns +1.9% and destination/premium +1.3%
Michelin -1% Revs 11.06bn cons 11.1bn, Operating income inline
Miners UNCH Copper +1.90%, Brent +1.25%, Iron Ore -1.30%, China -0.60%
Norsk Hydro +1% CS UPGRADE to OUTPERFORM (China supply side reform)
O2D +2-3% Q2 Sales EU 1.77b est EU 1.76b, confirms full year
Oils +0.5% US API data showed a draw of -10.2m barrels
Orange Bel +5% Revs 3% ahead, EBITDA 10% ahead, FY17 guidance reiterated
Peugeot +2-3% 1H Operating Profit Climbs; Upgrades Auto Market Forecasts
Rob Walters +1-2% Tax rate lower, divi better
Renault +1% Positive read from Peugeot numbers
Sage +1-2% Buys Intacct for $850M, maintains FY, CS UPGRADE to O/P
Snam +0.5% H1 EBITDA at 1,035mn vs 1,027 cons, net slightly ahead
STM +3-4% Q2 revs $1.92b est $1.91b, margin better, Maintains FY
Subsea +5% 43c v 29c expectations, EBITDA its a 40% beat
Thales +1-2% Confirms 2017 targets. H1 Sales EU 7.24b
Tullow Oil +1-2% No's inline with pre-announce back in June
Unite Group M/P No's inline, outlook on trading relatively upbeat
Valora +1-2% H1 Sales 0.5% light, EBIT margin improved, EBIT 4.5% ahead
VAT Group +3% H1 sales CHF326m vs cons 335m, solid margin guidance
MainFirst Pre Mkt Indications
*LONZA-Rev 2.32b(2.2),GM 38%(33),Ebit 373m(389),Ebitda 529m(558)....+3.5%
*ASMI-Rev 202.05m(191),GM 43.7%(44),OP 37.72m(35.8),Q3 Rev ok.......+0.5%
*LAFARGE-Op Ebitda 1.74b(1.73),Net Sales 6.85b(6.92),o/lk ok........-0.5%
*STM-OP 184m(180.4),Rev 1.92b(1.91),GM 38.3%(38.1),H2 looks ok......+3%
*THALES-Net 336m(337),Ebit margin 8.8%(8.7),FCF 216m(+ve),o/lk ok...+1%
*ATOS-Rev 6.87b(6.31),Net 211m,Op Margin 8.5%,Confirms '17 tgts.....+2%
*KLEPIERRE-H1 Rental Inc 527.1m,Lifts FY Cash flow outlook..........+0.5%
*MICHELIN-Sales 11.06b(11.2),Op Inc 1.42b(1.41),Outlook unch........-1%
*KION-Rev 2.02b(2.05),Ebit 214.2m(211.3),Outlook for '17 ok.........+1%
*M6-Rev 662.4m(653),NI 69.1m(56.1),aims to o/p ad mkt in H2.........+1%
*WORLDLINE-Rev 778m(770),NI 51m(55),Co raised FY guidance...........+1%
*SNAM-Rev 640m(634),NI 250m(244),Ebit 361m(359),Ebitda 521m(521)....+1%
*DAIMLER-Ebit 3.75b(3.9),Rev 41.2b(41.19),sees significant grth.....-1%
*PEUGEOT-H1 Rev 29.2b(28.1),OP 2.04b(1.79),upgrades auto mkt f/c....+1%
*KPN-Rev 1.63b(1.63),Ebitda 601m(576),FCF +296m,Capex 238m..........+2%
*TEF DEUTS-Sales 1.77b(1.76),Adds 518k connections,Confirms FY......+1%
*SEB-H1 Rev 2.94b(2.96),Ebit 202.7m(240),NI 83m,FY Sales Grth 7%....-3%
*ELMOS-Sales 59.5m(60.9),Ebit 6.2m(5.6),Raises FY Ebit margin.......+0.5%
*KLOECKNER-Rev 1.598b(1.6),Ebitda 63m(60.2),Net 23.43m(22.6)........+2%
*VOSSLOH-Rev 267.9m(262),Ebit 24.6m(17),Confirms FY guidance........+0.5%
*PUMA-Confirms numbers & raised outlook on the 17th July............+0.5%
*SOC GEN-Rules out a merger with Unicredit,new bizz plan in Nov.....U/C