ML
SMURFITT - Has rejected unsolicited approach from Intl Paper (2859.75)..+10-15%
DS SMITH - Positive read across from SKG being approached by Intl Paper(503)+5%
HELICAL - £150m disposal to Blackstone, 14% premium to Sept book value (342)+5%
MONDI - Positive read across from SKG being approached by Intl Paper (2007).+5%
COVESTRO - Confirmation 1COV to replace PSM in the DAX on March 16th (90.9).+3%
THALES - FY org growth 7.2% YoY with Q4 15% YoY with EBIT to growth 20% (92)+3%
INTERTEK - Pre tax profit 1% ahead with good margin growth and CF (5015)....+3%
T.ITALIA - Elliott said to build a stake. Concerned re Vivendi's role (0.8).+3%
BODYCOTE - H2 sales +3.7% v cons with org growth 5.1% & profit +7.8% (930)..+2%
EVONIK - Sales inline,EBITDA 2% below. Group margin 13.3% v 13.5% cons(31)+1-2%
AENA - In talks to acquire stake in Luton Airport; Expansion reporting (169)+1%
MINERS - Copper +0.6%, Iron ore fut +0.5% with BHP OZ +2.1%, RIO OZ +0.5%...+1%
ASHTEAD - PBT 5% beat, though co is guiding to inline at the full yr (2050).+1%
VONOVIA - Inline with FFO EUR 20.8m, just above top end. CFO leaving (37.8).u/c
CAIRN HOMES - Op profit hits top end of guide. Moves nos down slightly (1.8)u/c
W.HILL - CrownBet set to buy William Hill's Australian biz; AFR says (316)..u/c
IBSTOCK - Numbers look inline.Don't expect this to move the dial today (262)u/c
SPORTS DIRECT - Findel look at potential commercial supply arrangement (362)u/c
ROTORK - Revs 2%/ EBIT 6% ahead with H2 margins of 22.1% v 21.2% cons (286).u/c
BAWAG - BAML DOWNGRADE to Neutral and revise our PO to EUR47 from 49 (43.3).-1%
PROSIEBEN - Covestro to replace in DAX. BAML est 9.15m shrs to SELL (29.5)..-2%
MCCARTHY & STONE - H1 revs £240m v FY exp £730m. Op profit lower too (134)..-3%
NORWEGIAN AIR - Pricing -6% YoY in Feb with load factors falling 2% YoY(166)-3%
AGGREKO - PBT & EPS 2% below. Guide to flat PBT at CC, may drive cons (688).-5%
JUST EAT - Revs 8%/ EBITDA 3% ahead v cons. Guidance 23% below ests (792).-6-8%
CS
Aggreko +3-5% Sees FY18 pretax inline with FY17, revs ahead, EPS
light
Ashtead +1-2% Adj PBT 2% ahead, US strong, UK soft
Bodycote +1-2% FY revs 690.2mln cons 688.4mln, 2018 started inline
Bucher +1-2% FY17 EBIT 4.5% ahead, dividend better
Covestro +2% Entering the DAX effective March 19th
Dormakaba -3% H1 Turnover 1.5% ahead, Organic Sales light
Easyjet M/P Traffic stats - load factor 93% from 92%,
Eurofins +1-2% FY revs 2.97bln cons 2.98bln, increasing 2018 rev
objective
Evonik -2% Q4 EBITDA 474m, Cons 482m, miss in Services
Forbo M/P FY sales slightly ahead, dividend slightly light
Intertek M/P EBITA 1.7% ahead, EPS 1.9% ahead
IWG M/P Numbers inline with market expectations
Just Eat -10-15% Revs 4% ahead, investing in the biz, pft guidance light
Lindt +1-1.5% FY EBIT 595.4mln cons 597.7mln
Logitech -2% CMD - Confirms target for 2017/18, 2018/19 guidance
light
Meyer Burger +2% Awarded contracts with combined order vol of about
CHf14m
Miners +0.5-1% Copper +0.70%, Brent +0.15%, Iron Ore +0.95%, China
+0.90%
Mondi +1-2% CS UPGRADE to OUTPERFORM (Earnings prospects/valuation)
Oerlikon +1-2% FY17 Order intake 3.5% ahead, sales 3% ahead
Ontex Group -3% Pre-warned in Jan, guiding to low single Digit LFL
Rotork -7-10% 1% beat on sales and profit, margin outlook weak
Saipem -8-10% Revs light, 4Q adj loss EU105M est profit EU53.0M
Smurfit Kap +10% IP approach/turned down, no price detail given
Tele Italia +2% Elliott is said to build T Italia stake to take on
Vivendi
Thales +2% EBIT EU 1.54b est EU 1.51b, Targets higher 2018
earnings
Unicaja +1-2% CS ASSUME OUTPERFORM (potential merger)
Vonovia +1% EPRA NAV EUR 38.49/share (vs CSe 37.65), Re-confirmed
Divi
Will Hill +1-2% Disposal of Australian business to CrownBet, £168.5m
Macq Indications:
* Aggreko- FY Rev’s £1.73bn, expects FY18 PBT to be inline with last year. +1-2%
* Ashtead- Rev 4% beat, op profit inline, CAPEX at top end, keeps FY guidance; +1-2%
* IWG- FY Rev’s inline, Div increased. Unch
* Just Eat- Results in line with consensus but outlook slightly negative. -5%
* McCarthy & Stone- Slow H1, FY Profits to be H2 weighted. -1%
* Papers- Read-across from SKG bid approach. SMDS, MNDI, +2-3%
* Smurfit Kappa- Received approach from Intl Paper Company, believes it to undervalue company. +10%
* William Hill- Selling Australian Business to Crownbet for AUS$300m. Unch
* Aena- In talks to buy stake in Luton Airport (Expansion). Unch
* Evonik- EBITDA inline, Selling Methacrylates Unit. -2%
* Saipem- No's a miss at EBITDA level due to provision on Onshore E&C division, but outlook ok. -1-2%
* Thales- FY Rev’s & EBIT small ahead of est’s, Sets FY18 Guidance range €1.62-1.66bn.
* Vonovia- No’s top end of Guidance range, increasing Divi. Reiterates 2018 forecasts. CFO Stepping down. +1-2%