Merrill
* HELLO FRESH - HFG GY - deal priced at e10.25/sh, trades today, 27m shares....
* JUST EAT - STM selling a 2% stake; Jefferies the sole bookrunner.............
* LADBROKES - Apollo Credit, Cerberus selling 49.3m shrs @ 124.5p/shr; MS sole.
TATE - Look fine, pretax £25m better than ests but sales just inline (688)+3-4%
DANSKE - Solid results and new FY guidance likley drives small u/gs (250)...+3%
INTU - Guiding to slightly +ve LFL's having been guiding towards zero (217).+2%
BOSS - Retail comp stores sales a beat +5% v cons +3%. Guidance okay (77)...+2%
HOWDEN - Good trading statement with last 16 weeks revs are up 8.2% (419).+1-2%
BT - Solid, EE the standout with good nos and KPIs. Guidance reit'd (264).+1-2%
CENTAMIN - Overall ok although financials a small miss, EPS is inline (145).+1%
FRESENIUS - Akorn results broadly inline yday. Maintains FY17 guidance (71).+1%
CS - High quality beat with PBT 15% ahead on beats in both WM and PB (15.8).+1%
SWISSCOM - May squeeze. Beat,reits guidance that now looks conservative(508)+1%
TENARIS - Beat with EBITDA of US$225m v BAML US$197m & vols up 35% YoY(11.5)+1%
DSM - Sales +3.6% v +2.8% cons and EBITDA also ahead. Mix looks good (74)...+1%
ROYAL DUTCH - 3Q17 clean net income $4.2b v cons $3.7b and DPS in unch(2383)+1%
FRAPORT - Group EBITDA €387.7m v €376.3m cons. Reit outlook for FY17 (83).+0.5%
MINERS - Copper -0.2%, Iron Ore fut -0.6% with BHP OZ +1.5% & RIO OZ +3.3%..u/c
RSA - Positive u/lying continues and balance sheet is healthy,161% SII (633)u/c
RED ELECTRICA - Nos exactly inline, net income €496m v bbg cons €497m (18)..u/c
RYANAIR - Oct traffic stats; Traffic grew 8% YoY & load factor +1% point(17)u/c
FMC - Inline with EPS slightly ahead. Outlook been maintained for rev (83)..u/c
IWG - Statement not a factor as they pre-announced warnings already (217.4).u/c
LUPE - Beating EBITDA cons, increasing prodn guidance and cutting capex(208)u/c
SWISS RE - 1bn buyback starts tomorrow, corso takes the shine off Q3 (93.9).u/c
REPSOL - Hires Alantra to study renewables purchase; El Economista (16.2)...u/c
ACACIA - CEO and CFO have resigned, separately. Interims been appointed(182)u/c
MORRISON - Group LFL (ex fuel) +2.5% v +2.8% & retail LFL +2.1% v +2.4 (222)-1%
SANOFI - EPS small light. Diabetes guidance slightly worse than exp (79.7)..-1%
RANDGOLD - Small miss even v flagged weaker prodn. EBITDA is 8% light (7400)-1%
GN STORE - Inline with org growth 7% v 7.4% cons.Maintained org growth (209)-1%
ING - Not good enough. 9% pretax beat, lower provisions, NII 1% ahead (15.8)-1%
CARLSBERG - Miss although raised guidance, org sales growth -1% v -0.3%(715)-2%
LANCASHIRE - Pretax loss of $134.2m v $125.8m. No special divi as exp (728).-3%
PLAYTECH - Warning. Cut nos to c5% below bottom end of market exp (814).-15-20%
CS
BT +2% Numbers inline, no dividend cut
BT +2% Numbers inline, no dividend cut
Carlsberg -1% Q3 revs 2.9% miss, org vol growth -4% vs -3.9% exp
Danske Bank +1-2% Q3 Net 4% beat, NII 2% ahead, CET1 ahead at 16.7%
Fraport +1-2% Sales inline, Ebit a beat €299.5m vs cons €283.5m
Fresenius R 3Q adjusted Ebit EU1.13 billion, estimate EU1.14 billion
Fres Med -1-2% Sales miss, Q3 Rev EU 4.34bln est EU 4.39bln
GN Store -2% Numbers mixed, 3Q revs miss, but audio growth better
Howdens +2% Short trading statement reads fine
Hugo Boss +1-2% Q3 LFL better, EBITDA touch light, sales guidance raised
ING Group -1% Low quality beat driven by one-offs
Intu +2-3% Announced JV, +ve rental comment, large short interest
IWG +1-2% October sales said to be very strong
DSM +1% EBITDA beat. Nutrition organic strong.
Lancashire -2-3% Small beat vs cons, but no special dividend
Meyer Burg. -15-20% CHF50m re-structuring charge for Thun to be discontinued
Morrisons -1% Retail LFL +2.1% vs Cons 2.4%, total sales +2.3% cons 2.9%
Playtech -10% Ad Hoc profit warning Expect FY 5% below cons
Randgold -1-2% Q3 EBITDA of $186m, down 8% QoQ (vs CS at $215m)
RDS +1-2% Beat across the board, cash flow very strong
Rio Tinto +1-2% Aussie line well bid, rallying further than London close
RSA +1% Q3 IMS shows YTD Revenues at 5.1bn, +3% CFX, +8% nominal
Sanofi -1% Q3 Miss, diabetes guidance lowered
Swiss Re +0.5% Hurricane claims slightly lower, buyback announced
Swisscom +1% Revs & EBITDA beat vs Cons. FY17 guidance reiterated
Tate & Lyle +2% Pre-tax GBP 161mln. est GBP 146ml, sales inline
Tenaris UNCH Numbers last night were broadly inline with cons
Valiant +1-2% Q3 CHF83.8m vs cons 77.2m, operationally all reads fine
Macquarie
UK:
UK:
* Acacia- CEO/CFO to leave, still seeking Tanzania tax resolution; -3-4%
* BT- Small Ebitda beat, FY outlook maintained, no warning. +1-2%
* Centamin- Production 156koz, +26% vs Q2, maintains FY production and cost guidance; +2%
* CYBG- CYBG to Lift Provisions for Legacy Conduct Costs by £403m, taking 20bps off CET1. -4% in Oz.
* GVC- Sells Headlong for €150m. Strong start to year has continued, NGR in Oct 26% ahead of last year. +2-3%
* Howden- Good trading performance, On track to meet FY forecasts. +1%
* Just Eat- STM Fidecs Trust selling 13.5m via ABB. -1%
* Ladbrokes Coral- Apollo & Cerberus selling 49.3m shs at 124.5p. (close 127.1p). -1-2%
* Lancashire- Q3 GWP $143m, Net Loss from disasters this year $165m. Will pay standard divi but no special divi in 2018. -1%
* Morrisons- Q3 LfL’s up 2.1% & Sales up 2.3% both a miss vs consensus. -2%
* Playtech- FY Performance to be 5% below bottom end of est’s due to Sun Bingo & Asia problems. -5-10%
* RDS- Q3 Profit beats due to downstream, but Net debt higher. May temper upside move +1%
* Rio- Strong in Oz. +2%
* RSA- Profits ahead of last year but lower than their targets after Natural Catastrophes. -1%
* Tates- H1 sales inline, bulk ingredients strong, positive outlook with FY PBT “slightly higher” than anticipated; +1-2%
EURO:
* Bureau Veritas- Acquisition to expand Building & Infrastructure service offering; +0.5%
* Carlsberg- No’s light but raising guidance. +1%
* Credit Suisse- Q3 beats across board. +2%
* Danske- PTP of DKK6.23bn 5% ahead of consensus. Raising FY Profit guidance. +3%
* Fraport- 9M revenue +13.7%, keeps FY guidance; +0.5%
* Fresenius SE- Numbers all bang in line and guidance confirmed. +1-2%
* Fresenius Medical- Q3 Revenue a touch light and EBIT c2% ahead. Confirms FY outlook. Unch
* GN Store- Boosts FY Audio revenue growth to +7% from +6%; +2%
* ING- Pre-tax income of €1.99bn for Q3, 2% of Macq est’s. Beat driven by impairments & NII. +1%
* Red Electrica- Bang inline with previous guidance. Unch
* Sanofi- Diabetes outlook worsened.-1-2%
* Swisscom- 9M Ebitda CHF 3.35bn. FY Outlook unchanged.+1%
* Suisse Re- Confirm of buyback despite Disaster Loss. +2%
MainFirst
*SANOFI-Net EPS €1.71(1.72),Diabetes sales to drop 6-8% to '18.......-2%
*SANOFI-Net EPS €1.71(1.72),Diabetes sales to drop 6-8% to '18.......-2%
*DANSKE-FY Net 19-21b(18-20),Q3 NII 5.96b(5.84),NI 4.73b(4.53).......+2%
*CS-Net Rev 4.97b(4.97),Net 244m(201),Global grth strong in Q4.......+1%
*SWISS RE-9m -$468m(-558),Comb Ratio P&C 114.1%(120.5),B/B 3/11......+1%
*CARLSBERG-Q3 Rev 16.7b(17.21),Sees Org Pft Gth 7-8%(mid-single).....-2%
*ING-Q3 NI 1.38b(1.33),PT 1.995b(1.86),CET1 14.5%(inline),low qual...-1%
*FRAPORT-Q3 Sales 873m(875),Ebit 300m(288),FCF 388m,o/lk inline......+0.25%
*DSM-Q3 Sales 2.14b(2.08),Adj Ebitda 365m(351.3),Exps good FY........+2%
*FRES MED-Q3 Rev 4.34b(4.39),Net 319m(301.4),Ebit 624m(607.6)........+0.5%
*FRES SE-Q3 Sales 8.3b(8.29),Adj Ebit 1.13b(1.14),Net 423m(422)......+0.5%
*SWISSCOM-9m Rev 8.6b(8.56),Ebit 1.77b(1.74),Net Inc 1.27b(1.23).....+0.5%
*GN STORE-Q3 Rev 2.28b(2.31),Ebita 406m,FY ORG +7% vs +6% prev.......+1%
*TENARIS-Q3 Net Sales 1.30b(1.32),EPS 9c(4.6),Divi 13c...............-0.5%
*HUGO BOSS-Q3 Sales 710.7m(711.9),Ebitda 142.9m(146.4),FY +LSD.......+1%
*VALIANT-9m OP 286m(283),NP 84m(77),Confirms tgts, FY at '16 levels...+0.5%
*DRAGERWERK-Q3 Sales 621m(620),Ebit 24.4m(28),FY outlook ok..........-1%
*FIELMANN-Q3 Sales 364.55m(366),PT 76.27m(76),Net 52.21m(52),o/l up..+0.5%
*P/VAC-Q3 Sales 154.2m(147),Ebit 24.9m(21.9),Net 17.3m(14.9),o/l ok..+1.5%
*RYANAIR-Oct Passengers 11.8m,Oct Load factor 96%....................U/C
*SUEDZUCKER-Read from Tates PT 169m(146),Sales 1.4b(1.41),stk +3%....-0.5%
Jefferies
CARLSBERG: 3Q Org Volume -4%, cons -3.9%, Rev -1%, cons -0.3%, Increases FY Org Op Profit to +7%-+8% vs previous MSD, street at 6% ... flat to +1%
CARLSBERG: 3Q Org Volume -4%, cons -3.9%, Rev -1%, cons -0.3%, Increases FY Org Op Profit to +7%-+8% vs previous MSD, street at 6% ... flat to +1%
BOSS: 3Q Sales €710.7m vs cons 711.6m, 3Q EBITDA €142.9m, cons 146.4m. Sees FY sales +low single digit, Bbrg cons implies 1% ... may see bounce as weak yday, called +1%
ING: # IN LINE/SLIGHT BEAT - Q3 CET1 14.5%, net inc €1.38bn vs e€1.86bn ... called +1%
SWISS RE: 9m not as bad as feared - net loss $468m v e$558m, starts buyback...called +1%
DANSKE BANK: BEAT & RAISE - Q3 net income DK4.73bn vs (e) DK4.53bn and raises FY net guide to DK19bn-DK21bn (prev DK18bn-DK20bn) .. called +3%
SANOFI: Q3 results POOR - net profit -6.4% on weak diabetes franchise ... called -2%
DSM: Q3 sales €2.14bn vs cons €2.08bn, adj EBITDA €365m ~4% above cons. Expects to deliver FY17 above targets ... called +2%
GN STORE: Q3 EPS DKK2.05 vs cons DKK2.01. Organic growth S/LITE at +7% vs cons +7.4% and confirmed FY outlook ... -1% to -2%
CREDIT SUISSE: Q3 revs IN LINE/NNM strong - net CHF244m vs cons CHF184m, adj pretax CHF400m vs cons CHF541m, core adj pretax CHF620M vs cons CHF1.01bn ... called +1%
FRESENIUS SE: Q3 EBIT and sales inline, guidance confirmed, stock weak going into numbers ... called +1 to +2%
TATE & LYLE: GOOD Q3 print - adj ptp £169m vs JEF(e) £155m, adj EPS 27.6 vs JEF (e) 26. Says expects FY to be modestly higher than expectations ... we think +2%
Shore calls
LADBROKES CORAL - Apollo & Cerberus sell 49m shares @ 124.50p...............
MKT RANDGOLD RES - Q3 production lower than Q2 due to planned decrease in grade.-2%
WILMINGTON - slower start,Q1 revs +6%,PBT marginally lower,n/c to outlook...-1%
HOWDEN - pick up from H2 2016,total revs +6.3%,margins in line..............+1%
ACACIA MINING - CEO and CFO resign..........................................-2%
JOHNSTON PRESS - Q3 grp revs flat,digital revs +16%,sees FY in line........UNCH
INTU PROP - anticipates positive LfL rental growth,inline with g'dance.....UNCH
LANCASHIRE - comfortable with losses,no special divi,sees rate hardening....-1%
TATE&LYLE - H1 sales 1.4b(Est1.41b).Ptp 161m(Est146m).Divi 8.4p.............+1%
BT - Q2 rev 5.95b.Ptp 789m(Est783m).Interim div 4.85p.......................+1%
MORRISON - Q3 in line,Forecasts unchanged,on front foot for Christmas.......+1%
SHELL - Q3 adj pft $4.1b(Est3.62b).Output increased 10%y/y to 8.45m Tons....+2%
RSA - Says ahead od same period in 2016 but less than targeted..............-2%
PLAYTECH - Sees Fy performance 5% below bottom end of estimates.............-5%
CENTAMIN - Q3 gold production +26% on Q2,maintains guidance.................+1%