ML
SHIRE – Says willing to recommend $64bn Takeda offer (4000).................+8%
KERING – 1Q Rev. EU3.11b vs Est. EU2.81b; Gucci Drives Growth (451).........+3%
STM – Q1 revenues in-line, EBIT 3% ahead at $290m, EPS 11% ahead (18).....+2/3%
WHITBREAD – Sys intends to demerge Costa,FY ADJ PRET GBP591M,EST580.5M(4311)+3%
CLARIANT – First Quarter Sales 1.8% Above Est., confirms FY18 outlk (25.5)+1/2%
CREDIT SUISSE – 1Q net inc CHF694m vs est 649m as client assets soar(16.52).+2%
STATOIL – 1Q ADJ OPER INC $4.4B, EST$4.54B; ADJ. NET INC $1.5B;EST$1.5B(208)+1%
AIR LIQUIDE – 1Q Rev E5.01b, Est E4.97b; confident to grow net prft ‘18(107)+1%
IBERDROLA – First Quarter Ebitda 1.8% Above Estimates (6.36)................+1%
LINDE – 1Q REV. EU4.04B, EST. EU4.12B, outlook for 2018 confirmed (165).....+1%
METSO – Orders EUR859m, +27% organically YoY and 12% ahead of cons (26.93)..+1%
NORSK HYDRO – 1Q underlying profit NOK2.20bn, estimate NOK2.02bn (51).......+1%
DASSAULT SYS – Small beat, guidance reiterated. Q1 rev €771m in-line (108.7)u/c
DB1 GY – Propose 3 new exec board members to spvy board (111)...............u/c
O2D – 1Q ADJ. SALES EU1.78B, EST. EU1.76B, confirms 2018 forecast (3.927)...u/c
SAFRAN – Post close Zodiac reported inline results (90.48) .................u/c
WORLDLINE - Says 1Q Rev. EU394.1M, Up 5.8% from Year Earlier (40.36)........u/c
CRH – Trading update : LFL sales down but buy back (28.2)...................-1%
OUTOTEC – Orders EUR333m, +10% organically but 3% light of cons (7.13)......-1%
PERSIMMON - Group forward sals, plus sals to date are up 8% at £2.76bn(26.6)-1%
OSRAM – SEES FY EPS EU1.90 TO EU2.10, SAW EU2.40 TO EU2.60 (54.4)...........-6%MS
AENA SM -2% EBITDA 3% AHEAD v CONS. BUT RETAIL -1.5% EVEN WITH EASTER AND FCF WORSE.
AI FP UNCH Q1 ORGANIC GROWTH 5% v 4.8%. OUTLOOK CONFIRMED
ANTO LN -2% PRODUCTION & SALES TOUCH LIGHT v MSe, COPPER DOWN SMALL O'NIGHT
CLN SW -1-2% NUMBERS BANG IN LINE W CONS, MIX OK. NOT CHEAP, GOOD RUN INTO TODAY
CSGN VX +3% PBT BEAT BY 11% - VERY STRONG NNM - WEALTH MGMT DELIVERING ON ALL FRONTS
HNR1 GY -2.5% CITI CUT HANNOVER RE TO SELL FROM NEUTRAL
IBE SM +1% Q1 NUMBERS TOUCH AHEAD OF CONSENSUS
KCO GY +2% MIXED SET OF NUMBERS / RAISED FY18 GUIDANCE
KER FP +5-7% BIG BEAT WITH TOTAL ORGANIC SALES GROWTH +37% VS +23% CONS, DRIVEN BY GUCCI +47% VS +29% CONS
LIN GY RESTR ORGANIC GR TOUCH LIGHT v CONS BUT MARGINS AHEAD
LLOY LN FLAT NO.S INLINE WITH MS - MARGIN OUTLOOK BETTER WITH PRICING TRENDS IMPROVING
METSO FH +3-4% BIG BEAT, MINERALS DIV MGNS WELL AHEAD. SHORT INTEREST c4.7%
NDA SS -2% UNDERLYING PROFIT MISS - CAPITAL AHEAD WITH VOLUMES SHOWING SIGNS OF IMPROVEMENT
NHY NO -1-2% NUMBERS SMALL AHEAD BUT MIX NOT GOOD. NO RESOLUTION RE BRAZIL. ALUMINIUM DOWN SMALL O'NIGHT
O2D GY +1% NUMBERS IN LINE / CONFIRMED OUTLOOK
OSR GY -5-8% PROFIT WARNING LAST NIGHT AFTER THE CLOSE / CUT GUIDANCE
REE SM -0.5% RESULTS IN LINE WITH CSS, SPAIN BIZ BETTER, NO CONF CALL
SHBA SS -3% EARNINGS & CAPITAL MISS - PPOP LIGHTER ON WEAKER TRADING & HIGHER COSTS
STL NO +1% Q1 RESULTS IN LINE, FCF VERY STRONG
STM FP +2% Q1 REVS IN LINE, RAISE GUIDE
TLW LN -1-2% TULLOW 1Q NET OIL OUTPUT 87.7K D/D FY STILL SEEN 82K-90K B/D,NET DEBT FELL TO $3.4B AT END MARCH FROM $3.5B IN DEC
WTB LN +3% WILL DEMERGE COSTA. SHARES ALREADY UP ON EXPECTATIONS. DEMERGER WILL TAKE 24 MONTHS. NUMBERS 1% MISS v CONS
Shore
SHIRE - board willing to engage with Takeda on new £46bn shares & cash offer+10% COUNTRYWIDE - Q1 group income of £145m down from £162m,Lettings ahead of Q4..-1% NICHOLS - Q1 UK rev ahead of prior yr,Intl sales impacted,maintains g'dance.UNCH CRAWSHAW - FY revs +1%,losses widen,margin -1.5%,confident on repositioning.UNCH METRO BANK - Q1 lending +69%,deposits +41%,PBT +21%,88k new customer a/c'....+2% ANTOFAGASTA - copper production to increase Q-on-Q,FY g'dance unchanged.....UNCH PERSIMMON - Sales rev 2.76b so far 2018,up 8% on yr.Sales position strong....+1% BOOHOO - Fy ptp 51m(est40.9).Fy rev 579.8m(est574.7).No divi payment.........+2% FENNER - H1 rev 351.1m.Op pft 37m.Trading since Jan continues improving trend+2% WHITBREAD - Fy ptp 591m(Est580.5).Rev 3.3b(est3.33b).Costa demerger..........+3% FUTURA MED - Saw positive data from MED2002 PK study........................+10% DEVRO - Says ytd trading in line with forecasts.............................UNCH
CRODA - Says company on track to deliver expectations for year..............UNCH LLOYDS - Q1 EPS 1.5p,miss to est,Tier 1 ratio 14.1%,FY guidance maintained...-2% FRESNILLO - maintains FY silver and gold guidance............................-2%
CRH - LFL -2%,plans EU1bn share buy back programme...........................+1%
CS
Aena +1% Revs inline, EBITDA ahead
Air Liquide +0.5% Rev EU5.01b est EU4.97b, confident to grow net profit
Aixtron -1-2% Negative read from Osram cutting guidance
Antofagasta -1-2% Q1 production light, guidance unchanged, a lot to do though
Atos -1-2% Q1 Rev EU 2.95b, confirms 2018 targets
BATS M/P FX impact, Profit weighting to be H2 skewed
Boohoo +5% FY Revenues 1% ahead, adj EBITDA 5% ahead
Clariant +1% Sales 1.8% above estimate, 2018 outlook confirmed
Coface +1% Q1 revenues of EUR 344m, +2.1% YoY, confirming guidance
CRH R EU 1b share buyback program
Flug Zuerich +1% CS UPGRADE to NEUTRAL (Strong growth)
Fresnillo M/P Q1 production inline, outlook unchanged
Gjensidige -3% Q1 PBT of NOK 727m vs NOK 1.06bn cons
Hannover Re -1% CS DOWNGRADE to NEUTRAL (quality priced in)
Iberdrola +1% Net looks 3% ahead, Sees 2018 EBITDA above 9b, cons 8.97b
Infineon +1% Positive read from STM numbers
Intertek -1-2% CS DOWNGRADE to UNDERPERFORM (risky global trade outlook)
Kering +4-5% Q1 sales up +37% on comp basis (est +23%)
Kloeckner +1% Q1 EBITDA €56m vs cons €54.8m, raising guidance slightly
Lloyds -2-3% CET1 light, costs and impairments higher
Mediaset -2% FY revenue inline, no dividend
Metso +3-4% Q1 orders 12% beat, sales 4% beat, adj EBITA 16% beat
Miners -1% Copper -0.25%, Brent -1.40%, Iron Ore +0.10%, China -0.30%
Nordea Bank -3-5% Net income EU809M est EU773.9M,FY rev guidance a challenge
Norsk Hydro -1% Q1 underlying EBIT 3% beat, revs 4% beat
Novozymes -1-2% 1Q ebit 1.02bln vs cons 1,017mln
Oils -1-1.5% US API crude build of 1m barrels, draw of 1m last week
Osram -10% Guidance cut due to uncertain macroeconomic conditions,
Persimmon M/P Numbers inline, forward order book +8% YO
Philp Light -1-2% Negative read from Osram cutting guidance
Red Elec M/P Q1 EBITDA 402.4m, bbg cons. 404.5m, net slightly ahead
Sampo -1-2% Negative read from Nordea, they make up 40% of earnings
SGL Carbon UNCH Raised net income guidance
Shire +8-10% Board willing to recommend 5th Takeda bid worth £49/share
Siltronic UNCH Q1 revs €327m cons at €324m, kept FY guidance
SHB -2-3% Cost and capital a miss, Q1 net 1% below
Statoil -2-3% 1Q adjusted net $1.5b est $1.50b, op income slightly light
STM +2-3% Net income ahead, gross margin ahead
Tullow -1% Strong production, guidance remains unchanged
Volkswagen -1% New US probe is in pursuit of individuals
Whitbread +2-3% Adj pretax ahead, intends to demerge Costa
Worldline M/P Q1 in line, guidance conformed
XXL -5-7% 1Q Ebitda 51m cons 120.5m, LFL sales 7.8% CS at 10.2%
Zumtobel -1-2% Negative read from Osram cutting guidance
Exane
AI FP +1%
APR unch
ATO +1%
BATS LN Flat to -1%
BB +4%
BOO LN +5% to +10%
CAF SM -3%
CLN VX -1%
COFA +2%
COFB +1%
CRDA LN +1%
CSGN SW: +2%
DSY unch
GJF NO: -2/3%
IBE SM +1%
KCO GY +2/3%
KER FP +3% to +5%
LHA GY -2%
LIN GY +1/2%
LOCAL -5%
NDA SS: -2%
NHY NO +1/2%
REE SM +1%
SHBA SS: -3/4%
SHP LN + 7%
STL NO +1/2%
STM +2-3%
TefD +1%
TEP +3%
TKTT -5%
TLW LN +1/2%
WAF GY -1/2%
WIE AV +1/2%
WLN +1/2%
WTB.L +2%
MainFirst Pre Mkt Indications
*CS-Q1 Net 694m(649),Rev 5.64b(5.49),CET1 Ratio 12.9%,AUM 776b.....+2%
*KERING-Q1 Rev 3.11b(2.81),Gucci +49%(40%),CMD on 7th June.........+5%
*CLARIANT-Q1 Sales 1.72b(1.69),Ebitda 268m(266),o.lk confirmed.....+0.5%
*STATOIL-Q1 Net 1.5b(1.5),OP Inc 4.4b(4.5),Divi 23c,Capex $11b.....+2% *NORSKE HYDRO-Q1 Rev 40b(38.35),Ebit 3.15b(3.06),Pft 2.2b(2.02)....+2%
*ATOS-Q1 Rev 2.95b(2.94),Oraganic Grth 2%,Confirms 2018 targets....-3% *DASSAULT SYS-Q1 Rev 771.2m(775),EPS 59c(57),Q2 Rev s/lite.........+1%
*SILTRONIC-Q1 Sales 327.4m(327),Ebitda 122.3m(124.5),GM 38.1%......+3%
*NORDEA-Q1 NII 1.05b(1.08),F&C Inc 770m(829),NI 809m(773.9)........-2%
*WORLDLINE-Q1 Rev 394.1m(392),FY guidance retained OG 5-7%(6.3)....+1%
*ORKLA-Q1 Rev 9.71b(9.66),Adj Ebit 897m(961.3),PT 886m(1.06).......-1% *STM-NI 239m(234),Rev 2.23b(2.22),GM 39.9%(39.5),H2 steady.........+2% *AIR LIQUIDE-Q1 Sales 5.01b(4.97),Confident to grow Net Pft........+1%
*HUHTAMAKI-Q1 Net Sales 725.2m(749),FY Capex flat,trading stable...-2%
*COFACE-Q1 Rev 344m(348),NI 35.5m(34),OP 58.4m(54),CR 72.5%........+2% *HANDELSBANKEN-NII 7.65b(7.66),NI 4b(4.07),CET1 21.6%(22.6)........-2%
*IBERDROLA-Q1 Net 838m(811.1),FY Ebitda +9b(8.98),Net 3b(2.89).....+2%
*LINDE-Q1 Rev 4.04b(4.12),Ebitda 1.08b(1.01),NI 384m(330)..........-0.5% *VAPIANO-FY Sales 324.7m(332),Ebitda 38.8m(38.57),Capex 78.5m......+1% *MEDIASET-FY Rev 3.63b(3.63),NI 90.5m(121.8),No Div,+ve NI,OP......-2% *TEF DEUT-Q1 Sales 1.78b(1.76),Confirms FY targets.................+0.5%
*TARKETT-Q1 Ebitda 29.8m(42.1),Rev 568m(583),Raw Mats up + FX......-2%
*BIC-Q1 Sales 415.4m(426),NI 48.6M(51),Focus remains on FY.........-3%
*OSRAM-Q2 Rev 1.01B(1.02),Cuts FY Rev 3/5%(5.5-7.5) & Ebitda.......-8%
*HAMBORNER-Q1 Rent 20.4m(17.2),OP 7.2m(7.3),Net 3.5m(3.5)..........-1.3% *KLOECKNER-Sales 1.6b(1.66),Ebitda 56m(54.8),FY OP s/better........-2% *SGL CARBON-Q1 Sales 260-265m,Ebit 11-12m,Confirms FY Ebit.........+0.5%