BofAML EMEA Indications
SPIRAX - $415m acquisition of Chromalox immediately earnings enhancing(5576)+5%
RESTAURANT GR - 20 wk sales -1.5% but still expects PBT to be inline (323)..+2%
INFORMA - Reassuring we trading inline & small disposals in pipeline (656)..+1%
SAFRAN - We UPGRADE to Buy, with a FV of e90 from e78 (we are RSTR ZC)(79)+0.5%
HAMMERSON - Small disposal in Kent, valn £80m or initial yield of 6.5% (580)u/c
CAIRN ENERGY - We DOUBLE UPGRADE to Buy from U/P & take our PO to 265 (211).u/c
SPIRE - Trading update all reads inline and FY guidance reiterated (338)....u/c
KINNEVIK - We DOWNGRADE to Neutral reducing our PO to SEK265 from 275 (238).-1%
MINERS - Copper -0.25%, Iron Ore fut +0.25% with BHP OZ -2.1%, RIO OZ -1.7%.-1%
FERRAGAMO - We DOWNGRADE to Neutral and lower PO to €28 post strong run (25)-1%
INTERTEK - 4mth update inline & on track to achieve solid org growth (4225).-2%
DNO - We DOWNGRADE to Neutral from Buy, with a new PO of NOK 9.5 (7.91).....-5%
GENEL - We DOWNGRADE to U/P on declining oil prodn & refinancing risk (79.3)-5%
PREMIER OIL - We DOWNGRADE to U/P from neutral and take our PO to GBp50 (60)-5%
Shore
BRITVIC - Pepsi sells 11.8mill shares @ 695p/share (4% discount)............-2%
HAMMERSON - sells Westwood&Westwood Gateway for £80m,net yield on sale 6.5%.UNCH
INTERTEK - 1Q rev GBP883.5mill,sales rise 14%,benefit from weak £,+ve FLS....+2%
SPIRAX-SARCO - acquires Chromalox(provider of electrical products)for $415m.UNCH
RESTAURANT GRP - Total sales-1.5%.Sees pbt for fy in line with estimates.....+5%
EAGLE EYE - Propsosed placing to raise up to £6m............................MKT
SAFECHARGE - signs partnership with Chase,gives access to card payments in US+1%
SPIRE HEALTHCARE - overall trading in line,reits guidance...................UNCH
CAFFYNS - rev+14%,PBT+40%,new car sales+9.3%,cautious stance for yr ahead...UNCH
CS
Aryzta M/P Announce a new Independent Non-Executive Director
Informa +1% Says good progress in 2017, confirms FY expectations
Intertek M/P Organic growth 0.9%, CSe H1 0.7%, guidance inline
Logitech +3% Positive read across from Best Buy numbers
Miners -0.5-1% Copper -0.45%, Brent -3.60%, Iron Ore +0.40%, China
-0.10%
Oils -2% Brent -3.6% to $51.2, WTI -3.5% to $48.6
Restaurant Gp +3% No's slightly light, outlook inline and upgraded away
Spire +1% Numbers inline and reiterates FY guidance
Spirax +3% Acquisition of Chromalox for US$415m