BAML
3I - Blow out at 701p v BAML 695p for the FY so well ahead of cons (975)..+4-5%NEX - Has reaffirmed cost guidance, tax rate 22-24% is down from 27% (610)+3-4%
BBVA - Solid P&L in Q4 slightly offset by capital, divi and NAV/s miss (7.7)+2%
INDIVIOR - Tax rate for '18 onwards to be 'high teens' v 24.4% in 2016 (411)+2%
BT - Announcing 3m FTTP target up from 2m. This was already leaked info(260)+2%
DASSAULT SY - Q4 beat but mixed '18 guide, implies declining margin (94.7)..+2%
LUNDIN - Divi announcement; '18 US$175m (c2% yield); '19 US$350mn+ (199.2)+1-2%
RDSA - Clean NI $4.3b v $4.25b cons. DPS unchanged as was expected (2487)...+1%
UNILEVER - Org sales 4% v 3.7%,driven by better vols. Op margin inline(4040)+1%
ROCHE - EPS 1% miss, sales inline. EPS to grow broadly inline with sales(232)+1%
UNIBAIL - Earnings +7% inline & guidance for similar growth in FY18 (208.7).+1%
ICP - AUM bang inline with BAML ests. Reassuring. CMD is also today (1158)..u/c
VOD - Group headline, org service growth 1.1% inline cons. Guide reit'd(225)u/c
ORANGE - Will no longer be able to sell its subscribers access to TF1 (14.5)u/c
GLENCORE - Prodn looks broadly inline with copper a little better (403.7)...u/c
SKANSKA - EBIT SEK5.5b v pre-release SEK5.3b, EPS inline. Backlog down (160).u/c
JD SPORTS - Formally completed its acquisition of Sports Zone on 31 Jan(366)u/c
TF1 - Co says that it has ended its distribution accords with Orange (12)...u/c
ACACIA - More hedges in place to protect against downside in gold pxs (185).u/c
STM - Negative read across from Qualcomm (-1% a/hs) on weak guidance (19).-0.5%
MINERS - Copper -0.25%, Iron Ore fut -1% and BHP OZ +1.52%, RIO OZ +1.11%.-0.5%
DIALOG - Negative read from Qualcomm (-1% aft hrs) on weak guidance (24.4)-0.5%
SIG - Reports overstatement of profits in 2016; totalling £3.7m in '16 (161).-1%
DAIMLER - EBIT miss, 10% below cons. Trucks looks weaker than ests (73.7).-1-2%
NOKIA - Mixed. Q4 beat but IP licensing & networks gross margins weak (3.8).-3%
FERRAGAMO - Q4 sales -5.1% cFX, a miss v cons 0.2%, wholesale driven (21.9).-3%
NOVOS - Weak Q4 and disappointing outlook in DKK on 10% EBIT FX impact (317)-5%
CS
3I +1% 3Q NAV 701p, back in November this was 652pAIB -1% CS INITIATE with UNDERPERFORM (Valuation)
BBVA +1-2% 4Q net income EU70M est loss EU143.5M, Spain strong
Covestro +0.5% ICIS reports TDI plant in Geismar impacted by freeze damage
Daimler -2% Q4 revs inline but earnings light, Mercedes margin light
Dassault Sys +1% 4Q non-IFRS EPS EU0.89; est. EU0.82, guidance encouraging
DNB +2-3% Headline profit 27% better, capital 10bps better
Ferragamo -3-4% Retail LFL -3%, wholesale -10%
Glencore UNCH Production. Net neutral Copper beat CSe, Coal, Nickel miss
H&M UNCH CS DOWNGRADE to NEUTRAL (Challenging outlook)
ICP M/P AuM €27.4bn from €23.8bn in May, Q3 trading inline
Miners +0.5% Copper -0.30%, Brent +1.00%, Iron Ore -0.10%, China -1.00%
Nex Group +1-2% Tax rate down to 22-24% from 26-28%
Nokia -1% Q4 Adj EPS eu 0.13, est EU 0.11, betwork guidance ahead
Novo Nord -5% FY Sales DK112b est DK112.13b, guidance light
Outokumpu -1-2% CS DOWNGRADE to NEUTRAL (Cost pressures)
Ørsted +1-2% 2017 EBITDA inline, dividend ahead
Peugeot +1% French registrations up +2.5% y/y in Jan, Peugeot strong
PGS M/P Revs for Q4 $235.6m vs cons 212.8m, outlook inline
Qiagen +1-2% FY17 numbers in-line, bottom-line bit better
Roche +0.5% FY Core EPS CHF 15.34, EPS CHF 15.53, sales growth stable
Royal Dutch -1-2% Bottom line 5% ahead, cashflow weak
RPC UNCH H1 revs inline, tax rate better
Siltronic -3-5% Q4 sales €328m vs cons €325m, EBIT slightly light
SIG -7-10% Identified a historical overstatement of profit
Steels +1% US Steel strong overnight on earnings, Asia peers strong
Unibail M/P EPRA NAV of €211.0, up 2.3% in H2, guidance inline
Unilever +1% Underlying sales up 4% est 3.8%
Vodafone M/P Q3 Org serv rev growth +1.1% est +1.2% Re-affirms guidance
MainFirst
*ROCHE-FY EPS 15.34(15.53),Sales 53.3b(53.11),OP 19.01b(19.35)......-1%*NOKIA-Q4 Sales 6.7b(6.44),EPS 13c(11),Cuts FY N/Wrk mkt grwth......-2%
*SILTRONIC-FY Sales 1.18b(1.18),Ebit 236m(237.2),'18 Sales DD.......-7%
*BBVA-Q4 NI 70m(-143.5),NII 4.6B(4.36),CET1 11.1%,BLR 4.4%..........+1%
*DNB-Q4 NI 6.37b(5.12),CET1 16.4%,NII 8.86b(8.85),New B/Back........+1%
*DASSAULT SYS-EPS 2.68(2.61),Rev 3.24b(3.21),Q1 Rev 750-770m........+3%
*FERRAGAMO-FY Rev €1.39b(1.41),Sales Constant FX -1.4%(+0.2%).......-5%
*SKANSKA-FY Rev 160.8b(159.03),OP 5.5B(5.39),Divi 8.25).............+2%
*NOVO NORDISK-FY Ebit 49b(49.3),Sales 112b(112.13),Div 7.85.........-5%
*QIAGEN-Q4 EPS 43c(41),Sales 396.9m(1% beat),Buyback of $200m.......U/C
*DAIMLER-Q4 Ebit 3.47b(3.73),Rev 43.59b(43.47),Ebit flat YoY........-1%
*UNILEVER-Sales 4%(3.8),Vol 3.2%(1.6),Pricing 0.7%(2.2),H2 Prov.....-1%
*GURIT-FY17 Sales CHF361m(359),OP margin at upper end, FY 13/3.......+1%
Broker Changes
AIB Group Rated New Underperform at Credit Suisse; PT 4.60 Euros
Airbus Reinstated Overweight at Morgan Stanley; PT 115 Euros
ArcelorMittal Upgraded to Add at AlphaValue
BAE Reinstated Equal-weight at Morgan Stanley; PT 5.50 Pounds
BCP Downgraded to Underperform at BPI; PT 35 Cents
Burberry Rated New Hold at Jefferies; PT 16.50 Pounds
Capita Downgraded to Hold at Jefferies
Dechra Pharma Downgraded to Sector Perform at RBC; PT 24 Pounds
Freenet Downgraded to Sell at UBS; PT 27.50 Euros
Galp Downgraded to Sell at Goldman
H&M Downgraded to Neutral at Credit Suisse; PT 150 Kronor
Hamburger Hafen Raised to Hold at Kepler Cheuvreux; PT 24 Euros
IMCD Upgraded to Buy at ING
Imerys Upgraded to Add at AlphaValue
Inchcape Rated New Underweight at Barclays; PT 6.95 Pounds
Medistim Downgraded to Hold at DNB Markets; PT 76 Kroner
Meggitt Reinstated Equal-weight at Morgan Stanley; PT 5 Pounds
MTU Aero Rated New Underweight at Morgan Stanley; PT 140 Euros
NOS Downgraded to Underweight at Barclays; PT 6 Euros
Outokumpu Downgraded to Neutral at Credit Suisse; PT 7.50 Euros
Prosegur Cash Rated New Buy at Kepler Cheuvreux; PT 3.25 Euros
Prosegur Upgraded to Hold at Kepler Cheuvreux; PT 7.65 Euros
Rolls-Royce Reinstated Equal-weight at Morgan Stanley
Rosneft GDRs Downgraded to Hold at HSBC; Price Target $6.50
Safran Reinstated Equal-weight at Morgan Stanley; PT 98 Euros
Salvatore Ferragamo Downgraded to Underperform at Jefferies
Sartorius Stedim Upgraded to Add at Gilbert Dupont; PT 69 Euros
Statoil Upgraded to Neutral at Goldman
Straumann Downgraded to Sell at Berenberg
Subsea 7 Upgraded to Neutral at Goldman; PT 124.70 Kroner
TalkTalk Upgraded to Outperform at RBC; PT 1.50 Pounds
Unipol Cut to Hold at Kepler Cheuvreux; Price Target 4.60 Euros
Vivendi Downgraded to Hold at HSBC; Price Target 24 Euros
Yara Upgraded to Hold at Norne Securities; PT 380 Kroner