BAML
LOREAL - 5.5% Q4 LfL v 4.95. Would buy NESNs 23% stake in cosmetics co (175)+2%
SAFE - BAML UPGRADE to Buy; more +ve appraisal of industry fundamentals(489)+1%
BIG YELLOW - BAML UPGRADE to Buy from Neutral with a new PO of 833p (840)...+1%
KINGSPAN - BAML UPGRADE to Buy from Neutral and raise PO from E36 to E45(35)+1%
ORION - BAML UPGRADE to Buy. Guidance disappointing but nothing changed (27)+1%
GAS NAT - CVC seeking loan of €1.4b to acquire Repsol’s Gas Nat stake (18)...+1%
MEDIOBANCA - Strong rev beat and inc. payout target post capital update (10)+1%
REPSOL - Spec CVC seeking loan of €1.4b to acquire Repsol’s Gas Nat stake(14)u/c
MAERSK - U/l profit at low end of cons but majority due to its acq. (10360).u/c
VICTREX - Sales +41% y/y & vols +30% y/y. Rev helped by a positive FX (2412)u/c
MINERS - Copper -0.5%, Iron ore fut -2.1% with BHP OZ -1.1%, RIO OZ -0.88%..-1%
UMICORE - BAML DOUBLE U/G to Buy and ests upgrade of +12/26% in '18/19 (40).-2%
AMUNDI - Net profit 20%, net fees 1% ahead but flows no disappointing (70)..-2%
CECONOMY - Earnings €145m v €173m cons. Group reits its FY guidance (10.9)..-2%
MainFirst
*L'OREAL-FY Rev 26.02b(26.07),OP 4.68b(4.71),wld + Nestle stake.....+1%*RUBIS-Rev €3.93b(3.92),Q4 Rev €1.11b(1.15),Energy Bizz vol +27%....+0.5%
*EMS CHEMIE-FY Sales 2.15b(2.12),Ebit 582m(575.8),o/lk ok...........+0.5%
*TARKETT-FY Sales 2.84b(2.84),Ebitda 315m(308),sees '18 stable......-1%
*MEDIOBANCA-Q2 Rev 571.5m(548),Net 175.4m(150),cutting Generali.....+1%
*CECONOMY-Q1 Sales 6.94b(6.93),Ebitda 315m(348),Confirms FY.........-1%
*ATLANTIA-Is said to have funding to raise Abertis bid €19 plus.....-1%
*MAERSK-FY Ebit 641m(1.03),Ebitda 3.53b(3.64),Rev 30.9b(31.96)......-10%
*DEL HERO-ABB 3.972m shs at €30.75-€32.60 vs clse €32.60............-2%
*UMICORE-ABB 22.4m shares at €39.8 vs close €40.90..................-2.5%
*STORA ENSO-Q4 Ebit 280m(272.4),Sales 2.51b(2.55),Div 41c(40).......+1%
SHB
MAERSK ->5% q4 revs $8.174b (CONS 8.028); EBITDA $3.53B (CONS 3.64)
Entra +4% Q4 rental income 1% above cons, operating profit 19% above cons,
FINGB -5% Q4 bang in line with recent warning. Sees revs continue declining.
BUFAB +2% q4 sales sek828m (CONS 762 [only 2]); op prof sek69m (CONS 62)
MEKO -1% q4 sales sek1.51b (CONS 1.48); adj EBIT sek103m (CONS 104)
FRED -5% q4 rev $50m (CONS 47.2) EBITDA $10m (CONS 11.2)
NPRO -3% Q4 Rental inc 2% below cons, op profit 4% below cons
BERGMAN mp q4 revs sek954m (cons 956) OP prof 53m (CONS 49)
DUNI -2% q4 sales sek1.25b says price comp hasn’t fully offset pulp prices
MMGRB +2% Sales +4% beat and adj EBIT +29% Margin 5.1% vs 4.1 cons
CS
Amundi M/P Q4 revs slightly ahead, div better, outlook conservativeAnima M/P FY Revenues 1.5% ahead, EBITDA 3% ahead
Drax M/P Yesterdays capacity auction adds about 3% to 2022 EBITDA
Flow Traders +15% Q4 Revs 6% ahead, EBITDA 18% ahead, strong start to 2018
Kinnevik M/P 4Q net asset value per share SEK329, div relatively inline
L'Oreal +3-5% Sales growth ahead, CEO talking about buying Nestle stake
Maersk -1-2% FY underlying profit $356m vs cons $425.4m, guidance light
Miners UNCH Copper -0.60%, Brent -0.25%, Iron Ore -1.50%, China -5.50%
Sanofi -1% LOREAL own 10% of SANOFI, may sell to buy back Nestle stake
Umicore +1% H2 earnings and 10% equity placing
Victrex +2-3% Q1 40% growth in sales, ahead of CS ests