ML
DECAUX - Inline but strong Q1 outlook is a big positive.Est 9% org growth.+5%
CGG - headline numbers look strong,net debt as expt. No guidance..........+5%
CRH - FY EBITDA €2.22bn, 6% above.Div stable & inline,reads v well......+3/4%
HUNTING - in-line with expectations, only +ve is net debt was better.....+3%
AGGREKO - Mixed FY15 results. 2016 guidance is in-line. SI is 10%+........+3%
ADMIRAL - PBT beat by 16%, UK reserve releases good. Tone is constructive.+3%
JERONIMOS - EBITDA 9% ahead, to invest EU550-650m, div EU0.265/shr......+2-3%
CARILLION - revs look better,op profit better. High quality order book..+2-3%
BILLITON - +ve Samarco agreement overnight.BLT to self fund obligations...+2%
STEELS - U.S. imposed tariffs of 266% on imports from China.AKS +20% etc..+2%
ARKEMA - Clean EBITDA small beat.Net debt good.Outlook confident. Solid...+2%
VONOVIA - 2015 FFO beats @ €608m,Rental income €1.41b,reits guidance......+2%
BUWOG - We INITIATE with BUY, PO €21.9. Quality portfolio. 14% upside.....+1%
GRAND CITY - We INITIATE w. BUY, PO €23.5. 22% upside +2.1% div yield.....+1%
SCHRODERS - PBT 1% beat, End Dec AUM of £313.5bn, All reads in line.......+1%
AVIVA/PHOENIX - FCA to take no retrospective action on life ins claims....+1%
MELROSE - numbers in-line, cash a bit better, focus on potential deals....U/C
BBA - FY15 numbers generally in-line, Revs 2.13b,Dividend 13.5c...........U/C
ADIDAS - Pre-released. Nothing new here in guidance, not needle mover.....U/C
DELHAIZE - Largely pre-released.Also reit mid 2016 for merger completion..U/C
AHOLD - Delhaize merger on track for mid-2016.Margins small beat.US ok....U/C
TRAVIS - Top line £5.94bln (cons £5.95),EPS 124.1p (cons 123.9) DVD ok....U/C
VESUVIUS - In line largely, but cautious commentary on general outlook....U/C
ASSA - Sells car lock unit,positive effect on margin. Turnover of €60m....U/C
GENEL - FY15 results look inline; US$1bn non-cash write down on Taq Taq...U/C
DOM PIZZA - revs £316.8m, Op profit better, EPS 35.7p,record new openings.-1%
ADLER RE - We INITIATE with UNDERPERFORM, PO €10.15. LTV >80%.............-1%
SPIRAX - strong results but travel and arrive,decent margin progress......-1%
SHAWBROOK - Strong FY15 result,PBT at £80.1m 3% beat mostly from bad debt.-1%
COBHAM - lowering expectations further on commercial.Op profit light....-3-4%
ISAT - MIXED – Higher capex than est, will get mixed reactions on revs....-5%
WHITBREAD - LfL Sales +1.7% light vs cons. Costa & Premier Inn both light.-5%
EVONIK - WARNING. Outlook for 2016 is poor. Implies c15% cut to ests....-5-7%
CS
Accor -1% Accor/HNA Group are considering bids for Carlson Rezidor,BB
Adidas M/P Numbers inline with pre-release on 11 Feb
Arkema +2-3% Sales EU7.68b vs EU7.75b est, divi small ahead
Admiral FY15 PBT £377m v cons. £350.4m, dividend better
Aggreko +2-3% EBITDA inline, dividend maintained, Outlook inline
Ahold +2% 4Q underlying op income EU421m, est. EU382m
Autoneum +2-3% EBIT better CHF126.5m vs cons 121.3m, outlook inline
Axel Spring +1% Revenues €3.29bn vs cons 3.26bn, dividend slightly light
BHP +1-2% Samarco deal signed, not as bad as thought
Cobham -2% Revs 2.07b vs cons 2.15bln, demand subdued in some areas
Coltene -3% Sales 1% miss, EBIT 5% beat, outlook inline
CRH +3% FY sales 2% beat, EBITDA 2% beat, PBT 7% beat
Carillion M/P PTP is inline with cons, outlook fine, divi slightly ahead
Delhaize +1% Dividend Tops Ests, 2016 Capex Seen Rising
Domino's +1-2% Delivered good results, EPS slightly ahead, divi inline
Evonik -3-5% Q4 inline cons, FY16 14% below cons, Outlook weaker
Freenet +3-4% Revnues/EBITDA inline, outlook better
Inmarsat -7-10% Q4/15 & FY16 Guidance-Q4/15 Revs ex-L2 weak -5% vs Cons
Jeronimo +1-2% Net income/sales inline, EBITDA 2% beat
JCDecaux +1-2% Adj org rev up 4.2%, says it can outperform ad market
Jungheinrich +1-2% Sales €2754m vs cons 2734m, no guidance given yet
Melrose +1-2% Op profit 3% miss, remain focused on acquisition op
Miners +1% Copper +0.20%, Brent -0.60%, Iron Ore -1.05%, China +0.11%
Mittal +3-5% US to impose 266% duty on imports of Steel from China
Schroders +2% Clean PBT 1.5% beat, AuM 313.5b (cons 308)
Spirax Sarco +1% Revs 667.2mln cons 669.923mln, adj PBT 2% beat
Travis Perk +1% Op profit inline, Renovation mkt showed good growth in Jan
UBM -2-3% Update on proposed sale of PR Newswire to Cision
Vesuvius -3-5% Trading Profit 124mln co guided to 125-140ml
Volkswagen -1% Spec CEO Winterkorn knew of emissions issue a year before
Vonovia +2-3% Reports EPRA NAV at EU30.02, above co guidance of 28-30
Whitbred -2-3% Premier Inn lfl +2.2% vs cons +3%, Costa also weak