TheChek News Flow

ML

SOFTWARE AG - Q4 sales a 3-4% beat, FY15 EBITA margin 30% v 28.5% cons..+5-7%

OCADO - Amazon may approach Ocado according to the DailyMail..............+5%

MAN GROUP - AHL +3.6% on Friday, up 4.4% from last official valuation day.+4%

UNILEVER - Q4 org growth +4.9% v 4% est, FY EBIT in line, reassuring....+3-4%

CRED AG - Exploring sale of stakes in regional banks, worth c EUR 17bn....+3%

UBI IM - Did not receive letter from ECB re NPLs, +ve surprise............+3%

PRUDENTIAL - Solv II ratio at 190% and capital at top end, very solid.....+3%

ABB - Spec in DI co to sell Power Grid div for $12-15bn to Chinese buyers.+3%

VESTAS WIND - We add to our Europe 1 (top picks) list, PO DKK 630.........+2%

UNITED INTERNET - We INITIATE coverage with a BUY rating, PO EUR 55.......+2%

B. LAND - All lettings ahead of H1 ERV, Leadenhall 94% let, robust........+2%

RENAULT - Further emissions headlines re Espace but not new news..........+2%

CAIRN - Uneventful IMS, cash levels better than est, oil holding up.......+2%

THALES - Foreign affairs min says confident of Rafale sales to UAE, Echos.+2%

DRILLISCH - We INITIATE coverage with a Neutral rating, PO EUR 42.......+1-2%

ZALANDO - 5% cons upgrades on bottom line but sales miss will hold back.+1-2%

SKANSKA - Wins order worth c SEK 1.5bn, included in order bookings in Q1+1-2%

RIO - Q4 production fine, guidance parameters mostly met in 2015..........+1%

IG GROUP - net trading rev +8.8% but pretax lower on inflationary costs...-1%

ACCIONA - Anti-corruption court investigating bribery in public contracts.-2%

NOVOZYMES - Org growth 4% v 4.1% cons, '16 org growth 3-5% v 5.8% cons..-2-3%

JPM:
CRED AGRICOL May consider selling stakes in regional banks to improve capital+5%

LUXURY China retail sales inline +11.1% yoy. Jewellery better vs Nov +3%

PRUDENTIAL Solvency 2 ratio of 190%. Expectations were 170 - 180% +3%

RIO TINTO Weak prodn update. No mention on of more opex/capex cuts +1%

SOFTWARE AG Q4 beats 3% on revs and 7% on op. profit. Margin guidance ahead +5%

UNILEVER Good enough. Org growth beats / EPS inline. FY margin inline +3%

ZALANDO Q4 implied sales growth = slowdown v Q3. No comment on gr margin+1%


CS:
Adidas M/P CS upgrade to NEUTRAL (Valuation)

BAE Systems -1% CS downgrade to UNDERPERFORM (Due to Outperformance)

British Land +2-3% Lettings strong, occupational markets remained robust

Compass Group M/P Re-stating earnings changing their geographies slightly

Credit Ag +3-5% Seeking ways to bolster capital

Flug Wien +2-3% 2015 is a new passneger record, 2016 outlook inline

Flow Traders +1-2% ETF trading surged last week, nearly 40% above 2015 average

IG Group +1-2% H1 inline, net trading revenue inline

Industrials +1-2% Sector strong in China, weaker GDP, potential stimulus

Kinnevik +1-2% Kinnevik own 32% of Zalando

Komax +2-3% Revenues 1.5% beat, talking to people on sale of Medtech

Miners +1-2% Copper +1.95%, Brent +1.8%, Iron Ore +0.65%, China +3.03%

Novozymes -3-4% 4% revenues light, DK3.45B, est DK3.48B

Rio +1% FY15 prod/FY16 guidance inline/slightly light

RSA +2% Spec AXA and Allianz may be interested in RSA Insurance.DM

Schoeller -1-2% FY15 sales €312m vs cons €325m, 2016 to be difficult

Software +3-5% Q4 Revenues 3% beat, FY op earnings 19% beat

Stora Enso UNCH One off with a negative net impact of approximately EU250m

Total +2% CEO says company won't cut dividend

Unilever +2-3% 4Q underlying sales growth 4.9%, estimates 4%

Zalando +4-5% Sales slightly light but profits inline, stock been weak


Mainfirst:
*CREDIT AGRICOLE-May sell stakes in Regional Banks worth €17bln.....+2%

*SOFTWARE-Ebita 92.2m(90.9),Rev 257.5m(250),Ebit 80.1m(84.1)........+6%

*KOMAX-FY Orders 442.8m(380.1),Sales 370m(364.5),Medtech 4 sale.....+2%

*HENKEL-Still plans major acquisitions,strategy remains unch........U/C

*VW-To continue selling diesel cars in the US says Mueller..........+1%

*TOTAL-Annual pft will fall by more than 20%,no Divi cut............+2%

*RENAULT-Needs to adj emissions systems,Espace exceeds limits.......U/C

*UNILEVER-Sales Grth 4.9%(4),Vol Grth 1.9%(2.5),Price 2.9%(1.6).....+3%

*NOVOZYMES-Rev 3.45b(3.48),Ebit 962m(970),Ebita 1.35b(1.18).........-1%

*ZALANDO-Q4 Sales 865-872m(880),Ebit 61-78m(72),FY Rev ok...........+3%


ShoreCap:
RIO TINTO - meets Q4 production targets,iron ore shipments +11%............+0.5%

BR.LAND - strong Q3 with robust demand for space,retail footfall +2%.........+1%

JUDGES - recovering order intake sustained over H2,sees FY results inline....+3%

JOHNSTON PRESS - revs -7%,digital+12%,print-12%,sees FY EBITDA,debt inline..UNCH

SCS GROUP - strong Xmas & Jan sales,LfL+8.8%,FY profits significantly ahead.+10%

UNILEVER - 2015 sales growth 4.9%(Est4%).Margin +30bp.Tough outlook..........+1%

XLMEDIA - Sees fy revs ahead of expectations.................................+5%

IG GROUP - H1 pbt 98.6m.Divi 8.45p.CEO says H2 has started well..............+1%

MYSALE - revs +4%,profits +16%,margins +250bps,good trading continues........+2%


RBC:
AIR/RR/SAF -1% China plans to merge 40 entities working on plane engines ($22bn)

AMUNDI -2% On the read through from ACA talk given stake.

ANTO/GLEN +2% Copper +2% on Chinese hopes of stimulus and a steady currency

ARM +2% APPLE suppliers in Asia well bid, CATCHER (+5.94%)

BRITISH L. +1% Q3 Trading statement solid, retail footfall ahead despite weather

C.AGRICOLE +1% Consider selling 25% stake in regional banks (was -7% yest)

INTESA +2% Bounce after yesterday (-5%) on NPL concerns appear unfounded.

NOVOZYMES -2% Q4 EBITDA ahead, revs inline, but '17/19 growth rates low

PRUDENTIAL +2% New solvency capital ratio of 190%, new CEO announcement for UK.

RENAULT -1% Les Echoes reports emissions abode prescribed levels for Espace.

RIO TINTO +2% Production strong STILL! Slowing expansion projects growth.

SOFTWARE +6% Q2 operating margin well ahead, earnings beat - preannouncement

UNILEVER +2% Q4 sales growth ahead, pricing better, volume light - inline.

ZALANDO +2% Q4 trading update inline, importantly confirm FY - relief rally