BOFA-ML
NAT EX - Solid on FX tailwind. Expect cons to move towards our ests (365p)..+3%
NORSK H - Big beat up 9% at underlying EBIT. Reit Aluminium forecast(36.7)+2-3%
MTU - 3Q adjusted EBIT of €139.7mn YoY, +13% vs. cons €124mn (98.62)......+2-3%
LUXOTTICA - Soft Q3 revs up 1.4% cFX & 2017 guidance not confirmed (43.7).+2-3%
STJ - Confident update. Gross sales 5% beat. Biz mix looks unch QoQ (968p)..+2%
COVESTRO - EBITDA +12% v cons & strong vol grwth. EBITDA guide u/graded (54)+2%
DIA - Inline EBITDA with margin flat YoY. Do not expect cons to move (5.6)..+2%
MINERS - Copper +0.85%, Iron Ore +0.9% with BHP OZ +0.4% & RIO OZ +2.4%...+1-2%
RANDSTAD - Solid but unexciting Q3. Org growth beat +4.2% v +3% cons (46).+1-2%
ORANGE - Inline. Q3 rev 0.5% beat driven by Spain & France at €10.32B (14.2)+1%
ANGLO - Small prodn beat with no update on Australian met coal sale (1076)..+1%
SWEDBANK - Ahead on every line. Keeps upwards momentum on track (207.8).....+1%
AIR LIQUIDE - 3Q sales inline. U/lying growth +2% a touch ahead of cons (93)u/c
WHITBREAD - 1H LfLs are slightly soft but EBIT is inline with cons (3843p)..u/c
TOTAL - Gas pipe explosion at Gonfreville refinery said to injure 5 (44)..-0.5%
PEARSON - We DOWNGRADE to U/P. At best an opportunity cost til 3Q17 (754)...-1%
TODS - 3Q sales €260m, 2% light v BAML with retail sales -6.8% at cFX (50)..-1%
NOVARTIS - Low qual beat. Sales inline, op profit +4% & EPS +3% v cons (74).-1%
GKN - Ok with 3-4% rev beat but outlook takes the shine off the nos (317p)-1-2%
UBM - We DOWNGRADE to Underperform; 640p PO (the only sell on stock) (703p).-2%
SYNGENTA - Sales of US$2.5bn, -3.5% y/y, -2% v cons. Vols -7% v -9% (414)...-2%
ALFA LAVAL - Execution ok, but orders weak & cost savings look light (129)-2-3%
SAFRAN - Disappointing aftermkt growth (-1.6% v ML +2%) is risk to 17 (62)-2-3%
WARTSILA - Headlines v weak with orders 3% miss but keeping FY guide (39).-3-5%
DASSAULT SY - EBIT & EPS, 5 & 9% ahead but slightly weak licences (73.5)..-3-5%
RBC PRE-MARKET INDICATIONS:
*AAL: 0% Q3 prod mixed, Iron Ore beat, Coal in line, guidance reit except met coal.
*ADIDAS: 0% read BELLE International -2.5% weak H1 earnings.
*ALFA LAVAL: -2% Q3 orders miss, adj EBITDA in line, restructuring program started.
*COVESTRO: +2% Q3 EBITDA beat +22%, FY outlook raised.
*FORTUM: -2% Q3 interim report, profits miss expect., sales in line.
*GKN: -1% trading statement, 9-month org sales +2%, sees lower market growth.
*LUXOTTICA: +4% Q3 revs 1% beat, net sales in line, FY guidance fonrimed.
*MTU AERO: +1% 9-month earnings ahead, raising FY earnings forecasts.
*NEX: +1% Q3 profit +9%, overseas biz leading, continues to "deliver strong growth".
*NHY: +2% Q3 sales +1%, underlying EBIT well ahead, downstream worse.
*NOVARTIS: -1% Q3 revs light, core EPS beat, FY outlook confirmed.
*ORANGE: +2% Q3 rev beat, EBITDA in line, FY outlook confirmed.
*PWTN: +1% Q3 EBIT in line, Ocean vols -9%, Air +9%.
*RANDSTAD: +4% Q3 revs & EBITDA beat, organic growth +4.2% v 3% est..
*SCHINDLER: +2% Q3 orders 6% ahead consensus, rev slightly light, EBIT ahead.
*STJ: +2% Q3 beat across the board, growing biz in line with Q4 objectives.
*SWEDBANK: +2% Q3 strong, pre-tax prof 15% above cons, slight disappointing cost target.
*SYNGENTA: 0% Q3 revs slight miss, ChemChina regulatory process extends to Q1 2017.
*TOD'S: +1% Q3 sales in line, UK, ML China & USA improving in Sept.
*UCB: +2% Q3 revs 4% ahead consensus, FY forecast confirmed.
*WHITBREAD: +2% H1 revs 8.1%, adj pre-tax beat, FY in line.
CS
3I Group M/P Sells debt management business to Investcorp
Adecco +1% Positive read from Randstad numbers
Airliquide +0.5% Revs 1% light but outlook confident
Alfa Laval +1-2% Headline inline, Equipment division better, Process worse
Aldermore -1% CS DOWNGRADE to NEUTRAL (Risk reward)
AMS -3-4% Q3 in line, Q4 guidance weak, large acquisition
Barclays -1% U.S. DOJ said to delay Bank fines for mortgage misselling
CGG +2-3% Large seismic contract win with Pemex
Covestro +2% EBITDA €574m CSe €528m Cons €513m, FY slightly better
Deut Bank -2% U.S. DOJ said to delay Bank fines for mortgage misselling
Fortum -1-2% 9M Adj net of 372mn vs cons 391m, no guidance given
GKN -1% Trading statement inline but reads cautiously
Huber -2% 9M sales 2% light, guidance slightly disappointing
Kemira -2-3% Q3 revs €596.3m vs cons €622.5m, FY guidance inline
Luxottica +4-5% Net sales inline, Sunglasses Hut and online better
Millicom M/P Numbers slightly light but maintain FY guidance
Miners +2-3% Copper +0.85%, Brent +0.30%, Iron Ore +6.00%, China -0.14%
MTU Aero +2-3% 3Q sales EU1.10b vs cons EU1.13b, raises guidance
Nat Express +2% Record passenger growth in Spain and Morocco
Neste -1-2 Net income inline, operating profit slightly light
Norsk Hydro +1% Q3 small beat vs consensus, primary metal division better
Novartis +0.5% Q2 EPS $1.23 vs est $1.2, low quality beat
One Savings +1% CS UPGRADE to OUTPERFORM (Valuation)
Orange +1% Revs 0.5% ahead & EBITDA 0.2% ahead
Panalpina -0.5% Q3 numbers inline with market expectations
Pendragon M/P Numbers and full year expectations inline
Randstad +3-4% Underlying EBITA of €271m, 259M Cons
RBS -2% U.S. DOJ said to delay Bank fines for mortgage misselling
Safran -2% Q3 sales declined -3.7% and -0.7% organically
Schindler +1-2% Orders slightly better, margin ahead, outlook inline
Shawbrook -1% CS DOWNGRADE to NEUTRAL (Risk reward)
St James +1-2% Net inflows slightly better, AUM £71.4b cons ~70b
Swedbank +3% Bottom line 13% beat, NII a 4% beat, fees a 3% beat
Syngenta R Chemchina regulatory process extending into Q1 2017
Tieto -1% Q3 net sales €341m vs cons €351m, maintains outlook
Todds +2-3% No's inline, improvement in October
Trelleborg M/P Q3 Net Sales 1.6% light, Adj Op Profit 1.7% ahead
UCB UNCH Headline Drug sales ahead re-affirms guidance
Wartsila -1-2% 3Q Adj operating profit light, sales E1.08b vs est. E1.16b
Whitbread -1-2% H1 revs £1.56b vs cons £1.55b, pretax slightly better
MF
*NOVARTIS-Q3 Sales 12.1b(12.2),EPS 1.23(1.20),NI 2.94b(2.85)..........+1%
*COVESTRO-Rev 3.022b(2.98),Ebitda 574m(524),Net 259m(205),FY up.......+2%
*PANALAPINA-Gross Pft 1,091.7m,Net Forwarding Rev 3.86b...............-2%
*DIA-Ebitda 161.7m(161),Net 61.1m(56.5),Adj Ebitda Margin stable......+2%
*RANDSTAD-Rev 5.35b(5.32),Asj Pft 193m,Ebita 271m,Margin 5.1%.........+2%
*LUXOTTICA-Net Sales 2.23b(2.22),Co confirms 2016 outlook.............+4%
*ALSTOM-France wants Alstom to buy Thales Signalling Unit.............-2%
*EUROFINS-Unit Cited by FDA Over Marketing Unapproved Zika Tests......-1%
*TODS-Q3 Sales 260.1m(260.9),Saleas store sales -14.6%................-2%
*ALFA LAVAL-Restructuring Costs SK1.5b,700 redundancies...............-4%
*SAFRAN-Q3 Rev 3.99b(4.02),Organic Grth -0.8%,Civil -1.6%.............-2%
*ORANGE-Restated Ebitda 3.6b(3.59),Rev 10.323b(10.3),o/l unch.........+1%
*KWS SAAT-Sales 1.04b(1.06),Ebit 112.8m(114),Divi 3(3),o/l ok.........-1%
*SCHINDLER-Orders 2.59b(2.46),Sales 2.4b(2.41),Ebit 277m(270).........+1%
*AMS-Rev 146.7m(149.9),Ebit Excl 28m(29.2),Q4 Ebit -50% vs Cons.......-5%
*MTU AERO-Ebit 139.7m(124.9),Net 97.3m(84.8),Sales 1.1b(1.13).........+1.5% *NESTE-Rev 3.03b(2.9),Adj Net 206m(211.7),Refining margin $9.4........+1.5%
*AIR LIQUIDE-Q3 Rev 5.077b(5.13)Oragnic 2%(1.9),ToughQ4 comps.........+1%
*SYNGENTA-Q3 Sales 2.5b(2.61),Guidance unch,Chemchina Extended........-1%
*DASSAULT SYS-Rev 735.5m(729.4),EPS 63c(57.6),Raises EPS Target.......-2%
*NORSK HYDRO-Rev 20.2b(19.9),NI 1.12b(1.35),Ebit 1.48b(1.35)..........+2%
Jefferies first thoughts:
GKN -3% sales org growth of 2%
Pendragon unch in line statement, though used car margins a concern
Whitbread +1% adj PTP better, Costa ok, has been weak
Air Liquide +1% Q3 revs sl light, confirms guidance
Dia +1% Q3 sales growth +0.8% in line, margin pressures reducing
Orange +1% EBITDA in line, French mobile service revs sl better
Luxottica +3% Q3 org sales growth +1.4% in line, maintain guidance, relief
MTU +1% EBIT better, raises FY guidance
Norsk Hydro +2% Q3 EBIT 10% beat, maintains FY16 alu outlook
Novartis -1% sales in line, EPS 3c beat, but not great quality
Safran -2% Q3 revs weak, due to 1.6% decline in Civil Aftermkt in $
Swedbank +2% PTP 14% above cons, better NII, financial income, credit quality
UCB +1% Q3 revs 5% better, guidance upper end, low quality beat though