ML
* COM HEM - BC Partners to sell 15m shrs via Morgan Stanley & Nordea.........
* ENAV IM - Trading Day 1. €759m pre shoe, €834m post shoe. Priced @ €3.30...
VIRGIN MONEY - Clean 15% beat on costs of £5m and bad debts by £9m.......+10%
FAURECIA - Beat. Op income 9% ahead of cons. Raises FY16 op margin guide..+3%
GKN - Solid. Sales +2% org, op profit +7% beat. Announce new cost savings.+3%
MONDI - Beat. Preannounce op profit expected to be above the prior year...+3%
COVESTRO - EBITDA 8% beat on margin. Mix ok with beat across all 3 divs.+2-3%
MTU - Beat & raise. Net sales €1,201.3m v €1,122mn & op profit +7% YoY..+2-3%
INMARSAT - Spec US DoD gives goahead on contract that was prev protested+2-3%
MICHELIN - Solid. EBIT 9% & EBIT margin 13.7% beat. Implies c.5% upgrades.+2%
MANGROUP - Inline. EPS 10% ahead on small absolute nos, flows in Q2 decent+2%
RANDSTAD - Mixed but gd enough. Topline miss but decent margin & trends...+2%
ICADE - NNNAV EU74.2 a share +1.5% since Dec 31st. Increasing CF guide..+1-2%
SEGRO - Solid. NAV +2.6% after adj for stamp duty & transaction taxes...+1-2%
UNITE - 1H looks strong with NAV +7%, EPRA EPS +15%, interim divi +9%.....+1%
TI - Positive. Brazilian sub TSU reports revs +1.3% and EBITDA +6% v BAML.+1%
BT - Ofcom announces next steps on its Strategic Review of Digital Comms..+1%
PZ CUSSONS - Inline with exps, divi inline, cont challenges in Nigeria....+1%
UPM - Sales 2.5% light bit EBITDA +4% v cons. Cost-efficiency delivering..+1%
MINERS - Iron Ore +0.8%, Copper -0.44% with BHP OZ -0.3%, RIO OZ +0.9%..+0.5%
CAPCO - Mixed. Covent Garden good perf, lettings above ERV in the period..u/c
PFG - Revs light, PBT up 17.6% looks inline. Vanquis bank looks inline....u/c
DRAX - EBITDA below but EPS inline on FX. Miss guidance but CFD delay exp.u/c
BP - Miss at bottom line, $720m v $840m cons on weaker prodn/upstream...-1-2%
STRAUMANN - We DOWNGRADE to Underperform. See risks in dental implants..-1-2%
ORANGE - Rev 0.9% & EBITDA 0.3% miss, Spain better, AMEA and ICSS worse.-1-2%
LUXOTTICA - EBIT 8% light, net sales weak and guidance cut. We reit U/P...-2%
LAMPRELL - Rig delivery delay exposes to a liquidated damages claims......-2%
CRODA - Mixed update with H1 PBT 148.5m v 146m cons. Stock had gd run.....-2%
VICTREX - Inline with cautious comments. Q3 vols -10% YoY, sales -6% YoY..-2%
COMMERZBANK - Prerelease inline but capital 50bps worse on pension deficit-3%
CS Calls :
AMS +2-3% Revenues €132.4m vs cons 131.8m, net €19.6m vs cons 16.4m
Anglos +1% Spec BHP bidding for Anglo American's coal assets
Applus +2% Numbers inline, Organic growth better
Autoneum +1-2% Sales CHF1.09b vs cons 1.08b, EBIT around 2-3% ahead
BP -1-2% 2Q ADJ net income $720M, est $819M
BNP -1% Negative read from Commerzbank numbers
BT -1-2% Openreach Should Be Separate Co. Within BT Group, Ofcom
Cap & Count -2% CFO to leave, NAV 344p vs CS at 362p
Commerzbank -3% Q2 Net miss, CET1 at 11.5%, backwards from 12%
Covestro +2-3% Q2 EBITDA 542m, Cons 503m, Outlook Increase in Core vols
Croda -1-2% organic growth -2% in first half vs -1 in Q1
Deut Bank -1% Negative read from Commerzbank numbers
Drax +1-2% Underlying business performing in line with expectations
Elis +1% Revenues €730m vs cons €725m, confirms FY outlook
Faurecia +5% H1 sales 2% miss, net income 15% beat, op income 8% beat
Fevertree +1-2% H1 revs and dividend inline, commentary positive
Genmab +0.5% Positive drug update from U.S. Food and Drug Admin
GKN +3-4% 8% EBIT beat, sales 1% miss, little impact from Brexit
Hibernia M/P No's inline with market expectations
Icade M/P No's inline with market expectations
Infineon +1% US peer Texas Instruments up 5.7% a/h on Q3 rev/EPS beat
Inwit +1-2% Revenues around 1.3% ahead, EBITDA around 3.5% ahead
Ladbrokes +1% CMA final decision on Gala Coral merger inline
Luxottica -2-3% Op profit inline, guidance for FY16 adjusted down
Man Group +1-2% Mgmt fees slightly better $90m cons $89m, inflow better
Michelin +1% H1 recurring op profit 8% beat, sales 3% miss
Miners M/P Copper -0.45%, Brent +0.15%, Iron Ore +0.70%, China +0.45%
Mondi M/P H1 trading statement inline, EPS 73 – 77c
MTU Aero +2-3% 2Q sales EU1.20b; est. EU1.14b
Orange -1% 2Q Sales, EBITDA Inline with estimates
Provident Fin M/P Adj pbt ahead at £148.9m vs cons 146.3m
PZ Cussons +1% FY revs 821.2m vs cons 823.16m, PTP 103m vs cons 101.83m
Randstad UNCH EBITDA: 240m VS 238m, Q1 growth rate was 5%; Q2 3%
Refresco +3-5% Bought Whitlock Packaging for $129m
Renault +1% Positive read from Faurecia numbers
Segro UNCH Strong F/H reflecting the continuing occupier demand
SFS -1-2% CS downgrade to NEUTRAL (Muted growth)
STM +1% US peer Texas Instruments up 5.7% a/h on Q3 rev/EPS beat
Sulzer +1% Orders higher driven by Pumps Equipment division
Umicore M/P UMI & Sinochem are looking at Atotech, Reuters
Virgin Money +1-2% Underlying PBT £96.5m, CS ests 90.2m, outlook softer
Vontobel -1% Better costs, assets down to CHF179.3bn from 187.2b
Mainfirst
*VW-US Judge to consider prelim approval of VW accord...............+1%
*ORANGE-Rev 10.1b(10.1),Ebitda 3.34b(3.34),Debt 24.5b as of 30/6....-1%
*COVESTRO-Sales 2.99b(3.04),Ebit 364m(326),Ebitda 542m(499).........+2%
*CBK-NI 209m(219),OP 342m(343.5),Cet1 11.5%,ADR closes -3.8%........-4%
*LUXOTTICA-Sales 4.72b(4.75),Op Inc 857m(855),Net 532m(514).........-2%
*MICHELIN-Net 769m(769),Sales 10.29b(10.6),150m b/b,China mkt ok....+2%
*RANDSTAD-Rev 5.11b(5.18),Ebita 240m,OG Europe ok,US stable.........+1%
*FAURECIA-Sales 9.532b(9.699),Ebit 490m(452),NI 245m(213),OM 5%.....+3%
*PHILIPS-CEO says some Medtech acquistions possible-Boersen.........-0.5%
*AMS-Rev 132.4m(131.4),Ebit 24.4m(18.8),Net 19.6m(13.3),o/l weak....-4%
*SULZER-Sales 1.38b(1.35),Net 50.4m(30),Orders 1.42b(1.37)..........+1.5%
*AUTONEUM-Sales 1.09b(1.07),Ebitda 123.8m(118),Ebit 89.9m(85).......+1%
*VONTOBEL-Pft 105.7m(84.4),NNM 3.1b,Op Inc 496.8m(492),Reits o/l....+2%
*EDP RENOVAVEIS-Net 59m,Ebitda €648m,Fin Expenses +20%..............-2%
Macquarie:
Capital Counties CAPC- Writes down Earls Court value by 14% post Brexit. MD & CFO Soumen Das leaves to join Segro. -2%
Macquarie:
Capital Counties CAPC- Writes down Earls Court value by 14% post Brexit. MD & CFO Soumen Das leaves to join Segro. -2%
Croda CRDA– on track to deliver FY results, benefitting from weaker sterling, cautious given economic uncertainty; +2-3%
Drax DRX- EBITDA down £50m to £70m, low end of consensus. 2015 a tough year, 2016 to be as challenging.-2%
GKN – H1 Sales & EPS both ahead of forecasts, sees 16 as year of growth; +2-3%
Jardine JLT- Revenue growth 5% to £619m, remain confident. +1%
Lamprell LAM- Delay of delivery of jack-up rig until mid-August. Mkt conditions remain challenging, guiding 2017 Revenues lower. -10/15%
Provident Financial PFG- Revenues & Margins up, start to H2 Strong. But dividend misses due to Bank Corporation Tax surcharge. -3%
SAB- AB INbev raises offer to £45 from £44, closed £44.40. Says offer is Final. +0.5%
Virgin Money VM/- Good set of no’s with a 10% beat across board. Brexit not affected customers demand . +5%
ShoreCap:
PROVIDENT-H1 ptp 148.9m.Divi 43.2p(Est47.7p).Confident forward statement...-2%
ShoreCap:
PROVIDENT-H1 ptp 148.9m.Divi 43.2p(Est47.7p).Confident forward statement...-2%
CRODA-H1 adj op pft 152.6m.On track to deliver forecasts for fy.............+1%
BP-Expect Q3 reported prod lower than Q2.Q2 prod 2090 MBOE.Q2 divi 10c......-1%
GREENCORE-Revs 360.4m.Confident to perform in line with mkt expectations...UNCH
SEGRO-H1 adj eps +6.5%.H1 ptp 74.2m.NAV/Share +2.6% to 475p.................+1%
VIRGIN MONEY-Says customer demand strong after Brexit vote..................+2%
CHARLES TAYLOR-Buys Cega for 29.8m.........................................UNCH
SABMILLER-AB Inbev increases offer to £45 from £44..........................+3%
CROSSRIDER-H1 revs $29m.Expects ebitda between $3.3m&3.5m.Net cash $70.....UNCH
VICTREX-Says on track for H2 improvement.Q3 in line wth forecasts...........+1%
FEVERTREE-H1 revs +69%.Strong growth across all regions.....................+2%
BT-Ofcom says Openreach should be separate company within BT Group..........+2%
GKN-a beat EPS 15.5p v est 13.6p outlook statement positive ................+2%
JARDINE LLOYD- Ptax -46% on exceptional costs outlook challenging...........-2%
PZ CUSSONS-in line Nigeria beginning to improve ............................+1%
LADBROKES/CORAL-must sell 350/400 shops for clearance says CMA .............-1%
UNITE-H1 strong despite Brexit outlook positive ............................+1%
MAN-FUM$76.4 vs $78.7 div better outlook cautious ..........................-1%
RBC:
*ANGLO: +1% COAL CEO MKHANAZI to replace KUMBA CEO MBAZIMA from SEPT.
RBC:
*ANGLO: +1% COAL CEO MKHANAZI to replace KUMBA CEO MBAZIMA from SEPT.
*BP: -1% lowering capex guidance, numbers touch light.
*BT: +2% OFCOM review, not proposing to split.
*CASINO: 0% CNOVA numbers in line.
*COMHEM: -1% ABB 15M shares @ 73.25 SEK.
*COMMERZBANK: -5% preliminary Q2 update weak, -50bps CET1 ratio.
*CRODA: 0% H1 sales in line, cautious but reiterates guidance.
*DEUTSCHE BANK: -1% read through from higher pension liabilities at COMMERZBANK.
*DRAX GROUP: -2% H1 results guiding to low end of range on delay of CfD.
*EDPR: -1% H1 EBITDA small beat, net miss.
*GKN: +2% H1 profit ahead, FOKKER integration on track.
*INWIT: +5% Q2 net income +18% YOY, board approves acceleration plan.
*JLT: +1% PBT ahead, dividend and revenue in line.
*LUXOTTICA: -3% H1 adjusted operating prodit -2.5%, reduces FY guidance.
*MAN GROUP: 0% total fees light, adjusted PBT ahead, AUM in line.
*MICHELIN: +1% H1 profit +11% beats estimates, FY guidance confirmed.
*MTU-AERO: +3% Q2 adjusted EBIT ahead, raises 2016 outlook.
*ORANGE: -1% Q2 revenue slightly light, EBITDA in line, confirm outlook.
*PFG: +1% results small beat versus consensus, dividend small miss.
*RANDSTAD: +2% Q2 EBITDA in line, growth a touch light, margins better.
*SULZER: +2% Q2 4% beat on orders, raising full year order guidance.
*TELECOM ITALIA: +1% read through from Q2 INWIT numbers.
*VIRGIN MONEY: +2% H1 underlying net interest margin ahead, no BREXIT effect.
*VONTOBEL: +3% H1 operating income beat, AUM ahead, on track for 2017.