CS:
Air France +5% FY EBITDA 10% beat, sales 2% beat, Op profit 29% beat
Accor +1-2% EBIT inline, 2 small acquisitions, no guidance
Adecco +1-2% Read across from Randtad numbers
Anglos +2-3% S32 Would Be Buyer of Anglo Manganese Stake at Right Price
Arcadis +1-2% Revenues inline and net profit slightly light
BAE Systems M/P 2015 numbers inline with market estimates
BCV M/P Revs 3% beat, operating profit inline
BMW M/P Buoyed U.S. Sales Numbers by Paying Dealers to Buy Loaners
Capgemini +1-2% 2015 revs EU11.9b vs est. EU11.9b, strong cash flow
Centrica +1-2% FY Adj. EPS Beats Est., Posts Impairments in E&P, Power
Deut Boerse +2% 2015 adjusted EPS inline, dividend slightly ahead
Fres Med +1% Reaches pact on Granuflo litigation
Go-Ahead +1-2% H1 numbers inline, FY guidance unchanged
IHG +1-2% US peer MARRIOTT (MAR US) guided to 2016 comp RevPar +3-5%
KBC -1% PBT 1% light, CET1 14.9% cons 14.6%)
Kudelski +3-4% FY Revs 2% beat, Net income 7% beat, divi inline
Lancashire -1% FY look more or less in line, Chairman to step down
Miners +1% Copper +0.50%, Brent +1.90%, Iron Ore +1.40%, China +0.26%
Miners +1% Copper +0.50%, Brent +1.90%, Iron Ore +1.40%, China +0.26%
Oils +1% U.S. API crude oil inventories dropped 3.26m barrels
Nexans +5% 2015 sales 1.5% miss, won't propose divi, confident on 2017
Nestle -1-2% No buyback, organic growth slightly disappointing
Oriflame +1-2% Q4 sales slightly light but EBITDA inline
Randstad +3-4% 4Q sales EU4.96b vs est. EU4.96b, dividend better
Richemont -1% Swiss watch - shipments falling 8% y/y, vs -3.8% in Dec
Swatch -1% Swiss watch - shipments falling 8% y/y, vs -3.8% in Dec
Tullow -10% Potential issue with turret bearing in Jubilee FPSO
TF1 -3-4% Revs inline but outlook disappointing
Vodafone -1-2% To raise GBP 2.9bln via Mandatory conv bond issue
Numis:
* AUE (+5%) +ve update on progress at Liberty
Numis:
* AUE (+5%) +ve update on progress at Liberty
* BABCOCK (+1%) BUY, declines hard to understand; Times
* BAE SYSTEMS (+3%) Beat on all lines, large backlog, upbeat statement
* CENTRICA (+1-2%) EPS ahead, DPS in line despite weak price environment
* COUNTRYSIDE (-1%) AVOID, Hybrid nature means hard to value; Times
* GLENCORE (mkt) SELL in the Questor column: Telegraph
* GO-AHEAD (+1%) H1 in-line, Div increased 6.5%, outlook unch
* INTERSERVE (+3%) BUY, in the Tempus column; Times
* LANCASHIRE (+2%) Q4 Profit beat, CR strong & lower reserve release
* PURECIRCLE (+1%) new CFO appointed
* REXAM (mkt) #'s in line, expects tough 2016, Ball to complete late H2
* SEGRO (+1%) JV with Roxhill big box logistics, cost £800m over 10 yrs.
* TULLOW (-2-3%) Issue identified with turret bearing on Jubilee FPSO
* VICTORIA O&G (+5%) Secures 75% interest in Matanda Block in Cameroon
MS:
AC FP RESTR FY EBIT INLINE WITH CO GUIDANCE RANGE AND CONSENSUS. NOT MUCH ON OUTLOOK
AF FP -1% Q4 BEAT DRIVEN BY BETTER REVS - FOCUS ON 2016 GUIDANCE WHICH REMAINS UNCERTAIN
BA/ LN UNCH FY15 NUMBERS TOUCH AHEAD, FCF GUIDANCE A SMALL CONCERN, STOCK +10% SINCE FRI
CAP FP +2% FY RESULTS BETTER, GUIDE IN LINE, SBB SHOULD HELP
CNA LN +3% FY 15 NO.S BEAT - REIT 3-5% CASH FLOW GROWTH - CONFIRM DIV POLICY
GEN DC -5-10% THE FY NUMBERS WERE FINE, BUT LOOKS LIKE A BIG GUIDANCE MISS
GET FP -1-0% FY15 NUMBERS OK BUT GUIDANCE SLIGHTLY LOWER. MAY CLAIM DAMAGES BACK FROM GOVT.
GOG LN UNCH FY IN LINE,GUIDANCE UNCHANGED
INDV LN UNCH REVS IN LINE,2016 FORECAST MAINTAINED
KBC BB -2% P&L LIGHT IMPACTED BY COSTS & PROVISIONS OFFSET BY STRONG CAPITAL BUILD (+90BPS QOQ) - TRAVELLED WELL INTO NO.S
LRE LN -1-2% DECENT UPDATE ,NO SPEC DIV AND CHAIRMAN RESIGNING OFFSETS
MRW LN +2% BID SPEC IN DAILY MAIL-TESCO/PVT EQUITY, 275P MENTIONED
MTX GY +1.5% DEUTSCHE RAISED MYU TO BUY FROM HOLD
NESN VX -2-3% Q4 ORG IN LINE AT 4.2%, MGNS 30bps LIGHT. FY GUIDANCE IS BELOW CONSENSUS (4.2% VS 4.7%).
NEX FP +2-3% OK SALES. CO CONFIDENT TO MEET 2017 STRATEGIC OBJECTIVES. SI 5%.
RAND NA +1-2% NUMBERS ALL INLINE WITH CONS; Q1 TRENDS LOOK OK, BUT LIMITED VIZ AND TOUGHER COMPS
TFI FP +1-2% HEADLINE NUMBERS GOOD BEAT BUT OUTLOOK CAUTIOUS.
TLW LN -2% CAUTIOUS GHANA OPERATIONAL UPDATE,POTENTIAL ISSUE WITH TURRET BEARING
TTK GY +2% TAKKT PROPOSES 0.5 EUROS DIV
Baader helvea
* ADEN VX +1.5% peer Rantstad (indic +2%) solid 4Q, rev matches est, divi beats
* ADS GY unch hires former Lululemon CEO as adviser - good strategic move
* ALV GY +1.1% cuts US risk in $1.1b trasfer deal with Enstar
* BAYN GY +0.9% GOP lawmaker wants thorough FDA review of Bayer birth control device
* BCVN SW +0.8% Fy net better Chf336m (c324), divi inc to £33 (prev 32), CET1 ratio 17.6% solid
* BMW GY +1.0% buoyed US ales no by paying dealers to buy laoners - Bbrg
* CFR VX -1.0% Jan Swiss watch exports -7.9% YoY, 7th consecutive decline. HK -33.1%, USA -13.7%, China -1.9%, Japan +35.8%
* CSGN VX +2.0% investor Herro backs Thiam on overhaul plans
* DB1 GY +2.5% FY earning in line, focus is on outlook, sees strong profit gwth of +10-15%, encouraging start into 2016. Org net rev gwth seen at +5-10%.
* FME GY +1.1% reaches pact on GranuFlo/NaturaLyte litigation
* IFX GY +0.6% TSMC sales f/cast, ex FX lower than previous view. Cust 1Q g.margin f/cast
* KUD SW +1.5% FY above and renewed +ve gwth momentum to sustain in 2016
* NESN VX -1.8% FY uninspiring, Rev Chf 88.79b (c89.42), org sales gwth 4.2% (c4.2), divi Chf2.25 (c2.25). Trading op profit Chf3.38b (c13.78). No SBB
* NOVN VX +1.0% Alcon to regain foothold in glaucoma through acq'n of Transcend Medical
* TTK GY +6.0% FY sales €1.06b (c1.05), Ebitda 157.3m (c152.9).plans 35-45% divi payout ratio (prev 30%)
* UHR VX -1.0% Jan Swiss watch exports -7.9% YoY, 7th consecutive decline. HK -33.1%, USA -13.7%, China -1.9%, Japan +35.8%