ML
+ MSCI:ABN NA, HA GY, PST IM, HOT GY, DCC LN, HIK LN, 1COV GY, MHG NO, FGR FP
- MSCI:SPD LN, SUN SW, BP IM, BCP PL. All inline with our ests...............
* MICRO FOCUS - Wizard selling 24.1m shrs @ 1505p; Numis/CS/Barc/Jeff........
FERRAGAMO - Q1 EBIT 9% ahead on FX & tight cost control. We take EPS up 5%+2%
NOKIA - We UPGRADE to Buy, PO NOK6, 7% networks margin floor conservative.+1%
TELE COLUMBUS - Inline, confirms guidance. Revs inline (+5% yony).........+1%
YNAP - Inline with 15% constant currency rev growth. FY guidance confirmed+1%
ACS - Inline with EBITDA ex-Hochtief proving resilient (adjusted +3%).....+1%
BOUYGUES - Inline on better telcos & construction. EBIT touch lower.......+1%
SALZGITTER - Results broadly inline with co confirming FY guidance........u/c
D.WOHNEN - 1Q PBT €100.6m v €44.2m loss yr ago. No increase to guidance...u/c
AUSTRIAN POST - Rev €592m v c.€595m; EBIT €51.1m v €51.2m cons. FY reit...u/c
EDF - Moody's downgrades to A2 from A1. Outlook changed to Negative.......u/c
ROYAL DUTCH - Shuts Gulf of Mexico platform after offshore oil spill......-1%
UK MINERS - Copper +0.5%, Iron Ore -0.5% & BHP OZ -2.9%, RIO OZ -3.3%...-1-2%
BVI - Org growth marginally worse -0.6% v -0.4% cons. Marine sees slowdown-2%
EUROPRIS - EBITDA NOK44m v NOK 65m. Q1 Sales of NOK 1,016m v NOK 1,036m...-2%
EUTELSAT - We DOWNGRADE to Underperform post profit warning, PO to EUR 22.-6%
MainFirst Pre Mkt Indications....
*BAYER-Seen divesting assets in MON deal(We think JV/Alliance).....-0.5%
*UBISOFT-Rev €624.9m(603.25),FY Rev €1.394b(1.387),Confirms FY17...+2%
*BOUYGUES-Sales 6.534b(6.548),Confirms full year outlook...........+2%
*EUTELSAT-Q3 Rev €383m(387.5),Cuts FY Sales guidance...............-5%
*BILFINGER-PORR interesting in Bilfingers construction Assets......+0.25%
*EURONEXT-In talks to buy 20% of Euroccp for EU14mm................-0.5%
*D/WOHNEN-Ebitda 159.2m(144),FFO 100.6m(93.3),NI 97.3m(85).........+2%
*ACS-No's Q1 Net €220m(212),Ebitda €597m(597),Sales €7.92b(7.84)...U/C
*B/VERITAS-Rev €1.06b(1.08),Org Rev 2 improve in H2,Eco volatile...-0.5%
*YOOK-Net Rev €446.2m(€453m),2m orders,2.5m active customers.......-1%
*BAUER-Sales 383.2m(312),Ebit 4.8m(3.4),Confirms FY Rev,Ebit & Net.+2%
*DT EUROSHOP-Rev 51m(50.7),Net 24.9m(26),FFO 58c(57),o/l lite......+0.5%
*GFK-Sales 360.5m(362),EBIT 27.7m(25.23),sees modest grth in 16....+0.5%
*SIXT-Rev 537.5m(513),PTP 31.1m,EPS 37c,Confirms FY16 targets......+0.5%
*STABILUS-Rev 180.9m(177),Ebit 25.2m(23.7),margin 13.9%(13.4)......+1%
*TALANX-Prems 8.99b(9.35),Ebit 573m(523),NI 222m(191),FY ok........+1.5%
*TEL COLUMBUS-Rev 1116.1m(122),Ebitda 56.5m(55.6),o/lk confirmed...-2%
*FERRAGAMO-Rev 321m(324),OP 49m(45.2),Ebitda 64m(60.2),€/Asia wk...+3%
*PRO7-Makes additional provs for tax payments in Q2,payments €40m..-1%
*HAPAG LLOYD-Q1 Vols better,Rev €1.93b(1.84),outlook unchanged.....+1%
*SALZGITTER-Sales €1.87b(1.98),PT €3.1b,Confirms outlook...........+1%
CS Calls :
Bilfinger +1% Porr interested in Bilfinger’s building construction assets
Bouygues +1% Revs inline, telco performace solid
Bureau Veri -1% Q1 sales 2% light, org growth light, outlook reiterated
Deut Wohnen UNCH FFO 100.9mn vs. 94mn cons. FY16 outlook confirmed
Euronext +1-2% Investor day, 2019 targets look better than consensus
Eutelsat -10%+ Q3 Miss and Guidance downgrade
Ferragamo +1-2% Q1 organic sales down -2%, EBITDA strong
Inmarsat -2% Negative read from Eutelsat's numbers
Miners UNCH Copper +0.55%, Brent +1.50%, Iron Ore -0.40%, China -0.20%
Royal Dutch -2% An estimated 2.1k barrels of crude leaked in Gulf of Mexico
Salzgitter UNCH Numbers inline with pre-release, reiterate outlook
Talanx +1-2% Numbers slightly better, FY16 outlook confirmed
Tele Columbus M/P Q1 revs slightly light, confirms guidance
Ubisoft +1% Revs 1.394b vs cons 1.387b, confirms 2017