ML
AUTO TRADER - Expects double digit growth for year.We raise ests by 2%....+3%
N. HYDRO - Beat. U/L EBIT NOK1.57b. Big beat in Bauxite/Alumina...........+2%
KUNGSLEDEN - Q4 rental revs increase to SEK659m, proposes SEK2 divi.......+2%
ROLLERS - FT says RR preparing to back ValueAct for Board seat..........+1/2%
DSM - Q4 EBITDA €261m,1.5% beat.Guidance in line w/ last Nov strategy.....+1%
ROCHE - FDA grants breakthrough designation to Ocreluzimab (MS)...........+1%
AMUNDI - We UPGRADE TO BUY, PO €45 post 10% de-rating YTD.................+1%
GLENCORE - Early refinancing of RCF. $7.7bn commitments signed............+1%
CRED AG - Headline beat on lower tax, clean PBT 5% miss. Capital 10.7% CET+1%
EURONEXT - In line.Delay to strategy update * high costs will disappoint..+1%
SCHNEIDER - Beat.Org growth good.Margins higher but FX headwinds persist..U/C
AZKO/BASF - Akzo agreed offer for BASF's industrial coatings biz - €475m..U/C
SMITH & NEPHEW - FT: JNJ is the more likely acquirer for S+N,nothing new..U/C
BAE - BAE/Gen Dynamics Awarded US Navy Contracts $2.55bn by 2021..........U/C
AGEAS - Disappointing.Key numbers miss,flattered by higher cap gains......-1%
BEIERSDORF - FY15 in line, guidance cautious for sales growth 3-4% vs 4%..-1%
NORMA - Org growth solid,margins soft at 16.4% citing normal seasonailty-1/2%
PUBLICIS - Big account loss as MediaVest loses Walmart account..........-1/2%
EUTELSAT - H1 numbers ok,guiding to low end of '16 range. Due pull back.-1/2%
CLARIANT - EBITDA in line,EPS & divi miss.Cashflow poor,margins to improve-2%
STOREBRAND - Headline beat, no divi & reserve strengthening needed......-2/3%
ABN AMRO - Disappointing.Revs 2% miss,costs 3% miss.Capital good @ 15.5%-3/4%
MEKONOMEN - Q4 revs in line.EBIT SEK109m(impacted one-off costs)........-3/5%
SOC. BIC - Miss. Ebits -4% vs cons.FY16 guidance poor & CEO retires.......-5%
CS:
ADP +1% FY EBITDA 1.18b vs cons 1.179b, revs 2.92b vs cons 2.927b
ADP +1% FY EBITDA 1.18b vs cons 1.179b, revs 2.92b vs cons 2.927b
Ageas M/P Dividend slightly light vs forecast, solvency II solid 182%
Autotrader +3% FY Underlying operating profit £169m to £171m, cons 163m
Beiersdorf M/P EBIT ex items on line, sees 2016 rev up 3 to 4%
Bic M/P FY sales inline, sales guidance looks slightly better
Clariant +1% EBITDA 229m vs CS at 227m, Guidacne for improved Cashflow
CNP Assur +1-2% FY net €1.13bn vs cons 1.08bn, solvency II rate 192%
Euronext M/P EBITDA inline, net and divi slightly ahead
Eutelsat -1-2% Revenues/EBITDA 1% beat, guidance slightly light
Grammer +2% FY sales 1.425b vs cons 1.42b, guides for further growth
Kuka M/P EBITDA 259.1m vs cons 257.56m, announce large auto order
Kunglseden +2-3% Q4 rental income +26%, net operating income 17% beat
Marine har +1-2% Revs 7% beat, operational EBIT 1% miss, net income 36% beat
Miners -1% Copper UNCH, Brent -0.60%, Iron Ore -0.45%, China +0.80%
Nexity +1-2% FY operating profit 4% beat, revenues 4% beat
Norma M/P Sales better but EBITA margin a little light
Norsk Hydro +1-2% Underlying EBIT is a 37% beat vs CS, divi flat
Plus500 +2-3% No's better, sees strong growth for 2016
Plus500 +2-3% No's better, sees strong growth for 2016
Reckitt +0.5% CS reiterate OUTPERFORM (TP increased to 7000p from 6500p)
Roche +0.5% Positive drug update - Ocrelizumab (MS treatment)
Schneider +1% 2015 revs EU26.6b cons EU26.5b, buyback EU1.5b of shares
Storebrand +5-10% Reports Q4 Net Income 54% beat, Solvency II strong at 168%
St. Galler M/P No's inline, AUM slightly light, dividend inline
Valiant -3-5% Results inline, divi better, outlook weaker
Commerz:
Commerz:
AIR +0,13% Philippine Air buys 6 planes with option for 6 more, each $308mn
BAS +0,13% Akzo to Acquire Coatings Unit From BASF for $530 Million
BEI +1,35% Beiersdorf Forecasts Higher 2016 Sales on Nivea Brand Strength
DAI +0,39% Citi adds Daimler to Focus List Europe
GMM +0,8% Grammer 2015 Rev. Up 5%; Sees 2016 Growth, Higher Profitability
KU2 -0,13% Q4 preliminary EBITA and orders 3% below Consensus
M5Z +11,41% Manz wins new Orders worth €20mn
MTX -0,24% SocGen raised MTU to HOLD (sell)
NOEJ +0,02% 2015 Prelims are in line, 2016 still look optimistic
STM +3,3% Q1 results that beat expectations FY15/16 outlook raised
TKA +3,06% UBS raised ThyssenKrupp to BUY (sell)
TLX -0,32% Talanx to Invest EU300m in New IT to Reduce Above-Market Costs
RBC:
ABN AMRO +2% Q4 net miss but no detail on one-offs. Capital +'ve & oil exp.
RBC:
ABN AMRO +2% Q4 net miss but no detail on one-offs. Capital +'ve & oil exp.
AGEAS -2% Q4 miss, combined ratio lower and dividend raised but inline.
BEIERSDORF 0% Strong FY numbers, EBIT inline and raises guidance a tad.
CLARIANT 0% Q4 headline beat but net miss on restructuring costs, reit FY.
CREDIT AG. +1% Q4 net ahead but due to lower tax rate, capital ahead.
DSM +2% Positive Q4 sales/EBITDA and outlook for '16 a tad ahead.
ELECTROLUX +1% AHAM6 data up 4.7% in January and broker upgrades.
EURONEXT 0% FY15 earnings inline, 'resilient' start to '16. No updates.
MARINE H. -3% Weak Q4 report, EBIT a 2% miss, dividend inline.
NORSKE H. +1% Q4 net a tad light but sales 1% ahead of cons.
SCHNEIDER +2% FY rev/EBITDA ahead and announces €1bln- €1.5bln buyback.
STOREBRAND +5% Q4 net income ahead and importantly strong solvency II.
WOLSELEY -2% AB Index below 50 for the first time since August, 49.6.
Numis:
* AVINGTRANS (mkt) In-line interims despite weak O&G markets
* AUTOTRADER (+3%) +VE statement, guiding marginally ahead of est
* GLENCORE (+1%) New RCF on US$7.7bn of debt, no covenants
* MONDI (+1%) BUY, share price fall looks to have come back too far; Times
* PENDRAGON (+1%) BUY, price fall looks overdone; Times
* PLUS500 (mkt) Rev up, but profit lower YoY, guiding ahead on growth
* SPECTRIS (mkt) AVOID, no obvious catalyst; Times
* TRIBAL GROUP (+1-2%) Names Ian Bowles as CEO
JPM:
ABN Capital & leverage ratio beat, ampened by -10% headline PBT miss-1%
JPM:
ABN Capital & leverage ratio beat, ampened by -10% headline PBT miss-1%
AGEAS Light on insurance earnings & Divi, but maintains strong capital-2%
AUTO TRADER Unexpected trading update reads well. FY 16 guidance ahead +2%
BAE Part of consortium awarded $2.55bn US Navy contract +1%
BEIERSDORF Guidance light - top line 3-4% vs our est 4.3% -2%
CLARIANT EBITDA inline.FCF improved but still disappoints,o'look cautious-1%
CNP Solvency strong at 192%. Numbers inline +1+2%
CRED AG Regional stake sale boosts capital; offsets weak set of figs -1%
DSM EBITDA 2% beat. FCF/ net debt disappointing, outlook inline unch
ENEXT Figs broadly inline, divi touch better unch
GLENCORE Early refinancing of revolving credit facility +2%
NORSK Strong beat. EBIT +28% vs cons driven by Bauxite + Alumina +3%
SCHNEIDER Strong. Org sales better, EBITA 6% beat. Divi & buyback ahead +3%
STABILUS Strong. Driven by Europe and NAFTA revs. Outlook upgraded +2%