ML
* GALENICA - Sprint Investments 2 sells 320k shrs @ CHF 1,355; MS sole.......
PREMIER OIL - Small +ve on production although no update on financing.....+5%
MONCLER - Strong 1Q with rev 7% ahead. Confirms FY cons EBITDA of €334m.+3-5%
ARKEMA - Big beat. EBITDA 11% ahead at 302m v 272m cons. No guidance yet..+3%
LANXESS - Beat. EBITDA 4% ahead & upgrades guidance range. SI c.3.25%.....+2%
OMV - Beat across the board with Q1 net income a 20% beat, EBIT 39% beat..+2%
SBM - Sound update, no material issues. Co see no new orders in '16/'17...+2%
TUI - Good. EBIT seasonal loss of €237mn better than our €256mn forecast..+2%
BARRATTS - Private sales rate ran at 0.75/site/wk, flat on last yr in H2..+2%
COMPASS - EBIT 3% & EPS 4% ahead. North Am v strong but ROW still soft..+1-2%
EXPERIAN - FY solid. Inline with cons with EBITDA $1210m v cons $1210m....+1%
WIRECARD - German regulator sees mkt manipulation of shrs. Launches probe.+1%
MEDIASET - Q1 TV ad growth was +2.8% & +4.7% for the first 4 months.......+1%
LEG - Solid. FFO II €62.5m, EBITDA €49.6m, LTV 47.4%, Mgmt raise guidance.+1%
ALSTOM - EBIT 10% beat. Strong orders & margin but cash burn continues....+1%
CARLSBERG - Small beat. Org sales growth +2% v +1.3% cons. FY16 reit......+1%
HOCHTIEF - Slightly ahead with PBT €159mn v €153mn cons. FY16 guide reit..+1%
MARINE HARVEST - 1Q rev €805b v €775m cons & net income €128m v €78m est..+1%
POSTE ITALIANE - Q116 beat but underlying mail performance looks weak...+0.5%
EON - EBITDA €3,071bn +3.5% v bbg cons & Net Income €1,314bn +3.1% v cons.u/c
YARA - Sentiment -ve. OCI announces new CAN price for Germany of EUR162/t.u/c
NATIONAL EXPRESS - IMS inline with expectations, maintains FY guidance....u/c
LUNDIN - Mixed but svedrup production uplift likely to trump higher debt..u/c
DEUTSCHE POST - Inline. EBIT €835m v €837m cons. PEP EBIT 3% miss. FY reitu/c
MEDIOBANCA - 1Q top line 7% beat but capital a little light at 13.2%......u/c
ABN AMRO - Headline beat and capital strong but miss on NII and fees......u/c
BILFINGER - Soft but inline with BAML and indic given at AGM. Confirms FY.u/c
JRP - Ok update. DB de-risking sales up 58% for combined group. No cons...u/c
WOOD GROUP - Trading update inline with results release. Guidance inline..u/c
EDF - Declined to put # on the impact of carbon price floor. Revs inline..-1%
UBM - We DOWNGRADE to Underperform as has o/performed 20% this yr, PO 590p-1%
METRO - Q2 sales of €13,573m, 0.5% ahead & EBIT 200% beat. FY reiterated..-1%
LAGARDERE - We DOWNGRADE to Underperform, taking our PO €22.8 from €27.5..-1%
SWATCH - Fossil reported watch revs -8% and cut guidance by 28% overnight.-1%
WILLIAM HILL - Inline. Net rev growth in 1Q16 -3% driven by a weak online.-1%
RBI - Mixed to weak. Net income inline however both NII and fees declined-2%
NUMERICABLE - Miss with no guidance given for France. Revs 2.2% miss......-3%
JC DECAUX - Q1 org growth ahead of prev guidance but Q2 guide light.....-3-5%
Investec
UK
* ARROW GLOBAL-Q1.Rev +25.4%.Increase in core collections.FY on track.......+2%
* BARRETT DEVS-Update.Mkt conditions remain strong.FY remains on track......+1%
* BT/VODAFONE-Liberty Global Would Evaluate Telefonica’s 02 in U.K(CEO).....-1%
* CAPE-Update.To be H2 weighted.Margins across the board below exp's......-3-5%
* CENTAUR MEDIA-Q1. Rev +5%. Exhibitions ahead, Ad weak. No chg to FY......unch
* COMPASS GRP-H1. Numbers & div a beat. FY exp's remain unch..............+1-2%
* EXPERIAN-FY.Organic rev growth;FX headwinds remain,upbeat outlook........unch
* ITV/SKY-Negative read across from Disney's earnings miss last night.......-1%
* MEDICLININC-Appoints new group CFO.......................................unch
* MELROSE-Update. Trading remains in line.Continues to seek acq's..........unch
* NAT.EXPRESS-Update.All divisions performing well.FY remians on track......+1%
* OCADO-Vague bid spec in today press after ydays move (+9.26%)............unch
* ONESAVINGS-Update.Numbers ahead.Upbeat outlook stmnt....................+1-2%
* PREMIER OIL-Update.Prod.ahead.+ve Catcher.Covenant discussions ongoing..+3-4%
* PURPLEBRICKS-FY T/U on course to meet FY expect's, LFL up 445%............+2%
* RENISHAW-Q3 REV CA. 20% than Q315(large one-off orders).FY guid' unch....unch
* TAPTICA-Update.Strong H2 continues into H1.11.5% U/G to FY16 EPS.........3-5%
* TUI-H1 confirms FY est's,sees underlying EBITA growth of at least 10%.....+2%
* TT ELEC.-Update,inline.favourable FX.Cnfident outlook...................+2-3%
* VERTU-FY pre-tax +25%,March/April sales rise YOY,divi increase............+2%
* WILLIAM HILL-T/U Net rev -3%, on-line -11%, FY Op-prof' guid' UNCH........-1%
* WOOD GRP-T/U sees FY EBITDA in-line,committed to div increase in '16......+1%
EU
* ABN-Q1 net €474m Vs est €418m, CET1 15.8%, regulatory costs up.............+1%
* ALLIANZ-Q1 out, was pre released, more PIMCO outlfows, AUM -17%............-1%
* ALSTOM-2015/16 sales €6.88b v est €6.71bn, confirms 2020 targets...........U/C
* ALTICE-Q1 r
evs €4.26bn Vs est €4.27bn, maintains outlook...................U/C
* ARKEMA-Q1 ebitda ahead at €302m, margins 16%, confirms 2016 o'look.........+1%
* AXEL SPERINGER-Q1 rev, ebitda in line, guidance seems in line..............+1%
* BILFINGER-Q1 business development in line, confirms FY o'look............+0.5%
* CARLSBERG-Q1 org revs +2% Vs 1.3% est, better E Europe will be taken well..+1%
* CNP-Q1 revs +8.9% l4l,hurt by Brazil real fall(s/b expected).............+0.5%
* D POST-Q1 ebit 3.5% beat, rev small miss, reits f/casts,comment to follow..+2%
* EDF-Q1 rev 2% light, reits FY ebitda target, comment to follow.............U/C
* EON-Q1 net inc €1.31bn(est €1.28bn),no surprises aftr recent CMD...........+2%
* GENMAB-Q1 rev 15% light, cites one off effects, reaffirms FY f/casts.......U/C
* HOCHTIEF-Q1 sales 2% ahead,new orders +31%,margin +3.6%,confirms guidance..+2%
* JC DECAUX-Q1 org gth +10.5%(guided +9%),sees Q2 +3%(weak?),d/grades away...-3%
* LANXESS-Q1 ebitda 3% ahead of cons, raises FY ebitda guidance by 2%........+3%
* LEG IMMOB.-Q1 FFO I rises 22%, raises guidance by around 1%................+2%
* LEONI-Q1 ebit €24.4m vs est €23.4m, FY guidance towards low end............-1%
* LUNDBECK-Q1 rev 3% beat, raises FY rev and ebit guidance by 3%.............+3%
* MEDIASET-Q1 rev in line,ebit ahead,net looks worse, ad trends positive.....+1%
* MEDIOBANCA-Q3 net €121.3m(est €89.6m),CET1 13.2%(13.4% in Dec),weak into...+2%
* METRO-Q2 sales in line,Q2 lfl sales +0.6% overall,1.1% Ger,confirms FY.....+1%
* MONCLER-Q1 sales +17%(est 12.2%),retail & w/sale beat,further gth in 2016..+3%
* NH HOTELES-Q1 rev €301.8m vs est €299m (2 ests), net looks slightly worse..U/C
* NUMERICABLE-Q1 ebitda €851m vs est €878m, revs in line.....................-2%
* OMV-Q1 clean net inc 12% beat, cutting costs, capex unch...................+1%
* POSTE ITALIANE-Q1 rev 6% ahead, net €367m(est €323m), looks good...........+2%
* SCOUT24-Q1 rev +12.9%,looks in line,on track for FY,strong y’day...........-1%
* TU
I-current trading in line, reits outlook,to sell specialist division...+1.5%
* WOLTERS KLUWER-Q1 org rev +3%, repeats FY f/casts..........................U/C
Other news
* RAIFFEISEN-releases Q1, considers merger with parent company.
* GAMELOFT,UBISOFT may react to Electronic Arts (+7% a/hours in US on results)
UK
* ARROW GLOBAL-Q1.Rev +25.4%.Increase in core collections.FY on track.......+2%
* BARRETT DEVS-Update.Mkt conditions remain strong.FY remains on track......+1%
* BT/VODAFONE-Liberty Global Would Evaluate Telefonica’s 02 in U.K(CEO).....-1%
* CAPE-Update.To be H2 weighted.Margins across the board below exp's......-3-5%
* CENTAUR MEDIA-Q1. Rev +5%. Exhibitions ahead, Ad weak. No chg to FY......unch
* COMPASS GRP-H1. Numbers & div a beat. FY exp's remain unch..............+1-2%
* EXPERIAN-FY.Organic rev growth;FX headwinds remain,upbeat outlook........unch
* ITV/SKY-Negative read across from Disney's earnings miss last night.......-1%
* MEDICLININC-Appoints new group CFO.......................................unch
* MELROSE-Update. Trading remains in line.Continues to seek acq's..........unch
* NAT.EXPRESS-Update.All divisions performing well.FY remians on track......+1%
* OCADO-Vague bid spec in today press after ydays move (+9.26%)............unch
* ONESAVINGS-Update.Numbers ahead.Upbeat outlook stmnt....................+1-2%
* PREMIER OIL-Update.Prod.ahead.+ve Catcher.Covenant discussions ongoing..+3-4%
* PURPLEBRICKS-FY T/U on course to meet FY expect's, LFL up 445%............+2%
* RENISHAW-Q3 REV CA. 20% than Q315(large one-off orders).FY guid' unch....unch
* TAPTICA-Update.Strong H2 continues into H1.11.5% U/G to FY16 EPS.........3-5%
* TUI-H1 confirms FY est's,sees underlying EBITA growth of at least 10%.....+2%
* TT ELEC.-Update,inline.favourable FX.Cnfident outlook...................+2-3%
* VERTU-FY pre-tax +25%,March/April sales rise YOY,divi increase............+2%
* WILLIAM HILL-T/U Net rev -3%, on-line -11%, FY Op-prof' guid' UNCH........-1%
* WOOD GRP-T/U sees FY EBITDA in-line,committed to div increase in '16......+1%
EU
* ABN-Q1 net €474m Vs est €418m, CET1 15.8%, regulatory costs up.............+1%
* ALLIANZ-Q1 out, was pre released, more PIMCO outlfows, AUM -17%............-1%
* ALSTOM-2015/16 sales €6.88b v est €6.71bn, confirms 2020 targets...........U/C
* ALTICE-Q1 r
evs €4.26bn Vs est €4.27bn, maintains outlook...................U/C
* ARKEMA-Q1 ebitda ahead at €302m, margins 16%, confirms 2016 o'look.........+1%
* AXEL SPERINGER-Q1 rev, ebitda in line, guidance seems in line..............+1%
* BILFINGER-Q1 business development in line, confirms FY o'look............+0.5%
* CARLSBERG-Q1 org revs +2% Vs 1.3% est, better E Europe will be taken well..+1%
* CNP-Q1 revs +8.9% l4l,hurt by Brazil real fall(s/b expected).............+0.5%
* D POST-Q1 ebit 3.5% beat, rev small miss, reits f/casts,comment to follow..+2%
* EDF-Q1 rev 2% light, reits FY ebitda target, comment to follow.............U/C
* EON-Q1 net inc €1.31bn(est €1.28bn),no surprises aftr recent CMD...........+2%
* GENMAB-Q1 rev 15% light, cites one off effects, reaffirms FY f/casts.......U/C
* HOCHTIEF-Q1 sales 2% ahead,new orders +31%,margin +3.6%,confirms guidance..+2%
* JC DECAUX-Q1 org gth +10.5%(guided +9%),sees Q2 +3%(weak?),d/grades away...-3%
* LANXESS-Q1 ebitda 3% ahead of cons, raises FY ebitda guidance by 2%........+3%
* LEG IMMOB.-Q1 FFO I rises 22%, raises guidance by around 1%................+2%
* LEONI-Q1 ebit €24.4m vs est €23.4m, FY guidance towards low end............-1%
* LUNDBECK-Q1 rev 3% beat, raises FY rev and ebit guidance by 3%.............+3%
* MEDIASET-Q1 rev in line,ebit ahead,net looks worse, ad trends positive.....+1%
* MEDIOBANCA-Q3 net €121.3m(est €89.6m),CET1 13.2%(13.4% in Dec),weak into...+2%
* METRO-Q2 sales in line,Q2 lfl sales +0.6% overall,1.1% Ger,confirms FY.....+1%
* MONCLER-Q1 sales +17%(est 12.2%),retail & w/sale beat,further gth in 2016..+3%
* NH HOTELES-Q1 rev €301.8m vs est €299m (2 ests), net looks slightly worse..U/C
* NUMERICABLE-Q1 ebitda €851m vs est €878m, revs in line.....................-2%
* OMV-Q1 clean net inc 12% beat, cutting costs, capex unch...................+1%
* POSTE ITALIANE-Q1 rev 6% ahead, net €367m(est €323m), looks good...........+2%
* SCOUT24-Q1 rev +12.9%,looks in line,on track for FY,strong y’day...........-1%
* TU
I-current trading in line, reits outlook,to sell specialist division...+1.5%
* WOLTERS KLUWER-Q1 org rev +3%, repeats FY f/casts..........................U/C
Other news
* RAIFFEISEN-releases Q1, considers merger with parent company.
* GAMELOFT,UBISOFT may react to Electronic Arts (+7% a/hours in US on results)
CS:
ABN UNCH 1Q net EU474m est EU418m, CET1 15.8% vs 14.2%
ABN UNCH 1Q net EU474m est EU418m, CET1 15.8% vs 14.2%
Allianz -1% No's inline with pre-announced op profit and net income
Alstom +2-3% FY sales 2.5% beat, EBIT 3% beat, Confirms 2020 targets
Altice -1% Q1 Rev EU 4.26bln est EU 4.27bln. Re-iterates FY Outlook
Arkema +2% EBITDA €302m CSe €283m, 2016 outlook confirmed
Bekaert -3% Revs and sales slightly light, reaffirm margin tgt
Bilfinger -1-2% 2 board members withdraw from re-election
Barratt Dev +1-2% Says market conditions remains strong, reiterate outlook
Carlsberg UNCH 1Q organic sales growth beats ests, confirms forecast
CNP M/P EBIT €513m cons 563m, net €281m cons €214m
Compass M/P EBIT 2% ahead, company flag weakness in oil and gas
Deut Post +1% Sales light and EBIT beat, confirms guidance
E.ON -1-2% Q1 Net slightly ahead, Guidance is confirmed
Experian UNCH PBT 1% light vs cons, div as expected
Gas Nat -2% LNG trading disappointing
Hochteif +1-2% Sales inline but EBT €159m vs cons 151m
Jenoptik -1-2% 1Q Sales 158.2m vs cons 159.5m, confirms forecasts
JC Decaux -3-4% 1Q adj. revs rises 15% y/y, downgraded away from us
JC Decaux -3-4% 1Q adj. revs rises 15% y/y, downgraded away from us
LEG Immo +1-2% Raises FFO I outlook for 2016/17
Lanxess +2% Q1 small beat, guidance raised, Beat in polymers spreads
Leoni M/P Q1 final sales and EBIT 3% beat, confirms FY guidance
Lundbeck +3-5% Q1 beat and raised guidance
Lundin Pet M/P Q1 revs and EBITDA inline with market expectations
Marine Har -1% Revs 4% beat, lwers 2016 harvest guidance
Mediobanca +2-3% Revs €502.7m cons €475m, net well ahead €121m cons €89m
Melrose M/P Brush performing satisfactorily, seeking an acquisition
Metro M/P Q2 Sales inline with estimates, confirms FY guidance
Miners +2% Copper +0.70%, Brent +0.20%, Iron Ore -0.15%, China +0.76%
Moleskine -1-2% 1Q net revs 25.03m vs bberg cons 25.867m, confirms 2016
Moncler +3-5% Q1 revs 7% beat, outlook confident
Nat Express +1% Revenues +4%, coach passenger volumes grew by 6%
NH Hotels M/P Q1 revs small beat, Net loss small miss
Numericable -2-3% Q1 revs inline, EBITDA 3% miss
Ocado +2% Mentioned in FT and Daily Mail re: M&A spec
OMV M/P Net income better, E&P had very low exploration expenses
OMV M/P Net income better, E&P had very low exploration expenses
Onesavings +1% NIM and loan growth fine, Confident in guidance
Poste Italy +2-3% EBIT 12% ahead, net profit 14% ahead
Renishaw +2% Margin at 18.4% vs FY exp of 18.2, Keeps FY outlook
Richemont -1-2% Peer Fossil -23% last night, having slashed FY forecasts
SBM M/P Revs in line with mgmt expectations and guidance maintained
Schibsted +1-2% Sales NOK3.88bn vs cons 3.85bn, EBITDA NOK421m vs cons 402m
Swatch -1-2% Peer Fossil -23% last night, having slashed FY forecasts
TUI +1% EBIT loss inline, reiterate guidance
Will Hill M/P Gross win margin lower, reiterate guidance
Wood Group M/P No's inline, Guidance in line with street
Numis:
* ARROW GLOBAL +1%; Core collections up 31%, revenue up 25%
Numis:
* ARROW GLOBAL +1%; Core collections up 31%, revenue up 25%
* BARRATT DEVELOPMENTS +2%; TS, good perf, market remains strong, +ve outlook.
* CAPE +1%; AGM reports strong order book at £862m offset by weaker margins across the group. FY guidance remains unch with mkt conditions described 'robust'.
* CENTAUR +1%; TU good improvement in cash collection.
* COMPASS +1%; Encouraging interims, recovery in Europe gathering pace, Management says that “expectations for 2016 are positive and unchanged.”
* EXPERIAN -1%; Revenue in line, interim dividend small light.
* FUTURE unch; Acquisition of Blaze, no terms announced.
* MEDICLINIC mkt; New CFO announced. Wont move dial on strategy.
* MELROSE -2%; Trading in line but no real news on progress of acquisition.
* NATIONAL EXPRESS +2%; Strong Q1, rev + 11% yoy, top line growth across all divisions, North America especially strong, passenger growth +3%, confident o/look.
* OCADO +3%; Most papers citing a bid from Amazon as the reason for yday's rally.
* ONESAVINGSBANK +0.5%; Strong growth in Q1, net loans & advances grew by £460m during Q1.
* PREMIER OIL +5%; 'Strong' production on track to deliver 'at or above' upper end of 2016 expectations, 65-70kboepd. Catcher pre-first oil capex forecast to be -15% due to cost savings.
* PURPLEBRICKS +5%; TU H2 has seen continued strong gth, heady valuation though.
* RENISHAW +2%; O/look unch from March update. Rev 20% lower than Q3 2015. No surprises.
* RIVER & MERCANTILE +1%; Decent AuM growth, lower perf fees. Q3 AuM/NuM at £23.7bn was 3% ahead of the £23.1bn forecast.
* SEGRO mkt; Arranges bank facilities totalling €780m 11 May 2016.
ShoreCap:
MELROSE IND - current trading inline, eyes acquisitions....................UNCH
ShoreCap:
MELROSE IND - current trading inline, eyes acquisitions....................UNCH
CAPE - Q1 trading mixed,margins pressured,oper.pft below expec,sees FY unch.-3%
ARROW GLOBAL - revs +25.4% £44.5m,EBITDA +57.6%,ontrack to deliver FY inline+2%
RENISHAW - Q3 revs at £308.1m vs £369.7m prev yr,PBT £20.2m.................-1%
CENTAUR MEDIA - revs +5%,sees some pressure on Ad and sponsorship revs......-1%
BARRATT DEVS - sees good demand,fwd sales +9.7%,market conditions strong....+2%
TT ELELCTRONICS - Made good start to year.Trading in line with forecasts...UNCH
PURPLEBRICKS - H2 trading strong.On course to meet fy views.................+1%
WILLIAM HILL - Q1 net revs -3%.Trading in line with prior fy views..........-1%
EXPERIAN - Fy revs in line.Expects another year of good growth.............UNCH
TUI - turnover +2.7%,EBITA +16.3%,summer trading inline,reits target g'dance+2%
WOOD GRP - mkt conditions remain challenging,sees FY EBITA 20% lower on '15.-1%
PREMIER OIL - strong production no's,on track to deliver at or above g'dance+2%
ONESAVINGS BANK - strong trading continues,loans grew by £460m..............+2%
JRP GROUP - quieter quarter in defined benefit sales........................-1%
NAT.EXPRESS - strong start to yr,revs +11%,passenger growth of 3%,PBT higher+1%
Mainfirst:
*DPW-Ebit 873m(844),Rev 13.9b(14.83),Reits FY Ebit 3.4-3.7(3.47).....+1%
Mainfirst:
*DPW-Ebit 873m(844),Rev 13.9b(14.83),Reits FY Ebit 3.4-3.7(3.47).....+1%
*ALSTOM-Confirms 202 tgts,2015/16 Sales €6.88b(6.71b)................+1%
*LANXESS-Rev 1.92b(2.01),Ebitda 262m(253.6),Raises 2016 f/casts......+3%
*ARKEMA-Sales 1.89b(2),Net 98m(75.6),Ebitda 302m(271.6),o/l +ve......+1%
*CARLSBERG-Sales 13b(13.2),BV -2%(-1.1),NRG 2%(1.3),China -3 to 4%...+1%
*SCHIBSTED-OPG Rev 3.88b(3.85),Ebitda 421m(401),PT 219m(214).........+2%
*LUDIN PET-Rev 191.3m(190.6),Ebitda 124.9m(125),Prod 62.4............U/C
*MEDIOBANCA-Rev 502.7m(475.5),NI 121.3m(89.6),NII 301.4m(300.6)......+2%
*EON-NI 1.31b(1.28),Ebitda 3.07b(2.96),Sales 27.1b(27.53)............+1%
*SPRINGER-Rev 783.4m(790.8),Ebitda 125.9m(126.2),Margin 16.1%........-0.5%
*OMV-Rev 3.991b(4.09),Net Inc 174m(124.8),Ebit 167m(154.2)...........+1%
*POSTE ITALIANE-Rev €9.8b vs est €9.17b,Net Income €367m.............+1%
*POP MILANO-NII 206.5m(199.8),Rev 389m(395.8),NI 48.3m(47.8).........+1%
*JCDECAUX-Rev 748.5m(743),Organic Grth 10.5%,Q2 Org Grth 3%..........-5%
*MONCLER-Rev 237.3m(221.3),Sales at constant FX +17%(12.2)...........+4%
*MEDIASET-Rev 786.1m(792),Ebit 105.4m(94.9),H1 add Rev 2 stay +ve....2%
*EDF-Sales 21.4b(22.03),Reits FY Ebitda target 16.3-16.8(16.52)......+1%
*ALLIANZ-Finals Rev/Op Inc/NI known,P&C CoR 93.3%,Solvency 186%......-0.5%
*BILFINGER-Output 1.35b(1.34),Adj Net 1m(-1.7),Ebita 7m(7.7).........-1%
*C/ZEISS-H1 Sales known,Q2 Ebit 41.79m(38.4),FY Ebit 13-15%(13.37)...+1%
*HOCHTIEF-Sales 4.41b(4.455),OP 159m(153),Net 63m(60.1),FY ok........+1%
*LEG-FFO 62.6m(61.7),Ebitda 84.1m(80.7),Raises FY16/17 outlook.......+2%
*METRO-Sales 13.6b(13.5),Ebit 11m(-8),PT -72m(-96),Net -57m(-51).....+1%
*TIM TAILOR-Sales218.9m(216.7),NI -5.8M(-5.8),Confirms FY............-1%
*TUI-Rev 6.79b(7.23),Prepares sale of Specialist Grp Division........+1%
*ALTICE-Rev 4.26b(4.27),maintains outlook............................+1%