CS
Aareal Bank +3-4% Q1 net income 1% miss, op profit 2% beat, confirms 2016
Adecco -1-2% Org gwth 4% vs e 4.3%, cost control slipping slightly,
Alstria M/P 1Q revenues inline, outlook inline
Aurubis M/P Numbers inline with pre-release
Capita +1-2% Organic growth guidance of at least 4%, SI 1yr highs
EasyJet -1-2% 1H Loss of 24m vs CS at 25m, commentary around Q3 cautious
Eiffage UNCH 1Q Revs 2.99b vs cons 2.966b, guidance confirmed
Endesa M/P Net profit inline, EBITDA 4% miss
Enel +1-2% 2% beat at EBITDA level, 3% beat at net profit
Europcar -2-3% Revs 418m vs cons 428m, confident in delivering 2016 goals
Evotec +1% Revs 37.5mln vs cons 34.4mln,- confirms 2016 guidance
Galapagos +1% Announces Phase 1 study of GLPG2451 for cystic fibrosis
Hannover Re UNCH Solvency 2 ratio FY15 flat at 221%
Heidel Druck +1% FY Sales 2.51b vs cons 2.54b, EBITDA 189m vs cons 180.28m
Hispania M/P Q1 Net Income at EU11.2m, with net rental income at 29.7m
Imagine Tech M/P Bid spec in the UK press
Indra -2-3% Ebit 9% miss and guidance remains soft
ING UNCH Headline numbers a 5% miss but core NII and commission ok
Jungheinrich M/P Q1 sales €667m vs cons 681m, guidance reiterated
K+S +2-3% 1Q revenue EU1.1b, est. EU1.19b, guidance reiterated
Munich Re -1% Downgrading FY16 guidance to €2.3bn from €2.3-2.8bn
Miners +1-2% Copper +0.25%, Brent +0.05%, Iron Ore -0.50%, China +0.39%
Natixis -2% Q1 PBT 5% below cons, revenues 1% below cons
Nokia -2% Revenues 2% miss, margin better, guidance light
Oerlikon +1% Q1 orders 2.8% vs cons 2.1%, revs CHF592m vs cons 594m
Pandora +5% 1Q revs 4.74b vs cons 4.363b, Guidance increased
PSP -1% Q1 rental income 2% beat, Sees FY EBITDA 3% lower than cons
Spirax M/P No's inline, EMEA/Latam a touch soft vs Americas better
Symrise -1-2% 1Q Sales 731.8m vs cons 750.44m, Reaffirms outlook
Tag Immo +1% Reports Q1 NAV up to EU10.76 vs 10.64 PREVIOUS
Talktalk +1% Bid spec in the FT
Thyssen -2% Adj EBIT for 2Q EU326M vs cons EU296M, cutting guidance
Total +0.5% Will sell off its German chemicals devision Atotech
UK Retail -0.5% UK BRC sales -0.9% YoY cons +0.5%
Shore calls
MINERS - iron ore weaker still, BHP and RIO -3.5% in Australia...............-1%
CAPITA - confident outlook on good rev visability,on track to meet FY expec..+2%
HISCOX - gross written premiums +10% £640.5m,had v.good start to year........+1%
EASYJET - H1 pretax loss 24m(Est25.7m)due to currrency.Well places for FY....+2%
BOVIS HOMES - Housing mkt remains positive.On track to deliver gwth for'16...+1%
SPIRAX SARCO - YTD in line.Markets remain lacklustre.Pft ahead of a yr ago..UNCH
QUANTUM PHARMA - FY revs +13% £70m,oper.pft +5% £7m,Q1 starts strongly.......+2%
MICHELMERSH - performs well in first four months of year,sees FY inline.....UNCH
MainFirst Pre Mkt Indications
*CS-Net -302m(-344),Grp PT -484m(-590),WM PT 270m(242),CET1 11.4....+3.5%
*ADECCO-Sales 5.33b(5.28),GM19%(18.9),Net 144m(144.25)..............U/C
*HANNOVER RE-OP 406.7m(378),Gross Prem 4.26b(4.41),II 366m(375).....+1%
*MUNICH RE-Sees FY Prf 2.3b vs 2.3-2.8b,NI 430m(633.9),CR 95%.......-1%
*NOKIA-Net Sales 5.6b(5.76),GM 39.4%(37.4),FY Network sales dwn.....+5%
*SYMRISE-Sales 731.8m(750.4),Ebitda 153.7m(161.3),outlook ok........-1%
*ING-Net 1.26b(1.24),CET1 12.9%,Regulatory costs rise in 2016.......+1%
*THYSSEN-Sales 9.85b(10.3),Ebit 326m(295.6),Cuts FY Ebit f/cast.....-2.5%
*OERLIKON-Sales 592m(591),Ebitda 77m(79),Orders 588m(572),o/l ok....+0.5%
*K&S-Rev 1.1b(1.19),Ebit 218m(216.9),Ebitda 288m(285.3).............+1.5%
*NATIXIS-Net 200m(223.5),Rev 2.06b(2.1),AM outflows €1b in Q1.......-2%
*PSP-Rental Inc 69.4m(68.8),Ebitda 65m(59.4),Net 46.9m(41)..........+2%
*AAREAL-NII 180m(182),LLP 2m(7.8),Op Inc 87m(85),NI 51m(56).........+2%
*ALSTRIA OFFICE-Rev 51.1m(51),FFO 29M(28.5),Guidance confirmed......+1%
*AURUBIS-Pre-released Sales 2.3425b(2.21),Ebit 83.32m(81.37)........U/C
*H/DRUCK-FY Sales 2.51b(2.54),Ebitda 189m(185),Net 28m(34.6)........+5%
*JUNGHEINRICH-Orders 755m(745),Rev 667m(686),Ebit 45.8m(49).........-2%
*EASYJET-Rev £1.77b(1.83),PT -£24m(-25.7),Divi 55.2p................-2%
*ENEL-NI 939m(767),Ebit 2.67b(2.45),Rev 17.9b(19),Ebitda 4b(3.8)....+1%
*PANDORA-Rev 4.74b(4.36),NI 1.31b(1.21),Ebitda 1.67b(1.64)..........+6%
Mainfirst
UBS Pre Markets
NOKIA +1-3% Q1 revs €5.2bn v 5.381bn, margins 6.2% v 5.6%, cash better
THYSSEN -3% Op profit €326m v 306m, guide lower >1.4bn from 1.6-1.9bn
ENEL +1% Q1 net €795m v 776m, EBITDA 4.02bn v 3.81bn
ENDESA Unch Q1 EBITDA €801m vs €810.2m, Net €342m v 332
K+S +2% Q1 rev €1.1bn v 1.19bn, EBIT €218m inline, outlook unch
AREAL +3.5% Q1 net income rise, confirms 2016 guidance
ING +1-2% Top line beat on vols/margins, higher costs
CREDIT SUISSE +2-3% 5% topline miss, costs better, Capital flat, WM looks ok
ADECCO +1% Broadly inline across the board, outperformed