Merrills
* PARQUES - First day of trading. IPO priced at EU 15.50; MS/Deutsche glocos.
* HELLA - 1.74m shrs sold @ EUR 33.25; managed by Bankhaus Lampe.............
CASINO - Disposal of its Vietnamese subsidiary. Price above expectations..+3%
GEMALTO - 1Q revs €691m, 60ps ahead of cons. Mobile revs 4.4% below cons+2-3%
RBS - Stabilising NIM; strong loan growth. Core ROTE 10.9% on NAV 205p..+2-3%
BASF - Beat. EBIT 6% ahead of cons but on 7% sales miss. Short int 2.2%...+1%
LINDE - Small beat. EBITDA 1.5% & EPS 4-5% ahead. Should be taken well....+1%
TEF - Revs -0.5% v cons. EBITDA 0.3% ahead. Spain is ok, Germany weak.....+1%
ROTORK - Inline update. Orders -9% v our -3% but sales better at -11.5%...+1%
REXEL - Sales 0.6% ahead & EBITDA 2% ahead of cons. FY guidance unchanged.+1%
AZN - Mixed. 3% beat at revs, -1% vs cons and +1% vs cons at EPS level....+1%
DANSKE - Beat. Better impairments & trading. Bottom line +9.4% vs cons....+1%
ULE - Not much detail but orders were good, and outlook unchanged.........+1%
WACKER - We UPGRADE to Neutral on strong results, PO EUR 84 from EUR 70...+1%
PEARSON - Trading inline with expectations and reits guidance.............+1%
AMUNDI - Q1 3% ahead of cons, driven by lower tax rate as PBT inline......u/c
SES - Revs inline -1.9% YoY and group EBITDA -2.9% YoY v cons -3.1%.......u/c
ENI - Q1 EBIT from continued ops €472m v €220m. NI -€77m vs -€30m cons....u/c
ENGIE - 1Q EBITDA inline. ND reduced to €27.0bn (2.41x EBITDA). FY16 reit.u/c
GALP - Clean EBIT & net income inline with cons. Net debt slightly up.....u/c
LAIRD - Q1 in-line, remain confident in their outlook for growth in 2016..u/c
SWISS RE - Headline beat, strong capital vs cautious on reserving.........u/c
NOVO NORDISK - Sales -0.5% v cons, but EBIT and EPS +3% ahead of cons.....-1%
SANOFI - Sales -1.9% vs cons but EBIT & EPS both 3% ahead of cons.......-1-2%
IAG - Rev trends in Q2 affected by Brussels attacks & softness in demand..-2%
VINCI - Q1 sales 2.2% below BAML est. Co fully reits FY16 guidance........-2%
KPN - Mixed Q1 with promise of savings in H2. Revs 0.2% miss, NL 0.4% beat-2%
SPIE - Sales 7% below and EBITA 5% below cons but guidance confirmed......-3%
OPHIR - Schlumberger complete due diligence, not to proceeed with farm in.-5%
RESTAURANT GR - Warning. Looks like a 13% knock to cons for FY sales.....-15%
RBC:
ASTRA ZEN. 0% Q1 core EPS miss on acquisition costs but sales ahead, FY reit.
BASF +2% Q1 EBIT ex-items beat, but margins positive, outlook reit.
DANSKE +2% Q1 beat across the board, CET1 down small FY outlook reiterated
ENGIE 0% Q1 revenues miss slightly, EBITDA flat, call at 7am
ENI +1% First glance operating beat, NI light, outlook reit.
GEMALTO +2% Q1 revenues ahead, confirms 2016 outlook
IAG -2% Q1 EBIT ahead but prior year restated so flagt, FY reit.
KPN -2% Q1 EBITDA miss, revenues flat, low sub.growth, keeps forecasts
NOVO NORD. 0% Q1 EBIT ahead, sales beat, outlook change on crncy (+2.2% yest)
PARQUES R. - First day of trading, ref price 15.5, opens @ 10:30
PUMA 0% Q1 sales light, EBIT miss but margins inline, outlook reit.
REXEL 0% Q1 sales a small miss, French construction better, reit FY
ROTORK +1% Q1 rev ahead on currency but China, order intake (-6.4%) weak
SWISS RE. 0% Headline beat on Admin unrealised gains but underlying flat
TELEFONICA +1% Inline due to flat Spain, organic growth +'ve, margin -'ve
VINCI -2% Q1 revenues miss, travel & arrive, outlook reiterated for FY
WPP -1% To outline CEO successoin plan today (SKY)
MF
*SANOFI-Net 1.722b(1.698),Sales 8.54b(8.71),EPS 1.34(1.32)..........-1%
*BASF-Ebit 1.91b(1.77),Sales 14.2b(15.1),Ebitda 2.81b(2.7)..........+1%
*SWISS RE-NI 1.23b(969),CR 92.8%,ROE 14.6%,Prems 7.94b..............+1.5%
*FUCHS-Sales 550.2m(556.6),Ebit 85.2m(87.2),FY outlook unch.........-0.5%
*TEFS-Net 776m(788),OIBDA 3.38b(3.4),Rev 10.78b(10.,85),Reit o/l....-1%
*LINDE-Rev 4.26b(4.22),OP 991m(968.3),Cash Flow 883m................+1.5%
*ENI-Europe utilities express interest in ENI's unit $3.4bln........+0.5%
*VINCI-Rev 8b(8.23),Order intake 8.7b,confirms FY targets...........-1%
*SEB-Op Inc 93m(83),Sales 1.12b(1.12),Raise 16/17 EPS by 5% & 4%....+2%
*GEMALTO-Rev 691m(688),outlook confirmed,Mobile still weak..........+1%
*DANSKE-Net 4.78b(4.52),NII 5.26b(5.3),Fee Inc 3.38b(3.56)..........+1%
*ENGIE-Sales 18.9b(21.3),Ebitda 3.5b(3.47),Net Debt 27b(27.5).......+0.5%
*REXEL-Sales 3.16b(3.12),Adj Ebitda 121.9m,Maintains FY tgts........+2%
*KPN-Rev 1.69b(1.69),Ebitda 568m(577),Keeps outlook unch............-0.5%
*NOVO-Ebit 12.3b(11.9),Sales 27.2b(27.1),Victoza lite,Tresiba ok....+1%
*CASINO-Sells BIG C vietnam for valuation of €1bln,proceeds €920m...+2%
*ENI-Net -479m(-12.3),OP 73m(213.5),cutting Cap spend by 20% in 16..-1%
*NEMETSCHEK-Sales 77.7m(76),Net 11m(10),Ebitda 21m(19.8),FY ok......+3%
*RIB S/WARE-Rev 25.3m(21.8),Op Ebitda 7.1m(5.1),Margin 28.1%(23.3)..+1%
*NCC-Sales 9.2b(11.7),PT -309m(237),Order intake 10.1bln............-2%
*ASTRA-EPS 95c(96),Rev 6.12b(5.95),OP 1.59b(1.63),FX impact 2%......+1%
*IAG-Rev 5.1b(4.97),Cash 6.82b as of 31/3,Reits FY view.............-1%
*BILFINGER-EQT only bidder left for BFS & less than €1.4bln.........-1%
*CONTI-Sales 9.85b(10.02),Ebit 1.1b(1.08),Ebit Margin 11.3%.........+1.5%
*BASF-Ebit 1.91b(1.77),Sales 14.2b(15.1),Ebitda 2.81b(2.7)..........+1%
*SWISS RE-NI 1.23b(969),CR 92.8%,ROE 14.6%,Prems 7.94b..............+1.5%
*FUCHS-Sales 550.2m(556.6),Ebit 85.2m(87.2),FY outlook unch.........-0.5%
*TEFS-Net 776m(788),OIBDA 3.38b(3.4),Rev 10.78b(10.,85),Reit o/l....-1%
*LINDE-Rev 4.26b(4.22),OP 991m(968.3),Cash Flow 883m................+1.5%
*ENI-Europe utilities express interest in ENI's unit $3.4bln........+0.5%
*VINCI-Rev 8b(8.23),Order intake 8.7b,confirms FY targets...........-1%
*SEB-Op Inc 93m(83),Sales 1.12b(1.12),Raise 16/17 EPS by 5% & 4%....+2%
*GEMALTO-Rev 691m(688),outlook confirmed,Mobile still weak..........+1%
*DANSKE-Net 4.78b(4.52),NII 5.26b(5.3),Fee Inc 3.38b(3.56)..........+1%
*ENGIE-Sales 18.9b(21.3),Ebitda 3.5b(3.47),Net Debt 27b(27.5).......+0.5%
*REXEL-Sales 3.16b(3.12),Adj Ebitda 121.9m,Maintains FY tgts........+2%
*KPN-Rev 1.69b(1.69),Ebitda 568m(577),Keeps outlook unch............-0.5%
*NOVO-Ebit 12.3b(11.9),Sales 27.2b(27.1),Victoza lite,Tresiba ok....+1%
*CASINO-Sells BIG C vietnam for valuation of €1bln,proceeds €920m...+2%
*ENI-Net -479m(-12.3),OP 73m(213.5),cutting Cap spend by 20% in 16..-1%
*NEMETSCHEK-Sales 77.7m(76),Net 11m(10),Ebitda 21m(19.8),FY ok......+3%
*RIB S/WARE-Rev 25.3m(21.8),Op Ebitda 7.1m(5.1),Margin 28.1%(23.3)..+1%
*NCC-Sales 9.2b(11.7),PT -309m(237),Order intake 10.1bln............-2%
*ASTRA-EPS 95c(96),Rev 6.12b(5.95),OP 1.59b(1.63),FX impact 2%......+1%
*IAG-Rev 5.1b(4.97),Cash 6.82b as of 31/3,Reits FY view.............-1%
*BILFINGER-EQT only bidder left for BFS & less than €1.4bln.........-1%
*CONTI-Sales 9.85b(10.02),Ebit 1.1b(1.08),Ebit Margin 11.3%.........+1.5%