ML
** Half day in Sweden today, market closes at 12pm (13pm CET)................
* ST GOBAIN - Wendel sold 5.4% stake & issue €500mn bond covertible; BNP/GS..
* SWEDISH ORPHAN - Sobi Chairman sells 8m shrs @ SEK 108.5; Danske...........
GN STORE - Mixed. Revs +1.6% vs con but EBITA -11.8% and EPS -8% v cons......
AIRFRANCE - Q1 EBIT was -EUR99mn (vs. consensus of -EUR226mn)...........+3-4%
HEIDELBERGCEMENT - OIBD better than cons & raises FY16 earnings guidance..+2%
WIZZ - Solid Q1 update with a slight YoY increase in load factor the key..+2%
EVONIK - Q116 better in operating manners, confirmed FY16 outlook.......+1-2%
SIEMENS - Beat throughout the P&L, driven by Power & Gas. Orders 3% beat+1-2%
BAE - Solid trading update with positive order momentum. Reits FY guid..+1-2%
UMICORE - We UPGRADE to Neutral post 1Q results. Take PO to EUR 46........+1%
EDPR - 1Q16 EBIT touch higher v cons, inline at net income. CMD tomorrow..+1%
SPONDA - Q1 meets ests with EPS 0.08, NAV EU4.95 v EU4.5 year earlier....+1%
THALES - Q1 sales beat, solid execution continues. Revs 1% ahead of cons..+1%
ADIDAS - Strong acceleration in North Am. market up 22% v +8% in Q4.......+1%
IMPERIAL BRANDS - Solid. EBIT 3% beat, group EBIT by 2%, EPS 2% beat too..+1%
LEGRAND - Solid org growth (+1.9% v 0.7%) & margins, guidance confirmed...+1%
SOC GEN - Messy on P&L with 4% net profit miss to cons. Strong bal sheet..+1%
ERSTE - 25% headline beat is flattered a little by a lower tax rate.......+1%
RDS - 1Q16 beat thanks to Downstream; Upstream weaker than expected.......+1%
JD WETHERSPOON - 3Q LFL sales +3.8%, consistent with +3.7% reported prev..+1%
SYNGENTA - Appoints J. Erik Fyrwald as new CEO as of June 1 2016..........u/c
INTU - +1% on occupancy YOY but down 50bps from Dec. Reits LfL guidance...u/c
PADDY BETFAIR - Q1 revenue growth (16%) ahead of FY consensus.............u/c
AXA - Inline in life & asset, non-life better. Q1 capital ratio ahead.....u/c
RYANAIR - Traffic stats look ok. Loads up +2pc and volumes +10pc..........u/c
DEUTSCHE TEL - Headlines beat, Germany 1% light, FY guidance reit......u/c-1%
VALLOUREC - Mixed results. Hurt by low demand, mainly in oil and gas......-1%
VEOLIA - 1Q16 inline at EBITDA/EBIT, a bit below at revenues/net income...-1%
INTNL PERSONAL FIN - Customer numbers +3%, mentions strong competition..-1-2%
NOKIAN - 1Q16 EBIT inline, but outlook for 2Q16 inventories looks weak..-1-2%
DIRECT LINE - GWP growth of 4.2% YoY, a touch light v our est (c.0.5%)..-1-2%
PROXIMUS - Domestic underlying rev 1.7% below cons while EBITDA inline....-2%
GLENCORE - Explores sale of its Kazakh gold mine. Copper 10% ahead v BAML.-2%
RANDGOLD - Q1 EBITDA of $123mn is a touch light (23%) v consensus.......-2-3%
UK MINERS - Miners in OZ overnight : BHP OZ -9.7%, RIO OZ -8%, FMG -5%..-3-4%
NEXT - Sales -0.9% v cons flat. New sales range equates to c.2.5% d/g...-3-4%
BHP - Samarco faces $43bn suit for dam disaster, shrs -8.5% in AUS o/n....-5%
DIALOG - 1Q rev inline. Cuts FY16 rev guidance. Announces 50mn buyback..-6-8%
JPM:
ADIDAS No suprises following pre-a. Talks to sell parts of golf unit unch
ADIDAS No suprises following pre-a. Talks to sell parts of golf unit unch
AVIVA JPM key call. Reiterate Overweight +2%
AXA Solvency strong at 200%. Topline growth a touch disappointing unch
BEIERSDORF Beat driven by better than expected consumer +2%
BHP Brazilian prosecutors file $43bn claim against BHP and Vale -5%
CS Selling distressed debt assets for $1.27bn +2%
D TEL Beat driven by TMUS and System Solution, Germany weak -1%
DIALOG Warning overnight - 8% decline in FY sales vs cons +1% -10%
ERSTE Beat driven by lower provisions, core income is slightly light +2%
EVONIK Touch ahead, outlook reiterated. Consensus unlikely to move +1%
GN STORE Mixed. Better Resound org sales growth, but weaker Netcom -2%
HEIDELBERG Strong. EBITDA 5% beat driven by US & Europe offsetting EM +3%
IMP BRANDS Inline, guidance reiterated unch
LEGRAND Adj EBIT inline, FY guidance left unch unch
NEXT New guidance mid-point = 2.6% reduction -3%
ONTEX 6% EBITDA beat BUT guidance unch & outlook on mature mkts soft +3%
PROXIMUS 4% rev miss, EBITDA in line. Reit FY guidance -2%
SAINSBURY FY numbers, 4% beat at the PBT level but no comment on guidance +2%
SAINSBURY FY numbers, 4% beat at the PBT level but no comment on guidance +2%
SIEMENS Solid. Has been weak into figs +2%
SOC GEN Earnings inline, but capital beat & cost guidance revised lower +1%
THALES Q1 org sales growth tracking ahead vs guidance. Reits FY guid +1%
CS:
Adidas +1-2% Opts to enter talks to sell part of golf unit
CS:
Adidas +1-2% Opts to enter talks to sell part of golf unit
Air France +2-3% Numbers better, OP loss 99m vs cons -226m, cautious outlook
Andritz -1-2% EBIT 74.2mln vs cons 72.5mln, outlook slightly light
Axa +1% Q1 new business indicators inline, solvency solid
Beiersdorf -2% Q1 Sales EU 1.67b est EU 1.72b, confirms forecast
BHP Billiton -3% Brazil Seeks $44B in Suit Over Spill at BHP-Vale Mine
Cramo M/P Q1 ebit €11.7 vs cons 9.9m, keep FY guidance
Compugroup -1% Q1 revs 2% miss, EBITDA inline, Confirms FY forecast
Daimler -1-2% US light truck data soft, new orders -40%
Deut Tele -1-2% Net income 1.05b vs 1.04b, confirms 2014 - 2018 outlook
Dialog Semi -8-10% Revises down its revenue and gross margin outlook for FY
Direct Line -1% GWP's inline but cost base is a little higher
Elringklinger UNCH Sales 2% light, 2016 guidance reiterated.
Erste Bank +2% Revs smll miss but lower NPL provisions
Evonik -0.5% Q1 EBITDA €565m cons 550m, reiterate FY16 guidance
Fonciere des +1-2% Q1 rental rev +5.5%, ahead of schedule to meet FY targets
Flow Traders -1-2% Revs €64.6m vs CS ests 67m and net €23.2m vs CS ests 24.7m
Fraport -1% Revs €572m vs cons 577m, reiterate outlook
Fraport -1% Revs €572m vs cons 577m, reiterate outlook
Freenet M/P Q1 sales and EBITDA inline
GN Store -2% Q1 Revs Dk2.09b cons 2.06b, Margins/Netcom/Resound weaker
HeidelCement +3-5% Q1 revs 1% miss, OIBD 5% beat, op income 21% beat
Imp Brand +1% H1 net rev GBP 3.4b est GBP 3.32b
Intu +1-2% Company remain on target, deliver growth
Inwit M/P Revs inline with consensus, Net income 2% ahead
ISS M/P Sales DK19.2bn vs cons 19.1, keeps FY guidance
JD Weather UNCH LFL +3.8% in line
Kloeckner +1-2% Q1 a marginal beat, Q2 ebitda forecast €50-60m cons at €47m
Kuka -1% Revs light 629.1m vs cons 669.75m, confirms 2016 forecasts
Legrand M/P Q1 sales inline, Net Income 2% miss, reiterates FY outlook
Maersk +1-2% Net Profit $211m cons 54m, reiterated guidance
Miners -2% Copper -0.20%, Brent +0.30%, Iron Ore -2.30%, China -0.30%
Next -1-2% FY sales guidance has been reduced
Nokian Tyres -2% Q1 op profit 3% beat, net sales 1% miss
Norma +1% Revs 226.6mln vs cons 229.4mln, confirms forecasts
Ontex +3-5% LFL rev growth 1% vs cons 0.7%, revs 452.4m vs cons 445m
Ontex +3-5% LFL rev growth 1% vs cons 0.7%, revs 452.4m vs cons 445m
Orpea +1% Q1 Sales small ahead, reiterates 2016 sales target
Paddy Power -1% EBITDA of 59m vs CS ests 64m
Proximus -2% 1Q adj rev 3% miss, adj Ebitda inline, keeps FY guidance
Randgold -3% EBITDA 10% light, Production issues should be short-term
Royal Dutch +1% Operating level ok and beat at bottom line
Ryanair +1% April traffic stats. Traffic +10%, Load factor up 2%
Sainsbury +1% Pre tax GBP 587m mln est GBP 571.2m, Final div 8.1p conc 7p
Soc Gen +2-3% Decent numbers, capital up
Swed Match +2% Operating profit 1.71b vs cons 1.35b, sales ahead
Swed Orphan -3-5% Chairman sells 8m shares at SEK108.5 via ABB
Thales M/P Organic growth 7% vs our 6%. no change to guidance
Vallourec +1% Q1 EBITDA inline, outlook tough in abscence of a recovery
Verbund -2% 12% beat on numbers but reviewing dividend policy
Veolia -2% Q1 Revenues 1-2% light, confirmed forecasts
Volvo -1-2% US light truck data soft, new orders -40%
Wienerberger +2% Revs 611mln vs cons 618mln, confirms outlook
Investec EU:
* AB INBEV-MISS but outlook maintained, Q1 ebitda 4.6% below consensus.......-3%
Investec EU:
* AB INBEV-MISS but outlook maintained, Q1 ebitda 4.6% below consensus.......-3%
* ADIDAS-in talks to sell golf unit,good news but shares strong recently.....U/C
* AIR FRANCE-Q1 rev miss, net better, keeps 2016 targets. Been weak..........+2%
* AXA-Q1 revs +1% to €31.8bn, AUM inflows €10.1bn, broadly in line.........+0.5%
* BEIERSDORF-Q1 sales €1.67bn Vs est €1.71bn, confirms FY f'csts.............-1%
* CSGN-sells debt assets to TPG unit for $1.27bn...........................-0.5%
* DIALOG SEMI-lowers FY rev,margin ests. 2Q rev. $240m-$260m(est. $257.3m)...-8%
* DNO-Q1 look fine,production levels ok. Weak on broker d/g y’day............U/C
* D TEL-Q1 adj ebitda beats at $5.16bn, low quality beat, maintains outlook..U/C
* EVONIK-Q1 sales in line, ebitda 3% ahead, confirms outlook.................+1%
* ERSTE BANK-Q1 NII bang in line, net inc 25% ahead on lower provisions......+2%
* FLOW TRADERS-Q1 value traded +14%, trading inc flat, cancels non-core sale.-2%
* FRAPORT-Q1 ebit 12% below ests, saw weak April, outlook reiterated.........-2%
* GBL-Q1 hit by large LafargeHolcim w/down (€1.44bn), div guidance in line...-1%
* H’BERG CEMENT-Q1 rev in line, op inc 20% beat, raises FY f/casts...........+3%
* KUKA-Q1 rev 6% light, confirms FY rev and margin forecasts.................-2%
* LEGRAND-Q1 sales in line, net 2% miss, confirms FY targets.................U/C
* MAERSK-Q1 sales miss,profits well ahead(lwr costs),lowers oil b/even lvl...+2%
* SIEMENS-Q2 rev small miss,profits beat,confirms o/look,raised cost savings.+1%
* SOC GEN-Q1 net 20% ahead,fine w/back and btr own debt valn.Sees more cuts..+2%
* TDC-Q1 rev 2% light, ebitda in line, keeps guidance........................U/C
* THALES-Q1 sales in line, org rev +7.3%, FY ebit guidance in line...........+2%
* TIT-Republica reports that TIT has put sale of Inwit stake on hold..........1%
* VALLOUREC-Q1 rev low end,€134m in charges,confirms guidance, been weak.....+2%
* VEOLIA-Q1 miss,revs 2%,net 9%. Blames energy prices, confirms outlook......-1%
* WIENERBERGER-Q1 rev and ebitda in line, confirms FY outlook................+2%
Other news
* ALTICE-gets approval from FCC to buy Cablevision.
* ST GOBAIN-Wendel selling 5.3% stake, priced at €38.50
* SYNGENTA-new CEO appointed, seen as neutral ahead of Chemchina deal
Investec UK:
* ARROW GLOBAL-Completes acq's of InVesting & financing using FRNs.........unch
* AVON RUBBER-H1.#'s in line, no chg to FY exp's...........................unch
* BAE SYS-Update. Trading in line with exp's. Outlook unch.................unch
* BILLITON/RIO-Brazilian prosecutors file $43b civil law suit...BLT -5% RIO -2%
* DIRECT LINE-Q1.Gross premiums £777.8m.Reit FY outlook....................unch
* GEMFIELDS-Update.In line,coloured gemstone market remains robust........+1-2%
* GLENCORE-Q1.In line.Sale Kazakh gold mine,worth $2bn(FT)Shs -8% yday.....unch
* IMP.BRANDS-H1.Adj Op Profit sml beat. FY remains on track................+1/2%
* INTU PROP.-Update.Footfall +1.4%,occupancy(95.3%).On track to meet exp's..+1%
* INT'L PERS-Q1.Good update,driven by growth in Mexico & digital products...+2%
* JD W'SPOON-Q3.In line, still expects 'resonable outcome' for the FY......unch
* NEXT-Q1.Full price sales a miss, widens FY guidance.Shs -3.3% yday........-2%
* PPOWER BETFAIR Q1 Rev +16%,good perf' across all divi's,online +17%.......+1%
* RANDGOLD RES-Q1 prof +19%, output -11%(Kibali issues), net cash $254m.....-1%
* ROYAL DUTCH Q1 clean net $1.6bn v $1.2bn est,beat all downstream..........+1%
* SAINSBURY-FY pretax beat,mkt to remain tough, margins narrow..............-1%
* SPIRENT-Q1 'broadly' in-line, N.Amer', EMEA slower than est's.............-1%
* STANDARD LIFE-Acquires Axa's Elevate unit for undisclosed price..........unch
* ULTRA ELEC-Appoints new FD, Ami Sharma...................................unch
* VIRGIN MONEY-Q1 record mortgage lending/credit card balances..............+1%
* WIZZAIR-Stats.Passenger +16%, capacity +15.4%............................+1/2%
ShoreCap:
IMPERIAL BRANDS-H1 pbt 452m.Revs 12.8bln.Strong H1 and on track for fy......+2%
ShoreCap:
IMPERIAL BRANDS-H1 pbt 452m.Revs 12.8bln.Strong H1 and on track for fy......+2%
GLENCORE-Cuts fy E&P oil output guidance.Fy prod guidance unchanged.........-1%
JD WETHERSPOON-Q3 lfl slales +3.8%.Op margin 6.4%.Total sales +5.5%.........+1%
RYANAIR-Load factor 93% V 91%.April passengers 9.9m v 9m....................+1%
SAINSBURY-Fy eps 24.2p.Final divi 8.1p.Pricing pressures impact sales/margin+1%
NEXT-Q1 directory sales +4.2%(Est+2.5%).Retail sales -4.7%(Est -1.6%).......-2%
SPIRENT-Q1 rev grows.Orders broadly in line with expectations..............UNCH
SHELL-Q1 adj net $1.55b.Beats estimates.Div 47c/share.......................+1%
BAE SYSTEMS-Says trading consistent with forecasts.........................UNCH
IPF-Sees further strong growth in IPF digital..............................UNCH
PADDY POWER-Says 1Q Good Performance in All Divisions ......................+1%
DIRECT LINE -Q1 gross premiums rise combined ratio 93-95% reit guidance ....+1%
INTU-rental income 2-3% footfall +1.4% occupancy 95.3% v 94.3% ............UNCH
Mainfirst:
*SIEMENS-Inds Pft 2.12b(1.92),Sales 19b(19.3),NI 1.48b(1.08)...........+2%
*SOC GEN-Net 924m(765),CET1 11.1%,Targets addit cost cuts..............+3%
*EVONIK-Sales 3.11b(3.13),Ebit 389m(359.8),Ebitda 565m(546.8)..........+1%
*DTE-Adj Ebitda 5.16b(5.1),Sales 17.6b(17.5),confirms guidance.........+0.5%
*INBEV-Ebitda 3.46b(3.74),OV -1.7%(-0.3),OG 2.5%(5.7),Rev 9.4b.........-4%
*FRAPORT-Sales 572.5m(577.8),Ebitda 145.6m(155.4),Ebit 64.3m(73).......-1.5%
*AIR FRANCE-Rev 5.61b(5.56),Net -155m,o/l remains uncertain............U/C
*KUKA-Rev 629.1m(669.8),Ebit 31.4m(34.6),Orders 746.5m(733)............-2%
*H/CEMENT-Rev 2.83b(2.86),Op Inc 138m(114),OIBD 321m(306.2)............+3%
*DIALOG-Q1 Rev 241.4m(240.9),OP 29.9m(32.3),FY outlook weak............-6%
*LEGRAND-Sales 1.19b(1.18),Net 127.4m(130.4),Confirms 2016 tgt.........-1%
*ERSTE-NII 1.092b(1.094),Op 620.5m(656),F&C Inc 443m(460)..............-2%
*ADIDAS-Confirms it is looking to divest T-M,Adams & Ashworth..........+0.5%
*SYNGENTA-Appoints J.Erik Fyrwald as CEO as of the 1st June............+0.5%
*SONOVA-Acquires AudioNova for €830m in cash(Sales 360m)...............U/C
*ANDRITZ-Ebit 74.2m(72.5),Net Inc 52.5m(52.5).Rev 1.29b(1.36),o/lk ok..U/C
*GN STORE-Rev 2.09b(2.06),Net 208m(227),Keeps FY outlook...............-2%
*NOKIAN-OP 50m(48.4),Net Sales 276m(279),Q2 weaker vs Q2 2015..........-0.5%
*ICA GRUPPEN-Sales 24.76b(24.59),OP Ex 959m(866),Comp still tough......+1%
*THALES-Sales 2.73b(2.704),Order intake 2.31b,FY Ebit 1.3b-1.33b(1.33).+0.5%
*MAERSK-Sales 8.54b(8.81),Ebit 490m(230),NP 211m(38),Short Int 4.7%....+5%
*BEIERSDORF-Sales 1.67b(1.72),Tesa 277m,Consumer 1.4b,FY confirmed.....-1%
*ELRINGKLINGER-Sales 385m(391),Adj Ebit 32m(33.2),NI 17.2m(17.5).......-1%
*ISS-Sales 19.2b(19.1),Adj Ebitda 1.03b(1.03),Keeps FY outlook.........+1%
*FREENET-Rev 749.2m(751),NI 51m(57),FCF 64.9m(65.5),Ebitda 89.1m(90)...-0.5%
*KLOECKNER-Sales 1.4b(1.52),Ebitda 16m(16.2),NI -14m(-14.2),Q2 ok......-0.5%
*NORMA-Sales 226.6m(229),Ebita 40.1m(39.6),Margin 17.7%(17.3)..........U/C
*RATIONAL-Rev 135.7m(136),Ebit 32.2m(30.4),EPS 2.15(2.25)..............-1%
*TDC-Rev 5.83b(5.99),Ebitda 2.23b(2.25),Keeps outlook unch.............U/C
*SWEDISH MATCH-OP 1.71b(1.35),Sales 3.56b(3.47),Net Inc 1.4b(1.25).....+3%