MainFirst
*CBK-NI 183m(170.3),OP 337m(274.3),Loan Loss Provs 290m,SI 4.9%......+1.5%
*CBK-NI 183m(170.3),OP 337m(274.3),Loan Loss Provs 290m,SI 4.9%......+1.5%
*SOC GEN-Net 390m(315),Div 2.2(2.2),IPO Car-Leasing Unit in '17......+1%
*ZURICH INS-NI 3.2b(3.19),OP 4.5b(4.4),Div 17,Cost cutting ok........-1%
*THYSSEN-Sales 10.1b(9.67),Ebit 329m(318.1),Confirms o/l.SI 1.8%.....+0.5%
*NORSK HYDRO-Rev NK21.3b(20.3),Ebit 1.96b(1.97),Pft 968m(1.04).......+2%
*KBC-NII 1.06b(1,06),Inc 1.9b(1.76),Net 685m(518.5),Div 1.8(1.96)....+1%
*CARLSBERG-Considers bid of $1.2b for Tsingtao Stake(20%)............-1%
*AIRBUS-Boeing front runner for $13.8b Singapore Air order...........-0.5%
*PUBLICIS-FY Rev 9.73b(9.79),Margin improvement in 2017,SI 1.6%......-5%
*LEONTEQ-FY figs known, further cost cuts/new partner agreed, SI 13.5%.+0.5%
*HENKEL-in talks to buy Sealed Air's unit Diversey for $3bln.........+0.25%
*IFX-CFIUS may not approve Wolfspeed purchase from CREE by IFX.......-2%
*HAMBORNER-Rent 61.8m(61.8),Ebit 31.7m(31.4),NI 17.4m(17.2)..........+1.6%
*H/DRUCK-Sales 608m(646.4),Ebitda 49m(53.1),Net 18m(19.3),SI 10%.....-0.5%
*PERNOD-H1 Sales 5.06b(5),Net 914m,Organic Grth Pft +4%..............U/C
*GN STORE NORD-FY Rev 8.65b(8.69),Ebitda 1.58b(1.75),Div 1.15........U/C
*TOTAL-Adj Net 2.4b(2.23),Div 62c(61),+ve for cash flow growth.......+1
*LEGRAND-OP 978.5m(982),Divi 1.19(1.2),Organic Sales Grth 0%-3%......+1%
*FAURECIA-Net 638m,Divi 90c(80),Net Debt slightly better, o/lk ok.....+1%
Macquarie
* Ashmore ASHM-AuM $52.2bn, EPS 13.9p vs est’s 10.1p. Seed investment gains of £25.8m. +3%
Macquarie
* Ashmore ASHM-AuM $52.2bn, EPS 13.9p vs est’s 10.1p. Seed investment gains of £25.8m. +3%
* Aviva AV/- Sells Stake In JV With Credit Du Nord for £425m. Unch
* Dairy Crest DCG- Key Brands performed well, FY inline with expectations & maintaining guidance. Unch
* Enterprise Inns ETI-Trading inline with expectations, will change name to EI Group. Unch
* Genel GENL- Downgrading 1P & 2P reserves at Tawke after DNO survey. -2%
* Henderson HGG-AuM up 10% to £101bn, EPS 15.2p. Janus merger to be completed by end May. +2%
* RPC- Acquisition of Letica Group for £391m, fully underwritten £552m 1 for 4 rights issue.
*Tate & Lyle TATE-Q3 trading; Speciality Foods inline, Bulk Ingredients ahead of expectations. Expects FY trading to be modestly ahead of expectations. +2-3%
CS
Aberdeen M/P Mentioned in Telegraph/FT on a competitor note on M&A
Aberdeen M/P Mentioned in Telegraph/FT on a competitor note on M&A
Aker Sol +1-2% 4Q net loss NOK289m misses est. for NOK237.7, one offs
Ashmore +5%+ Net Revenues 12% ahead, profit 43% beat
Autos -0.5% Jan retail sales fell c9.8% y/y, expectations were unch
Commerzbank +2% Q4 net 19% ahead of cons lower NII/trading
Ent Inns -1% like-for-like net income growth ok, been good performer
Eutelsat +2-3% H1 slightly better, margin guidance improved
Faurecia M/P FY sales at EU18.7bn e18.8, dividend 12.5% beat
Gjensidige -1% Nordic/Baltic slightly slower, PBT a slight miss
GN Store M/P FY16 Revenues DKk8651m cons DKk8628, guidance ok
Heidel Druck -0.5% Sales 608mln cons 618mln, confirms 2016/2017 targets
Henderson +1% Assets under management £101.0bn (cons 101.6)
Husqvarna -1% Revenues miss and operating profit beat
Infineon -2-3% Proposed purchase of Wolfspeed
Korian M/P FY revs 2.99b cons 2.99b, Guidance for FY17 inline
Legrand UNCH Sales 0.5% ahead, org growth towards top of revised range
Miners -0.5% Copper +1.20%, Brent -0.60%, Iron Ore +1.75%, China +0.30%
Mobistar +2% Revs & EBITDA Beat, FY17 Guidance Inline vs Cons
Nexans +1-2% H2 profit 2% beat, no specific guidance
Norsk Hydro -1% FY 6.4bn NOK CSe NOK 6.4, Divi 1.25 up from 1
Orange Bel +1% Revs 321.9 mln vs cons 322.5mln
Pernod +1% H1 recurring op profit beats estimates, maintains guidance
Pennon +2% Unwind of PMB, operationally numbers inline
Publicis -2% Q4 organic growth light
SBM Offshore -2% 12% EBITDA beat, guidance light
S&N -2-4% FY rev $4.67 bln est $4.69bln, operating profit light
Soc Gen +1% Q4 net profit €390m vs cons €471m
Thyssen -2% Profit inline/Debt higher/FY guidance reiterated
Thom Cook M/P Nordic slightly better, German airline slightly worse
Tates +2% 3Q modestly ahead of forecasts
Total +1-2% 10% beat on net income, dividend better
Voestalpine -1% Q3 EBIT adj 179 Cons 183, reiterate FY17 guidance
Yara -1-2% Numbers inline but dividend lower
Zurich Ins -1% Profit 5.7% of cons, higher expense ratio
Jefferies
EUTELSAT...good #s and RAISES FY EBITDA margin outlook, been WEAK into print
EUTELSAT...good #s and RAISES FY EBITDA margin outlook, been WEAK into print
PERNOD...decent #s even vs high expectations, had good run but still called +1%
SANOFI...Federal court suspends injunction SAN/REGN, ADRS's +0.6%
NORSK HYDRO...Q4 #s BEAT, sales ahead/EBIT ok, gwth outlook 3-5%
SOC GEN...Q4 net €390m v (e)€315m, retail net +25%, div 1.2...called +3%
COMMERZBANK...Q4 net income €183mn v (e)€170mn, CET1 rises to 12.3%...called +2%
THYSSEN...bit MIXED - #s look decent Q1 net +41% + but FCF before M&A widens, reits FY
LEGRAND...org gwth/divd LITE, pft OK, net beats on 1-off ... called -1%
EUTELSAT...good #s + RAISES FY EBITDA margin outlook, been WEAK into print ...should fly +3%-5%
VOESTALPINE...EBIT #s small miss, but confirms significant earnings gwth...-1%
ZURICH FS...#s in line, but CR which may put divd in question...-1%-2%
TOTAL beat net income $2.4bn, cons $2.2bn, due to chemicals & refining, raises divi 1.6% ... called +2%
FAURECIA...all IN LINE, net debt s/beat poss on disposal, reits FY18...+1%
TATE & LYLE ... exp profits to be moderately ahead of expectations, called +2%
PUBLICIS...#s POOR, weak on North America/Latam and FY17 guidance hazy...-2%/-3%
DFS #s decent ... shud be well taken, called +2%
Tradegate
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CBK +1.6%
GLE +1.6%
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BATS +1.5%
CSGN -1%
INDV -2.7%
REE +1%