Altice makes eight commitments to Portuguese Competition Authority on EUR 440m Media Capital takeover - report
Altice [AMS:ATC] has made eight commitments to the AdC Portuguese Competition Authority over its EUR 440m bid to acquire Media Capital [ELI:MCP], reported Eco.
Among the eight commitments made by Altice to the Portuguese antitrust authority is included the commitment to make the distribution of TV channels, content, and advertising independent, with these areas being controlled by separate companies within Meo, the cable operator owned by Altice, according to sources.
Altice has also pledged to permit regulated access to its Meo platform for a period between five and 10 years, the report said. The delayed takeover of Media Capital by Altice was kick-start by the French media group with the AdC in Portugal now having a 21 May 2018 deadline to get the responses of third parties to Altice’s proposed remedies, the item said.
Link to original source.
ML
SKY - Comcast is said to mull bid for Fox Assets, countering Disney; bbg...RSTR
CYBG / VM - VM/ holders would get 1.13 CYBG shares/ Virgin Money share.....RSTR
SHIRE - Takeda offers £49.01/share Shire share. To maintain div policy(4049)+5%
HISCOX - GWP cFX grew 20.3%; we have 11% for FY18 so this seems above (1538)+2%
EON - NI beat €727m v €681m cons, EBIT also +5.7% ahead. Guide reit'd(9.7)+1-2%
BEIERSDORF - Better than exp LFL sales growth +6.5% v cons at +5.3% (95.9)+1-2%
ENDESA - 1Q EBITDA EU880m v est of 849.8m, NI was also ahead of est(19.9).+1-2%
LEG - Outlook is confirmed and payout ratio increased to 70% of FFO1 (97.7).+1%
ADECCO - Mixed with EBITDA 6% light and org org growth 1% ahead of est (68).+1%
EVONIK - Sales slightly below exp with EBITDA 3% ahead of estimates (30.5)+0.5%
PSP SWISS - Rental income growing, offset for FY by lower condo sales (94)+0.5%
AXEL SPRINGER - Rev 2% ahead, reflecting +4.7% org growth, EBITDA inline(69)u/c
DSM - Q1 inline with +ve pre-release last month. Guidance maintained (86.4).u/c
SCHAEFFLER - EBIT inline and group sales -0.8% below consensus est (228.2)..u/c
ITALGAS - Net income inline with bbg cons and co reiterates guidance (5.3)..u/c
W.HILL - Net revenue growth of 3% reflecting strong gross win margins (279).u/c
SYMRISE - MArgin missed but was well flagged, EBITDA 2% light v cons (67).-0.5%
FORTUM - -ve; Datteln IV plant delayed from early 2019 to summer 2020 (19.3)-1%
LAFARGE - Profits at low end of cons, FY guidance remains unchanged (55.8)..-1%
UNIPER - Miss with EBITDA -5.4% v cons est on gas optimisation timing (26.4)-2%
POSTNL - U/l cash op income of E29m. Adj mail vols declined by c.9.6% (3.1).-3%
D.POST - EBIT of EUR905mn v EUR961m cons. Capital Markets Day at 9am (36).-3-4%
FIRSTGROUP - Apollo has withdrawn interest in bidding for FirstGroup (99.9)-10%
RBC
ADECCO -3% Q1 revenues inline, EBITDA 6% light, SG&A higher than expected
AIR FRANCE -2% Stock was down 9% yesterday, more downgrades today.
AXEL SPRINGER -1% Q1 revenues 3% miss, EPS a touch below, forecast confirmed
BEIERSDORF +1% Q1 sales ahead, Organic growth 6.5% and guidance confirmed.
CLYDESDALE -2% Confirms they have approached VIRGIN MONEY over possible offer
DT POST -4% Q1 EBIT a near 8% miss due to mail cost inflation.
DUFRY +1% Q1 EBITDA ahead and organic revenue growth a touch better
ENDESA +2% Q1 results a 4% beat on EBITDA and Net income lines
EON +1% Q1 profit ahead and confirming FY outlook
FERRAGAMO +2% Inline retail LFL earnings, Wholesale ahead, GM worse
FIRST GROUP -10% Berg reports APPOLLO doesn't intend to make an offer.
HISCOX -2% Q1 statement shows strong top line but weak invesment result
HOCHTIEF 0% Q1 sales ahead, operating profit beat but new orders light.
KALI & SALZ +2% NUTRIEN boost FY earnings yest.cited low potash inventories
LAFARGE +1% Q1 sales ahead, CEO positive on pipeline
LEROY SEAFOOD +8% Q1 EBIT beat and Net Income ahead, stock has been weak into it
MUNICH RE +1% Q1 operating profit ahead, renewals ahead, combine ratio lower
POST NL -3% Q1 revenues inline but big operational miss in parcels
SCHAEFFLER +1% Q1 Revenues inline and confirming 2018 outlook
SCOUT24 0% FY revenue growth inline along with operating EBITDA. Call @ 1
SHIRE +8% TAKEDA agrees to buy SHIRE for £46bln, £30.33 cash + 0.839shr
SWISS LIFE +2% Q1 inflows ahead and fee income a 9% beat.
SYMRISE +2% Q1 sales inline, EBITDA down a tad, +'ve FRUTAROM read though
UNIPER -3% Q1 adjusted EBIT miss, delays at DATTELN lead to impairment.
VIRGIN MONEY +12% Confirms CYBG approach, 1.13 shares per VM share
ZALANDO -2% Q1 revenues inline and guidance confirmed but EBIT miss.
Shore
WILLIAM HILL - net rev +3%,online +12%,win margin increases,sees FY inline...+1%
VIRGIN MONEY - CYBG makes prelim. approach with all-share deal worth c.£1.6b+10%
COSTAIN - Agm statement,trading in line,remains confident in the future.....UNCH
HISCOX - Q1 written premium 1.16b.Premiums grew by20.3% in constant FX......UNCH
PARAGON - Confirms in early stages of considering an acquisition of Titlestone1%
SHIRE - Takeda agrees to buy Shire for about 46b in cash,share deal..........MKT
SUPERMARKETS - Amazon eyed move for Waitrose late last year (S.Times)........+1%
4IMPRINT - trading above boards expectations,revs higher than mkt cons.......+5%
CS
Adecco -2-3% 1Q revs EU5.69B est EU5.73B
Antofagasta M/P Reports pipeline blockage at Los Pelambres plant
Axel Spring M/P Q1 revenues Eu773.5m cons 797m
Beiersdorf +1% 1Q sales EU1.81B est EU1.79B, forecasts confirmed
CYBG -2% CYBG makes preliminary approach for Virgin Money
Deut Post -2-3% EBIT 905mln vs cons 961mln, capex higher, FCF lower
DSM M/P 1Q results in line with preliminary figures given
Dufry +2-3% Q1 Sales inline, organic growth 6% ahead, share buyback
Endesa +2% EBITDA a 3.5% beat and Net a 4% beat
Eon +1% EBITDA inline, Adj EBITDA 6% ahead, reiterate guidance
Evonik +1-2% Numbers ahead, guidance confirmed
Ferragamo +2-3% Sales 1% beat, EBITDA 5% beat, guidance cautious
Firstgroup R Apollo doesn't intend to make an offer to buy Firstgroup
Genmab M/P Receives FDA approval of DARZALEX
Hiscox M/P Gross written premiums grew by 20.3%
Instone +1% Revenues inline with previous guidance, guidance inline
Italgas M/P Q1 EBITDA and Net both inline
Lafarge -3% 1Q sales 5.83b cons 5.679b, confirms targets for 2018
Leg Immo +1% Q1 EPRA NAV x goodwill +0.6% QoQ
Lundbeck +5% Revs 6% beat, guidance confirmed
Munich Re M/P Q1 net profit inline, re-confirmed FY18 profit guidance
Miners +0.5% Copper -0.40%, Brent -0.85%, Iron Ore +0.40%, China +1.20%
PostNL -1-2% Q1 revenues 2% light, outlook for 2018 reconfirmed
PSP Prop +2% Q1 EBITDA before revaluation 8% ahead, guidance ahead
Royal Dutch +1% Sells 97,560,975 shares in Canadian Natural
Schaeffler +1-2% No's inline, confirms outlook, FCF better
Scout24 -2-3% Q1 revs and margins light
Shire +10-15% Takeda agrees to buy Shire for about £46b
Symrise -1% EBITDA 156m cons 159m, 7.5% organic growth cons 6%
Unicredit -1-2% Caius Capital says UniCredit misclassified some capital: FT
Asian stocks climbed Tuesday, extending a gradual recovery after declines in recent weeks stoked by concerns about the vulnerabilities of emerging-markets in the face of higher U.S. yields, a stronger dollar and costlier energy prices.
The dollar was steady and benchmark 10-year Treasury yields remained below 3 percent, though some developing markets still struggled -- Indonesia’s rupiah tumbled to its weakest since 2015, and its government bonds slumped. The Jakarta Composite Index had the biggest decline among the region’s equity benchmarks. Stocks in Japan advanced along with those in Australia and Hong Kong. FTSE 100 Index futures gained. West Texas Intermediate oil retreated below $70 a barrel after reaching the highest since 2014.
Nikkei +0.18% Hang Seng +1.41% CSI +1.20% SHANGHAI +0.77% SHENZEN +0.64%
Eur$ 1.1925 CNH 6.3585 CNY 6.3595 JPY 108.95 GBP 1.3576 CHF 1.0023 RUB 621.7576 WTI$ 70.20 -0.76%
S&P +0.02% EuroStoxx -0.26% FTSE -0.02% Dax -0.22% SMI -0.125
Macro :
- Fed’s Kaplan: Quant Trading Can Have Financial Stability Impact
- Goldman Upgrades Cash to Overweight in Effort to ‘Reduce Risk’
Keep an eye on :
- ABI BB : Anheuser-Busch InBev to Redeem $1b Notes Due 2020
- ADEN SW : Adecco First Quarter Revenue Meets Estimates
- AIR FP : *LUFTHANSA TO ORDER UP TO 12 A320-FAMILY AIRCRAFT
- AGFB BB ; Agfa-Gevaert First Quarter Revenue 2.1% Below Estimates
- AUSS NO : Austevoll Seafood First Quarter Revenue Beats Estimates
- SPR GY : Axel Springer First Quarter Revenue 3.0% Below Estimates
- BCP PL : Banco Comercial Isn’t Interested in Caixa Geral’s Spanish Ops
- BCP PL : BCP First Quarter Net Income EU85.6 Mln
- BEI GY : Beiersdorf First Quarter Sales 1.1% Above Estimates
- C US : *CITI GAINS AS VALUEACT REPORTED TO HAVE BUILT $1.2B STAKE
- DBAN GY : Deutsche Beteiligungs 2Q Net EU7.9m Vs EU30m a Year Ago
- DSM NA : DSM First Quarter Results In Line With Preliminary Figures
- DIS US : Comcast Is Said to Mull Bid for Fox Assets, Countering Disney
- DPW GY : Deutsche Post First Quarter Ebit Misses Lowest Estimate
- DUFN SW : Dufry First Quarter Ebitda Beats Highest Estimate
- EUCAR FP : Hertz 1Q Adj Loss/Shr Wider Than Est.; Shares Fall 5.3%
- ELE SM : Endesa First Quarter Net Income Beats Highest Estimate
- ELK NO : Elkem First Quarter Ebitda NOK1.45 Bln
- EOAN GY : EON First-Quarter Adj Profit Rises on Core Segment Energy Sales
- EVK GY : Evonik Q1 Ebitda Beats, esp. Thanks to Nutrition & Care: Lampe
- FIA1S FH : Finnair Traffic Increases 15.4% in April
- FCT IM : Fincantieri First Quarter Revenue 2.5% Above Estimates
- GEN DC : Genmab: FDA Approves Darzalex in Newly Diagnosed Mpl Myeloma
- GEST FP : Gestamp First Quarter Revenue Meets Estimates
- HDD GY : Heidelberger Druck Full Year Adjusted Ebitda Meets Estimates
- IBE SM : Iberdrola to Sell U.K. Gas Plants for EU2B: EL Economista
- IG IM : Italgas 1Q Rev. in Line; Net Misses Estimate, Rises 4.5%
- LEG GY :
- LSG NO : Leroy First Quarter Adjusted Ebit Beats Estimates
- LNZ AV : Lenzing First Quarter Revenue EU550.3 Mln
- LHN SW : LafargeHolcim Confirms Targets as Sales Beat Estimate
- LUN DC : Lundbeck First Quarter Ebit Beats Highest Estimate
- M5Z GY : Manz First Quarter Revenue EU86 Mln
- MOB SS : Moberg Pharma First Quarter Ebitda Beats Highest Estimate
- MUV2 GY : Munich Re First Quarter Operating Profit Beats Highest Estimate
- NEM GY : Nemetschek Has EU300 Million for Acquisitions, CEO Tells BZ
- NRS NO : Norway Royal Salmon First Quarter Operating Ebit Beats Estimates
- PAG LN : Paragon Says in Early Stages of Considering Titlestone Purchase
- PLT IM : Parmalat to Review Strategy After ’Bad’ 2017: CEO to Repubblica
- PHIA NA : Philips Acquires Dutch Digital Health Company NightBalance
- PSPN SW : PSP Swiss First Quarter Net Income CHF40.3 Mln
- PNL NA : PostNL Reported Earnings
- G24 GY : Scout24 First Quarter Revenue Meets Estimates
- SFER IM : Salvatore Ferragamo 1Q Net Income Misses Lowest Est.
- SGL GY : SGL Confirms Raised FY Net Guidance on Positive One-Time Effects
- SHA GY : Schaeffler First Quarter Revenue Misses Lowest Estimate
- SHP LN : Takeda Agrees to Buy Shire for About GBP46B in Cash, Share Deal
- STLN SW : Schmolz + Bickenbach Sees FY Adj Ebitda EU200 Mln To EU230 Mln
- SNAP US :
- SYM GY : Symrise First Quarter Sales Meet Estimates
- SLHN SW : Swiss Life 1Q Asset Management Net Inflows CHF2.4 Bln
- TETY SS : Tethys Oil First Quarter Production 11,664 Boe/D
- TIT IM : Telecom Italia Confirms Amos Genish as Chief Executive Officer
- TTI GY : Tom Tailor First Quarter Ebitda EU4.1 Mln
- UN01 GY : Uniper First Quarter Adjusted Ebit Misses Lowest Estimate
- VIFN SW : Vifor Pharma´s Veltassa Gets FDA Approval for Label Update
- VM/ LN : Virgin Money Gets CYBG’s Prelim, Conditional Offer to Buy Firm
- VOW3 GY : VW CEO Diess Testified to U.S. Authorities on Diesel: Bild
- WAC GY : Wacker Neuson First Quarter Ebit EU23 Mln
- WMH LN : William Hill First Quarter Net Revenue +3%
- ZAL GY : Zalando First Quarter Revenue 1.7% Above Estimates --> -2.9% in pre market
>>> Up
* Arjo Upgraded to Buy at Carnegie; PT 33 Kronor
* Medicover Upgraded to Buy at Carnegie; PT 85 Kronor
* Metso Raised to Buy; Citi Sees 1Q Profitability as New Base Line
* Skandiabanken Upgraded to Buy at Beringer Finance; PT 89 Kroner
>>> Down
* Air France-KLM Downgraded to Reduce at Oddo BHF; PT 7.20 Euros
* Aker BP Downgraded to Hold at Jefferies
* ALK-Abello Downgraded to Hold at Danske Bank; PT 935 Kroner
* BNP Paribas Downgraded to Hold at Santander; PT 71.08 Euros
* Cancom Cut to Sell at Baader-Helvea; Price Target 79 Euros
* Edgeware Downgraded to Hold at Carnegie; PT 15 Kronor
* Kosmos Energy Downgraded to Hold at Jefferies
* Prima Industrie Downgraded to Neutral at MedioBanca
* Wacker Chemie Cut to Neutral at JPMorgan; Price Target 152 Euros
>>> Initiation
* BioPharma Credit Rated New Overweight at JPMorgan
* Bygghemma Group First Rated New Buy at Berenberg; PT 53 Kronor
After Hours Summary: PI +10.2%, VECO +9.4%, MTW +8.3% are higher, while HTZ -8.4%, ZG -7.2% are lower following earnings/guidance
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: PI +10.2%,VECO +9.4%, MTW +8.3%, CRZO +6.4%, IAG +6.3%, FN +6.1%, MWA +6%, RWT +4.6%, LCI+2.6%, OHI +1.9%, AMC +1.7%
Companies trading higher in after hours in reaction to news: FRED +11.7% (Fred's to sell certain assets of EntrustRx, its specialty pharmacy unit, to a subsidiary of CVS Health (CVS); the aggregate consideration to be paid is $40.0 million, plus an amount equal to the value of inventory of EntrustRx), FOXA +5.1% (lifting on reports that Comcast is planning to make cash bid), C +1.7% (WSJ reporting ValueAct is building stake), SNAP+1.4% (CFO Andrew Vollero to depart), NSU +1% (Lundin Mining and Euro Sun disclose proposal to acquire Nevsun Resources for approximately C$1.5 billion -- this proposal has been rejected by Nevsun)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: NVRO-16.4%, HTZ -8.4%, ZG -7.2%, BKD -2.5%, RMBS -2%, MOS -1.9%
Companies trading lower in after hours in reaction to news: CAPL -19.3% (reduces quarterly distribution), INWK -7% (postpones earnings; to restate prior financials), AXGN-2.9% (commences 2 mln common stock offering), WTW -2.5% (to offer for sale in underwritten secondary offering 6,500,000 shares of common stock by holder)
Notable post-earnings movers
- Post-earnings gainers: VECO +11.1%, FN +10.2%, PI +8.8%, MTW +8.3%, IAG +6.5%, CRZO +6.1%, ATSG +4.6%, EGAN +4.4%, FRGI +4.1%, LCI +2.6%, OHI +2.1%,
- Post-earnings losers: NVRO -15.8%, HTZ -8.2%, ZG -6.5%
![]()
XPO Logistics on track for 1-2 deals this year; 'big acquisition' possible
07 MAY 2018
XPO Logistics [NYSE:XPO], the Greenwich, Connecticut-based global logistics provider, expects to make at least one acquisition this year and it could be a sizeable one, CEO Bradley Jacobs said.
On the 1Q18 earnings call held 3 May, Citi analyst Chris Wetherbee asked for an update on XPO's M&A process.
"It's progressing well, and it's progressing as expected and as originally outlined last year when we returned to the M&A market," the CEO replied.
Jacobs noted that when XPO announced its return to the market last year, the company said it would take a methodical, disciplined approach, as it did from 2011 to 2015.
"We wanted to cast a wide net, speak to lots of potential acquisition targets, and then funnel it down to a smaller and smaller amount, and then end up selecting the one that's the most accretive and most valuable for our shareholders and our customers," the CEO said. "And we said the base case scenario is, we would have a big acquisition or two medium-sized acquisitions announced by the end of this year, and we're very much on track for that. That could be three weeks from now. That could be three months from now. That could be December. But the base case scenario is this year."
Regarding areas of geographical interest, CEO Jacobs said XPO continued to look at potential targets that operated in more than one country, and usually on more than one continent.
"So global companies, and the headquarters are generally in North America or Western Europe. And the types of companies are ones that are identical, or similar, or very adjacent to the service lines that we're actually offering right now," he said.
Later in the session, Deutsche Bank's Amit Mehrotra asked about deal parameters.
"There's no reason to do an acquisition unless it's extremely accretive. There's just no reason to," the CEO replied.
He added that "the vast majority of the ones that we're looking at are asset light, and have similar or less CapEx as a percentage of revenue as we do."
XPO operates in 32 countries and has European headquarters in Lyon, France. The company has two reporting segments: Transportation and Logistics.
The transportation segment generated revenue of USD 2.77bn for the quarter, a 16% increase from the same period in 2017. The logistics segment generated revenue of USD 1.45bn for the quarter, a 23.2% increase from the same period in 2017.
The Wall Street Journal reported in August 2017, citing CEO Jacobs, that XPO could spend USD 7bn or USD 8bn to acquire whole companies or parts of larger ones. XPO was also interested in smaller targets with EBITDA of USD 50m to USD 100m, the report said.
In late December 2017, ReCode reported that Home Depot [NYSE:HD] had discussed within its own walls the idea of acquiring XPO.
XPO was highly acquisitive in the first half of this decade. Morgan Stanley advised on its two largest acquisitions during that period, with JPMorgan also used for one of those deals. On the legal side, Wachtell, Lipton, Rosen & Katz; King & Spalding; and Akerman have been used multiple times in recent years, according to the Mergermarket M&A database.
XPO Logistics has a market capitalization of USD 12.6bn.
Relevant links (supplied by Perfect Information, an Acuris Company)
Form 8-K filed 2 May 2018
Form 10-K filed 12 February 2018
Investor presentation 7 February 2018