>>> Altabox 60% stake acquired by Econocom

Altabox 60% stake acquired by Econocom
24 APR 2018
The Belgian IT company Econocom [EBR: ECONB] announces the acquisition of a majority stake (60%) in Spanish marketing consultancy Altabox S.A..
This acquisition, which is part of Econcom's new 'e for excellence' strategic plan and its policy of targeted acquisitions to continue its rise in value, enhances the group's already highly developed know-how in digital transformation and designing the customer experience for points of sale.
Based in Gijon and Madrid, Altabox is a leading company in Spain, developing omni-channel marketing strategies for points of sale. It has more than 50 employees and achieved a revenue of EUR 9m in 2017. Israel Garcia, Managing Director and founding partner of the company, will continue as head of the company and key shareholder.
Atabox's offering includes the design and deployment of digital signage, sensory and auditory marketing, and traffic and data analytics.These solutions enable an acceleration of sales and a revival of the customer experience.
This acquisition offers many opportunities for synergies with Econocom's existing businesses. The group now has a complete range of cutting-edge digital solutions for points of sale that it can combine with its innovative financing offers (subscriptions, pay-per-use, etc.) and distribution. Altabox also complements the activities of some of the Satellites in its Galaxy, such as Gigigo1, a major player in digital marketing, or Econocom Caverin, a specialist in B2B audiovisual products and services in Spain.
Israel Garcia, Altabox’s CEO, said: "I am delighted with this merger with Econocom. It will bring us the strength and necessary financial resources to continue successfully creating new and unforgettable experiences for the end consumer. This will allow us to reinforce our position as a leading player in the Spanish market in the development of digital solutions for points of sale -solutions that we would like to be based on the constant search for excellence and innovation. The combination of Econocom Caverin’s know-how, its logistics platform, Gigigo, for its experience in content development, and Econocom for its ability to combine technological and financial expertise, will help our customers speed up the completion of their projects."
Angel Benguigui, Econocom’s Country Manager in Spain, added: "The majority investment in Altabox fits perfectly into the strategy for increasing value we are implementing for our customers. Its activities are the ideal complement to those of Econocom and its Spanish satellites, with one main objective: to combine the best skills and experience in order to support our customers more effectively in their mobility, digital signage and point of sale transformation projects."

TechCrunch : Amazon's next conquest will be apparel...(HMB, ASC, ITX, ZAL)

Late last year, after Amazon announced it had acquired the rights to J.R.R. Tolkien’s epic “Lord of the Rings” saga for $250 million, I wrote how the move underscored Amazon’s relentless pursuit to build one platform to “rule them all.” Now that Amazon is investing half a billion dollars into developing a Middle Earth show – making it the most expensive TV series ever made – it won’t be a surprise to see Jeff Bezos front and center at the Emmys soon.
But Hollywood isn’t the only industry Amazon wants to upend. Based on the company’s great ambitions in apparel, it may not be long before we also see Bezos at New York Fashion Week next to Anna Wintour.
The 800-Pound Gorilla in the Fashion World

As traditional retail continues to recede, direct to commerce fashion brands continue to emerge. I’ve previously shared how Stitch Fix, Warby Parker, Everlane and Allbirds are just a few innovative companies proving the success of this model. As the master of D2C commerce, Amazon has been fine-tuning its fashion operation for over 15 years.
Amazon originally got into apparel all the way back in 2002 and acquired online shoe retailer Zappos for $1.2 billion in 2009, marking the largest purchase in its history at the time. But the company’s quest to dominate fashion has faced several historical obstacles, chief among them that people have not trusted buying apparel online out of a desire to try on the items first and that Amazon was not perceived as a “cool” brand.
Headwinds are now tailwinds. Online shopping for apparel took off and is now the highest online-penetration CPG sector; the majority of women have shopped for clothing online. E-commerce accounts for nearly twice as big a proportion of total clothing sales as it does for retail more broadly (17 percent vs. 10 percent). Amazon, meanwhile, has honed its apparel strategy, providing free returns, better photography and greater selection. Today, the company is the largest apparel retailer by gross merchandise volume. Mission accomplished? Not quite.
Building A Private-Label ‘Fashion House’
An actual Amazon fashion shoot
Bonobos CEO Andy Dunn once said, “Selling a bunch of other people’s stuff is a low margin game that requires a lot of capital and, ultimately, it’s hard to beat Jeff Bezos at that.” This is true, but when it comes to apparel, Bezos has greater ambitions than selling other people’s stuff. Currently, though, that’s mostly what Amazon does.
According to analysis from Coresight Research, nearly 14 percent of listings on the U.S. Amazon Fashion site are from Amazon itself, while third-party sellers account for the remaining 86 percent. Amazon is highly incentivized to increase its share of that pie. Apparel is a highly profitable category for the company, with 40 percent peak gross margins in the last 10 years. Additionally, Prime members heavily overindex for buying apparel on Amazon – nearly two-thirds have done so in the past year.
As it ramps up its private-label offerings, Amazon is clearly keen to move beyond selling the apparel equivalent of batteries and diapers through its Amazon Essentials brand. It started selling thigh-high velvet boots in September, and Coresight’s analysis indicates that the company is focusing on higher-value categories.
If its recent Lord of the Rings rights acquisition was an attempt to further capture young affluent consumers’ eyeballs, and Whole Foods an attempt to lock down their stomachs, it follows that Amazon would want to ensnare their wardrobes as well. Acquiring a hot digitally native vertical brand – or brands – would be a speedy way to accomplish that. Walmart has already pursued this strategy by buying Bonobos, Modcloth and others; Amazon could take a similar path and seek to bring buzzy brands like Everlane into the everything store. This could also go a long way in helping Amazon shed its “uncool” label.
Becoming A Fashion (Power)House
The Echo Look is just one sign Amazon is serious about dominating fashion
Last year, Amazon introduced a number of innovations designed to turbocharge its apparel business and make the online shopping experience as frictionless as possible. It launched Prime Wardrobe, a Stitch Fix-style service that allows you to try three or more items on at home before sending back the items you don’t want for free in a resealable box with a prepaid label.
It also debuted Echo Look, a new Alexa-powered device that the company dubs a “hands-free camera and style assistant.” The addition of a camera enables the device to record and comment on its owner’s clothing choices, using a combination of machine learning and human stylist feedback. This advice also takes the form of recommendations, which can drive revenue to Amazon Fashion, and specifically its private-label brands.
Amazon is iterating on and rolling out more features for the Echo Look, including curated content and even crowdsourced (human!) style feedback. It also created an AI algorithm for designing clothes and patented an AR mirror that lets you virtually try on clothes. The value of such a mirror was validated recently by L’Oreal’s acquisition of ModiFace, a company that produces technology that powers similar applications in beauty AR.
Analyzing all these moves together, Amazon’s apparel strategy begins to crystallize. First it sells tons of clothes to learn how clothes are sold. Then it starts selling its own clothes to generate higher gross margin. And now has it has Prime Wardrobe to increase lock-in and reduce points at which customers can choose not to buy Amazon’s own clothing (all while gathering more data about individual preferences); and Echo Look to be its data collection and voice-commerce portal (and as an added bonus, it can route ambiguous purchase requests to its growing inventory of private-label items). If this strategy is successful, it will give Amazon an enormous data moat to drive high-margin sales – a competitive advantage that will be extremely difficult for fashion retailers and brands to replicate.
Bezos doesn’t need to even ask.
Amazon has become increasingly dominant in several increasingly important arenas: cloud services, voice assistants, self-serving brick-and-mortar stores with Amazon Go, and of course its now-traditional role as the online everything store. The company is poised to add apparel to this growing list as it changes the way people shop for clothing (again) and entices more of its customers to buy Amazon’s own threads. And it bears mentioning that Amazon Fashion will get a helpful hand from Amazon Studios as well. Bezos once shared that, “When we win a Golden Globe, it helps us sell more shoes.” If he has his way, Amazon will be doing a lot more of both in the coming years.

>>> Meyer continuously approached by Chinese buyers (translated)

Meyer continuously approached by Chinese buyers (translated)
24 APR 2018
Meyer, the German ship builder, is continuously approached by Chinese buyers, according to Kauppalehti Online.
The Finnish-language piece cited the company’s Director Bernard Meyer, who had given an interview to the German Die Welt. He said in the piece that Meyer gets continuously approached by Chinese buyers but the company is not planning to co-operate at any level with the Chinese. Even the company’s subcontractors are being approached by the Chinese, he added.
The company has over 3,000 employees.

>>> Sabadell may seek M&As to strengthen weak balance sheet - reported rumour

Sabadell may seek M&As to strengthen weak balance sheet - reported rumour
24 APR 2018
The best options for Spanish bank Banco Sabadell [BME:SAB] for a takeover would be Abanca in Spain, OneSavings [LON: OSB] in the UK, and Inbursa [BMV: GFINBURO] in Mexico, Expansion reported, citing an analyst report from Bank of America Merrill Lynch.
BoA Merrill Lynch describes Sabadell as a bank with a weak balance sheet, ten years after the financial crisis and four years after the start of the recovery in Spain.
The report identifies three main issues for Sabadell. The first is that a significant portion of its capital is parked in its British subsidiary TSB, and that the UK regulator may not allow the repatriation of this money should Sabadell need it in Spain. The second is that equity in Spain is inflated thanks to deferred tax assets (loans to the tax authorities). The third is the group's high volume of problematic assets, including non-performing loans and foreclosed properties, which the report places at 11.1% of the balance sheet total.
One potential way for Sabadell to strengthen its balance sheet without damaging its growth strategy is to seek out mergers and acquisitions, the report said. The item points out that Sabadell's executives have a long history of acquisitions; in the last ten years, the bank has closed two major purchases: CAM in 2012 and TSB in 2015.
In the UK, the most profitable transaction according to the report would be the acquisition of OneSavings Bank, which would increase profit per share by 12% after increasing capital by EUR 1.1bn.
The second best option would be Virgin Money [LON: VM] (profit per share up 8%). Other options would be Close Brothers [LON: CBG] (6%), Paragon [LON: PAG] (5%), CYBG [LON: CYBG] (3%) and Metro Bank [LON: MTRO] (-13%).
In México, the best potential targets for Sabadell would be Inbursa (profit per share up 11%), Banregio [BMV: GFREGIO] (5%) or Bajio [MEX:BBAJIOO] (10%), the item said.

>>> What to look at today - 24th of April 2018

Stocks in Asia rose and the dollar traded at its highest since January, while investors maintained focus on the U.S. Treasury market, where the 10-year note flirted with 3 percent. The greenback preserved overnight gains, with the 10-year Treasury yield remaining just below its highest level since 2014. As the yen retreated, equities in Japan climbed, with the Topix index at its highest in almost two months, while stocks in Hong Kong and Australia also advanced. Chinese shares rallied on signs the government is moving to ease some policies that it had sought to rein in a credit binge in some parts of the economy. FTSE 100 futures climbed with U.S. equity-index contracts. South Korean shares fell as SK Hynix Inc. joined a string of semiconductor makers whose earnings disappointed investors. United Co. Rusal surged more than 30 percent in Hong Kong trading after the U.S. softened its position on sanctions against the aluminum producer.

Nikkei +0.86% Hang Seng +0.96% CSI +1.82% Shanghai +1.72% Shenzen +1.89%

Eur$ 1.2221 CNH 6.3065 CNY 6.3094 JPY 108.77 GBP 1.3949 CHF 0.9772 RUB 61.60 WTI$ 69.30

S&P +0.24% EuroStoxx +0.03% FTSE +0.11% Dax +0.10% SMI +0.05%

Macro :
- European Energy Stocks May Rise as Oil Reaches Three-Year High
- Aluminum Continues Slide, Watch for Europe Basic Resource Moves
- France May Weigh Some Tax Cuts for Companies: Les Echos
- DoubleLine’s Gundlach at Sohn Says Go Long XOP, Short Facebook

Keep an eye on :
- AKZA NA : Akzo Nobel First Quarter Revenue Misses Lowest Estimate
- AKRX US : Short-Seller Who Anticipated Akorn Deal Break Sees More Downside
- AMS SW : Semiconductors Keep Cratering as Another Chip Stock Disappoints
- ATG1V FH : Asiakastieto Will Buy UC for Consideration Valued at EU339.8M
- AXFO SS : Axfood First Quarter Operating Profit Beats Highest Estimate
- SAN SM : Banco Santander First Quarter Net Income 2.0% Above Estimates
- BA/ LN : BAE Systems Growth Outlook Improved, Upgrade to Buy: Berenberg
- COFB BB : Cofinimmo Buys Nursing Home in Germany’s Niebuell for EU8.4m
- DBK GY : Deutsche Bank Works Council Elects Frank Schulze as Head: HB
- DBK GY : Deutsche Bank Is Said to Weigh Retrenchment in U.S. Equities
- ENEL IM : Enel Will Persist With Bid for Eletropaulo, CEO Tells Expansion
- ENG SM : Enagas First Quarter Net Income Misses Lowest Estimate
- ERF FP : Eurofins Scientific First Quarter Revenue EU839 Mln
- FLOW NA : Flow Traders First Quarter Net Trading Income EU213.2 Mln
- FRE GY : FDA: Fresenius to Fix Software Problem on DXT Relay 2.x
- BAER SW : Zurich Court of Appeal Dismissed Claims vs Julius Baer
- KNIN SW : Kuehne + Nagel First Quarter Ebit CHF236 Mln
- LSE LN : LSE Activist Holder TCI Is Said to Back CEO Choice: Sky
- MERY FP : Mercialys First Quarter Rental Rev. EU45.6 Mln
- MBTN SW : Meyer Burger to Appeal Nanjing Court’s Patent Claims Decision
- MOR GY : Morphosys Gross Proceeds NASDAQ IPO ADS Offering $239 Mln
- MUV2 GY : Munich Re 1Q Consolidated Result Expected in Excess EUR800M
- NETB SS : NetEnt First Quarter Operating Profit 4.8% Below Estimates
- NHY NO : Aluminum Continues Slide, Watch for Europe Basic Resource Moves
- UG FP : PSA 1Q Rev. EU18.2b, Est. EU17.96b
- POM FP : Plastic Omnium First Quarter Revenue EU1.64 Bln
- RAND NA : Randstad First Quarter Revenue Meets Estimates
- RR/ LN : Rolls-Royce Is Said to Mull China Venture for New Wide-Body Jet
- SPM IM : Saipem First Quarter Adjusted Net Misses Lowest Estimate
- SAN FP : Sanofi Names John Reed to Take Over as Global R&D Head on July 1
- SRT GY : Sartorius First Quarter Adjusted Ebitda Misses Lowest Estimate
- SAP GY : SAP Boosts Full Year Revenue Forecast
- SHP LN : Takeda Share Offer for Shire Has Japan Rule Issues: Professor
- SIE GY : Euroimmun in Talks to Buy Some Siemens Assets in Goerlitz: Bild
- GLE FP : Top SocGen Options Trader Mark Bamber Is Said to Have Left: NYP
- SSABA SS : Industrivarden Sells SSAB For Total of SEK3.07b
- SUBC NO : Subsea 7’s 16% Premium For McDermott Not Enough, Citi Says
- SWEDA SS : Swedbank Unlikely to Suffer From New Mortgage Risk Rule: CEO
- TEL NO : Telenor First Quarter Ebitda 1.4% Above Estimates
- FP FP : Total Says ‘Frustrating’ Buyers Are Making It Buy Its Own LNG
- UL FP : Unibail-Rodamco First Quarter Revenue EU535.7 Mln
- DG FP : Omers Sells Interest in Airports Worldwide to Vinci Airports
- VOLVB SS : Volvo Boosts Full Year North America H/D Truck Market Forecast
- MF FP : Wendel Repays EU350M in Bond Debt, Cuts Annual Interest Spending
- WRT1V FH : Wartsila First Quarter Ebit Misses Lowest Estimate

>>> Europe : Brokers Upgrades & Downgrades - 24th of April 2018

>>> Up
* BAE Upgraded to Buy at Berenberg
* BP ADRs Upgraded to Buy at Goldman; Price Target $54
* Unibail-Rodamco Raised to Buy at Kepler Cheuvreux; PT 222 Euros

>>> Down
* Card Factory Downgraded to Hold at Liberum; PT 2.40 Pounds
* Clarkson Downgraded to Neutral at JPMorgan; PT 25.34 Pounds
* Dixons Carphone Downgraded to Hold at Liberum; PT 2.20 Pounds
* Ericsson Downgraded to Reduce at OP Corporate Bank; PT 60 Kronor
* Inwit Cut to Sell at Insight Investment Research; PT 7.70 Euros
* Metro AG Downgraded to Hold at Bankhaus Lampe
* Superdry Downgraded to Hold at Liberum; PT 16.80 Pounds

>>> Initiation
* Dairy Crest Rated New Equal-weight at Barclays; PT 5.80 Pounds
* FDM Group Rated New Neutral at Citi
* NKT Rated New Neutral at Goldman; PT 200 Kroner
* Thales Rated New Buy at William O'Neil & Co Incorporated

>>> Call