--> We turn neutral on EM local markets as valuations are less appealing and DM central banks should keep tightening, while a weak USD and good macro prevent a bearish view. We maintain low-beta and RV exposure in EM local and in credit focus on markets with good valuations and reform potential.
ML
* VEOLIA - Qatar Diar selling €520m/26.1m shares in clean up trade; SG sole....
* SAMPO - Solidum selling $575m/10.6m shrs @ EU44.1; UBS/Danske/Nordea books...
* DELIVERY HERO - Placing of 1.26m shrs/ 0.75% of shr capital; UCG sole books..
OMV - Update of outlook; annual capex EUR2-2.5b v BAML forecast EUR1.7b....RSTR
FEVERTREE - Results ahead; EBITDA 2% beat at £58.7m,net cash inline (2735)+1-2%
CBG - PBT +5% v mkt looking for +2.5-3%. All divs doing well as exp (1590)..+1%
DAILY MAIL - Agreed disposal with private equity buying EDR for $205m (663).+1%
NOKIA - Solidum has acquired 3.3% of shares in Nokia for about EU844m (4.8).+1%
L&G - Has acquired full ownership of CALA Homes. All inline with exp (263.4)u/c
HANNOVER RE - Net income, dividend and guidance inline. Wont move dial (115)u/c
BANKIA - EU VP Guindos says to be privatized as soon as poss; Expansion(3.9)u/c
FRAPORT - Passenger growth +8.5% YoY with Antalya growing at 15.5% YoY (85).u/c
CAIRN ENERGY - FY18 prodn guided to 17-20kbd, unch but capex increasing(211)u/c
ANTO - Inline with EBITDA US$2.59b, +59% YoY and +2% v Bloomberg cons (888).u/c
RPC - EU75n acq. which they say with be earnings enhancing from 1st FY (835)u/c
MINERS - Copper -0.25%, Iron ore fut -0.65% & BHP OZ -0.83%, RIO OZ -1.96%..-1%
ILIAD - Revs 0.9% miss. Mobile improving but sharp slowdown in fixed (194)-1-2%
TP ICAP - Top line looks fine but pretax a 4% miss. U/G cost synergies (530)-2%
GEBERIT - FY headline suggesting co misses bottom end of cons range (427.5).-2%
GREENCORE - Warning. Looks like 6% downgrade for '18 on weak US growth(164)-10%
RBC
*ANGLO AMERICAN: -1% a duct has burst @ AAL's Minas Rio Iron Ore operations.
*ANTO: 0% FY'17 numbers in line, dividend touch ahead.
*BURFORD: +1% sells TEINVER investment for $107M.
*CAIRN ENERGY: 0% FY'17 results in line, Catcher & Kraken production progressing.
*CLOSE BROTHERS: +1% FY'17 numbers in line, solid.
*E.ON: +2% terms of deal released last night, results in line.
*FEVERTREE: -1% H2'17 EBITDA 2.6% ahead, "encouraging start", not enough.
*FLUGHAGEN WIEN: 0% Vienna airport passengers +6.5% in February, in line.
*FRAPORT: 0% February traffic solid, passengers +8.5%, growth in line.
*GEBERIT: 0% FY'17 net income ahead, EBITDA miss.
*GEM DIAMONDS: 0% 910 carat diamond achieves $40M on tender.
*GETLINK 0% February traffic solid, trucks +5%, momentum strong.
*HANNOVER RE: 0% FY'17 results in line, '18 outlook unchanged.
*ILIAD: -2% FY'17 results small miss, margin better.
*JUST GROUP: 0% Chairman Tom Cross Brown will retire @ next AGM.
*RWE: +2% FY'18 dividend increase, terms of deal released last night.
*TCAP: 0% FY'17 revenue in line, numbers overall mixed.
*VEOLIA: 0% Qatar Wealth Fund to sell entire VIE stake worth $640M.
*WACKER CHEMIE: +2% FY'18 EBITDA margin touch better, dividend much better.
Goldman:
FRA GY: +1%WCH GY: unch
CFR SW: unch
GEBN SE: +1%
FEVR LN: unch
ANTO LN: +2%
EOAN GY: +2%
RWE GY: +2%
AAL LN: -1-2%
HNR1 GY: +1-2%
ATC NA: -0.5%
NOKIA FH: +1%
ILD FP: -1%
JPM:
ALTICE Announces in talks to Sell Int'l Wholesale Voice Carrier unchANTO dividend, net debt & cash-flow better +2%
DELIVERY HER 1,263,111 new shares placed Eur 38.5
E.ON Transaction approved. FY18 guidance higher, net debt better +5%
HANNOVER RE figs inline we pre-announcement unch
ILIAD Q4 rev 1% light, EBITDA 2% light vs cons. Guidance inline -1%
INNOGY Formal offer, timeline +0.5%
MORPHOSYS MOR208 p2 L-MIND data shows ORR consistent with prior data +5%
RWE FY17 results small beat, FY18 guidance inline +2%
SAMPO Solidium Places 10.6m A-Shares in Sampo at EU44.1 a Share:bbg
VEOLIA *QATARI DIAR SELLING ABT 26.1M VEOLIA SHRS
WACKER Guidance light vs cons. Special div EUR 2. Has squeezed into # -2%
Winterflood:
********** FTSE350 *********** ANTOFAGASTA (ANTO) +2%; EBITDA +59.1%, to $2,586.6m as rev increased by 31.1% on higher metal prices. CAPEX increased as planned and net debt fell by $458m to $42m, reflecting strong operating cash flow. Copper production in line with guidance. Dividend increased by 177% to 40.6 cents.
* BUNZL (BNZL) U/P; -VE read from Amazon planning to offer a credit card to US small-business customers, furthering its push into office-supplies.
* CAIRN ENERGY (CNE) +2%; Pretax profit of $256.4m vs %151.5m loss in previous yr. Catcher and Kraken in the North Sea achieved first oil production, with capex expenditure estimated to be -30% and 25% below original project sanction. Shares had a good run yesterday on a broker upgrade.
* CLS HOLDINGS (CLI) unch; Exchanged contracts to acquire Harman House, Uxbridge for £51m. The asset will produce a net yield of 6.9%.
* COMPARISON WEBSITES; GOCO, MONEYSUPERMARKET - Record number of households switch their energy supplier: Telegraph https://www.telegraph.co.uk/business/2018/03/12/record-number-households-switch-energy-supplier/Telegraph.
* COMPUTACENTER (CCC) -1%; Record group rev, adj prof and EPS, albeit in line with est; outlook mixed with UK expected to return to growth but sees challenges ahead in France as strong growth over last 2yrs will stutter as a major project comes to an end.
* DAILY MAIL (DMGT) unch; Announces the sale of EDR for $205m has been agreed. Sale expected to be completed in coming weeks.
* FEVERTREE (FEVR) +3%; Yet again, another fizzing set of figures. Revs and profits beat and opportunities remain significant. Dividend increased to 10.65p for the year as net cash almost doubles to £51m. Stock has rallied into the statement but we see little in this statement to slow this momentum. WE WILL BE ACTIVE IN THIS NAME TODAY, WINS #1 RANK MTD.
* GREENCORE (GNC) -10%; Expected profit from US to be below expectations. One off charge of £3m to reset US network. EPS lowered. FX headwinds.
* HANSTEEN HOLDINGS (HSTN) +1%; Compulsory purchase of Saltley Business Park, Birmingham by the Secretary of State for Transport. The site will facilitate the construction of HS2. A down payment of £36.96m has been made while a mutual valuation is underway.
* LEGAL & GENERAL (LGEN) mkt; Co unveils a deal to pay £315m to acquire the 52% of Cala Group that it does not already own: Sky News.
* MAN GROUP (EMG) mkt; Latest reading from the website(09/03) showing a steady move higher https://www.man.com/prices-and-performance?page=0&brand=3&approach=28&type=83
* OIL unch, MINERS -0.5% base little changed overnight with the exception of a firmer Zinc price. Aussie miners -1% from close.
* OLD MUTUAL (OML) -1-2%; The Travelers Companies, Inc and St. Paul Fire and Marine Insurance Company have lodged a claim in the US court in relation to pre-existing plc head office legacy items relating to previously disposed US assets. OML believe that this action is without merit and will resist accordingly. OML has had its TP raised at Bernstein this morning with an outperform rating and they report on Thursday.
* PROVIDENT FINANCIAL (PFG) -1%; Good numbers from NSF will provide a thorn in PFG's side, may be small -VE for SP.
* RPC GROUP (RPC) unch; Acquisition of Nordfolien GmBH for a consideration of €75m.
* SPORTS DIRECT (SPD) /DEBENHAMS (DEB); Liam Rowley talking on Bloomberg TV this morning. SPD opening more concessions in DEB stores and will be integrating the online business, no comment on MASH stake building but does 'see opportunities for more retail investments'. Small +VE for DEB.
* TP ICAP (TCAP) -3%; FY adj net £184m, FY adj pretax profit £233m, est £244m (range £234m to £255m), no uptick in divi, feels like the mkt might look at this and say low quality beat, not much growth.
********** SMALL CAP **********
* FRENCH CONNECTION (FCCN) +5%; Group rev +0.5% to £154m. Margin 45.2% vs 45.8%. Op loss £0.6m vs loss £3.1m. Cash £9.5m vs £13.5m. Doesn't see any improvement in retail market in the near future. Received an unsolicited approach for the Group from a third party in the US during the past year, but no firm offer was made.
* GEM DIAMONDS (GEMD) +1%; Sold "Ledotho Legend" recovered in Jan, for $40m.
* GRESHAM TECH (GHT) +1%; Finals - In line. Solid performance from Clareti business, which continues to grow. Cash generation plus £8.5m balance sees progressive dividend policy introduced with initiial final of 0.5p.
* HEMOGENYX (HEMO) +10%+; Collaboration with a major US biotech co worth up to c$250k to last between 4-6 months and has potential to generate further income as it develops.
* MENZIES (MNZS) +1%; Finals - In Line. Final divi of 14.5p.
* NON STAN FINANCE (NSF) +1%; FY - Continued growth in loan book and +VE start to 2018 sees final div raised from 0.9p to 1.7p. Further growth expected as NSF appears to benefit from Provident demise.
* PURETECH (PRTC) -5%; Proposed placing up to $100m via bookbuild, funds to be used for advancing next generation of internally-funded programmes.
* SATELLITE SOLUTIONS (SAT) unch; Contract win - subsidiary of company, has been awarded 5G and TV Whitespace Field Trials funded by Broadband Delivery UK.
* SMART METERING (SMS) +1-2%; Finals. Rev £79.6m v £67.2m. PBT £18m v £18.2m. Div 5.2p v 4.1p. Debt £36.5m v £94.2m. 2017 was another year of stability and progress and the Board are excited about the opportunities in the smart metering sector in the UK for 2018 and believe they are well placed to take advantage of these.
* TELIT COMMS (TCM) +2%; Update, agreed series of new covenants. Trading 1st 2 months considerably stronger L4L and ahead of Board early expectations. Expects improved cash generation in FY.
* ZOTEFOAMS (ZTF) +3%; Finals. REV £70.15m vs £57.38m. PBT £7.55m vs £6.99m. Final div 4.02p vs 3.9p. Further investment in USA of $9m. All segments reported strong sales growth, year started positively, well placed for future growth.
********** AIM **********
* ACTIVE ENERGY (AEG) +2%; JV with Cobant SP to comercialise Coalswitch in Poland. No figures mentioned.
* ALBA MINERALS (ALBA) unch; Data compiled to complete GEUS report.
* ANGLO ASIAN (AAZ) unch; Launch of 2018 Exploration programme.
* APPLEGREEN (APGN) +2%; Final results. Pleased with another strong set of results. Debt reduced from €19.4m - €10.2m.
* BANGO (BG0) +2%; First results since taking on Data business. Continued good relationships Amazon and Google. EUS platform doubled for 3rd successive year. Administrative costs grew but remained in-line. 15p run into figures.
* BLENHEIM NAT (BNR) unch; Placing to raise £1m through issue of 250m shares at 0.4. Used to fund working cap and increase interest in Brandshield.
* BOTSWANA DIAMONDS (BOD) unch; Drilling commenced as previously announced at Ontevreden.
* BROOKS MACDONALD (BRK) unch; Strong half yr. FUM up to £1.25bn driving up revs and underlying profit. Slight decline in rev yield due to lower transactional income from lower volumes.
* BURFORD CAP (BUR) +3%; Sells Teinver investment for $107m. Initial investment in Teinver was £12.8m.
* ECSC GP (ECSC) -5%; Weak set of figures, in line with the revised forecasts set out in 2017.
* ESCHER GROUP (ESCH) unch; Finals. Board still recommends 185p cash bid due to complete on 29th March.
* FUTURA MEDICAL (FUM) unch; Phase 1/3 study: Encouraging interim data for its topical erectile dysfunction gel. Shares been softer last few days.
* GENEDRIVE (GDR) +2%; Begins commercial sales of HCV ID kit in Africa.
* GOAL SOCCER CENTRES (GOAL) +5%; Finals. Significant progress made in transforming and upgrading of the business. 3 new centres opening in California.
* H&T GROUP (HAT) +2%; EBITDA +32.1% to £17.3m with div +14%. Continues to benefit from sterling gold price and demand for services remain strong. FY18 inline.
* MIDWICH (MIDW) unch; Strong finals as expected. Currently trading inline and therefore no share price reaction anticipated.
* MINOAN GROUP (MIN) +15%; +VE update, agreement signed with the preferred buyer of its travel and leisure division. Also received an approach from a party to acquire a significant stake in its Crete asset.
* NEKTAN (NKTN) -5%; Interims. Despite an increase in revenue profit is lower than last year. The company also reports that further funding will be needed at some point this year.
* OPG POWER VENTURES (OPG) +3%; Trading update. Co pleased to report record generation volumes and solar commissioning even though it has to contend with the high coal price.
* RESTORE PLC (RST) +2%; Solid figures. Focus remains on increasing market share. Trading at the start of the year has been in line.
* SAREUM HOLDINGS (SAR) unch; Nothing new in the figures. Next clinical trials to commence in Q4 2018.
* STADIUM GROUP (SDM) mkt; In line figures with strong forward looking order book. The board see becoming part of TT electronics as the company's next phase of growth.
* TASTY (TAST) -20%; Financial performance in-line with revised forecasts. Closed 3 restaurants in the period. No sign of any improvement in market conditions for 2018.
* TERN (TERN) +10%; Device Authority's strategic partner unveiled as Larsen and Toubro.
* XLMEDIA (XLM) +2%; Record figures but slightly below forecast. Rev +33% to $137m with PBT +27% $39.3m. Cash and short term investments of $43.3m.
Numis:
* BURFORD +1-2% sells Teinver for $107m (Investment gain of $94.2m)* CAIRN ENERGY: unch, In line update with SNE progressing well. Shares strong yesterday however.
* CLOSE BROTHERS +1% PBT looks ahead of estimates
* DAILY MAIL: +1%, agreement to dispose of EDR, the US property information business, for $205m
* FEVERTREE +1% Headlines look inline, encouraging start (down 4.5% y’day)
* FRENCH CONNECTION +4%; Continued improved trading performance, small upgrade to numbers
* GREENCORE -10% Warning, sees FY18 EPS 14.7 – 15.7p (was 15.7 – 16.6p) US growth lower
* H&T GROUP +2%; Small beat on numbers, confident outlook
* JUST GRP mkt Deputy Chairman Tom Cross Brown will retire at next AGM
* MENZIES -2% Headline numbers fine, Aviation strong but FX headwind leads to small d/g, up 8% y’day
* RPC MKT Acquisition of Nordfolien for EUR75m
* SATELLITE SOLUTIONS MKT SAT subsidiary contract win
* SPORTS DIRECT/DEBENHAMS +2%; Sports Direct plan to integrate online biz with Debs and open new concessions in their stores
* STOCK SPIRITS MKT Mulling acquisitions in Poland (Polish press reports - bloomberg)
* TCAP -1-2% Revenue in line Adj PBT 3% miss £233m vs £240m estimates
Investec:
UK* ANTO-FY-Results in line w/ consensus,FY18 prod. inline w/ prev g'ance.....-½%
* CAIRN ENERGY-FY Results in line, maintaining strong balance sheet.........unch
* C&C: Solid set of figs and inline with expectations......................+1-2%
* CLOSE BRO-H1 look good,Wins + asset manager both drivers,confident outlk...+2%
* COMPUTACENTER- #s sml beat on our already upgraded #s,outlk +ve ex France..+1%
* DAILYMAIL & GENERAL TRUST - to Sell EDR Unit for $205m....................+1%
* EAGLE EYE-Broadly in line,confident outlook, expects growth rate to cont.unch
* FEVERTREE-FY,continued growth, results in line, no change to fcasts........-1%
* GEM DIAMONDS- sells "legend of Lesotho" for $40m, results tomorrow.......+2-3%
* GLENVEAGH-Maiden #'s.Strong numbers,shs been weak into this................+2%
* MENZIES(J)-FY.small beat across rev, op.pft & pretax pft, +tive outlook....+2%
* MIDWICH-FY.#'s in line.Acq's integrating well,strong pipeline.Fcast U/C...unch
* RPC GROUP-Acquisition of Nordfolien GmBH, earning enhancing year one.......+2%
* SEPLAT-Refinanced debt @ 9.25%.. better than prior financing..............unch
* TELIT-Update.Another FY17 warning.FY18 started strong.New banking covenants.??
* TP ICAP-FY.Rev In line, PTP £233m(est £244m)Encouraging start to FY18....-1-2%
* ZOTEFOAMS-FY.Profit 6% beat.+ve o/look.FY18 fcast unch,9% U/G to Fy19......+2%
EURO
* EON-FY no’s(beat), agrees IGY GY deal w/ RWE and launched public offer.....+2%
* GEBERIT-FY no's mixed. O/look comments seemed cautious.....................-1%
* HANNOVER RE-Q4 premiums 3% ahead, net v strong, confirms 2018 guidance.....+2%
* ILIAD-FY ebitda, rev in line, keeps 2020 ebitda guidance...................+1%
* NH HOTELES-Starwood,Blackstone bid HNA for 29.5% stake(Confidencial).......+3%
* NOKIA-Solidium discloses 3.3% stake......................................+0.5%
* OMV-strategy update-gives 2025 tgts, has €10bn M&A budget..................+1%
* RWE-FY in line,net guidance in line,div guidance ahead.Agrees IGY GY sale..U/C
* SAMPO-Solidium selling it’s 1.9% stake via abb, priced €44.1 (2.5% disc)...-2%
* VEOLIA-Qatar selling it’s 4.6% stake via abb. Not seen price yet...........-3%
* VONOVIA-successful with offer for BUWOG, 73.7% shares tendered...........+0.5%
* VW-Investor conf/FY no’s due
* WACKER CHEM-mixed guidance (sales ok,ebitda light) but pays €2 spec div....+1%
CS:
Antofagasta +1-2% Numbers inline, dividend betterClose Bros +1% H1 ahead, market expected good update post trading update
Fevertree -2-3% Numbers slightly ahead of exp, may see profit taking
Fraport M/P Traffic stats as expected, Passengers in Frankfurt: +8.5%
Galenica +1-2% Profit and divi small ahead, guidance in line
Geberit +2-3% Q4 EBITDA better and margin very stong
Gurit -2% FY17 disappointing, guidance more or less as expected
Huber+Suhner M/P EBIT small ahead, divi light, outlook supportive
Iliad -2% Fy rev EU 4.99bn est EU 5bn
Inficon M/P Guidance in line with expectations
Infineon -0.5% Negative read from Trump blocking Qualcomm bid
Rieter +1-2% EBIT 3% ahead of consensus, guidance conservative
RPC M/P CO have announced the Acquisition of Nordfolien for EU75mln
STM -0.5% Negative read from Trump blocking Qualcomm bid
Wacker Ch unch/+0.5% Capex guide disappointing, spec divi not expected
Citi:
UK
*Antofag's-FY Ebitda $2.59b est $2.54b,revs $4.75 est $4.72,meets estimates +1%*Close Brs-H1 adj op.profit £142.3m,div 21p,expt to deliver good results +1%
*Cairn Egy-FY op.loss $105.2m,sees full output from Catcher,Kraken 17-20b/d +2%
*Comp.Cent-FY revs £3.79b est £3.77b,German grwth, France a challenge u/c
*Fevertree-FY rev £170.2m est £165.7m,adj ebitda £58.7m est £57.9m +3%
*RPC Plc -Announces acquisition of Nordfolien for e75m u/c
*TP Icap -FY rev £1.76b est £1.76b,adj ptp £233m est £244m -2%
*Vodafone -Starts mobile security solution built on Asavie Moda u/c
EURO
*Wacker Chem-Sees '18 sales rising by low single digit %. +1%*Morphosys -FY ebit loss 67.6m vs est loss 68m, revs 66.8m vs est 65.8m. -5%
*Aurelius -FY ebitda 627.7m vs est 669.8m, rev 4.05bn vs est 3.81bn. +1%
*Veolia -Qatari Diar sells about 26.1m shares, 4.6% of share cap. -5%
*Iliad -FY rev 4.99bn vs est 5.01bn, ebitda 1.78bn vs est 1.81bn. -1%
*OMV -Plans to produce 600 000boe/day by 2025, double reserves. U/C
Barcap:
ANTOFAGASTA +2% Ebitda $2.59bn vs $2.54bn. Divi good 50.9c vs our est 37.7cCAIRN +1% Finals IL, increase in Catcher reserve. Indian tax dispute talks ahead
CLOSE BROS +1% H1 good perf across all 3 divs, PBT +5% & well positioned for FY
COMPUTACENTER +1% Good numbers, mixed outlook
FRAPORT +1% Traffic +8.5% yoy to 4.4mm passengers, supportive
GEM DIAMONDS +1% Sale of Lesotho Legend, $40m for the 910 carat diamond
TP ICAP +1% Finals IL, cost savings ahead, upbeat outlook with IR pick up
EUROTUNNEL UNCH Feb ’18 Traffic, Truck Shuttles +5%
RWE UNCH Nos broadly IL, 2017 earnings down but €40m offer for IGY stake
SMART METERING UNCH Revs £79.6m (cons £78m) ebitda £38.8m in line
BASIC FIT -1% Revs touch light, EBITDA inline. Reit 18 guidance to open c.100 clubs.
HANNOVER RE -1% Key figs known, FY17 Net inc €959m (c950), low quality EBIT beat
ILIAD -1% Q4 revs 1% light, mobile + fixed touch light. 2018 outlook supportive
WACKER CHEMIE -1-2% 2018 ebitda rising 'mid single digit %', cons ~10%
FEVERTREE -3-4% Revs £170.2m (c£165.7m) ebitda £58.7m (c£57.85m). IL not enough
GREENCORE -7% EPS 14.7-15.7p, ~6% d/g at mid. US restructuring & softer UK vol
MS:
CBG LN +1% CLOSE BROTHERS 1H ASDJ OP PFT GBP 142.3M,1H INT DIV/SHR 21.0CNE LN UNCH CAIRN ENERGY $263.1M NET INCOME FOR 2017,SEES 2018 NET OUTPUT FROM CATCHER,KRAKEN AT 17K-20K
DHER GY UNCH SMALL PLACING 1.36M SHS AT EUR 38.5 / UNICREDIT
FEVR LN UNCH FEVERTREE DRINKS FY REV GBP170.2M VS BLOOMBERG EST GBP165.7M,FY ADJ EBITDA GBP58.7M VS BLOOMBERG EST GBP165.7M,FINAL DIV/SHR 7.64P
FRA GY +1% GOOD PRAFFIC NUMBERS FOR FEB / BUT EXPECTED AS LUFTHANSA REPORTED ALREADY ON FRIDAY
GNC LN -5-10% GREENCORE FY18 OUTLOOK FOR AFJ EPS OF 14.7-15.7P COMPARED TO MT EXPECTATIONS OF EPS 15.7P-16.6P SEES RATE OF US PFT GROWTH IN FY18 TO REDUCE
ILD FP -2% NUMBERS A TOUCH WEAKER / KEPT POSITIVE OUTLOOK
MOR GY -3.5% WEAKER NUMBERS AND CUT FY18 OUTLOOK
NHH SM +2-3% PRESS REPORTS HNA HAS RECEIVED PRELIMINARY BIDS FOR ITS 29.5% STAKE
RPC LN RPC LN RPC PURCHASES NORDFOLIEN FOR EU75M
TCAP LN -2% TP ICAP FY ADJ PRETAX GBP233M VS BLOOMBERG EST GBP244.0M,FY REV GBP 1.76B VS BLOOMBERG EST GBP1.76B
WCH GY +1% WACKER CHEMIE CONFIRMED FINALS / OUTLOOK BIT WEAKER BUT SPECIAL DIV EUR 2 / TOTAL DIV EUR 4.5
Commerz:
ADS +0.1% Hauck raised to HOLD (sell) pt €170AR4 +0.6% Q4 EBITDA inline, €5 dividend strong but already reported
CCAP unch Finals in line with prelims, alignment capital the surprise driver
EOAN +2.5% Sees 2022 synergies of €600mn-€800mn, to cut 5k jobs
FRA unch Frankfurt traffic figs strong as expected, other airports a bit mixed
HNR1 +0.6% Final results, dividend and 2018 outlook all in line
JST -0.8% FTR increased its Class 8 and trailer order forecasts
MOR -4.4% EBIT loss to wide in FY 2018 on investments into MOR208
MTX +0.1% Moody's raised credit outlook to stable (negative)
NDA +1.9% Lampe raised to BUY (hold)
RWE +0.2% Results slightly better; 2018 DPS outlook surprises positively
SBS -0.8% LBBW cut to SELL (hold) pt €65
SFQ -0.1% FTR increased its Class 8 and trailer order forecasts
WCH -0.7% Cautious 2018 outlook, €2 special dividend a clear positive
Google founder’s flying taxis secretly tested in New Zealand
Larry Page-backed Cora autonomous airborne vehicle has 100km range
A flying car start-up backed by Google founder Larry Page has been secretly testing an electric autonomous aircraft for several months in New Zealand, it emerged on Tuesday.
Silicon Valley-based Kitty Hawk hopes that its Cora aircraft will form the basis of an airborne taxi service in the next few years, after it began testing in New Zealand late last year.
New Zealand Prime Minister Jacinda Ardern unveiled the venture on Tuesday alongside Fred Reid, chief executive of Zephyr Airworks, Kitty Hawk’s operator in the country.
“Cora rises like a helicopter and flies like a plane, eliminating the need for a runway and creating the possibility of taking off from places like rooftops,” the company said on its website. “Cora will use self-flying software combined with human oversight to make flying possible for people without training.”
A confluence of technologies including electric motors and batteries, autonomous navigation systems and even consumer drones has drawn companies including Uber and Airbus to invest in vehicles that can fly themselves, removing the need for a trained pilot to be on board. The capability for “vertical take-off and landing” (VTOL) promises to open transportation options, from commuter services to drone deliveries.
Kitty Hawk, which is named after the location of the Wright brothers’ early flight trials, has been funded by Mr Page, outside the Alphabet group.
Led by Sebastian Thrun, who is also a founder of Google’s self-driving car programme and online education service Udacity, Kitty Hawk operated largely in secret until April 2017, when it unveiled a prototype of its Flyer — a single-person ultralight aircraft powered by eight electric rotors.
The Flyer is designed to be used only over water and sold to private individuals. Cora is a more ambitious vehicle, with 12 independent rotors capable of carrying two people at heights of between 150 metres and 900 metres. With a range of 100 kilometres and a top speed of 177kph, Cora has three independent flight-computers to ensure back up in the event of a failure.
“Kitty Hawk's mission is to completely change the way we get around. We succeed if everyone chooses to fly every day,” said Mr Thrun. “With our prototype air taxi Cora, we are applying eight years of research and development into an entirely new way to commute.”
Kitty Hawk envisages eventually operating a service “similar to an airline or a rideshare”. The company has received an “experimental airworthiness certificate” for Cora in New Zealand and the US. The company would not comment further on its plans or tests in the US market.
New Zealand is positioning itself as a global hub for research and development, particularly in the aerospace sector. Martin Jetpack, which describes itself as the developer of the world’s first commercial jetpack, is based in Christchurch. Rocket Lab, a company founded Peter Beck, a New Zealand inventor, recently blasted three satellites into orbit from a private launch pad based on an 3,200 hectare sheep and cattle farm.
“I’m really thrilled to see New Zealand endorsed as a place where exciting companies want to do business,” said Ms Ardern. “Innovation is in our DNA — Kiwis love a challenge and pushing the envelope and I think it’s that spirit that resonates with innovators around the world.”
Long dreamt of in science fiction, flying cars are now seeing a wave of investment to become a reality. Uber has formed a dedicated division called Elevate that plans to demonstrate flying vehicles by 2020 in Dubai and the Dallas-Fort Worth area, in partnership with aerospace companies such as Embraer and Pipistrel.
Last month, Airbus’s Silicon Valley-based division A3 said its Vahana prototype had completed its first test flight. Smaller start-ups targeting pilotless passenger aircraft include Lilium, Joby and Terrafugia. Last September, Munich-based Lilium raised $90m from Tencent and venture firms including Niklas Zennstrom’s Atomico and Evan Williams’ Obvious Ventures.
Carrefour Brasil not interested in Walmart Brasil - report (translated)
13 MAR 2018
Carrefour Brasil, the Brazilian unit of French retailer, Carrefour [EPA: CA], is not interested in Walmart Brasil, the Brazilian operations of Arkansas-based Walmart [NYSE: WMT], according to a newswire report.
Reuters cited unnamed sources for the information.
Walmart’s advisor for the deal, Goldman Sachs approached Carrefour, but the French company said it is not interested in the asset, the Portuguese-language article noted.
The president of Carrefour Brasil, Noel Prioux, told Reuters that he will not comment on market rumors and that company is waiting for more information on Walmart’s divestment plans in Brazil.
Carrefour Brasil is open to any kind of partnership or acquisitions in Brazil to expand its operations. The plan is to reach between 120 and 140 stores by 2022, the item added citing Prioux.
The company has already identified partnerships opportunities, the report added without providing further details .
>>> Up
* Adidas Upgraded to Hold at Hauck & Aufhaeuser; PT 170 Euros
* Aurubis Upgraded to Buy at Bankhaus Lampe
* Austevoll Seafood Raised to Buy at Kepler Cheuvreux
* BCP Upgraded to Add at AlphaValue
* BioMerieux Upgraded to Buy at HSBC; PT 75 Euros
* Edenred Upgraded to Reduce at AlphaValue
* LondonMetric Property Raised to Equal-weight at Morgan Stanley
* Metso Upgraded to Overweight at Morgan Stanley; PT 30 Euros
* Pandox Upgraded to Overweight at Morgan Stanley; PT 180 Kronor
* PhotoCure Upgraded to Buy at Norne Securities; PT 36 Kroner
* Ringmetall Upgraded to Buy at Montega; PT 4.50 Euros
* Total Upgraded to Overweight at Barclays; PT 60 Euros
* Unipol Upgraded to Buy at Kepler Cheuvreux; PT 4.60 Euros
>>> Down
* Evraz Downgraded to Hold at VTB Capital; PT Set to 4.20 Pounds
* FLSmidth Cut to Equal-weight at Morgan Stanley; PT 407 Kroner
* Helvetia Downgraded to Hold at Kepler Cheuvreux; PT 630 Francs
* ICADE Downgraded to Equal-weight at Morgan Stanley; PT 86 Euros
* M6 Downgraded to Underweight at JPMorgan; PT 21.50 Euros
* Mediaset Downgraded to Underweight at JPMorgan; PT 3.10 Euros
* Neinor Downgraded to Neutral at BPI; PT 18.75 Euros
* Norsk Hydro Cut to Equal-weight at Morgan Stanley; PT 61 Kroner
* Wartsila Downgraded to Reduce at AlphaValue
>>> Initiation
* Ferrari Rated New Outperform at Credit Suisse; PT $150
* Gestamp Rated New Neutral at Alantra Equities; PT 7 Euros
* Molecular Medicine Rated New Outperform at MedioBanca
* Savannah Resources Rated New Buy at Whitman Howard; PT 10 Pence
* Societa Cattolica di Assicurazioni Rated New Neutral at JPMorgan
* UniCredit Rated New Outperform at MainFirst; PT 22 Euros
* Worldline Rated New Buy at Berenberg; PT 51 Euros
>>> Call
>> Sector
* *EUROPEAN TOBACCO, OIL SERVICES, MEDIA CUT TO NEUTRAL AT SOCGEN
* *EUROPEAN FOOD AND STAPLES RETAIL CUT TO UNDERWEIGHT AT SOCGEN
* *EUROPEAN SEMIS, AEROSPACE AND DEFENCE RAISED TO NEUTRAL AT SG
* *EUROPEAN DIVERSIFIED FINANCIALS RAISED FROM UNDERWEIGHT TO OVERWEIGHT AT SOCGEN (Double)
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