>>> Philip Morris International misses by $0.09, misses on revs; lowers FY17 EPS

Philip Morris International misses by $0.09, misses on revs; lowers FY17 EPS outlook
  • Reports Q2 (Jun) earnings of $1.14 per share, $0.09 worse than the Capital IQ Consensus of $1.23; revenues rose 4.0% year/year to $6.92 bln vs the $7.11 bln Capital IQ Consensus. Adjusted operating cos income, reflecting the items detailed in the attached Schedule 12, of $2.8 billion, down by 1.1%. Total cigarette and heated tobacco unit shipment volume of 199.9 billion, down by 5.0%. Cigarette shipment volume of 193.5 billion units, down by 7.5%. Heated tobacco unit shipment volume of 6.4 billion units, up from 1.2 billion units in 2016. Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.14 for the full-year 2017, as well as the favorable tax item of $0.04 recorded in the first quarter of 2017, the forecast range represents a projected increase of ~9% to 12% versus adjusted diluted earnings per share of $4.48 in 2016.
  • Co issues guidance for FY17, lowers EPS to $4.78-4.93 from $4.84-4.99 vs. $4.90 Capital IQ Consensus Estimate. This forecast anticipates net revenue growth, excluding excise taxes, of over 7%, excluding currency and acquisitions This forecast does not include any share repurchases in 2017, Total cigarette and heated tobacco unit shipment volume of 199.9 billion, down by 5.0% Cigarette shipment volume of 193.5 billion units, down by 7.5% Heated tobacco unit shipment volume of 6.4 billion units, up from 1.2 billion units in 2016

>>> HNA Has Holdings in Deutsche Bank, NH Hotel, Dufry, Hilton

HNA Has Holdings in Deutsche Bank, NH Hotel, Dufry, Hilton

Bank of America has told investment bankers to stop working on transactions with HNA Group for now, amid growing concerns about the Chinese conglomerate’s debt levels and ownership structure, according to people familiar with the matter.
  • HNA and its units are exposed to various stocks including a 9.9% stake inDeutsche Bank, 29.5% in NH Hotel, 20.9% of Dufry, 10.4% of OM Asset Management, 11.7% in Dorian, 15.9% in Red Lion Hotels, 25.4% in Hilton Worldwide, ~25% in Park Hotels & Resorts, ~25% in Hilton Grand Vacations, 10% in Pierre & Vacances, 98% in C-Quadrat and ~70.4% interest inRezidor: filings, Bloomberg data
  • HNA acquired Gategroup in Dec. 2016, and bought privately held Swissport from PAI Partners in the same year
  • NOTE: June 2: HNA postponed settlement for Rezidor shareholders
    • May 5: UBS said to finance over EU2b of HNA’s Deutsche Bank stock buy
    • May 4: Deutsche Bank investor HNA became the majority owner of C-Quadrat

>>> Popular suitor Santander mulls sale of 51% stake in EUR 30bn REOs, NPLs port

Popular suitor Santander mulls sale of 51% stake in EUR 30bn REOs, NPLs portfolio to single buyer
Banco Santander [BME:SAN] is considering selling a 51% stake of a EUR 30bn portfolio that will house Banco Popular’s [BME:POP] foreclosed property (Real Estate Owned, or REO) and delinquent loans (Non-Performing Loans or NPL), to a single buyer, Expansion reported.
The bank will hear non-binding offers until it presents its results on 28 July, the Spanish-language report said, citing sources close to the bank.
Morgan Stanley is advising on the process, which has attracted the interest of Apollo [NYSE:APO], Blackstone [NYSE:BX], andLone Star, among others, Expansion said.
Market sources added Cerberus, Goldman Sachs, KKR, Kennedy Wilson and Värde Partners to the list of potential bidders.

>>> Europe Pre-Market - First Shot

CS
ABB -2-3% Op EBITA -4% light, revs 1% miss, orders 1% ahead
Adva Optical -2-3% Q2 sales €144.2m vs cons €149, guidance light
Ashtead +2-3% US peer UNITED RENTALS reported well after the close
Big Yellow +1-2% 1Q revs inline, supply remains constrained
Boliden +3-4% Q2 results - Strong beat driven by Aitik
Bunzl +1% Acquisition of a group of businesses in France + 1 in UK
Danske +2-3% Fees 5% better, NII ~1% light. Outlook for 2017 improved
Deut Tel +1-2% T MOBILE +4% after hours after better numbers/guidance
Easyjet +2-3% Raised guidance for FY PBT, some caution on pricing outlook
Faurecia +0.5% Bought majority stake in Jiangxi Coagent Elecs for 1.45bn
Fortum -2% EBITDA 3% lights vs cons, no guidance given
Givaudan -1-2% 1H sales 2.48bln cons 2.51bln, EBITDA alsolight
Hella +2% FY adj EBIT 9% beat, revs inline
Howden Join +2% UK LFL +2.4% in the first half, commentary upbeat
Iberdrola R 1H EBITDA EU3.75B est EU3.74B
Korian M/P Q2 revs slightly better, pricing remained resilient
Leonteq +3-4% Revenues held back by weaker margin, guidance confirmed
LVMH +0.5% Positive read from Remy numbers
Mersen +3-5% No's better, raised guidance for FY sales
Miners +0.5% Copper UNCH, Brent +0.20%, Iron Ore +1.40%, China UNCH
Moneysuper -5% H1 revenues 2% light, Energy weaker, guidance light
NN Group +2% Positive Rotterdam District Court update
Nordea -3-5% Net profit 9% miss, revs 2% miss and costs 3% higher
Oils +1% Strong performance in the sector in the US overnight
Panalpina UNCH Q2 Net turnover 3% ahead but EBIT 8% light
Pernod +1% Positive read from Remy numbers
Prem Foods -1-2% Q1 org growth a touch light, guidance remains unchanged
Publicis +1% Q2 Revenue EU2.51b est EU2.497b, to soon for 2018 guidance
Remy +2-3% Organic growth +8% vs cons +4.7%, Cognac +19% vs cons +12%
Richemont +1% Swiss watch exports climbed +5.3% y/y
Rieter +1-2% Orders up by 4%, EBIT slightly ahead
SAP -1% Lifts 2017 sales outlook but margins light
SSAB +2-3% EBIT of SEK1,2bn cons SEK1.1bn, Europe better
SSE -1-2% Guidance kept but cautious commentary
Swatch +1% Swiss watch exports climbed +5.3% y/y
Telia -1-2% Q2 Rev SEK 19.8b est SEK 19.7b, Weaker Swedish trends
Temenos +1% Q2 beat on topline and margin, guidance unchanged
Thule +2% Net sales SEK1.96b, ests SEK1.94b
Unilever UNCH Q2 underlying sales up 3% , est 3.1%
Wartsila +2% Orders 13% beat, revs 7.5% beat, EBIT inline

MF
*CLARIANT-White Tale Holdings raised stake in Clariant above 10%......+1.3% 
*SAP-Rev 5.78b(5.67),OP 1.57b(1.58),B/B 500m,Raises FY Rev............-1.5% 
*ABB-Rev 8.45b(8.51),Net 525m (587.6) ,Ebita 1.04b(1.08)................-2% 
*TELIA-Rev 19.8b(19.7),Adj Ebitda 6.1b (6.21),FY FCF +7.5b,FY ok.......-2% 
*TEMENOS-Lic 57.4m(51.9),Rev 174.7m (165.3),Adj OP 48m(43.8)...........+2% 
*NORDEA-NII 1.18b(1.21),NI 740m (827),NF&C 850m(858.1),CET 19.2%.......-3%
*BIOMERIEUX-H1 Rev 1.13b(1.14),Org Sales 11% beat,FY Sales ok.........+1%
*GIVAUDAN-H1 Sales 2.48b(2.51),Ebitda 597m(585.9),Margin 24%..........+2.5% 
*RIETER-Sales 415.2m(430.67),Ebitda 34.8m(35.8),Order intake up.......-1% 
*PUBLICIS-Rev 2.515b(2.497),Net 387m (386.5),OG 0.8%,no '18 cmnt.......+2%
*SKANSKA-H1 Rev 79.1b(77.154),Q2 OP 1.45b(1.64).......................-1%
*SAAB-Sales 7.92b(7.65),OP 393m (488.67),Orders 10.9b,o/lk unch........-2% 
*DANSKE-NII 5.69B(5.75),Inc 11.74b (11.63),NI 4.59B(4.46),CET 16.2%....-2% 
*WARTSILA-Sales 1.29b(1.21),Ebit 126m (127.1),FY unch vs prevs year....+3% 
*INGENICO-Buys Bambora from Nordic Capital for €1.5b(cash/debt).......-1% 
*TRELLEBORG-Net Sales 8.27b(8.19),OP 1.09b(1.07),O/Rev +3%............+1% 
*BOLIDEN-Rev 11.55b(11.66),Adj OP 2.20b(1.8),shutdowns in Q3/Q4.......+3% 
*DTE-Read across from T-Mobile Rev 10.2b(9.3),FY Ebitda up,stk +1.8%..+1.5% 
*PANALPINA-Net Sales 1.35b(1.32),GP 340m(355),Ebitda 36m(39),AF weak..-2.5% *ADVA OPTICAL-Q2 Rev 144.2m(148.75),Net 4.5m(8.8),Q3 outlook lite.....-12% 
*HELLA-Sales 1.82b(1.79),Ebit 161m (152),Margin 8.8%(8.5),Finals 10/8..+1% 
*ZOOPLUS-FY Rev 1.13b(1.14),Sales 517m (525.9),Confirms FY17 Sales.....-2%
*EASYJET-Q3 Load Factor 93.1%,FY PT 380m-420m(375.05),SI 7.2%.........+2% 
*UNILEVER-Rev 27.7b(27.83),Sales Grth 3%(3.1),Pricing +3%.............-1% 
*SWATCH/RICHEMONT-Swiss watch June Data +5.3%,solid grth on mid/high..+1%

Shore
SPORTS DIRECT - grp revs +11.7% (beat),PBT -58.7% £113.7m,EBITDA -28.5%......+2% 
UNILEVER - H1 revs miss estimates.H1 margin 17.8%.Divi 0.3585 euro...........-1% MONEYSUPERMARKET - H1 rev 165.3m.Fy adj op pft at low end of consensus.......-2% 
HOWDEN - H1 ptp £65.6m.Op pft £66.6m.CEO sees current mkt conditions stable.UNCH 
PREMIER FOODS - Q1 sales -3.1%.Sees positive growth in Q2.Fy outlook unch....-1% 
CENTRICA - British Gas pays £1.1m in compensation for missed appointments...UNCH 
EASYJET - Q3 passengers +10.8%,rev per seat ahead of g'dance,upgrades PBT....+3% 
HILTON FOOD - trading in line,benefits from weaker £,UK sales grow...........+1% 
BREEDON - H1 revs +100% £326.3m,PBT +50% £31.2m,confident will meet FY expec.+2% SAFECHARGE - H1 trading solid,Acquiring unit ahead of mgmt expec.FY in line.UNCH 
UNITED CARPETS - LfL sales +1.3%,PBT of £1.53m,reccomends final divi........UNCH 
JUDGES - Q1 order intake very strong,Q2 good also,H1 organic sales +28.1%....+3% 
BIG YELLOW - enquiries in line,less churn resulting revs +5%.................+1% 
NICHOLS - H1 grp rev +12.4%,op.profit +7.1%,divi +12.2%,FY earnings in line..+1% 
DE LA RUE - Q1 order book remains strong,providing good rev viability.......+1%

>>> Bambora acquired by Ingenico from Nordic Capital for EUR 1.5bn

Bambora acquired by Ingenico from Nordic Capital for EUR 1.5bn
20 JUL 2017
Ingenico Group, (Euronext: FR0000125346 - ING), global leader in seamless payment, announced the acquisition of Bambora, a fast growing player in payment services, from Nordic Capital for a total consideration of EUR 1.5bn. The transaction will be fully financed through available cash and debt. The financial leverage will remain below 3x EBITDA leaving Ingenico flexibility for future M&A.
Headquartered in Stockholm, Bambora employs more than 700 people across Europe, North America and Australia. The group provides a one-stop shop offer to address both Enterprise and SMB markets. Bambora delivers in-store, mobile and online services through end-to-end payment solutions for over 110,000 merchants and enterprises globally. The backbone of its offers consists of a merchant acquiring platform and a customer centric approach relying on an in-depth expertise of full-service offering and value-added services such as fast digital onboarding or data analytics. Bambora, whose model generates more than 90% recurring revenue, reached a gross revenue of EUR 202m in 2016.
In the next two years, gross revenue and EBITDA are expected to grow over 20% and 30% respectively.
This acquisition represents a key milestone in the execution of Ingenico Group's strategy towards payment services with a disruptive approach and:
  • Enriches Ingenico's customer centric offer with complementary technological skills
  • Adds a dedicated direct-to-SMB sales' channel to the Retail Business Unit
  • Leverages Enterprise combined portfolios with end-to-end payment solutions, including online acquiring capabilities in Europe and specific advanced functionalities for cross-border companies globally
  • Brings scalable assets with a complementary footprint and increases its online and in-store offer in the Nordics, North America and Australia through the addition of new Gateways
  • Expands our presence in Australia with POS managed services and full estate management offering
"Anticipating the future evolutions of commerce, Ingenico Group has, in recent years, been pursuing a strategy of expanding its offering towards integrated payment services. The acquisition of Bambora represents a key milestone in our strategic plan providing a more integrated client offering and omnichannel solutions. Coupled with the investments made in our platforms and the development of new technological features, Bambora will enhance our customer centric approach and will reinforce our online and in-store positioning through a perfect complementarity. This transaction will be additive to our growth profile and will create value for our shareholders, customers and employees. In parallel, our half-year performance enables us to reiterate our 2017 objectives." said Philippe Lazare, Chairman and CEO of Ingenico Group.
"With our one stop shop payment services, our cross border acquiring capabilities and our customers' digital approach, Bambora fits perfectly with Ingenico's strategic initiatives to address market evolutions and focus on merchants' needs. The combination of our scalable end-to-end solutions with Ingenico's assets will create great value to our customers by helping them to drive performance. I am very excited about pursuing our development alongside Ingenico and being fully involved within the integration process to offer a world class experience to our customers." said Johan Tjärnberg, CEO of Bambora.
"Bambora is an excellent example of entrepreneurial business innovation, and yet another great Swedish unicorn leveraging strong local tech capabilities to create a global digital leader. Bambora is the result of a strong vision based on deep insight into the market, followed by fast and innovative execution by the management team that I would like to thank for their dedication and exceptional work. With Ingenico Group as new owners, Bambora will be able to further leverage its technology platform and strong team within Ingenico's footprint for even faster growth and expansion." says Fredrik Näslund, partner, NC Advisory AB, advisor to the Nordic Capital funds.
Bambora's top management will reinvest a meaningful part of their proceeds in Ingenico shares and will be fully involved in the development of Bambora within Ingenico.
The closing is expected to occur by the end 2017, subject to approval from the relevant regulatory and antitrust authorities, and after the consultation of the employee representative authorities.

>>> What to look at today - 20th of July 2017

Dow +0.31% S&P +0.54-% Nasdaq +0.64% Russell +0.99%
US Market continue to close higher with Nasdaq Outperforming, with its 9th consecutive victory, longest winning streak in 2y & a new all time high.  all 11 of the S&P 500's sectors finishing in positive territory. The industrial sector (+0.2%) was the weakest performer while the energy group (+1.4%) was the strongest. The energy space was underpinned by a positive performance from crude oil, which climbed 1.5% to $47.31/bbl on the heels of a better than expected EIA inventory report. As for the laggards, financials struggled to stay afloat despite relatively upbeat earnings reports fromMorgan Stanley (MS 46.62, +1.48) and US Bancorp (USB 52.08, +0.45). USAfter Hours PLXS +6.5%, DWCH +6%, KMI / HAWK / URI +4%, TMUS +3% higher following earnings/guidance, MGM +4% on S&P 500 addition news... PTC -13%, CHRW -9%, BG -3% lower following earnings/guidance. Following Wednesday’s gains in US equities, most of the Asian bourses opened the session modestly higher. The Bank of Japan’s generally inline interest rate decision and commentary have had little noticeable impact on markets. Looking ahead, traders are focusing on the upcoming ECB interest rate decision and comments.

Nikkei +0.61% Hang Seng +0.40% CSI +0.46% Shnaghai +0.44% Shenzen +0.80%

Eur$ 1.1510 CNH 6.7694 CNY 6.7660 JPY 112.17 GBP 1.3028 CHF 0.9556 RUB$ 59.0215 WTI$ 47.27 -0.11%

S&P -0.02% EuroStoxx +0.46% FTSE +0.26% DAX +0.49% SMI +0.19%

Macro :
- U.S. Individual Investor Bulls At Highest Since Early May: AAII
- BofA Is Said to Walk Away From China’s HNA Amid Risks: NYT
- VIX Sets New Record, Closes Below 10 for Fifth Consecutive Day
- *WH IS SAID TO PROPOSE BUSINESS TAX IN LOW 20% RANGE: NYT
- France’s Borne: Govt Studying Halting Lyon-Turin Rail Tunnel

Keep an eye on :
- ABBN VX : ABB 2Q Order Intake Up 3 Percent; Says 2017 Transitional Year
- ADV GY : ADVA Optical Sees Third Quarter Revenue EU120 Mln To EU130 Mln
- AA US : AA Sees FY Global Aluminum Demand +4.75% To +5.25%; Shares Fall
- AAPL US : Apple Is Said to Work on Car Battery With Chinese Co.: Bus. News
- AVA US : Hydro One to Buy Avista for $5.3b in Cash
- BARN SW : Barry Callebaut Buys D’Orsogna Dolciaria; No Terms Disclosed
- BERGB SS : Bergman & Beving First Quarter Revenue SEK1.02 Bln
- BLT LN : Elliott Says Shares ‘Deep Concern’ on BHP Potash Project Plans
- BIM FP : Biomerieux Says It Will Hit High Range of FY Sales Target
- BMW GY : BMW Is Said to Favor Oxford as Site For Electric Mini: Reuters
- BG US : Bunge Falls After It Says 2Q Earnings May Trail Estimates
- BOL SS : Boliden 2Q Adjusted Operating Profit Beats Highest Estimate
- CLN VX M White Tale Increases Stake in Clariant to Above 10%
- COOR SS : Coor Second Quarter Net Sales Miss Estimates
- DANSKE DC : Danske Bank Second Quarter Net Income Beats Highest Estimate
- DBK GY : Deutsche Bank Expects DOJ Subpoenas Over Russia Probe: Guardian
- DTE GY : T-Mobile Boosts FY Adjusted Ebitda View, Midpoint Tops Estimates
- EDF FP : Le Maire Says EDF Must Justify Hinkley Point Cost Overruns
- EMEL IM : Enel Group 1H Net Production Fell 5% to 121,164GWh
- ENGI FP : Engie: Court Decision on Gas Tariffs Must Also Apply to Power
- EO FP : Faurecia Buys Most of Jiangxi Coagent Electronics for 1.45B CNY
- FCT IM : Fincantieri Falls for Second Day; Le Figaro Reports on STX Talks
- FNAC FP : Fnac Darty Agrees to Sell Brazilian Ops to Livraria Cultura
- G IM : Generali Agrees to Sale of Business in Colombia to Talanx
- GIVN VX : Givaudan First Half Sales Miss Estimates
- GRNG SS : Granges Second Quarter Net Sales Beat Highest Estimate
- HMS SS : HMS Networks Second Quarter Net Sales SEK299 Mln
- IPR PL : Impresa Makes New Extension to EU35m Bond Sale Deadline
- ING FP : Ingenico Buys Bambora From Nordic Capital for EU1.5B
- JST GR : Jost Werke Sets Final Offer Price at EU27 Per Share
- KORI FP : Korian Second Quarter Revenue EU778 Mln
- LEON SW :  Leonteq First Half Operating Income CHF100.2 Mln, Says Chairman Vincenz, Board Member Gisel Step Down
- NN NA : Rotterdam Court Rejects Collective Claim Against NN Group
- NDA SS : Nordea Second Quarter Net Income Misses Lowest Estimate,Decides to Hold Off on HQ Decision Until September
- PWTN SW : Panalpina First Half Revenue CHF2.63 Bln
- UG FP : France to Aid Second-Hand Clean Vehicles Purchases, Borne Says
- PUB FP Publicis First-Half Net Climbs 1.6%; 2Q Sales Beat Estimates
- RAND NA : Randstad Loses Top Court Bid to Quash French Antitrust Raids
- RCO FP : Remy Cointreau 1Q Sales Beat Estimates, Confirms FY Outlook
- RNO FP : France to Aid Second-Hand Clean Vehicles Purchases, Borne Says
- RIEN SW : Rieter First Half Sales CHF415.2 Mln
- SAP GY : SAP Raises FY Revenue Forecast, Plans Share Buyback
- SHOT SS : Scandic Second Quarter Net Sales SEK3.77 Bln
- SKAB SS : Skanska Second Quarter Operating Profit SEK1.45 Bln
- SLIGR NA : Sligro First Half Net Income EU28 Mln
- SOI FP : Soitec 1Q Revenue Rises 26%; Co. Repeats FY Rev., Margin Outlook
- SSABA SS : SSAB Second Quarter Sales Beat Estimates
- STM FP : STMicro May Stop Taking MCU Orders Next Month: Eco. Daily News
- TELIA SS : Telia Second Quarter Revenue Beats Estimates
- TEMN SW : Temenos 2Q Shows Strong Momentum, Consensus May Rise: Goldman
- THULE SS : Thule Second Quarter Net Sales Beat Estimates
- TRELB SS : Trelleborg 2Q Adjusted Operating Profit Beats Estimates
- TOM2 NA : TomTom considers sale of sports watches, action cameras division
- UBSG VX : UBS’s Ermotti Denies He’s Filling Vacancy in Swiss Cabinet: FT
- UCB BB : UCB Wins IPR Ruling Upholding Toviaz Bladder Drug Patents
- VOVLB SS : Volvo Cars 1H Op. Profit Rises 21% to SEK6.8b on Sales Growth
- VOW3 GY : Ducati has six bidders in pole position to acquire
- WRT1V FH : Wartsila Second Quarter Net Sales Beat Highest Estimate
- WFM US : Whole Foods Holder Jana Partners Exits Stake

>>> Europe : Brokers Upgrades & Downgrades - 20th of July 2017

>>> Up
*Altice Raised to Buy at Citi
*Ashmore Raised to Equal-weight at Barclays
*Assa Abloy Raised to Overweight at JPMorgan, PT SEK200
*BASF Raised to Buy at Bankhaus Lampe
*Betsson Raised to Buy at Pareto Securities, PT SEK86
*Nike Upgraded at Morgan Stanley on Growth Acceleration Potential
*Spirent Raised to Buy at Jefferies, PT 145p

>>> Down
*DEFAMA Cut to Hold at SRC Research, PT EU9
*Duerr Cut to Hold at Bankhaus Lampe
*Edenred Cut to Hold at Kepler Cheuvreux, PT EU23.50
*L'Oreal Cut to Hold at Stifel, PT EU190
*SIAS Cut to Neutral at MainFirst, PT EU11.60

>>> Initiation
*Dufry New Underperform at MainFirst, PT CHF142
*Hammerson New Outperform at Davy, PT 665p
*Metro Wholesale & Food Specialist New Neutral at JPMorgan
*KBC New Hold at Jefferies, PT EU71.60

>>> Call

>>> TomTom considers sale of sports watches, action cameras division (translated

TomTom considers sale of sports watches, action cameras division (translated)
20 JUL 2017
TomTom [AMS:TOM2], the Dutch navigation tools company, is considering to sell its division producing sports watches and action cameras, the Dutch daily Het Financieele Dagblad reported, citing CEO, Harold Goddijn.
TomTom is disappointed in the results of the sports watches division and is exploring all options for its continuity, including a sale, the report said.
With the introduction of the sports division, four years ago, TomTom hoped it would boost the company’s growth. However, according to Goddijn, this market is no longer growing and TomTom is now risking that its sports division is taking the attention away from the company’s main activities which is not a part of the plan.
TomTom made a net loss of EUR 160m in the second quarter of this year with a turnover of EUR 253m due to the disappointing results of the sports division. For this year, the company expects a total turnover of EUR 925m to EUR 950m.
The exact value of the sports division was not reported. According to a report by the Dutch news broadcaster RTL, in 2014 TomTom had sold 500,000 sports watches.