NextRadioTV 51% stake selling to SFR
30 JAN 2017
NextRadioTV and SFR have announced that they have submitted an application to the Conseil Supérieur de l’Audiovisuel (CSA) for approval to enter into a new phase of their strategic partnership. At the end of that phase, it is SFR's intention to take over exclusive control of NextRadioTV. The plans have also already been submitted for approval to the Autorité de la concurrence (ADLC).
The implementation of this phase is the logical follow up to the partnership entered into in July 2015 and it reflects the changing national and international environment of the telecommunications and media industry.
The first phase has been successful, as it has enabled NextRadioTV to launch three new channels in just a few months: BFM Sport, BFM Paris and SFR Sport1, all of which are proving to be very successful.
Integrating NextRadioTV into the SFR Group, which is controlled by Altice, a dynamic and innovative international group, and a leader in telecoms and content, will encourage the launch of new projects and strengthen the capacity of existing channels.
Within SFR Group, Alain Weill will manage the scope of activities currently within NextRadioTV and SFR Presse. In addition, he will manage all the media activities of Altice Group.
Alain Weill, CEO of NextRadioTV, says: "The implementation over the last eighteen months of the first phase of our partnership with SFR has made me realize how much this merger makes sense. It enables us to meet the challenges that the media industry is facing today. Our common desire will become reality once the authorities have approved the integration of NextRadioTV into SFR."
Michel Combes, CEO of SFR says: "By investing more in channel production, SFR wants to assert its leadership in the fields of news, sports and documentaries. We will also be launching major series and film projects over the coming months."
SFR acquired a 49% stake in NextRadioTV in April 2016 at an enterprise value of EUR 741m, according to an earlier announcement. The piece said that SFR was advised by BNP Paribas, Rothschild & Cie and Ricol Lasteyrie then.
Lanvin could still attract interest from Mayhoola – report (translated)
30 JAN 2017
Lanvin, the French fashion house, could still attract interest from the Qatar financial group Mayhoola Investments, according to the Italian newspaper CorrierEconomia. The unsourced report said that Mayhoola already owns the two fashion firms Valentino and Balmain and it is interested in creating a luxury group. The acquisition of Lanvin could be strategic, noted the item.
Lanvin had been flagged up for sale in 2015 with several bidders being interested including Mayhoola for Investments SPC, Kering, and LVMH Moët Hennessy Louis Vuitton, as well as Chinese companies.
Lanvin has revenues of EUR 262m, as previously reported
BAML
LUFTHANSA - & Etihad plan to expand ties to inc coop in catering (12.88)....+1%
MINERS - Copper -0.28%,Iron Ore fut closed with BHP OZ -0.58%,RIO OZ -0.3%..u/c
WIRECARD - Revs 1.6% ahead, EBITDA inline. Guidance €382-400m reit'd (45.1).u/c
MERCK - CEO sees higher synergies from Sigma deal; Handelsblatt (102.95)....u/c
RANDGOLD - RNS small +ve. Loulo-Gounkoto exceeds FY16 guide of 670koz (6580)u/c
BANKIA - NII broadly inline, trading slightly below. Payout unch (0.98)...-0.5%
ALLIANZ - Spec considering USD15b takeover of Australian insurer QBE (161)-0.5%
VOD - Economic Times reporting that VOD & Idea are in merger talks (192)..-0.5%
MEGGITT - Telegraph reporting that Elliott has quietly sold down stake (425)-1%
RBC
*ALLIANZ: -1% HANDELSBLATT: informal approach to buy QBE in Australia for AUD 15 p/share.
*BANKIA: -2% Q4 & FY '16 net light, Q4 NII €517M v €665M year earlier.
*CTT: -7% profit warning Friday, Q4 mail volumes weak, revs impacted.
*LLOYDS: 0% UK government voting rights now below 5%.
*LUFTHANSA: +1% ETIHAD said to deepened ties in catering & aircraft maintenance.
*RANDGOLD: 0% talking ongoing to end Tongon illegal sit-in, Loulo-Gounkoto prod beat.
*SANDVIK: -1% Head of Machining Solutions to leave.
*UKW: +2% Q4 NAV 108.6p/share, overall NAV growth for year 4% & total return 10%.
*WIRECARD: +1% '16 preliminary rev +33%, FY'17 EBITDA forecasts confirmed.
Investec
UK
* ATKINS-Been approached by CH2M for a possible $4m merger(Times)...........+1%
* CONVIVIALITY-H1.#'s in line, on track to meet FY exp's. Travel & Arrive......-2%
* FLYBE-Q3.Tough trading and poor weather have contributed to slow start..-3-5%
* GENEL-Payment for KRI oil exports from Tawke field......................+1-2%
* IAG-Complying with Trumps restrictions. Refunding affected customers......-1-2%
* LLOYDS-UK Govt sold another 1% over last 3 weeks(<5%)...................-1/2%
* MEGGITT-Elliott sells stake after failing to engineer takeover(D Tel).....-2%
* PURPLEBRICKS-Following Friday's stmnt, reits FY17 guidance...............unch
* RANDGOLD-Prod. Remains i/l. Illegal 'sit in' with not affect FY16 #'s.....+1/2%
* SDL-Sells Fred hopper to ATTRAQT GRP(ATQT LN) for £25m....................unch
Euro
* AIRBUS-Germany to buy €1bn of Lockheed planes after A400m delays(Spiegel)..-1%
* ALLIANZ-QBE says not in talks after rpts of ALLIANZ interest in HB paper...-1%
* BANKIA-FY NII in line, div raised by 5%....................................U/C
* CARREFOUR-to close 2 Italian hypermarkets, shed 500 jobs(Echos)............-1%
* COLRUYT-family buys €21m of stock after recent share price fall............+1%
* CTT-saw higher than expected decline in Q4 mail vols. Broker d/g away......-3%
* ENGIE-gets financing for $1.2bn Saudi plant. Broker d/g away...............-1%
* LUFTHANSA-tighten Etihad ties in catering, maintenance. Press conf Weds....+0.5%
* LUXOTTICA-Q4 sales due
* MERCK-CEO sees higher synergies from Sigma deal(HB)........................+1%
* NOVARTIS-CEO sees blockbuster status for CAR-T immune-oncology drug......+0.5%
* RENAULT-Mitsubishi Motors FY loss much smaller than exp on FX(Nikkei)....+0.5%
* SARTORIUS-FY sales/ebitda in line, net small beat, guidance looks in line.. U/C
* VW-Toyota loses global sales crown to VW.................................+0.5%
* WIRECARD-FY rev and ebitda in line, confirms 2017 ebitda, strong into......U/C
Other news
* SHELL, TOTAL plan battery charging points at petrol stations(FT)
Macquarie
* WS Atkins ATK- Spec US Engineer CH2M has approached Atkins for $4bn merger (The Times). +3%
* Conviviality CVR- Strong trading up 4.4% vs prior year, Continues to trade inline with expectations for FY. +1%
* Flybe FLYB-Slow start to Q4, 1% decrease in revenue per seat vs prior year. Unch
* Genel GENL- Receives full payment for Tawke June 2016 exports. Unch
* Pure Circle PURE- Company has been removed from the US Customs Withhold Release Order. +5%
* Purple Bricks PURP- Company has seen record monthly activity in Jan, reconfirms good start to 2017. FY Expectations unchanged. +2%
Shore Cap
CONVIVIALITY - Revs +211%.H1 ptp 7.4m.Divi +100%.Continues to trade in line.+2%
WS ATKINS - said to be approached by CH2M about a $4bn merger (times).......+5%
RIVER&MERC - Fee earning AUM +3% to 28.7b.Remain well positioned for growth.+2%
JAMES HALSTEAD - Confidence in FY is unchanged, remains positive............UNCH
YOUGOV - H1 trading ahead of prev expec., confident of meeting FY targets....+1%
FLYBE - Q3 trading robust enough though slow start to Q4....................-1%
PURPLEBRICKS - sees record activity in January, FY guidance unch.............UNCH
LLOYDS - UKFI holding now below 5% to 3.5bn shares.........................UNCH
YU GROUP - revs slightly ahead of mkt f'casts, margins firm, sees FY in line..+2%
MainFirst
*ALLIANZ-Said to weigh offering AUD15 a share for QBE(denied)-HB....-0.5%
*CARREFOUR-To close 2 Italian Hypermarkets, cut 500 jobs-Echos.......+0.5%
*NOVARTIS-Foresees blockbuster sales for its Car-T Therapy...........+0.25%
*BAYER/MONSANTO-Spiegel sees risks, approval with take time..........-0.25%
*VW-Overtakes Toyota in Global Car Sales, Lux Pen FD b'lists VW......-1%
*CTT-Higher than expected decline in mail, Min Divi €0.48............-3%
*SARTORIUS-FY 325.4m(325.6),Net 132.6m(131),Sees +ve Pft 2017.......-1.5%
*ENI-CEO sees Oil avg $55/bbl this year, rise over 4yrs-Corriere.....U/C
*WIRECARD-Prelims Rev 308.9m(303.2),Ebitda 93.4m(92.2),o/lk ok......+1.5%
*LHA-Etihad plan deeper co-op in catering & aircraft maintenance....+0.5%
*BANKIA-Q4 Net 73m(79.5),NII 517m,FY Net 804m (833.2)................-1%
CS
ABN +0.5% CS INITIATE with OUTPERFORM (Cash rich)
Allianz -1% Weighing a A$15 a-share-bid for QBE, Handelsblatt
BAE Systems UNCH £100m deal to help develop fighter jets for Turkey
Gurit -2% FY sales 3% light but margin better
ING M/P CS INITIATE with NEUTRAL (Valuation)
Meggitt -1-2% Elliott sells stake after failing to find buyer
Miners M/P Copper -0.30%, Brent -0.15%, Iron Ore CLOSED, China CLOSED
Purple Bricks UNCH Trading statement - The Board reconfirms views
Rob Walters +2-3% CS DOUBLE UPGRADE to OUTPERFORM (UK more robust)
Sandvik -1-2% President of Sandvik Machining Sols, has decided to leave
Schmolz M/P CS INITIATE with NEUTRAL (Lagged steel peers)
Wirecard UNCH Consolidated revs 2% ahead, EBITDA 1% ahead, confirms FY
Tradegate
VOW -1.2%
E.ON -1.1%
SAN -1.3%
TKA -1.1%
DBK -1.1%
HEN3 -1%
LEG +1.4%
SOW +2.2%
WDI +1.1%
RKET +1.3%
AIXA +1.4%
MBTN -2%
RYA -1.3%
TSCO -1.7%
From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: 01/29/17 19:09:52
Subject: FT : Profit warnings from UK companies forecast to rise in 2017
Profit warnings from UK companies forecast to rise in 2017Report by EY suggests 2016 figures ‘flattered to deceive’Profit warnings by UK listed companies tailed off towards the end of 2016, reflecting relative economic stability after the Brexit vote, but 2017 could be much tougher for British groups, according to a report by EY, the accounting firm.Quoted British companies issued 73 profit warnings in the last three months of 2016 compared with 100 during the same period in 2015, said the EY report.With Britons having voted in a referendum in June last year to leave the EU, the number of warnings in the second half of 2016 “reflects relative stability in both the UK and global economy”, added EY.Alan Hudson, EY’s head of restructuring in the UK, said: “The headline numbers show the UK economy weathering the initial impact of the Brexit vote remarkably well.” However, he added: “We expect 2017 to be . . . much tougher.”Since the start of 2017 there has already been a marked uptick in companies prompting analysts to rein in earnings forecasts.These include BT, Pearson, Next, Bovis Homes, Premier Foods and Lamprell. “There have been 21 profit warnings in the first 25 days of January this year compared with 15 in the first 25 days of 2016,” said EY.The fall-off in profit warnings in the last quarter of 2016 compared with the corresponding period in 2015 “flattered to deceive”, said Mr Hudson.Warnings at the end of 2015 jumped following the collapse in the oil price. The overall figures in 2016 also masked a stark divergence between midsized companies in the FTSE 250 and the 100 largest companies in the FTSE 100.The number of profit warnings from FTSE 100 companies fell from 16 in the first half of 2016 to seven in the second half. By contrast, the number of warnings by FTSE 250 companies rose from 23 in the first half to 31 in the second half.According to EY, the fourth quarter of 2016 marked a three-year high in the number of warnings from midsized FTSE 250 companies.In part, this was because of rising costs, as a result of sterling’s weakness against other currencies since the Brexit referendum.Many companies are struggling with uncertainty over pricing, and 27 per cent of the profit warnings by UK companies in the fourth quarter of 2016 were linked to cancellations and contract delays. None of these pressures are easing off, said EY.Retailers and support services companies issued more profit warnings than groups in other sectors last year.There was a sharp rise in repeat warnings. Half of the companies that issued warnings during the fourth quarter of 2016 had done so before last year.Essentra, Cobham and Mitie have issued several warnings in the past year.
MEDIASET Il Fatto Quotidiano reported that Mediaset could be close to an agreement with Vivendi which would see the creation of a holding company where Vivendi would put its stake in Telecom and Fininvest its stake inMediaset, article added that Orange could later take a 30 % stake in the holding, with Italian state holding company Cassa Depositi e Prestiti also taking a 10-15 % stake. Fininvest in a statement said the report was groundless.