TheChek News Flow

AccorHotels announced it has begun exclusive negotiations for the acquisition of John Paul, the leading player in premium customer and employee loyalty services. The company’s Enterprise Value should be close to USD 150m i.e. a 2017e EV/EBITDA multiple of c. 11X.

AccorHotels should acquire about 80% of John Paul, the remaining stake being kept by David Amsellem, the founder of the company, who will remain as CEO. After Wipolo, Oasis Collections, SquareBreak and onefinestay, the acquisition of John Paul, world leader in the customer loyalty and concierge markets marks a major new step in transforming AccorHotels into a travel companion providing innovative services to travelers at every step of their journey.

Founded in Paris in 2007, John Paul merged with LesConcierges in 2015, creating the world leader in loyalty services with a combined workforce of 1,000 highly skilled and trained people, across all five continents. The team works as a partner to the world’s leading brands and a bespoke concierge available around the clock, 7 days a week, anywhere in the world, to meet their customers’ request from the simplest to the most complex. The first technology enabled concierge, equipped with a proprietary Customer Relationship Management (CRM) and data platform based on a behavioral profiling and a 360°personalization, as well as a network of over 50,000 partners in more than 50 countries, the company offers the most exhaustive and global loyalty solutions to prestigious brands in the financial, automotive, travel, consumer, healthcare, pharma, luxury industries and more. With a superior technology supporting its premium service culture, and sound profitability, John Paul has become the acknowledged expert to assist its clients from designing their offer to implementing their customized loyalty programs, which comprises a full service offer with content and cross-channel marketing.

Sebastien Bazin, Chairman & CEO of AccorHotels explained: « The acquisition of John Paul enables us to accelerate our global strategy to position the customer experience at the very heart of our initiatives. Their expertise in customization combined with a wide range of services and cutting-edge technology, gives us the opportunity to boost the value of the relationships with our guests and partners and multiply the number of touch points. It means a further solidification of our customer relation through an attractive offer and a higher usage, an increased personalization of our services thanks to a deeper customer profiling with non-hotel driven information, and the strengthening of our CRM with affinity data. Through this partnership with the world leader in the growing concierge market, AccorHotels positions itself as the best provider of multi-nature services to guests, supporting the whole customer journey, from non-hotel offers to 24/07 assistance through an integrated and innovative solution, like a “Travel Companion” ».

David Amsellem, CEO of Paul John declared: “From inception, I founded John Paul deeply rooted with a passion for service and hospitality. My vision is that we can enhance the lives of millions of guests by delivering the highest personalized service. Over the past few years, John Paul has made a huge growth across industries. Now that we are the worldwide leader in premium loyalty solutions, we feel that we are at a tipping point in our venture and we need the empowerment of a strong leader to support the current traction. Entering the travel industry supported by AccorHotels means much more to the 1,000 people of the John Paul Group: we feel that combining our strengths will create a game changer in the industry”.

Numis:
* 3i GROUP: MKT ; solid updat, Action +ve revaluation highlighted last month

* ANTOFAGASTA: -2% ; Guidance unchanged but now sees FY copper production at lower end of f/casts

* BREWIN DOLPHIN: +0.5% ; Total FUM increased 2.1% to £33.5bn during Q3 (NSe: £34.4bn) while discretionary FUM increased 3.5% to £26.8bn

* BROOKS MACDONALD: +0.5% ; FUM increased 3.7% to £8.3bn during Q416 which was 1% ahead of our estimate of £8.2bn. This reflected net inflows of £233m

* CAPITA: +1% ; Headlines slightly ahead, guidance maintained, cautious comments re Brexit

* DIGNITY: -3% ; Interims PBT misses f/c

* EBIQUITY: UNCH ; overall performance is broadly in line with market expectations.

* FLYB: -2% ; Q1 Stmt in-line, solid results but outlook uncertain due to current industry challenges

* GENUS: MKT ; Signs licence with Washington SU for tech to combat Bovine respiratory disease. Small positive

* ITV: +2% ; PBT £425m (est £410m), advertising not as bad as post brexit estimates, stock performed poorly of late.

* JUPITER: +2% ; H1 RESULTS - 7% AHEAD. EPS at 14.4p was 7% ahead of our estimate 13.5p and 4% ahead of cons, The ordinary DPS was unexpectedly raised 12.5% to 4.5p

* LAIRD/IMAGINATION: +1-2% ; +ive read from AAPL – encouraging iPhone prospects

* LANCASHIRE: +1% ; Q2 PBT of $30m is slightly ahead of consensus of $27m (NSe $26m), combined ratio for Q2 was 81%, making a combined ratio for the first half of 76%

* MARSTON'S: +1% ; continued to make progress in line with expectations. Remains on track to meet growth targets for 22 pub restaurants and bars in the current financial year in addition to six lodges.

* MCCOLLS: UNCH ; Interims (restricted)

* MITCHELLS & BUTLER: +1% ; Poor weather in June has had an expected adverse impact howver underlying trading has improved in recent months.

* MORGAN ADVANCED: +1% ; Small beat at PBT level due to FX. Oulook unchanged. Trading stabilized in H1

* NORCROS: UNCH ; AGM TU, UK retail sector continues to be challenging, sustained progress in South Africa, successful integration of Croydex and Abode, confident inline expectations for the current year

* NOSTRUM O&G: +1% ; Solid statement with production unch and GTU3 on track. Production hedge generated $25m in cash for H1.

* ONTHEBEACH: +2% ; On track to achieve profitability for the financial year in line with the Board's expectations, despite seeing the "lates" market as weaker.

* RATHBONE BROTHERS: MKT ; FUM £30.6bn in line with estimates

* RENISHAW: +3% ; Small beat top line, 10% beat PBT basis vs Num e. Outlook upbeat albeit Brexit uncertainty cited as expected

* RENTOKIL: +1% ; Collaboration with Google/PA consulting to deploy digital pest control products

* RIGHTMOVE: +3% ; very good set of numbers, PBT/EPS beats and strong ARPA growth.

* SAGE: MKT ; Update aft close last night – Q3 inline, confident of meeting FY guidance

* SHAWBROOK: -1% ; PBT slightly light

* ST JAMES PLACE: MKT ; FUM £65.6bn slightly ahead , Adj pre tax in line

* TARSUS: +1% ; Solid results. Revenues in H1 came in ahead of our estimates at £27m (NSe £24.1m).

* TAYLOR WIMPEY: +2% ; Interims, profits slightly below f/c, some cancelations post Brexit, but trading at normal levels, too ealry to see full effect of Brexit, 9.2p sp divi

* TULLOW OIL: +2% ; Solid statement with net debt $4.7bn as expected. Good progress made on turret project. Production from TEN to start in early Aug.


ML:
TI - Blow out nos with EBITDA +6.9% v -0.8% cons & raising EBITDA guide.+5-7%

PEUGEOT - 1H auto margin big beat v high exp. €1.3bn auto profit v €1.05bn+4%

ST JAMES - Net inflows of £3.1bn YTD, 15% beat. FUM 1% & divi 4% ahead..+3-5%

RIGHTMOVE - Beat with revs/EPS 4/6% ahead driven by good growth in ARPA.+3-4%

T WIMPEY - PBT £266.6m. Post Brexit, current trading remains inline.....+3-4%

SHAWBROOK - Underlying profit £38m v £36m cons. Pipeline solid into Q3....+3%

STM - Positive. Revs inline, EBIT beat at €28m. Guidance better for revs..+3%

AIRFRANCE - Good enough. EBIT beat, although FY cons unlikely to change...+3%

INFINEON - Sentiment +ve. Anlog Devices (ADI) has bid Linear Tech (LLTC)+2-3%

ITV - Flat H1 adv'g was broadly in but EBITA is c 10% ahead of cons.....+2-3%

CAPGEMINI - H1 EBIT 3.7% ahead, FCF a beat & FY margin guide upgraded...+2-3%

ATOS - Rev inline (org growth touch beat), EBIT 3% beat. Guidance raised+2-3%

AIRBUS - Earnings beat as exp but genuine relief on cash and charges....+2-3%

RSW - Strong, is enough. FY16 Revs came in at £436.6m vs BBG cons £427m.+2-3%

LVMH - EBIT 1% beat. Stronger than exp rev offset by 50bps margin dilution+2%

DIA - Reassuring with +2% beat at Sales & +1% at EBITDA v BAML numbers....+2%

JUPITER - 4% underlying EPS beat v cons driven by revs & perf fees beat...+2%

KLEPIERRE - Solid, nos at top end. LFL growth beat inflation by 250bps..+1-2%

MITCH & BUTS - 3Q IMS modest improvement although LfLs still look -tive.+1-2%

DEUTSCHE BANK - Underlying weak with PBT 22% miss. Address key problems.+1-2%

MINERS - Copper -0.6%, Iron ore -2% with BHP OZ +3.6% & RIO OZ +2.2%......+1%

KPN - Mixed. Revs 1.3% lower, EBITDA 1% beat, OFCF light. Guidance reit...+1%

PERNOD - Postive read across from LVHM beat, particularly strong cognac...+1%

LANCASHIRE - Slight beat. 2Q PBT of $30.1m is touch ahead of $27.5m cons..+1%

3I - NAV 522 after the divi v BAML 517 from FX and asset appreciation.....+1%

MARSTONS - Inline with LFL sales +2.5% compares with +3.0% in 1H..........+1%

SNAM - Inline with Net Income +1.3% and EBITDA 0.3% ahead of bbg cons.....+1%

CAPITA - Beat with org growth +5% v cons +4.6% & margin 13.2% v 12.9% exp.+1%

SANTANDER - Bottom line beat masking weak NII trend. CET1 10.36% v 10.4%+0.5%

SCOR - Broadly inline with NI €105m v €104m cons & combined ratio 97.5%.+0.5%

BASF - Mixed. EPS/EBIT inline but cashflow down y/y & pension deficit up..-1%

SMURFIT KAPPA - Inline. Revs 3% light but EBITDA inline 312m v 310m cons..-1%

MGAM - Margins beat at 11.6% v BAML at 11%. Outlook maintained for FY.....-2%

TULLOW - Negative. No supportive commentary on insurance in the results...-2%

SAGE - Risk of travel & arrive on inline nos, with street 6% org growth...-2%

STATOIL - Weak. EBIT 33% miss & NI miss materially >100% with -$28m loss..-3%


RBC:
*ACCOR: 0% plan to purchase 80% of concierge company JOHN PAUL $150M.

*ADECCO/RAND: -1% read through from ROBERT HALF (-10% after hours) weakness.

*ADIDAS/KERRING: +1% PUMA Q2 sales ahead, EBIT beat, EMEA strong.

*AENA: +1% H1 figures ahead, sales in line.

*AIRBUS: +3% 22% EPS beat, A400M charge lower than expected.

*AIR FRANCE: +2% Q2 EBIT 26% ahead, pension liability worse, confirms outlook.

*ANTOFAGASTA: +1% Q2 key production misses, FY guidance low end of range.

*ARM: 0% Q2 miss 1% on revenues, focus on M&A still.

*BASF: -2% Q2 EBIT & sales light on OIL, confirms 2016 outlook.

*BAYER: +1% Q2 core EPS slight beat, PHARMA ahead, raises guidance.

*BREWIN: +2% total funds +2.1%, total core funds +3.1%.

*BUCHER: -1% H1 order intake & sales in line, outlook cautious.

*CAPITA: +1% H1 no’s 2.7% ahead of expectations, organic growth in line.

*DBK: +3% Q2 revenues & profit light, CET1 better.

*ITV: +2% H1 revenue in line, EBITDA in line, on track.

*JUPITER: +1% H1 pre-tax ahead, AUM in line.

*KPN: +1% Q1 revenues ahead, EBITDA beat, reiterates outlook.

*LVMH: +2% H1 EBIT 2% beat, fashion & leather ahead, ADR +3.5%.

*METRO BANK: +3% total assets £8,351M, 83% growth YOY, maintains guidance.

*MGAM: +1% performance in line, remains cautious on market outlook.

*NOSTRUM: 0% reaffirms guidance, (40K BOEPD), H1 revenues $160M.

*OSRAM: -5% Q3 revenues in line, net income miss.

*PEUGEOT: +1% H1 revs light, op income ahead, confirms APRIL targets.

*SANTANDER: +2% Q2 net ahead, ZACHADNI ahead, CET1 10.36%, NII miss.

*SCOR: 0% H1 in line, combined ratio ahead.

*SHAWBROOK: +1% H1 op income $99.3M v 77.1M YOY, cautious yet confident.

*SNAM: +1% revenues in line, net income ahead, share buyback.

*STATOIL: -4% Q2 earnings miss across all 3 divisions, very weak cash flow.

*ST. JAMES: +1% AUM 65.6B, at top end of consensus.

*STM: +3% Q2 revenues in line, EPS beat, margins improving.

*TAYLOR WIMPEY: +2% H1 2016 in line, reassuring post-BREXIT.

*TELECOM ITALIA: +2% Q2 EBITDA guidance ahead, provision reversal positive.

*TULLOW OIL: +1% H1 revenues in line, profits well ahead, net debt in line.

*UNICREDIT: -1% considering $5.5B stock sale.

CS:
Arcadis -1% Revs 1.67b vs bberg cons 1.674b

Acacia M/P Barrick Said to Approch Miners to Sell Stake in Acacia

Accor M/P Said to be in exclusive talks to acquire John Paul

Aena +1% Revs inline, EBITDA slightly ahead

Airbus Group +3-4% Profit beats est, takes EU1.41b Plane charge

Air France +2-3% Revs inline, op profit ahead, reiterates 2016 cash flow tgt

Antofagasta -1% Production numbers slightly light across the board

Atos +2-3% Decent 2Q16 results and modest guidance upgrades

BASF -1% Q2 1% below cons, FY guidance reiterated

Bayer R 2Q EBITDA ex items EU3.05B est EU2.96B

Bucher UNCH H1 sales 1.5% light, orders 1% ahead, EBIT inline

Capita -1% Numbers inline but Brexit uncertainty

Capgemini +1-2% H1 sales inline, raises margin outlook

Covestro -1-2% CS downgrade to NEUTRAL (Valuation)

Deut Bank -1-2% Pretax loss worse, Equities trading and debt light

Deut Boerse M/P Achieved the minimum 60.0% shareholder approval for LSE

Dialog Semi +1-2% Read across - Apple +6.8% a/h on slightly better revenues

Dignity M/P H1 results slightly ahead of boards expectations

EI Towers +3% Revs inline, EBITDA 1.2% ahead, Buyback of up to 5%

EFG Int +2% H1 ahead and cost reduction better

Imagine Tech +1-2% Read across - Apple +6.8% a/h on slightly better revenues

Ingenico -2% H1 revs €1.13bn vs cons €1.15bn, keep FY guidance

ITV +1-2% H1 revenues match estimates, dividend better

Jupiter +1-2% H1 results better, AUM inline

Kering +1-2% Positive read across from LVMH numbers

Klepierre +1% Realising Corio synergies offsets a weak Netherlands

KPN +1% 2Q Adj. Ebitda Beats Est, Keeps Outlook Unchanged

LVMH +2-3% LFL +4% in Q2 vs est +3, fashion and leather better

M&B +1-2% Q3 improved although H2 margins will be tougher

Marstons +1% LFL's slightly better

Miners -0.5% Copper -0.45%, Brent +0.20%, Iron Ore -1.50%, China -2.17%

Morgan Ad -1% Revenues light, cautious on market outlook

Nos +3-4% Signs content sharing agreement with Altice

Oils UNCH API - better product data but worse Cushing number

Peugeot +4-5% Revs 3.2% light, op profit 25% beat, short interest 9%

Plastic Om +2-3% Numbers inline and deal on track

Renishaw UNCH Revs 436.6m vs cons 427m, uncertainty over brexit

Rightmove +3% Revenues 3% ahead, op profit 5% ahead, confident outlook

Sage M/P Numbers inline, guidance inline

Sanoma M/P Q2 sales €449.8m vs cons €445m, keeps FY outlook

Santander +1% 2Q NET EU1.28B est EU1.22B

Scor +2% Q2 net €105m vs cons €94m

Smurfit +1% EBITDA 312m vs cons 306m, Europe strong

Snam UNCH Net at 526mn vs consensus 521m

STM +2-3% Revenues inline, gross margin improving

St. James M/P FUM gross inflow GBP5.3b vs GBP4.4b y/y

Statoil -2% 30% miss at the Adj EBIT level, production guidance unch

Taylor Wimp +2-3% H1 miss against CSe but outlook should encourage

Technip M/P Awarded large subsea contract for Greater Enfield

Tele Italia +4-5% EBITDA Beat-Cattaneo cost cutting had a significant start

Tullow Oil +3-4% TEN is on track for first oil in early August

Unicredit M/P €10.5bn potential total capital management actions ahead

Valeo +2% H1 sales inline, Net income 7% beat, confirms FY outlook


JPM:
AENA Overall, results were inline w JPMe. Call the focus on outlook +1%

AIR FRANCE Q2 EBIT ahead on better unit revenue +2%

AIRBUS Inline w company recent talking down. FY guidance maintained. +3%

AMS/DLG AAPL +6.8% after hours posting better Q vs subdued expectations+3%

ATOS H1 org rev growth 1.7% = 30bp ahead vs cons. FY guidance raised +3%

BASF Q216 in line with cons/JPMe. Guidance maintained for FY unch

BAYER Solid pharma results, small FY guidance upgrade. Focus on MON +1%

CAP GEM Op profits beat cons by 4% with a margin of 10.2% (vs cons 9.8%)+2%

DBK Mixed. Rev miss, costs better, capital inline vs cons unch

DIA Mixed figs. LFL better, 3% miss on EBIT, cash flow inline unch

INGENICO Lower org growth of 9% vs cons 10.6%. -3%

ITV Revs/EBITDA are +2%/9% ahead of cons. Q3 NAR guidance inline +2%

JUPITER Q2 flows slows but remain positive in July +1%

LVMH H1 topline and profit ahead. To be taken well in context of lux +3%

NOS NOS & MEO agree a content and cost sharing agreement. +4%

OSRAM 1% miss vs cons on adj. EBITA. Disposal of Lamps biz. -3%

PEUGEOT Autos op income at 1.3bn vs cons 1.1bn. FCF 1.8bn vs JPMe 882m +4%
SAGE Q3 IMS in line with guidance unch

SANTANDER Net income 7% ahead vs cons, PBT 13% ahead. NII a 1.6% miss +1%

SCOR Inline. Higher nat cat losses,but offset with reserve releases unch

STATOIL Net adj loss of $28m,significantly below cons $313m & JPMe 242m -3%

STM Q2 figs broadly inline w cons. Q3 guidance ahead +3%

T WIMPEY H1 figs broadly inline. July trends inline w historical norm +3%

TEL ITALIA EBITDA 6% ahead of cons driven by domestic business +6%

VALEO EBIT 3% ahead of cons. Org rev growth +13% & margins at 8% +2%

VW US settlement inc 2l engine unch


Mainfirst:
*DBK-Net Inc 18m(-22),PT 408b(61),LLP 259m(280)Rev 7.39b(7.86)......+1%

*AIRBUS-Ebit Pre 1.18b(1.05),Rev 16.6b(16.5),One-off 1.41b..........+2%

*OSRAM-Rev 1.44b(1.42),NI 28m(37.7),Divi stable,confirms outlook....-5%

*BASF-Ebit Ex 1.71b(1.76),Ebitda 2.79b(2.7),Sales 14.5b(15.2).......-1.5%

*BSCH-Net 1.28b(1.22),NII 7.57B,B/Loans 4.29%,CET1 10.36%...........+1%

*LVMH-Net 1.71b(1.68),Rev 17.2b(17),ORGR 4%(3),F&L & W/S boh gd.....+3%

*AENA-Net 492.3m(486),Rev 1.73b(1.73),Ebitda 931.7m(925)............+1%

*KION-Confirms prevs figs,Net Pft 64m,Confirms Full Year outlook....+0.5%

*AIR FRANCE-Rev 6.22b(6.22),OP 317m(258),Sees dwnward pressure......+2%

*ATOS-Rev 5.697b(5.69),Organic Grth +1.7%,Raises 2016 outlook.......+1%

*INGENICO-Net 122m(128),Ebitda 244m(251),Rev 1.13b(1.15),o/l ok.....-1%

*VALEO-Rev 8.1b(8.06),Net 451m(421),Op Margin 647m(614).............+2%

*M6-Rev 646m(618),Ebitda 136m,Net 83.5m,AD mkt visibility ltd.......-0.5%

*TEF DEUT-Rev 1.83b(1.86),OIBDA 459m(458),Divi 25c(25)..............+2%

*CAP GEMINI-Rev 6.257b(6.273),Rasise FY margin guidance.............+1%

*BAYER-Ebitda Ex 3.05b(2.96),Rev 11.8b(12.1),Rasises forcasts.......+1%

*DIA-Net 57.5m(59.9),Ebitda 150.4m(150.7),Cash Generation ok........+1%

*KPN-Ebitda 592m(584),Rev 1.68b(1.7),Keeps 2016 outlook.............+0.5%

*PEUGEOT-Rev 27.8b(restated 28),Reits April tgts,Latam 12% dec......+4%

*BUCHER-Orders 1.09b(1.08),Ebit 107.4m(107),Sales 1.25b(1.27).......-1%

*EFG-AUM 80.6B(79.4),Op Inc 341.7m(335.1),CET1 18.5%,BSI ok........+1%

*SHW-Cuts FY16/17 sales outlook,Ebitda 2016 at low end,2020 ok......+0.5%

*SNAM-Rev 1.64b(1.724),NI 526m(522.8),Vote on buyback 1st August....U/C

*VOSSLOH-Sales 282.6m(299),Ebit 17m(16.45),PT 13.4m(13),Net 10.9m...-1%

*PERNOD/REMY-Read across from LVMH Wine and Spirits beat after hrs..+1%

*STM-Rev 1.7b(1.7),Gross Margin 33.9%(34.2),Q3 Rev to rise 5.5%.....+3%

*DIALOG-Read across from Apple overnight............................+2%

Jefferies UK:
Capita +2% small beat across the board, short interest at recent highs

ITV +1% H1 NAR in line, guidance downbeat, weak yest

LSE +1% DB1 gets min 60% acceptance threshold

Metro Bk +5% growth across the board, credit ok

Rightmove +2% beats ests, strong July trading

Taylor Wimpey +3% figs sl light, but seen no deterioration since Brexit

Jefferies EU:
Airbus +4% EBIT 12% better, FCF big beat, guidance unch. Relief

Air France +1% numbers ok, downbeat outlook, but no further warning

Bayer +2% EBITDA better, raises FY guidance

BASF -2% Q2s light. keep FY outlook

Cap Gem +2% margin outperformance leads to guidance upgrade

Dt Bank unch net better, but irrelevant, capital not improving, well shorted

DIA +1% better lfl, net sl light

Klepiere +2% revs good, raises FY net cash flow guidance

KPN +1% number in line, FY guidance reiterated, relief

LVMH +3% better revs driven by Wines&Spirits, Fashion, weak watches

O2 Dtland +1% numbers in line, trim oulook as well as capex

Peugeot +4% strong no's, beat across the board, cash better, guidance inline

Santander +1% numbers ok , NII light as rumoured, divi guidance supportive

Scor +1% numbers in line, GWP sl better

Statoil -3% upstream weak, headline v weak due to tax chg

Tel Italia +4% first good numbers for a while, upbeat comments