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Il n’est jamais facile de parler d’économie à la télévision : trop de chiffres, de réunions invisibles, de secrets. Ce docu de François Rabaté et Jean-Baptiste Diebold réussit à décrire la vie des affaires à travers la plus belle baston du business français : celle des télécoms, «miroir de l’économie capitaliste». Produit comme un thriller, et servi par la voix grave de Patrick Cohen au commentaire, ce film passionnant retrace les épisodes de cette guerre qui dure depuis vingt ans : l’arrivée de Bouygues Telecom puis celle de Free, le rachat de SFR par Numericable, les retournements d’alliances, les coups tordus… «C’est une histoire d’argent et aussi une histoire d’hommes», qui met aux prises quatre personnages hauts en couleur : le grand commis de l’Etat Stéphane Richard (Orange), l’héritier Martin Bouygues (Bouygues Telecom), le hacker Xavier Niel (Free) et le virtuose de la finance Patrick Drahi (SFR, propriétaire de Libération). A l’exception de Bouygues, tous racontent devant la caméra les coulisses d’une guerre tournant souvent à la querelle d’egos. Il en ressort quelques propos savoureux, comme ceux de Drahi : «Martin Bouygues n’arrive pas à rassembler les capitaux [pour SFR]. Moi, ça me prend cinq minutes. J’ai mon banquier, je lui dis : voilà, c’est 12 milliards.»

Click here for more news and current rate information for Royal Ahold, Delhaize

He remarks that Carrefour has done before firm decisions, including on planned openings of hypermarkets, but these are not always true. Given the recent loss of market share of Carrefour would it,, logical '' that the company takes action, said Maenhaut.

ING has a buy recommendation on Ahold, Delhaize, which Tuesday around 9:55 pm 0.3 percent was at 20.90 euros. Thus, the share performed in line with the AEX index.

NAT EX - Solid on FX tailwind. Expect cons to move towards our ests (365p)..+3%

NORSK H - Big beat up 9% at underlying EBIT. Reit Aluminium forecast(36.7)+2-3%

MTU - 3Q adjusted EBIT of €139.7mn YoY, +13% vs. cons €124mn (98.62)......+2-3%

LUXOTTICA - Soft Q3 revs up 1.4% cFX & 2017 guidance not confirmed (43.7).+2-3%

STJ - Confident update. Gross sales 5% beat. Biz mix looks unch QoQ (968p)..+2%

COVESTRO - EBITDA +12% v cons & strong vol grwth. EBITDA guide u/graded (54)+2%

DIA - Inline EBITDA with margin flat YoY. Do not expect cons to move (5.6)..+2%

MINERS - Copper +0.85%, Iron Ore +0.9% with BHP OZ +0.4% & RIO OZ +2.4%...+1-2%

RANDSTAD - Solid but unexciting Q3. Org growth beat +4.2% v +3% cons (46).+1-2%

ORANGE - Inline. Q3 rev 0.5% beat driven by Spain & France at €10.32B (14.2)+1%

ANGLO - Small prodn beat with no update on Australian met coal sale (1076)..+1%

SWEDBANK - Ahead on every line. Keeps upwards momentum on track (207.8).....+1%

AIR LIQUIDE - 3Q sales inline. U/lying growth +2% a touch ahead of cons (93)u/c

WHITBREAD - 1H LfLs are slightly soft but EBIT is inline with cons (3843p)..u/c

TOTAL - Gas pipe explosion at Gonfreville refinery said to injure 5 (44)..-0.5%

PEARSON - We DOWNGRADE to U/P. At best an opportunity cost til 3Q17 (754)...-1%

TODS - 3Q sales €260m, 2% light v BAML with retail sales -6.8% at cFX (50)..-1%

NOVARTIS - Low qual beat. Sales inline, op profit +4% & EPS +3% v cons (74).-1%

GKN - Ok with 3-4% rev beat but outlook takes the shine off the nos (317p)-1-2%

UBM - We DOWNGRADE to Underperform; 640p PO (the only sell on stock) (703p).-2%

SYNGENTA - Sales of US$2.5bn, -3.5% y/y, -2% v cons. Vols -7% v -9% (414)...-2%

ALFA LAVAL - Execution ok, but orders weak & cost savings look light (129)-2-3%

SAFRAN - Disappointing aftermkt growth (-1.6% v ML +2%) is risk to 17 (62)-2-3%

WARTSILA - Headlines v weak with orders 3% miss but keeping FY guide (39).-3-5%

DASSAULT SY - EBIT & EPS, 5 & 9% ahead but slightly weak licences (73.5)..-3-5%

RBC PRE-MARKET INDICATIONS:

*AAL: 0% Q3 prod mixed, Iron Ore beat, Coal in line, guidance reit except met coal.

*ADIDAS: 0% read BELLE International -2.5% weak H1 earnings.

*ALFA LAVAL: -2% Q3 orders miss, adj EBITDA in line, restructuring program started.

*COVESTRO: +2% Q3 EBITDA beat +22%, FY outlook raised.

*FORTUM: -2% Q3 interim report, profits miss expect., sales in line.

*GKN: -1% trading statement, 9-month org sales +2%, sees lower market growth.

*LUXOTTICA: +4% Q3 revs 1% beat, net sales in line, FY guidance fonrimed.

*MTU AERO: +1% 9-month earnings ahead, raising FY earnings forecasts.

*NEX: +1% Q3 profit +9%, overseas biz leading, continues to "deliver strong growth".

*NHY: +2% Q3 sales +1%, underlying EBIT well ahead, downstream worse.

*NOVARTIS: -1% Q3 revs light, core EPS beat, FY outlook confirmed.

*ORANGE: +2% Q3 rev beat, EBITDA in line, FY outlook confirmed.

*PWTN: +1% Q3 EBIT in line, Ocean vols -9%, Air +9%.

*RANDSTAD: +4% Q3 revs & EBITDA beat, organic growth +4.2% v 3% est..

*SCHINDLER: +2% Q3 orders 6% ahead consensus, rev slightly light, EBIT ahead.

*STJ: +2% Q3 beat across the board, growing biz in line with Q4 objectives.

*SWEDBANK: +2% Q3 strong, pre-tax prof 15% above cons, slight disappointing cost target.

*SYNGENTA: 0% Q3 revs slight miss, ChemChina regulatory process extends to Q1 2017.

*TOD'S: +1% Q3 sales in line, UK, ML China & USA improving in Sept.

*UCB: +2% Q3 revs 4% ahead consensus, FY forecast confirmed.

*WHITBREAD: +2% H1 revs 8.1%, adj pre-tax beat, FY in line.

3I Group M/P Sells debt management business to Investcorp

Adecco +1% Positive read from Randstad numbers

Airliquide +0.5% Revs 1% light but outlook confident

Alfa Laval +1-2% Headline inline, Equipment division better, Process worse

Aldermore -1% CS DOWNGRADE to NEUTRAL (Risk reward)

AMS -3-4% Q3 in line, Q4 guidance weak, large acquisition

Barclays -1% U.S. DOJ said to delay Bank fines for mortgage misselling

CGG +2-3% Large seismic contract win with Pemex

Covestro +2% EBITDA €574m CSe €528m Cons €513m, FY slightly better

Deut Bank -2% U.S. DOJ said to delay Bank fines for mortgage misselling

Fortum -1-2% 9M Adj net of 372mn vs cons 391m, no guidance given

GKN -1% Trading statement inline but reads cautiously

Huber -2% 9M sales 2% light, guidance slightly disappointing

Kemira -2-3% Q3 revs €596.3m vs cons €622.5m, FY guidance inline

Luxottica +4-5% Net sales inline, Sunglasses Hut and online better

Millicom M/P Numbers slightly light but maintain FY guidance

Miners +2-3% Copper +0.85%, Brent +0.30%, Iron Ore +6.00%, China -0.14%

MTU Aero +2-3% 3Q sales EU1.10b vs cons EU1.13b, raises guidance

Nat Express +2% Record passenger growth in Spain and Morocco

Neste -1-2 Net income inline, operating profit slightly light

Norsk Hydro +1% Q3 small beat vs consensus, primary metal division better

Novartis +0.5% Q2 EPS $1.23 vs est $1.2, low quality beat

One Savings +1% CS UPGRADE to OUTPERFORM (Valuation)

Orange +1% Revs 0.5% ahead & EBITDA 0.2% ahead

Panalpina -0.5% Q3 numbers inline with market expectations

Pendragon M/P Numbers and full year expectations inline

Randstad +3-4% Underlying EBITA of €271m, 259M Cons

RBS -2% U.S. DOJ said to delay Bank fines for mortgage misselling

Safran -2% Q3 sales declined -3.7% and -0.7% organically

Schindler +1-2% Orders slightly better, margin ahead, outlook inline

Shawbrook -1% CS DOWNGRADE to NEUTRAL (Risk reward)

St James +1-2% Net inflows slightly better, AUM £71.4b cons ~70b

Swedbank +3% Bottom line 13% beat, NII a 4% beat, fees a 3% beat

Syngenta R Chemchina regulatory process extending into Q1 2017

Tieto -1% Q3 net sales €341m vs cons €351m, maintains outlook

Todds +2-3% No's inline, improvement in October

Trelleborg M/P Q3 Net Sales 1.6% light, Adj Op Profit 1.7% ahead

UCB UNCH Headline Drug sales ahead re-affirms guidance

Wartsila -1-2% 3Q Adj operating profit light, sales E1.08b vs est. E1.16b

Whitbread -1-2% H1 revs £1.56b vs cons £1.55b, pretax slightly better

MF

*NOVARTIS-Q3 Sales 12.1b(12.2),EPS 1.23(1.20),NI 2.94b(2.85)..........+1% 

*COVESTRO-Rev 3.022b(2.98),Ebitda 574m(524),Net 259m(205),FY up.......+2% 

*PANALAPINA-Gross Pft 1,091.7m,Net Forwarding Rev 3.86b...............-2% 

*DIA-Ebitda 161.7m(161),Net 61.1m(56.5),Adj Ebitda Margin stable......+2% 

*RANDSTAD-Rev 5.35b(5.32),Asj Pft 193m,Ebita 271m,Margin 5.1%.........+2% 

*LUXOTTICA-Net Sales 2.23b(2.22),Co confirms 2016 outlook.............+4% 

*ALSTOM-France wants Alstom to buy Thales Signalling Unit.............-2% 

*EUROFINS-Unit Cited by FDA Over Marketing Unapproved Zika Tests......-1%

*TODS-Q3 Sales 260.1m(260.9),Saleas store sales -14.6%................-2% 

*ALFA LAVAL-Restructuring Costs SK1.5b,700 redundancies...............-4%

*SAFRAN-Q3 Rev 3.99b(4.02),Organic Grth -0.8%,Civil -1.6%.............-2% 

*ORANGE-Restated Ebitda 3.6b(3.59),Rev 10.323b(10.3),o/l unch.........+1% 

*KWS SAAT-Sales 1.04b(1.06),Ebit 112.8m(114),Divi 3(3),o/l ok.........-1% 

*SCHINDLER-Orders 2.59b(2.46),Sales 2.4b(2.41),Ebit 277m(270).........+1% 

*AMS-Rev 146.7m(149.9),Ebit Excl 28m(29.2),Q4 Ebit -50% vs Cons.......-5% 

*MTU AERO-Ebit 139.7m(124.9),Net 97.3m(84.8),Sales 1.1b(1.13).........+1.5% *NESTE-Rev 3.03b(2.9),Adj Net 206m(211.7),Refining margin $9.4........+1.5% 

*AIR LIQUIDE-Q3 Rev 5.077b(5.13)Oragnic 2%(1.9),ToughQ4 comps.........+1%

*SYNGENTA-Q3 Sales 2.5b(2.61),Guidance unch,Chemchina Extended........-1% 

*DASSAULT SYS-Rev 735.5m(729.4),EPS 63c(57.6),Raises EPS Target.......-2% 

*NORSK HYDRO-Rev 20.2b(19.9),NI 1.12b(1.35),Ebit 1.48b(1.35)..........+2%

Jefferies first thoughts:

GKN -3% sales org growth of 2% 

Pendragon unch in line statement, though used car margins a concern 

Whitbread +1% adj PTP better, Costa ok, has been weak

Air Liquide +1% Q3 revs sl light, confirms guidance 

Dia +1% Q3 sales growth +0.8% in line, margin pressures reducing 

Orange +1% EBITDA in line, French mobile service revs sl better 

Luxottica +3% Q3 org sales growth +1.4% in line, maintain guidance, relief 

MTU +1% EBIT better, raises FY guidance 

Norsk Hydro +2% Q3 EBIT 10% beat, maintains FY16 alu outlook 

Novartis -1% sales in line, EPS 3c beat, but not great quality 

Safran -2% Q3 revs weak, due to 1.6% decline in Civil Aftermkt in $ 

Swedbank +2% PTP 14% above cons, better NII, financial income, credit quality 

UCB +1% Q3 revs 5% better, guidance upper end, low quality beat though

A revenue mix less reliant on hardware allowed TomTom to report gross margins of

>60% last week, supporting the company’s decision to keep its FY16 EPS guidance

of 23c unchanged despite the lower revenue outlook (€980m vs. €1.05bn).

Addressing the key culprit of 3Q weakness – the faster-than-expected PND declines

within Consumer – we do not foresee an imminent rebound and question whether

growth within the sports category will ever provide a full offset given tough

competition. Momentum within Telematics and Automotive (although lower than

what consensus was expecting) shows management are massaging the revenue mix

well, and should support continued gross margin expansion. However, there is also

the need for continued investments to accelerate TomTom’s value proposition for

the Automotive industry. This is where we differ from the market – we do not

penalize the need for additional R&D, but we do question the rate at which such

investments will translate into operating leverage, forecasting more moderate EBIT

margin growth in 2017/18. Beyond the question of timing, we still believe TomTom

has a key part to play in digital map making and autonomous driving, and look

forward to the Technology Day next month for deeper insight into such innovation.

We continue to believe our PT of €6.25 is fair, placing shares on a more reasonable,

but still premium multiple of 25x/22x 2017/18e P/E. We remain Underweight.

Low Vol – Anomaly or Bubble? While many have suggested that Low Vol investing

represents an anomaly that consistently delivers alpha, our work suggests otherwise. The

post-2000 outperformance of Low-Vol appears more driven by these stocks getting

expensive (multiple re-rating) rather than superior earnings growth or other behavioural

factors. Longer term data highlights that like most other strategies, Low Vol stocks too

have suffered periods of significant underperformance, especially when valuations have

been as extremely expensive as is the case today.

It’s not just a call on Staples: The expensiveness of Low Vol stocks persists even after we

control for sector weightings. Within several sectors, particularly Discretionary, Financials,

Telecoms, Staples and Healthcare, we find that investors are paying a high premium for

Low Vol stocks. We have provided sector level charts in the Appendix.

Pricing in deflation: Capital structure effects have seen Low Vol stocks rerate as bond

yields have declined. Diving deeper, we find that inflation (and not real interest rates) has

been the dominant driver of Low Vol performance. Today Low Vol stocks appear to be

pricing in deflation in developed economies. However, the spectrum of factors we analyse

suggests a recovery in inflation in 2017.

Prefer Value to Low Vol: Both on the Passive and the Active side, investors appear to be

heavily exposed to Low Vol stocks. Therefore, with inflation potentially accelerating, the

rotation out of Low Vol stocks into Value stocks could be severe (baskets in the

Appendix). Sectorally, Banks, Autos and Insurance stocks continue to trade near P/E lows

despite positive EPS revisions. We add UBS to our European Recommended Portfolio.