ML
PDL - Prodn beats at 2.62Mct. Upgrades prodn guidance for FY to 3.6-3.65..+3%
UPM - Looks like EBITDA beat 403m v 363m cons. Keeps FY forecast........+2-3%
THALES - Huge DCNS order win ($39bn contract) positive for sentiment......+2%
BAYER - Sales 2% miss but EBITDA 12% beat and EPS 10% beat v cons the key.+2%
BATS - Good. Orggrowth 7.5% v cons 5.1%. Volumes line -0.6 v act +2.4%....+2%
M6 - FTA ad growth beat. EBITDA 6.5% ahead of cons, rev broadly inline....+2%
SAFRAN - Q1 sales beat with rev 3% beat. Won't comment on Zodiac rumours+1-2%
BOOHOO - Numbers look 2-3% better across the board. Stock has had run...+1-2%
SJ JAMES - AUM 3% beat v cons, gross flows and value also beat cons.....+1-2%
WHITBREAD - Inline. EBIT £569mn v £566mn. Outlook looks satisfactory....+1-2%
DSM - Good beat. Q1 EBITDA 8% beat at 296 v 274 cons, outlook maintained..+1%
ORANGE - Solid. Q1 inline with revs 0.6% ahead at EUR10bn. Guidance reit..+1%
JARDINE LLOYD - Good start in trading performance. FY 16 remains on track.+1%
BP - Positive. Cut 2017 capex guidance again to $15-17bn (from $17-19bn)..+1%
UMICORE - Rev +1% y/y in 1Q16, cons at +8.3% for H1. FY16 guidance v weak.u/c
SOFTWARE AG - Q1 rev 4% beat, EPS beat, FCF inline. Confirms FY16 outlook.u/c
LUFTHANSA - Warns of 'massive flight cancellations' due to German strikes.u/c
RANDSTAD - Q1 inline with EBITDA EUR 169m, EPS 3% beat €0.67 vs €0.65.....u/c
SWEDBANK - Mixed. Pretax profit 4% beat but NII 1.4% miss. Capital -40bps.-1%
THYSSEN - France's DCNS wins tender to build 12 submarines for Australia..-1%
AIR LIQUIDE - Org growth touch light at 4.2% v company provided cons 4.3%.-1%
CS:
Adecco -1% Negative read from Randstand's numbers
Adecco -1% Negative read from Randstand's numbers
Air Liquide -1% 1Q rev misses ests but cap inc not as big as expected
Aixtron +2% Management reiterates full year 2016 guidance
Ams -3-5% Q1 2% beat but guidance is weak
BATS +2% Q1 rev up 7.5% est up 5.1%
Bayer +2% Q1 Net sales EU 11.9b est EU 12.1b, confims 2016 forecast
Boohoo +2-3% FY revs 1% beat, EBITDA 3% beat, encouraging start to FY17
BP +1-2% Adj net $532mn v consensus loss of $140m
Charles Vog +1% No's slightly light but guidance inline
Cobham -20% Q1 tough, sees a £15m profit shortfall for FY
Countrywide -2% Numbers inline but outlook cautious
Equiniti M/P Numbers inline with market expectations
Fiat +1% Recalls related to the rollaway issue, nothing new
Lonza +5%+ Strongest 1Q in history in terms of sales and earnings
Lufthansa -1% Warned “massive flight cancellations” at hubs
Miners UNCH Copper -1.40%, Brent -0.65%, Iron Ore -1.20%, China -0.14%
Millicom M/P 1Q Ebitda Beats Estimates, Revenue Misses
Orange +1% Q1 Rev EU 10b est EU 10b, outlook unchanged
Orange +1% Q1 Rev EU 10b est EU 10b, outlook unchanged
Petra Diamond M/P Rev's light, Raises production guidance for FY16
Randstad -2-3% No's inline, outlook light, Margin tgt is 5-6% was 4.6%
Royal Mail +1% CS upgrade to NEUTRAL (Valuation + Cost cutting)
Saltzgitter -4-5% Q1 sales 4.5% miss, cites "extremely challenging market"
Safran +2% Q1 Adj Rev EU 4.24b est EU 4.12b, confirms FY outlook
Smiths +1% CS upgrade to OUTPERFORM (Valuation)
Software UNCH Numbers inline with pre-release on 12 April
Stratec -1-2% No's slightly light, Confirms FY outlook
St James +1-2% FUM £62bn, 55.8bn at end-2015, 3% beat
Swedbank +1% Bottom line better, CET1 at 23.7%
Thales +3% France Wins $39 Billion Contract to Build Australian Subs
Thyssen -1% France Wins $39 Billion Contract to Build Australian Subs
Tieto +1% Sales EU368m vs est. EU370m, guidance looks better
Umicore UNCH EBIT Guidance 335-360mln cons 345mln
Whitbread +1-2% No's inline, good start to year, maintain guidnce.
RBC:
AIR LIQUIDE -1% Q1 revenues miss, AIRGAS deal on track, outlook reiterated.
RBC:
AIR LIQUIDE -1% Q1 revenues miss, AIRGAS deal on track, outlook reiterated.
AIXTRON +2% Earnings miss but v low expectations, , guidance reiterated.
BATS +2% Q1 revenues +7.5% v +5.1% exp. Volumes ahead, strong H2 exp.
BAYER +2% Q1 ahead across the board, strong XARELTO sales, new drugs beat
BP +2% Q1 positive, adj net income ahead on Downstream beat. Call @ 2pm
CASINO 0% CNOVA review update, EBIT ahead but further issues identified.
COBHAM -15% Warning, trading profits @ £15m v £50m exp. - £500m rts issue
DSM +2% Q1 profit beat, Nutrition ahead, US mkt slow, maintain outlook
ORANGE +1% Q1 revenues inline, EBITDA flat, no discussion with KPN/ZAIN
PETRA D. -2% Q3 IMS light due to weakness @ Cullinan.
RANDSTAD 0% Q1 EBITDA inline, org gorwth +5%, GM flat, geographically inline
SAB MILLER -1% Kulczyk placing half their holding (24m shrs) @ 4180
SAFRAN +1% Q1'16 adj revenues inline, LEAP on track, no ZODIAC comment
SALZGITTER -4% Q1 sales and earnings light as expected, sector down overnight
SWEDBANK -2% Q1 pre-tax miss, total rev miss, NII small miss v consensus.
TELEFONICA -2% EU Anti-trust regulator to block Huchison's O2 deal
THALES +2% Own 35% of DCNS, contract win to build submarines, Australia.
THYSSENKRUP -4% Loses bid to build 12 Submarines for Australia, sector weakness
UMICORE 0% Q1 trading update bang inline, but enough?
WHITBREAD 0% Inline update, positive COSTA sales, reiterate outlook
Mainfirst:
*BAYER-Sales 11.9b(12.1),Ebitda 3.4b(3.1),Ebit 2.34b(2.17)............+1.5%
Mainfirst:
*BAYER-Sales 11.9b(12.1),Ebitda 3.4b(3.1),Ebit 2.34b(2.17)............+1.5%
*ORANGE-Rev €10.b(10),Restated Ebitda 2.57b(2.56),Confirms tgts.......+2%
*AIR LIQ-Rev €3.872b(3.968),Airgas Acq's on track,Reits outlook.......-2%
*SAFRAN-Q1 Adj Rev €4.24bln vs est €4.12bln,Confirms FY o/look........+1%
*TIETO-Q1 Net Sales €368m(370),OP Ex €31.5m(31.6),FY unch.............-0.5%
*DSM-Ebitda €296m(271),Rev €1.91b(1.93),Net €84m(72.4),o/l unch.......+2%
*SWEDBANK-NI SK4.31b(4.03),NII SK5.62b(5.71),LL SK35m(-319)...........-2%
*LONZA-Bizz perf above tgt,DD Ebit grth H1,FY reviewed with H1........+2%
*RANDSTAD-Rev €4.7b(4.71),Ebita €169m,March Rev grew by 4.6%..........U/C
*THYSSEN-DCNS wins submarines tender worth $39bln(Thales/DCNS)........-5%
*AMS-Sales 137.2m(136.6),Ebit 19.7m(24.5),Net 13.6m(21.7),Q2 weak.....-15%
*SALZGITTER-Ext Sales €1.9b(1.99),PT 3.1m(-12.5)Incl Aurubis 11.6m....-0.5%
*AIXTRON-Ord Intake 44.4m(38),Sales 21.4m(29),Ebit -14.7m(-15)........+5%
*STRATEC BIO-Sales 31.2m(33),Ebit 4.53m(5),FY Sales look lite.........-5%
*STRATEC BIO-Sales 31.2m(33),Ebit 4.53m(5),FY Sales look lite.........-5%
*SOFTWARE-Final figs NI 29.5m,FCF 60.5m,Ebit 45.3m,Reits outlook......-0.5%
*THALES-Read across from DCNS contract win............................+2%
ShoreCap:
BATS - volumes +3.6%,market share +20bps,revs +7.5%,environment challenging.UNCH
ShoreCap:
BATS - volumes +3.6%,market share +20bps,revs +7.5%,environment challenging.UNCH
ST.JAMES'S PLACE - inflows +16% £2.45bn,record inflow in March,FuM at £62bn..+2%
COUNTRYWIDE - strong Q1,exchanges +30%,Q2 to slow,maintains FY outlook......UNCH
DIALIGHT - demand remains inline with expec,continues to target EBITDA growth+2%
STV GROUP - Q2 national revs flat,regional +12%,positive start to year......UNCH
BROOKS MACDONALD - FuM +2.4% at £8bn,organic growth remained strong.........UNCH
CARPETRIGHT - LfL sales +0.7%,FY margins guidance revised lower............-1.5%
REAL GOOD FOOD - trading inline, sees exceptional profits of £9.4m..........UNCH
JARDINE LLOYD - gd start to yr,challenging environment,headwinds to persist..-1%
BREEDON - looks for favourable outcome from the CMA re acquisition of Hope..UNCH
BOOHOO - Fy ebitda in line.Sees fy 2017 sales up about 25%..................UNCH
BP - Q1 net pft $532m(est244.9 loss).Sees Q2 production lower than Q1........-2%
COBHAM - Q1 trading behind forecasts.Sees fy profit shortfall about 15m.....-10%
WHITBREAD - Fy sales +12%.Fy pbt 487.7.Confident forward statement...........+2%
SANDERSON - Group trading results for 6 months in line with estimates.......UNCH
EMIS - Says trading in line with expectations...............................UNCH
AIR LIQUIDE -1% Q1 revenues miss, AIRGAS deal on track, outlook reiterated.
AIXTRON +2% Earnings miss but v low expectations, , guidance reiterated.
BATS +2% Q1 revenues +7.5% v +5.1% exp. Volumes ahead, strong H2 exp.
BAYER +2% Q1 ahead across the board, strong XARELTO sales, new drugs beat
BP +2% Q1 positive, adj net income ahead on Downstream beat. Call @ 2pm
CASINO 0% CNOVA review update, EBIT ahead but further issues identified.
COBHAM -15% Warning, trading profits @ £15m v £50m exp. - £500m rts issue
DSM +2% Q1 profit beat, Nutrition ahead, US mkt slow, maintain outlook
ORANGE +1% Q1 revenues inline, EBITDA flat, no discussion with KPN/ZAIN
PETRA D. -2% Q3 IMS light due to weakness @ Cullinan.
RANDSTAD 0% Q1 EBITDA inline, org gorwth +5%, GM flat, geographically inline
SAB MILLER -1% Kulczyk placing half their holding (24m shrs) @ 4180
SAFRAN +1% Q1'16 adj revenues inline, LEAP on track, no ZODIAC comment
SALZGITTER -4% Q1 sales and earnings light as expected, sector down overnight
SWEDBANK -2% Q1 pre-tax miss, total rev miss, NII small miss v consensus.
TELEFONICA -2% EU Anti-trust regulator to block Huchison's O2 deal
THALES +2% Own 35% of DCNS, contract win to build submarines, Australia.
THYSSENKRUP -4% Loses bid to build 12 Submarines for Australia, sector weakness
UMICORE 0% Q1 trading update bang inline, but enough?
WHITBREAD 0% Inline update, positive COSTA sales, reiterate outlook
Philips' Lumileds division attracts interest; Philips Lighting bids fall about EUR 500m short
Philips is engaged in talks with candidates for a takeover of its Lumileds division, after a sales bid last year failed, Dutch-language Het Financieele Dagblad reported, citing remarks by Philips CEO Frans van Houten at the presentation of the quarterly results. As Philips Lighting division edges closer towards an IPO, unnamed business bankers told the same publication that bids from the three candidates fell about EUR 500m short of the EUR 5bn sum Philips aimed for, the item added.
Philips is currently engaged in talks with new candidates for a sale of its Lumileds division, the item said. However, the company is in no rush to sell this business unit, CEO Van Houten remarked.
Last year, Chinese Go Scale wanted to pay USD 2.8bn for an 80% stake in the Lumileds division. However, due to intellectual properties concerns raised by US authorities the sale did not materialise, the item noted.
Regarding the sale of Philips Lighting, three private equity parties - Apollo (USA), Go Scale (China) and a consortium of Blackstone (USA) and Onex (Canada) - registered binding bids, the item noted. Unnamed investment bankers said their bids fell about EUR 500m short of the desired EUR 5bn bid Philips was hoping for, the same item noted.
At present, an IPO for Philips Lighting is an increasingly likely outcome, the company indicated.
Het Financieele Dagblad
MergerMarket
Unions representing Darty’s [LON:DRTY] employees may prefer one suitor over another, but they lack legal firepower to stymie an acquisition of the UK-listed company, a Darty union representative and an independent sector lawyer told this news service.
The company has been the subject of a bidding war and aggressive stakebuilding over the last week. At market close Monday, Fnac [ETR:FNAC] had an 18.93% stake and a 170p/share offer on the table. Conforama, a subsidiary of South African retailer Steinhoff [ETR:SHF], owns a 20.4% stake and its highest bid to date is 160p/share.
On Friday, six Darty unions issued a joint statement opposing the potential Fnac deal, citing overlaps between the two businesses that, they claimed, could result in more than 3,000 jobs being lost. The statement said the unions preferred the proposed tie-up with Conforama.
The unions are represented on the company’s works council, the lawyer said. Under the so-called "Florange Law" of 2014, works councils could theoretically aim to delay a merger by commissioning a qualified expert to write a report on the tie-up and ask for further information.
However, despite its overwhelmingly French operations, Darty is listed in the UK and any acquisition of the company would be subject only to the UK Takeover Code and would not require a works council report, the first and a second lawyer said. Its unions could only strike in an attempt to block the deal, the first added.
The UK Takeover Code was itself amended in the wake of Kraft Foods Group’s [NASDAQ:KRFT] 2010 merger with Cadbury, and the subsequent plant closures, the second lawyer said. These changes tighten rules on strategic disclosure from offerors, he added.
Rule 24.2 of the UK Takeover Code requires that bidders spell out their plans for the company’s workforce and pension scheme, the second lawyer said, and Rule 25.9 says that the target’s worker representatives have a right to voice opinions in the company’s circular to shareholders.
These opinions must be published by the bidder if received no later than 14 days after the date on which the offer becomes wholly unconditional.
Darty declined to comment.
Finnair is unlikely to be sold to an industrial buyer
The entire Finnish airline Finnair is unlikely to be sold to an industrial buyer, according to Taloussanomat.
The Finnish-language article cited Inderes analyst Anssi Viljakainen, who said that it is currently uncertain how much the Finnish state will reduce its ownership in Finnair.
Viljakainen said that an industrial buyer would want a significant stake in Finnair or acquire the entire company and he thinks it is unlikely such buyer will acquire Finnair. He said that the current state ownership slows down any M&A for Finnair, which is seen as a negative amongst international investors.
The state owns around 55% of Finnair and there has been recent reports indicating it wants to reduce its share.
Taloussanomat
Dow-0.15% S&P-0.18% Nasdaq-0.21% Russell-0.75%
US Market closed lower with some risk off ahead of a busy week, move also attributed a downturn in crude oil, WTI crude ended its day lower by 2.4% at $42.72/bbl. FOMC will begin its two-day policy meeting tomorrow, and is largely expected to leave interest rates unchanged. consumer staples (+0.7%) and telecom services (+0.3%) ended with the largest gains,commodity-sensitive energy (-1.1%) and materials (-0.6%) spaces rounded out the leaderboard while industrials (-0.6%), health care (-0.4%), and financials (-0.3%) followed. Volumes were below average with 861mil shares. US After Hours KN +23%, TCS +20.6%, SANM +5.7% higher and CNI -4.9%, NBR -4.9% lower on earnings/guidance, PETX +17.4% on license deal. Asian equity markets are down slightly for the 3rd straight session, however declines stayed fairly modest as the 2-month uptrend in emerging markets remains intact. Investors are staying on the sidelines going into Wednesday's FOMC/BOJ double-header, and the dearth of economic data is also keeping sentiment balanced. China's former PBoC adviser Li Daokui reiterated his cautious outlook that the economic downturn has yet to find its bottom, echoing some of the more cautious rhetoric on growing credit risks overnight. In Japan, there was more speculation over the extent of govt cushioning of the impact of last week's earthquake. A local press report that supplementary budget intended to aid in recovery could reach as high as ¥600B was once again rebuffed by Fin Min Aso, who said the extent of the amount of relief has yet to be determined. A Nikkei report noted that Japan's primary pension fund GPIF is looking to tackle appreciating Yen expectations with more hedging programs, while a research note by Morgan Stanley forecast this week's BOJ easing expanded by ¥10-20T and a rate cut deeper into negative territory by at least 10bps.
Nikkei -0.43% Hang Seng -0.63% Shanghai -0.03%
Eur$1.1267 CNH 6.5050 CNY 6.4938 JPY 110.92 GBP 1.4494 CHF 0.9751 RUB 66.3710 WTI$ 42.80 (+0.38%)
S&P-0.02% EuroStoxx +0.30% Dax+0.15% SMI+0.15%
Macro :
BOJ Shouldn’t Add Stimulus Now, Ex-Board Member Nakahara Says
Keep an eye on :
- AIR FP : New Saudi Airline Sets Up A320-737 Duel With 50-Jet Fleet Plan
- AI FP : Air Liquide 1Q Revenue Misses Ests.; Airgas Acquisition on Track
- AIXA GY : Aixtron 1Q Sales Miss Ests., Ebit Loss Wider Than Estimated
- BAYN GY : Bayer 1Q Ebitda Ex-Items Beats Estimates; Confirms 2016 Outlook, Says All Segments Posted Gains in 1Q Oper. Results
- BPE IM : Pop. Emilia Romagna May Bid for Carife, Eyes Banca Marche: MF
- CNV FP : CNOVA Qa net Sales €742
- DRTY LN : Steinhoff’s Conforama Considering Its Options for Darty
- DCNS France : France Wins $39 Billion Contract to Build Australian Subs
- DRW3 GY : Draegerwerk Confirms 1Q Preliminary Results, 1Q Net Loss Widens
- DSM NA : DSM 1Q Sales Below Ests., Ebitda Beats; Confirms 2016 Outlook
- ERICB SS : Ericsson Chairman Bought 50,000 Shares in Company on April 22
- EUZ GY : Eckert & Ziegler BEBIG to Raise EU5.06m From Eckert & Ziegler
- GIL GY : DMG Mori Seiki 1Q Sales Rise 1%; Confirms 2016 Outlook
- HEIA NA : Heineken’s Strategy in China Focuses on ‘Super Premium’
- KPN NA : Orange CFO Says No Discussions With KPN, Zain Group
- KRA1V FH :Kemira 1Q Operative Ebitda Beats Estimates, Sales Miss
- LHA GY : Lufthansa Warns of Strikes and Flight Cancellations Wednesday
- LONN SW : Lonza Says 1Q Business Performance Above Target
- MKS LN : Ex-M&S CEO Bolland Said to Join IAG as Non-Exec Director: Sky
- MMT FP : M6-Metropole Television 1Q Sales Rise 1.4%; Ebita Up 15%
- ORA FP : Orange 1Q Rev., Ebitda Match Ests.; Keeps Outlook Unchanged
- UG FP : PSA Emissions-Test Failures Hinged on Distance Settings
- RAND NA : Randstad 1Q Revenue In Line, Sees Improving Conditions in Europe
- SAF FP : Safran 1Q Adj. Rev. Rises 7.8% Y/y; Full-Yr Outlook Confirmed
- SZG GY : Salzgitter 1Q External Sales Drop Y/y, Trailing Est.
- SOW GY : Software AG 1Q Net Rises 57%; Confirms 2016 Outlook
- SWEDA SS : Swedbank 1Q Net Income Beats Estimates; NII Slightly Below
- TEF SM : EU Antitrust Regulators to Block Hutchison’s O2 Deal: Reuters
- TEL NO : Telenor CEO Brekke Says Voice Revenue Decreasing Sharply: DN
- THULE SS : Thule 1Q Sales, Ebit Beat Estimates as Europe Drives Growth
- TIE1V FH : Tieto 1Q Sales, Profit In Line With Estimates; Keeps Guidance
- UMI BB : Umicore Sees FY Adj Ebit Inc. Assoc. EU335M-EU360M; Est. EU345M
- LANS NA : Van Lanschot 1Q Profit Drops 52%; AUM Rise on Net Inflow
- VOW3 GY : VW Passes Toyota Sales as Stoppages Put Four-Year Reign at Risk
- ZC FP : Safran ‘Won’t Comment on Market Rumours’ on Zodiac Interest
>>> Up
*BASF RAISED TO BUY AT KEPLER CHEUVREUX
*IPSEN RAISED TO BUY AT JEFFERIES
*ROYAL MAIL RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*SAIPEM RAISED TO HOLD AT SOCIETE GENERALE
*SECHE ENVIRONNEMENT RAISED TO BUY VS REDUCE AT KEPLER CHEUVREUX
*SMITHS GROUP RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*SSAB AB RAISED TO SECTOR PERFORM VS UNDERPERFORM AT RBC
*TECNICAS REUNIDAS RAISED TO OVERWEIGHT AT BARCLAYS
*TUI RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*XAAR RAISED TO BUY VS HOLD AT PEEL HUNT
>>> Down
*ABERDEEN ASSET MANAGEMENT CUT TO SELL VS NEUTRAL AT CITI
*CLOSE BROTHERS CUT TO UNDERPERFORM AT RBC CAPITAL
*INDRA CUT TO REDUCE AT KEPLER CHEUVREUX
*MAGNIT CUT TO UNDERPERFORM AT CREDIT SUISSE
*MEDIDATA SOLUTIONS CUT TO UNDERPERFORM VS HOLD AT JEFFERIES
*PORSCHE CUT TO ADD VS BUY AT ALPHAVALUE
*SODEXO CUT TO SELL VS HOLD AT BERENBERG
*STATOIL CUT TO HOLD VS BUY AT ARCTIC SECURITIES
*THOMAS COOK CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*UCB CUT TO EQUALWEIGHT AT BARCLAYS
>>> PT Change
>>> Initiation
*BANZAI RATED NEW OUTPERFORM AT MEDIOBANCA; PT EU5.65
*BME RATED NEW EQUALWEIGHT AT BARCLAYS, PT EU32
*EURONEXT RATED NEW OVERWEIGHT AT BARCLAYS, PT EU44
*HOSTELWORLD RATED NEW SELL AT BERENBERG; PT 230P
*ON THE BEACH RATED NEW BUY AT BERENBERG; PT 335P
*PREMIER FOODS RESUMED AT BUY VS RESTRICTED AT JEFFERIES
>>> Call
>> Stock
*CAPITAL STAGE ADDED TO BANKHAUS LAMPE ALPHA LIST
*DIALOG SEMI ADDED TO BANKHAUS LAMPE ALPHA LIST
*PIAGGIO, UBI REMOVED FROM SHORT STOCKS AT MEDIOBANCA
*FERRAGAMO, INTESA SET AS NEW SHORTS AT MEDIOBANCA
*AUTOGRILL, IREN, SIAS REMOVED FROM LONG STOCKS AT MEDIOBANCA
*POP. EMILIA, CERVED, FINMECCANICA SET AS MEDIOBANCA NEW LONGS