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