ML
MANZ - To sell 29.9% stake to Shanghai Electric, max EUR 40 per share....+12%
TRINITY MIRROR - Revs and op profit a 2-3% beat, all solid..............+3-4%
JUPITER - EPS of 29.2p, 3% above cons, div of 25.5p v cons at 24p.......+2-3%
EUROFINS - Strong Q4 and FY16 EBITDA guidance 4% above consensus..........+2%
POSTNL - 3% EBIT beat and guidance reiterated, committed to restoring div.+2% GSK - Spec GSK hired headhunters to replace CEO Witty, would be +ve.....+1-2%
AUTOTRADER - MSCI re-weight tonight, we est 10.7m shs to buy, c2.5x ADV...+1%
A2A - CEO says the year started fairly well in interview with Il Sole.....+1%
INTU - We UPGRADE to BUY following return to LFL growth in H2, PO to 382p.+1% MORRISONS - To provide a wholesale supply service to Amazon...............+1%
NH HOTELES - CEO tells expansion co can grow more than expected...........+1%
SANOFI - Open to deals up to size of Genzyme, c $20bn, Meeker tells FT....u/c
RENAULT - Nissan up 5% post announcing ¥400bn buyback, supportive.........u/c
PENNON - +ve read to Viridor from spec Chinese buyer eyeing Biffa.........u/c
ABERTIS - Expansion says lined up EUR 600m financing to buy Italian road..u/c
ULTRA ELECS - FY15 bang in-line, outlook vague, no change to consensus....u/c
MERLIN PROPS - NAV ex goodwill +6.7% to 9.23/sh, no sale of residential...u/c
HISCOX - FY PBT is in line, as is 16p special div, underwriting solid.....-1%
BUNZL - Sales bang in-line (£6.49bn), PBT 1% ahead, all time high Friday..-1%
KUEHNE NAGEL - -ve read from weaker Panalpina results, KNIN reports Wed...-1%
RECKITTS - faces class action over misleading drug claims, small -ve......-1%
APPLUS - FY EBITDA 197.7m v 209.5m est, sees continued margin pressure....-2%
ROCHE - -ve read as one PIII trial of Lebrikizumab misses endpoint........-2%
DAIMLER - EPA Contacts Daimler Over US Diesel-Emission Suit, Handelsbatt..-2%
SBRY/TSCO - -ve read from MRW signing wholesale agreement with AMZN.....-2-3% PANALPINA - 4-5% miss on volumes vs cons, air freight margins poor......-3-4%
SENIOR - disappointing on Aerospace margin outlook, L-MSD cons d/gs.......-5%
OCADO - -ve read from MRW signing wholesale agreement with Amazon.........-5%
GENEL - Audit of Taq Taq reserves shows only 50% of what we expected...-5-10%
Mainfirst:
*PANALPINA-FY Net 5.86b(6),Ebitda 168.3m(175),Net 88.2m(92),Div up...-1%
*FCC-FY Rev 6.5b(6.5),Ebitda 815m(813),Net -46m(6),Debt 5,473m.......+0.5%
*A2A-Working to conclude LGH transaction,yr started fairly well......+0.5%
*POSTNL-Q4 Rev 1.101b(1.013),FY Rev 3.46b(3.47),Cash & post better...+1%
*ROCHE-Gets 2nd FDA approval for Gazyva on +ve phase 3 trials........-0.5%
*YOOX NET A PORTER-Seeks to boost mobile interent sales-IL Sole......+0.5%
*SULZER-Renova rejects NZZ report of possible Sulzer sale,merger.....-0.75%
*SANOFI-Eyes targets up to $20b as company seeks expansion - FT......U/C
*EUROFINS-FY Sales 1.95b(1.94),Net 164m(137),Divi €1.45..............+2%
*RWE/EON-Commission needs more 2 review financing of nuclear exit....-1%
*FRAPORT-CFO sees EBITDA may exceed €1bn in 2017.....................+0.5%
*QSC-FY Rev 402.4m(404.5),Ebitda 42.2m(42.4),FCF 7.1m(8.5)...........+0.75%
*DAIMLER-Denies allegations made in US Class Action,co-op with auth..-2%
Numis:
* BMA MARKETPLACE +1%; 35pg NUMIS BUY NOTE, pls ask.
* BUNZL mkt; Headline numbers inline, small acquisitions in Brazil /US /Turkey
* DIRECT LINE mkt; Sunday Times says fully valued at 12.5x, Hold.
* DX -3%; Numbers messy, we d/g FY16/17 by 10%, using 3rd party to develop One DX +VE
* G4S mkt; Press reports selling Childrens Services Business
* GENEL ENERGY -10%; Taq Taq Field ( 44% Genel interest ) P2P reserve downgrade from 683 mmbbls to 356 mmbbls. Current Production estimate UNCH at 60-70 kbopd.
* GLAXOSMITHKLINE +1%; Sunday Times saying a break-up looking more likely as the chairman appoints head hunters to find a replacement for CEO Andrew Witty.
* HISCOX -1%; Numbers in line, special dividend in line (Beazley paid out much bigger special)
* HUNTING +1% (+c.12% Friday); Daily Mail on Saturday observes market gossip about potential interest from from rivals.
* IMI +1%; Bid spec in FT (+2% Fri)
* ITV +1%; +VE w/e press comment ahead of figs due Wed (Times and Mail). Numis forecast PBT/EPS of £830m/16.0p which compares with consensus for 16.1p.
* JUPITER +3%; Numbers 4% better than est
* KELLER +1%; Finals, PBT inline £95.7m vs £95.1m f/c, sees 2016 inline with expectations
* LAIRD +1%; Share price fall overdone, buy and be patient, Mail on Sunday.
* OCADO -2%; Agreement with Morrisons to share some capacity at Erith CFC, however Morrisons announces new supply agreement to Amazon which may be taken as a -ve for Ocado.
* RANDALL & QUILTER mkt; Completes sale of Synergy Insurance.
* RIVER & MERCANTILE -1%; In line with our recently changed numbers, some further downgrades to our numbers.
* SENIOR +1%; Numbers Inline, outlook mixed, small relief.
* TRINITY MIRROR +3%; Finals, beat across the board.
* ULTRA ELECTRONICS -2%; FY profit inline, outlook mixed
* VICTORIA OIL & GAS +2%; +VE interim financial report.
* WEALTH MANAGERS - Avoid, Sunday Telegraph
* WEIR +1% (+c.6% Friday); Daily Mail on Saturday suggested Weir talked of as a possible target for Flowserve.
Barcap UK:
GLAXO +2% S.Times:GSK hired headhunter to draw up CEO list>Not new, but +ve
JUPITER U/C Finals IL with prev Guid,confident outlook,despite mkt volatility
TRINITY -1% Small beat to '15 No's & Div ahead>BUT offset by tough start to '16
SENIOR -2% FY15 results IL,+ve comments around AERO>BUT cautious on Flexonics
GENEL -10% Announces ~50% cut in 2P reserves @ Taq Taq Field in Kurdistan
Barcap EU:
ROCHE -2% Phase III data for Asthma drug>1 met,1 miss,only $300m peak sales
DAIMLER -2% EPA contacted Daimler regarding emission allegations made in US
APPLUS -2% Touch disappointing>Op IL,Org Gwth soft:Sees conituned mgn pressure
JPM:
ANGLO Subsidiary Kumba has received notification re back tax -3%
BUNZL Broadly inline, outlook reassuring +1%
HISCOX Solid. PBT touch ahead on better underwriting profit +1%
ITV Weekend press talking of a special divi with results on Weds unch
JUPITER Modest Beat. EBITDA 2% ahead on better rev and costs, divi ahead+2%
JUST EAT Reuters: Amazon surveying UK customers about restaurant delivery-3%
MORRISONS wholesale supply deal w Amazon,capacity sharing deal w Ocado +3%
OCADO Capacity sharing deal w MRW. To deliver a store pick solution +3%
TALGO Revenues 16% short and net income 59% short of consensus -5%
ULE LN Sales inline, EPS 3% ahead. Net debt inline +2%
CS:
Anglos -3-5% Anglo American Hires Banks to Sell Brazil Nickel Mines
Bunzl UNCH Numbers inline with market expectations
Cairn Homes +1-2% Agreed to sell 52 homes, we were at 20, outlook fine
Daimler -2-3% Environmental Protection Agency has requested information
Eurofins +1% FY revenues 1% beat, EBITDA 2.5% beat
FCC -2-3% 2015 net loss of EU46.3m est 23.5m, EBITDA/Net revs inline
GSK UNCH A break up of GSK looks more likely, Sunday Times
Jupiter UNCH Net revenues 2.5% bneat, PBT 3.5% beat
Merlin Props -1-2% Reports 2015 EBITDA 4% miss, NAV and EBITDA slightly light
Miners -2% Copper -1.35%, Brent -2.55%, Iron Ore +0.30%, China -4.07%
N Brown +2-3% Restatements of debtor impairments, looks positive
NH Hotels M/P Can grow more than expected, CEO tells Expansion
Panalpina UNCH Q4 Revs 11% miss, EBITA 16% miss, FCF and dividend better
PostNL NV +1-2% Q4 Revs 1% beat, operating income 5% beat
Prisa +1-2% 2015 sales inline, EBITDA inline, signal progress
Prosegur M/P Revs €3.96b vs cons 3.978b, net €183.4m vs cons €182m
Roche -1-2% Says 1 of 2 Phase 3 studies of Lebrikizumab met endpoint
Sanofi -1-2% Open to acquisitions for rare disease treatments
Senior UNCH FY revenues inline, adj operating profit 4.5% beat
Sopra M/P 2015 Revenues inline, confirms 2017 targets
Ultra Elecs UNCH Revs £726.3m vs cons 728.5, divi 46.1p vs 46.0p
Investec
BR.POLYTHENE Prelims, #'s ahead of exp's, c9% u/g to FY16 EPS..............+5% ?
BUNZL FY adj op profit £455m Vs est £451m, rev in line................unch/-1% ?
DIGITAL BARRIERS £1m contract win with Etihad Etisalat. No chg to fcast....+1% ?
GENEL big reserves d/g, was anticipated but won't be taken well...........-15% ?
GLAXO S Times article talking new CEO and break up of the group............+2% ?
HISCOX FY gross premiums +10.7%, PTP £216.1m, spec div 16p, strong into....+1% ? JUPITER FY ebitda £168.1m Vs est £165.3m, AUM £35.7bn.....................unch ?
KELLER decent prelims, 80bp margin improvement, 15% inc in order book......+2% ? MORRISONS new supply agreement with Amazon & new agreement w/ Ocado........+2% ? PENNON minor -ve read from Biffa valuation from w/e sale spec..............-1% ?
SENIOR finals, rev £849.5m, adj EPS 18.98p, div 4.36p......................-1% ?
TRINITY MIRROR FY15 results ahead of consensus but ongoing print pressure..+1% ?
ULTRA ELEC FY profit in line £120m & small contract win, o'look unch......unch