>>> Street Pre-Market Indications

ML
OPERA - Kunlun and Qihoo bid NOK 71 per share for co, 45% premium........+35%
SMURFIT - #s in line, bigger +ve is co considering premium UKLA listing...+5%
TULLOW - Positive message on further capex cuts in 2016...................+5%
DUNELM - Underlying PBT £75.5m v 72.1m est, special div of 31.5p........+3-5%
D. BANK - FT says co considering multi $bn eurobond buyback, ADRs +2.75%..+4%
BELLWAY - Sees H1 revenue of £1.075bn, avg selling price higher, solid....+3%
VICTREX - IMS weak as expected, revs run rating at 21% of FY, 5.5% short+2-3%
BP IM - NII disappointing but op costs better and solid top line..........+2%
NYRSTAR - We UPGRADE to BUY, PO to EUR 1.15 from 80c......................+2%
AMADEUS - +ve read from SABR US performance, +7.5% post numbers...........+2%
HOCHTIEF - +ve read from very strong CIMIC numbers, CIM +9% in Oz.........+2%
MICHELIN - Echos says co to present reorganization plan by end-March......+2%
GPOR - Solid IMS, strong lettings and disposals, fears overdone.........+1-2%
GREENE KING - Expectations for FY unchanged, LFLs broadly in line.......+1-2%
WS ATKINS - Q3 update in line, relief after 7% fall in past 2 days......+1-2%
KLEPIERRE - FY results broadly in line, operating metrics solid.........+1-2%
QINETIQ - Reiterates outlook, up 5.5% yday but has been very weak YTD.....+1%
ACS - +ve read from very strong CIMIC numbers, CIM +9% in Oz..............+1%
DSV - Q4 op profit in line, better working capital perf, guidance in line.+1%
CARLSBERG - Q4 EBIT a 15% beat but all FX, guidance implies MSD cons d/gs.+1%
GENERALI - As per spec co confirms they appoint Chairman as interim CEO...+1%
AURUBIS - Q1 revs 4-5% ahead but pretax in line, confirms forecasts.......u/c
ARM - EBIT a small beat £136m v 134m est, guidance broadly in line........u/c
HEINEKEN - FY15 org revs +3.5% v 3.8% cons, EBIT margins in line..........-1%
VOESTALPINE - Q3 EBIT 5% light vs cons but commentary not too cautious....-1%
TELENET - Q4 rev in line, EBITDA a 2% miss but FCF the positive...........-1%
CARGOTEC - Q4 sales touch light, op profit misses, guidance in line.......-2%
SAAB - Q4 EBIT SEK 1.35bn vs 1.14bn cons on strong sales but guide poor...-2%
AKZO NOBEL - EBITDA a 3% miss and outlook challenging according to co...-2-3%
MAERSK - NOPAT $3,071m vs $3,361m cons,guide signif below $1.3b,1.25 cons.-3%
HERMÈS - Sales 2% ahead BUT co stepping away from MT target of 8%.......-4-5%
TELENOR - EBITDA 2% miss, div light, guide for 2-4% growth vs 5.6% cons.-4-5%
MAPFRE - Net income a 9% miss, div cut and BV 2% light of cons..........-4-5%
CS
AkzoNobel -1% Q4 EBIT €268m CSe €263m, miss in paints, beat in coatings
ARM +1% Q4 Rev GBP 269.1mln est GBP 262.4mln
Bellway +2% No's better, trading conditions continue to be favourable
Belimo +1% Sales CHF493m is inline, EBIT CHF74m vs cons 72m
Carlsberg -2% Q4 EBIT beats, cost plan 'well on track', d/graded outlook
Coface -1% Operating income and revenues slightly light
Daimler -1% Story - 841k Mercedes cars and Daimler vans being recalled
Deut Bank +3-5% Considering buying back several billion euros of debt, FT
Dominos +1-2% CS upgrade to OUTPERFORM and add to SMID FOCUS LIST
DSV M/P Numbers inline, dividend slightly light, guidance inline
Electrocomp M/P No's mixed, North America slowed, APAC ok, outlook ok
Glencore +1-2% Spec senior lenders supported $8.5b refinancing of revolver
Grenkeleas +1-2% FY profit +24%, dividend slightly light, outlook inline
Greene King +1-2% LFL sales +2.2%, FY expectations unchanged
Great Portl +1-2% Tennant demand continues to remain strong, lettings better
Hermes -2-3% Q4 LFL sales +7.2% (est +6), France ok but outlook light
Heineken -2% 2015 Net profit ex items inline with est, outlook cautious
Heidel Druck +2-3% 9-mth sales rose 16%, reiterated FY outlook
Hochtief +1% CIMIC Group rallied 9%, Hochtief owns 70% of CIMIC
Klepierre +2% NAV at EU34.7 vs 32.1 last year, outlook supportive
Lundbeck +1-2% FY revs better, longer term guidance better
Maersk -3% Underlying profit 7% miss vs cons, guidance light
Miners -1% Copper UNCH, Brent -3.95%, Iron Ore Closed, China Closed
Oils -1-2% API inventories rose by 2.4m barrels in the week to Feb. 5
Orpea +1% Sales inline and outlook inline
Qinetiq -1% Numbers inline, outlook expectations unchanged
Smurfit Kap +3-5% EBITDA inline, rev beat, considering listing category
Telenet -1-2% Revenues inline, EBITDA slightly light
Telenor -3-5% Q4 Sales inline, weak margin and capex guidance
Tullow Oil +1-2% Financials inline, working on lowering CAPEX
Unibet +0.5% 4Q gross winings rev 111.4mln vs cons 98.4mln, divi better
Victrex -1% Sales 10% below CS and vol 14% below, guidance ok
Vontobel +1% Vontobel to stay partner with Raiffeisen in some AM areas
Voestalpine +2% Q3 EBIT inline, net debt unchanged, guidance inline
WS Atkins +1% Group continues to trade inline with Expectations
MF
*DAI-Sees $384m expense for U.S. Takata Air-Bag Recall-840k cars......+0.5%
*SAB-Asahi reaches agreement with SABMiller to buy brands-Nikkei......+0.5%
*DBK-In early stages of mulling Bond buyback..........................+4%
*AKZO-Rev 3.56b(3.52),Ebitda 426m(443),Op Inc 268m(288)...............-2%
*HEINEKEN-Pft 2.05b(2.05),Beer Vol 2.3%(2.3),Org Rev 3.5%(3.6)........+1%
*CARLSBERG-Sales 14.7b(14.2),Ebit 1.41b(1.22),Beer vol -4%(-2.7)......+4%
*TELENOR-Rev 33.5b(33.5),Ebitda 10.9b(11),Thailand/Malaysia weak......-2%
*DSV-FY Rev 50.9b(51.1),OP 3.05b(3.06),Net 2.06b(2.06),Div 1.7........+3%
*ORPEA-FY Sales 2.39b(2.39),Organic Grth 5.4%,Q4 Rev €650m............+1%
*TELENET-Rev 458.7m(461),Ebitda 219.5m(225),Ebit 122.4m(127)..........-2%
*FRAPORT-Jan passengers +2.2%,Cargo -0.3%,Movements -1.1%............+0.5%
*UNIBET-PT 21.3m(20.6),Rev 111.4m(98.4),Divi 235c(22).................+2%
*VOESTAPLINE-Ebit 151.9m(159.1),Rev 2.594b(2.65),Ebitda 315.2m(320)...-3%
*H/DRUCK-Sales 640m(618),Ebit 22m(25),Net 7m(4.75),FY looks lite......+1%
*MAERSK-2015 Pfts 3.1b(4.5),takes 2.6b charge on Oil,b/even 45/55 bbl.-5%
*HOCHTIEF-CIMIC(Leighton) good no's o/n,stk +8.9%,Hochtief owns 69.9%.+2%
*HERMES-2016 S/Grth may fall short of mid-term goal,Sales 1.4b(1.37)..-8%

>>> Gamesa suitor Siemens will try to avoid full takeover bid

Gamesa suitor Siemens will try to avoid full takeover bid 

Gamesa [BME:GAM] suitor Siemens [ETR:SIE] will ask the market regulator to exempt it from having to make a compulsory full takeover bid for the Spanish wind turbine maker, El Confidencial reported. According to the Spanish-language report, which cited unspecified sources from both companies, Siemens will argue that the merger project prioritises an improved business plan over the shareholding control, an exception contemplated in the Spanish takeover rules.

Siemens must present its proposal to the Spanish market securities’ regulator CNMV, which in turn will have 15 days to announce its decision, El Confidencial noted.

The operation will first go through an initial agreement between Siemens and Iberdrola to transfer Iberdrola’s stake in Gamesa to a newly created company to which Siemens will transfer its wind energy business.

The best structure for carrying out the operation without prejudice to minority shareholders would be to increase Gamesa’s capital to give the company more cash or include Gamesa’s business in a group with more financial muscle and growth potential, the report said.

Siemens and Iberdrola expect to announce an agreement within the next few days, the report’s sources said. The agreement may include an extraordinary dividend, the report added.

Siemens will invest at least EUR 5.5bn in Gamesa, El Confidencial said citing a valuation from Credit Suisse, which would value Gamesa stock at EUR 19.6.

El Confidencial

FT : Credit Suisse chief says bank sector sell-off ‘not justified’

Credit Suisse chief says bank sector sell-off ‘not justified’

Credit Suisse chief executive Tidjane Thiam says his bank is “stronger than ever” and the unceremonious dumping of bank shares is “not justified”.
The Swiss bank’s shares fell another 8 per cent on Tuesday — worse than the 4 per cent fall at Deutsche Bank, which came under fire from investors fretting about its capital and liquidity.
Credit Suisse is now worth 20 per cent less than it was a week ago, before it reported disappointing full-year results, and almost 50 per cent less than when Mr Thiam took over amid great expectations in July.
Mr Thiam said he would not talk about day to day share price movements. “What I can say is that we have a strong balance sheet,” he said. “[We have] 11.4 per cent common equity tier one [capital], it’s the strongest we have ever been. We have no liquidity issues.” Credit Suisse targeted a common equity tier one ratio of 12.2 per cent by the end of 2015.
Banks across Europe and the US have been pummelled in recent weeks, with analysts blaming share price falls on everything from low interest rates to woes in China to poor economic growth to weak oil prices and the risk of higher loan defaults.
Some have even likened the rout to the collapse of Lehman Brothers in 2008, which triggered a mass sell-off in banking stocks.

“The banking system in general is much stronger than in 2008, 2009 [but] there are a lot of memories of that period,” said Mr Thiam. “Some of the scenes we are seeing today are not justified . . . Banks are smaller, they are deleveraged, they are less risky, they are better capitalised.”
Mr Thiam said some of the market’s worries centred on bank balance sheets — a question he said Credit Suisse can “answer”. Markets were also “very much driven by news flow” on a given day, he added.
Deutsche Bank dominated a news cycle after analysts speculated on its ability to honour coupons on junior debt, and the bank released a statement saying it could meet the payments.
Wolfgang Schäuble, Germany’s finance minister, and John Cryan, Deutsche Bank’s co-chief executive, then both publicly commented on the bank’s soundness.
The Swiss government avoided adding to the nervousness around Credit Suisse by refusing to depart from its usual practice of not commenting on individual banks.
Mr Thiam, who has asked the board to cut his bonus by 25-50 per cent, said market developments were “very hard to predict”.

“Most people will tell you today that the global economy is still OK,” he said. “The markets are in a very different place and are pricing a major world recession.”
As for Credit Suisse, Mr Thiam said: “We need to continue to implement our strategy with discipline and clarify where there are misunderstandings.”
One case in point is a perception that the bank is targeting SFr9bn-SF10bn in pre-tax profits by 2018 — Mr Thiam says that target was never given because he deliberately avoided setting a profit target for the investment bank for fear of incentivising risky activities.
“We gave no target for the investment bank,” he said. “I feel completely vindicated.”
Credit Suisse’s strategic update included 2018 pre-tax targets for its Asia-Pacific, international wealth management and Swiss banking businesses, along with “illustrations” of pre-tax figures for its two investment banking divisions.
Some analysts tallied the targets and “illustrations” together to arrive at a group-wide pre-tax profit of more than SFr9bn ($9.24bn) by 2018.