(BFW) Fiat Chrysler’s Ferrari May Be Worth EU7.5b, Exane BNP Says

Fiat Chrysler’s Ferrari May Be Worth EU7.5b, Exane BNP Says
2014-12-15 11:32:23.789 GMT


By Brian Lysaght
(Bloomberg) -- Ferrari EV is EU6b-EU10b with base case
~EU7.5b, or 252% est. 2016 EV/sales, Exane says in note.
* Ferrari qualifies as luxury co. “in many respects,”
including exclusivity, rev. growth, Ebitda margin
* Ferrari’s limited “scalability” and capital intensity
are big exceptions -- capex & R&D costs are >2x those of
luxury companies
* Ferrari’s limited “scalability” and capital intensity
are big exceptions -- capex & R&D costs are >2x those of
luxury companies</li></ul>
* In separate note, Exane reinstates Fiat Chrysler at neutral,
previously was underperform
* Says balance sheet concerns partly addressed, while
Latam and FCF risks remain
* PT raised to EU10.1 from EU8.1 on Ferrari value
* PT raised to EU10.1 from EU8.1 on Ferrari value</li></ul>
* NOTE: Fiat Chrysler shares up 22% since co. annced Ferrari
IPO, capital plans on Oct. 29 vs SXAP index up 10%
* See Nov. 13: Ferrari Will Pay Fiat Chrysler $2.8b Before
Spinoff Link
* Oct. 30: Marchionne’s EU12b Ferrari May Be Too Expensive
for Market Link
* Oct. 30: Marchionne’s EU12b Ferrari May Be Too Expensive
for Market Link</li></ul>

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To contact the reporter on this story:
Brian Lysaght in London at +44-20-7330-7908 or
blysaght@bloomberg.net

To contact the editor responsible for this story:
Gaurav Panchal at +44-20-7392-0511 or
gpanchal2@bloomberg.net

>>> Peregrine Semi(PSMI) To be acquired by Murata Electronics at $12.50/share

To be acquired by Murata Electronics at $12.50/share 

Murata Electronics North America, Inc., a wholly- owned subsidiary of Murata Manufacturing Co., Ltd., (TSE 6981) and Peregrine Semiconductor Corporation, founder of RF silicon on insulator (SOI) and pioneer of advanced RF solutions, today announce that Murata has acquired all outstanding shares of Peregrine. The cash transaction paid the holders of Peregrine common shares $12.50 per share.

Peregrine (formerly NASDAQ: PSMI) will continue to market its high-performance, integrated RF solutions under the Peregrine brand, as a wholly-owned subsidiary of Murata Electronics North America, Inc. Peregrine solutions leverage the UltraCMOStechnology platform, a patented, advanced form of silicon-on-insulator (SOI) that delivers the monolithic integration and superior performance necessary to solve the worlds toughest RF challenges. Peregrine will continue to offer its integrated RF solutions to markets such as communications (mobile, wireless infrastructure, land mobile radio, broadband and wireless), industrial (test and measurement, automotive, Internet of Things) and aerospace. With the close of this acquisition, Murata gains Peregrines strong intellectual property portfolio, which contains over 180 filed and pending patents.

>>> CVC Capital Partners targeting Japanese consumer, retail and healthcare comp

CVC Capital Partners targeting Japanese consumer, retail and healthcare companies


CVC Capital Partners, the UK-based private equity firm, is targeting Japanese companies in the consumer, retail and healthcare sectors, a Newswire Round-up reported.

CVC Capital Asia Pacific (Japan) Managing Director Norimitsu Niwa said during an interview that the private equity company has USD 3.5bn in funds raised for Asian investments, and is looking for deals in the range of JPY 20bn-40bn (USD 169m-337m) each, Reuters said.

Niwa added that through the investments CVC is aiming to provide support to Japanese companies.

CVC Capital recently sold the majority of its holding in TechnoPro Holdings, via the company’s initial public offering that was valued at JPY 53bn, the report said. Niwa noted that CVC had been approached by several companies concerning its stake in TechnoPro, but the PE firm decided to sell via the IPO so that the name value of the company would receive a boost, and it also would improve employee morale.

In November, CVC acquired around a 50% stake in telecommunications company Arteria Networks for roughly JPY 150m, the report said.

(BFW) *AIRASIA X SAYS TO BUY 55 A330NEO AIRCRAFT

BN 12/15 09:58 *AIRASIA X SAYS TO PAY $15.2B FOR 55 A330NEO AIRCRAFT
BN 12/15 09:57 *AIRASIA X SAYS TO BUY 55 A330NEO AIRCRAFT
BN 12/15 09:57 *AIRASIA X ENTERS INTO PURCHASE AGREEMENT WITH AIRBUS
*AIRASIA X SAYS TO BUY 55 A330NEO AIRCRAFT
2014-12-15 09:57:52.784 GMT

--CORMAC MULLEN

-0- Dec/15/2014 09:57 GMT

>>> What to look at today - 15th of December 2014



From: LAURENT CHEKROUN () At: Dec 15 2014 07:40:09
Subject: >>> What to look at today - 15th of December 2014
US Market closed lower on weaker Crude market, the House of Representatives passed a $1.1 trillion spending bill to fund the government through September, IEA Reports didn't helped the crude to perform as the different declaration over the week end, crude still weak this morning traded as low as $56,25 this morning, Retailers benefit from this move but cyclicals ended in line with the broader market, Outside of energy, commodity-linked sectors like industrials (-1.8%) and materials (-2.8%) bore the brunt of the pressure while influential groups like financials (-2.0%) and technology (-1.5%) did little to stem the bleeding. the technology sector ended in-line with the market. Apple and IBM lost 1.6% and 3.5%, respectively, with the latter weighing on the Dow. On the upside,Adobe Systems surged 9.1% after reporting better than expected results...sell off happened in volume with 940mil shres traded...VIX @21.08 +4,98%...Asian markets followed US poor performance of Friday session...Japan's ruling LDP party passed the snap elections test with flying colors, retaining the 2/3 supermajority with about 326 seats in the 475-seat lower house of Parliament. Govt officials have indicated that all cabinet posts will be unchanged, while cabinet sec Suga noted economic revival remains the govt's top priority. Separately out of Japan, BOJ's Q4 Tankan survey saw Manufacturing slip by a point to +12 and Outlook miss consensus by 3pts at +9. Industrial CapEx growth was higher than expected however, and Non-Manufacturing sectors were slightly better than expected. BOJ noted the relative underperformance of smaller sector of the economy demonstrates the impact of weak Yen on business sentiment...Out of China, the 2015 macroeconomic forecast issued by the PBoC saw 2015 GDP potentially slowing to 7.1% and CPI to 2.2% vs their 2014-end estimates of 7.4% and 2.0% respectively...Nikkei -1,42%...Hang Seng -1,12%..Shanghai -0,74%

Eur$ 1,2444 S&P +0,44%

Macro :
- OPEC El-Badri: OPEC has no set price for oil; Failure by members to invest may push the prices back above $100/brl again 
- ECB's Weidmann (Germany): Risk of spiralling deflation is very low; Current falling prices due to energy-cost decrease
- Goldman Sachs analyst: Some evidence oil market is rebalancing but far from sufficient - Sees Venezuela helping rebalancing in 2015

Keep an eye on :
- GET FP : Eurostar attracts offers from CIC and GIC
- ICAD FP : Icade sells 36 Mr. Bricolage stores to Tikehau Capital for EUR 126m
- JMAT LN : Asahi Hd to buy Johnson Matthey Gold & Silver for $186m
- KER FP : Kering appoints Marco Bizzarri as CEO of Gucci; seeks new creative director
- OMV AV : OMV to squeeze out other shareholders in OMV Petrol Ofisi
- ORA FP : EE eyed for takeover by former CEO Tom Alexander if BT opts against deal
- VOW3 GY : Bentley Chief Due

>>> brokers Upgrades & Downgrades - 15th of December 2014

>>> Up
*LONZA RAISED TO BUY VS NEUTRAL AT UBS

>>> Down
*BHP BILLITON CUT TO ’UNDERPERFORM’ AT RBC CAPITAL
*DEUTSCHE ANNINGTON CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*DRAX CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*FERREXPO CUT TO UNDERPERFORM AT CREDIT SUISSE
*GAZPROM CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*GREENE KING CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*RPS GROUP CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*SEB CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC
*SWEDBANK CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC
*VEDANTA CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*VOESTALPINE CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE


>>> PT changes
*D’IETEREN PT CUT TO EU34 FROM EU35 AT ING

>>> Initiation
*EURONEXT RATED NEW OUTPERFORM AT RBC, PT EU30
*GREEN REIT RATED NEW NEUTRAL AT CREDIT SUISSE, PT EU1.48
*HIBERNIA REIT RATED NEW NEUTRAL AT CREDIT SUISSE, PT EU1.21
*MOLECULAR PARTNERS RATED NEW OVERWEIGHT AT JPMORGAN, PT CHF33

>>> Call

>>> What to look at today - 15th of December 2014

US Market closed lower on weaker Crude market, the House of Representatives passed a $1.1 trillion spending bill to fund the government through September, IEA Reports didn't helped the crude to perform as the different declaration over the week end, crude still weak this morning traded as low as $56,25 this morning, Retailers benefit from this move but cyclicals ended in line with the broader market, Outside of energy, commodity-linked sectors like industrials (-1.8%) and materials (-2.8%) bore the brunt of the pressure while influential groups like financials (-2.0%) and technology (-1.5%) did little to stem the bleeding. the technology sector ended in-line with the market. Apple and IBM lost 1.6% and 3.5%, respectively, with the latter weighing on the Dow. On the upside,Adobe Systems surged 9.1% after reporting better than expected results...sell off happened in volume with 940mil shres traded...VIX @21.08 +4,98%...Asian markets followed US poor performance of Friday session...Japan's ruling LDP party passed the snap elections test with flying colors, retaining the 2/3 supermajority with about 326 seats in the 475-seat lower house of Parliament. Govt officials have indicated that all cabinet posts will be unchanged, while cabinet sec Suga noted economic revival remains the govt's top priority. Separately out of Japan, BOJ's Q4 Tankan survey saw Manufacturing slip by a point to +12 and Outlook miss consensus by 3pts at +9. Industrial CapEx growth was higher than expected however, and Non-Manufacturing sectors were slightly better than expected. BOJ noted the relative underperformance of smaller sector of the economy demonstrates the impact of weak Yen on business sentiment...Out of China, the 2015 macroeconomic forecast issued by the PBoC saw 2015 GDP potentially slowing to 7.1% and CPI to 2.2% vs their 2014-end estimates of 7.4% and 2.0% respectively...Nikkei -1,42%...Hang Seng -1,12%..Shanghai -0,74%

Eur$ 1,2444 S&P +0,44%

Macro :
- OPEC El-Badri: OPEC has no set price for oil; Failure by members to invest may push the prices back above $100/brl again 
- Abe Faces Policy Balancing Act After Commanding Election Victory
- United Kingdom Affirmed at AA+ By Fitch
- ECB Poised to Move to QE in Early 2015, S&P Economists Reiterate
- Greece Close to Exiting Bailout Program: Samaras in Real News
- ECB's Weidmann (Germany): Risk of spiralling deflation is very low; Current falling prices due to energy-cost decrease
- Qatar Stocks Enter Bear Market as Dubai Erases 2014 Gains on Oil
- Germany Plans to Cut KfW Subsidies for Coal Plant Exports: FAZ
- Goldman Sachs analyst: Some evidence oil market is rebalancing but far from sufficient - Sees Venezuela helping rebalancing in 2015

Keep an eye on :
- AC FP : Accor, China Lodging Agree Long-Term Alliance
- AI FP : Technip Plans to Buy Air Liquide’s Zimmer Polymer Technologies
- AIR FP : Airbus to Hand Over First A350 to Qatar on Dec. 22, Cos. Say
- ALV GY : Manulife & Allianz to Co-Invest Up to $1b in U.S. Real Estate
- ALO FP : Alstom’s Kron Seen as Possible Candidate for Sanofi Top Job: JDD
- ATCOA SS : Atlas Copco Sees ’Tougher’ 2015 for South Africa Mining: SVD
- BBY LN : Balfour Beatty to Receive >GBP1b Laing Offer in New Yr: Times
- O2C GY : C.A.T. Oil Says Bid Document Contains Errors
- CGG FP : Technip Doesn’t Intend to File a Tender Offer for CGG
- CBK GY : Commerzbank to Raise Prices for Corporate Clients: Handelsblatt
- GET FP : Eurostar attracts offers from CIC and GIC
- ICAD FP : Icade sells 36 Mr. Bricolage stores to Tikehau Capital for EUR 126m
- JMAT LN : Asahi Hd to buy Johnson Matthey Gold & Silver for $186m
- KER FP : Kering appoints Marco Bizzarri as CEO of Gucci; seeks new creative director
- LHA GY : Lufthansa Board Split on Future of Core Business, Spiegel Says
- NVTK LI : Novatek may get 150b Rubles From Wealth Fund in Jan.: Vedomosti
- OMV AV : OMV to squeeze out other shareholders in OMV Petrol Ofisi
- ORA FP : EE eyed for takeover by former CEO Tom Alexander if BT opts against deal
- UG FP : Peugeot Citroen May Produce Engines Outside France, Echos Says
- POM FP : Plastic Omnium’s 2014 Profitability Should Beat Last Year’s 7.7%
- ROG VX : Roche Says Cobas Can Screen Transplant Organs for HIV, Hepatitis
- SGO FP : Saint Gobain Wants Sika Mgmt to Stay, Haelg Tells SchweizAmS
- SAN FP : Alstom’s Kron Seen as Possible Candidate for Sanofi Top Job: JDD
- SIK VX : Saint Gobain Wants Sika Mgmt to Stay, Haelg Tells SchweizAmS
- SYNN VX : Syngenta Expects China Approval for MIR 162 Corn in Near Future
- TEC FP Technip Doesn’t Intend to File a Tender Offer for CGG
- TEC FP : Technip Plans to Buy Air Liquide’s Zimmer Polymer Technologies
- TEF SM : Telefonica Aims to Improve German Network Quality: Handelsblatt
- TSCO LN : Tesco Planning Disposal of Unused Properties: Sunday Telegraph
- VOW3 GY : Bentley Chief Due