>>> Plug Power misses by $0.01, misses on revs (limited analyst coverage) (5.08

Plug Power misses by $0.01, misses on revs (limited analyst coverage) (5.08)
Reports Q3 (Sep) loss of $0.04 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.03); revenues rose 332.6% year/year to $19.9 mln vs the $24.37 mln consensus.
  • Plug Power closed out the third quarter of 2014 with 857 GenDrive units shipped to material handling customers. This equates to a 450 percent increase compared to the third quarter of 2013, when 155 GenDrive units were shipped.
  • Bookings continue to be strong and during the third quarter of 2014, Plug Power brought in over $25.6 million in bookings from customers including Mercedes-Benz, Coca-Cola, BMW, Walmart, Kroger and Newark Farmers Market.
  • Plug Power had cash and cash equivalents of $156.5 million and net working capital of $177.6 million at September 30, 2014. This compares to $5.0 million and $11.1 million, respectively, at December 31, 2013.

(Berenberg) Portugal Telecom : Upside now requires optimistic outcomes

Upside now requires optimistic outcomes

* Rebasing price target: We are cutting our price target for PT SGPS shares
to €1.36 from €3.25 in a move that reflects the significant changes in PT
SGPS’s and Oi SA’s situation over recent months, including the emergence
of PT SGPS’s €897m investment in Rioforte commercial paper. We retain a
Hold rating.

* Upside from these levels requires optimistic outcomes: We can easily
formulate a scenario for PT SGPS which results in a valuation of €2.18 per
share (incorporating fair values for Oi SA of BRL2.36 for the ONs and
BRL2.18 for the PNs). However, this requires a belief that PT SGPS can
recover at least 60% of its Rioforte investment, and a belief that Oi SA can
secure 28% of Tim Brasil at a favourable price of cBRL13.0 per share,
resulting in cBRL7bn of synergy benefits accruing to Oi SA. We doubt
either can be achieved.

* A downside case exists to €0.91: Without a synergy-releasing deal in
Brazil, and with an assumption of 15% recovery of the Rioforte investment,
our PT SGPS fair value would be €0.91, 30% downside from current levels,
based on fair values for Oi shares of BRL1.27 (ONs) and BRL1.17 (PNs). If we
simply mark to market PT SGPS’s 25.6% stake in Oi (at BRL1.37 for the ONs
and BRL1.30 for the PNs) and factor in a 15% recovery of the Rioforte
investment, then PT SGPS shares’ fair value is indicated at €0.98, 25%
downside from current levels.

* We prefer Telecom Italia (TI) as a play on Brazil consolidation: Oi SA is now
in receipt of an attractive €7.025bn offer for its Portuguese telecoms
operation (PT Portugal, which is no longer owned and controlled by PT
SGPS). There may also be interest in Oi’s Africatel asset. Both
developments take Oi SA a step closer towards a credible offer for TIM
Brasil. We do not believe Telecom Italia will accept an offer of BRL31.5bn
(BRL13.0 per share) as mooted by the local Brazilian press in recent days.
Instead, we expect BTG Pactual, Oi’s agent, will have to come up with a
structure that allows for an offer closer to BRL17.0 per share, in which case
fair value for TI Ords (which we value on the basis of our DCF/SOTP
model) would be €1.21 while fair value for the savers would be €0.96.

(BFW) Juncker Says ‘Not the Architect’ of Luxembourg Tax Model

BN 11/12 11:40 *JUNCKER SAYS WAS `POLITICALLY RESPONSIBLE' IN LUXEMBOURG
BFW 11/12 11:38 *JUNCKER SAYS HE REGRETS TAX RULINGS THAT LED TO NON-TAXATION
BN 11/12 11:35 *JUNCKER SAYS `NOT THE ARCHITECT' OF LUXEMBOURG TAX MODEL
BN 11/12 11:32 *JUNCKER SAYS WON'T SPEAK TO VESTAGER ABOUT LUXEMBOURG TAX CASES
BN 11/12 11:31 *JUNCKER SAYS THERE CANNOT BE CONFLICT OF INTEREST ON TAX CASES
BFW 11/12 11:30 *JUNCKER SAYS `A MISTAKE' NOT TO SPEAK EARLIER ON TAX CASES
BN 11/12 11:30 *JUNCKER SAYS IT `WAS A MISTAKE' NOT TO SPEAK EARLIER
BN 11/12 11:28 *EU'S JUNCKER SAYS OPPOSES UNFAIR TAX COMPETITION
BFW 11/12 11:26 *JUNCKER TO PROPOSE GLOBAL AUTOMATIC EXCHANGE OF TAX INFORMATION
BN 11/12 11:25 *JUNCKER TO PROPOSE GLOBAL AUTOMATIC EXCHANGE OF TAX INFORMATION
BFW 11/12 11:24 *JUNCKER SAYS WORK MUST CONTINUE ON A COMMON TAX BASE
BFW 11/12 11:23 *JUNCKER SAYS EU WILL FIGHT TAX EVASION, TAX AVOIDANCE
BN 11/12 11:23 *JUNCKER SAYS WORK MUST CONTINUE ON A COMMON TAX BASE
BN 11/12 11:22 *JUNCKER SAYS EU WILL FIGHT TAX EVASION, TAX AVOIDANCE
BFW 11/12 11:22 *JUNCKER SAYS `NO CONFLICT OF INTEREST' IN LUXEMBOURG TAX CASES
BN 11/12 11:22 *JUNCKER SAYS `NO CONFLICT OF INTEREST' IN LUXEMBOURG CASES
BN 11/12 11:19 *JUNCKER SAYS ALL HAS BEEN IN COMPLIANCE WITH LEGISLATION
BN 11/12 11:17 *JUNCKER SAYS CAN'T COMMENT AS EX-PREMIER OF LUXEMBOURG
BFW 11/12 11:17 *EU'S JUNCKER SAYS THERE ARE QUESTIONS THAT NEED RESPONSES
BN 11/12 11:16 *JUNCKER SPEAKS TO REPORTERS IN BRUSSELS
Juncker Says ‘Not the Architect’ of Luxembourg Tax Model
2014-11-12 11:49:50.864 GMT


By Gaspard Sebag
Nov. 12 (Bloomberg) -- While he was not “architect” of
Luxembourg’s tax model, Jean-Claude Juncker says he is
“politically responsible for what happened in each and every
corner of that country” during his tenure as prime minister.
* President of European Commission speaks to reporters
following revelations of hundreds of tax deals between his
country and multinational co.s
* Says EU needs “more tax harmonization” and that he’s been
“toying” for some time with idea for EU law for automatic
exchange of information about tax rulings
* SEE: Apple to Fiat EU Tax Cases Should Be Finished Ahead of
New Ones NSN NEW03C6JIJUS<GO>
* SEE: Luxembourg Fends Off Tax Haven Allegations as Juncker
Pressured NSN NEMDL96K50YN <GO>


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To contact the reporter on this story:
Gaspard Sebag in Brussels at +32-2-285-4317 or
gsebag@bloomberg.net
To contact the editors responsible for this story:
Anthony Aarons at +44-20-7673-2227 or
aaarons@bloomberg.net
Peter Chapman

(BFW) Goldman Lists European Telcos Most Exposed to Mobile Data Growth

Goldman Lists European Telcos Most Exposed to Mobile Data Growth
2014-11-12 08:08:55.440 GMT


By Sam Chambers
Nov. 12 (Bloomberg) -- While much of upside in robust telco
reporting season is due to easy y/y comps and stable regulation,
some operators have also highlighted rising mobile data usage as
key driver, Goldman says.
* Goldman says Mobistar, Telefonica Deutschland, Tele2 and
Altice (via Numericable) are best placed cos. to benefit
from accelerating mobile data growth
* Too early to call an inflection in mobile growth, as
competitive risks (fixed-line players/new entrants)
remain in most mkts:
* Too early to call an inflection in mobile growth, as
competitive risks (fixed-line players/new entrants)
remain in most mkts:</li></ul>
* NOTE: Stoxx 600 telco index is trading at its highest level
since March 2008 as cos. including Vodafone, Orange and
Telenor have beaten earnings ests this qrtr.


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Sam Chambers in London at +44-20-7673-2021 or
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To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

FT : European telecoms groups enjoy strong run of results

Almost £16bn has been added to the value of the European telecoms sector after an unexpectedly strong run of results, slowing a long-term decline in revenues at some of the region’s largest groups.
On Tuesday, shares in Vodafone rose more than 5 per cent – the most in more than a year – after the group showed that the worst might be over for the European telecoms sector. Vodafone reported a rapid take-up of mobile data alongside improvements in key service revenues.

Results from Deutsche Telekom, France’s Orange , Telecom Italia, KPN and others in the sector have also been taken positively by investors in recent weeks, leading some analysts to upgrade forecasts.
A combination of factors has helped companies, in particular the lessening of the impact of regulated price cuts. However, companies such as Vodafone have also pointed to the early benefits of investments to improve their networks, leading to more people upgrading to faster 4G smartphones such as the iPhone 6 and using more data to watch videos and listen to music.
Research by Citi for the FT shows that the value of the European telecoms sector has increased £16bn since the start of last month before the results season started.
The market value of the S&P Europe Telecoms index has reached about £306bn, with an increase of a further £8.2bn on Tuesday morning alone.
On Tuesday, Vittorio Colao, Vodafone’s chief executive, committed some of his own money to the rally with the purchase of £600,000 worth of shares at the price of 219p per share.
“Vodafone’s results, and those of the other telcos this quarter, show that 4G is taking off and that pricing power is coming back to the mobile sector,” said Simon Weeden, analyst at Citi.
“This is even before Vodafone’s investment programme has had a chance to make an impact and is also before many customers have got hold of an iPhone 6 which promises to raise the 4G game further.”
The share price bounce in Europe coincides with analyst warnings that the US market might have peaked after a strong performance over the past few years. Morgan Stanley this week pointed to price wars in the wireline and wireless markets, where companies “generally delivered results in-line or slightly below expectations”.
JPMorgan on Tuesday said the European reporting season had “delivered material financial outperformance” underscored by unwinding regulatory cuts, softening deflationary pressures and in comparison with particularly poor results last year.
“But operators are also highlighting impressive mobile data volume trends,” it said. “And this growth phase has a long way to go.”
Mr Colao said: “We are becoming a little bit more like America,” referring to rising 4G data use in Europe after similar moves in the US. European data traffic rose 64 per cent in the last quarter against the same period last year, Vodafone said.
Many analysts expect service revenues to become positive in the next two years although Mr Colao declined to provide any guidance. He also cautioned about getting too carried away. Revenues were still in decline at Vodafone – as elsewhere in the sector – even if “slower than before”, he said.
Moody’s, the rating agency, will on Wednesday publish its 2015 outlook on the telecoms sector, which again is more optimistic. It will predict revenue declines will slow further next year to between 2 per cent to 0.5 per cent.
However, analysts at Moody’s also said that there were still problems for the sector, citing a combination of “tough competition, low economic growth and persistent contraction in consumer spending in their home markets continuing to pressure revenues”.

>>> Nutreco's rising share price indicates expectation of another Cargill bid

Nutreco's rising share price indicates expectation of another Cargill bid 

Shareholders could expect the share price of Nutreco, the Dutch animal feed producer, to rise further as Cargill is expected to retaliate against SHV's bid, het Financieele Dagblad reported, citing analysts.

SHV upped its bid to EUR 44.50 per share on Monday, in retaliation to a bid by US agrifood company Cargill and private equity firm Permira, who had offered EUR 43.20.

Investors seem to be anticipating a counter offer, as Nutreco’s shares are currently trading at more than EUR 45, the report said.

Analysts pointed to synergy opportunities from Cargill merging its Provimi division with Nutreco’s animal feed division. This would also allow Cargill an entry point into the fish feed market, which has healthy growth prospects. One possibility would be Cargill keeping the fish and animal feed parts and Permira taking on the struggling operations in Portugal and Spain, the report said.

SNS Securities analyst Gerard Rijk calculated a price of EUR 47 per share, based on growth prospects and previous takeovers, as well as Nutreco’s debt.

As both Cargill and SHV are family businesses, which don’t need an immediate return on their investment, a EUR 50-per-share offer is a definite possibility, the report said.

Het Financieele Dagblad