AC

EU AND UK COMPANY STOCKS OPENING CALLS May 03, 2018 at 07:50AM

gbp-eur

EU AND UK COMPANY STOCKS OPENING CALLS

 

ML

* CONVATEC – Nordic Capital selling entire 143m shares via UBS, placing at 220.

OMV – 4% EBIT beat but 8% NI miss on tax, production guidance increased….RSTR

LANCASHIRE – Combined ratio 65.2%, pretax profit $42.4m; ahead of est (612).+2%

THALES – Beat with order intake +13% ahead and group revs a +6.3% beat (107)+2%

S.HEALTHINEERS – EBITA 3% beat v cons and sales growth also a positive (34).+2%

ADIDAS – Top line inline, earnings beat and operating profit 5% ahead (206).+1%

VEOLIA – Mixed with revs slightly ahead but EBITDA inline with cons (19.9)..+1%

IMI – All looks inline with organic sales growth of 2% inline with exp(1140)+1%

INFINEON – Revs inline, EBIT 6% ahead. FY guide small tweak up +4-7% (22.5).+1%

MTU – Revs +2% and EBIT +8.8% v cons. All FY targets been reiterated (149)..+1%

KERRY GROUP – Margin expansion offset by currency headwinds but reit FY (86)u/c

GLENCORE – Copper +7% YoY, 54% of our H1 and Zinc -13% YoY, 42% of H1 (358).u/c

ADP – Inline; French assets reporting rev +2.7% with growth in aviation(184)u/c

OSRAM – Inline with pre-release and FY guide remaining as it already was(50)u/c

HERMES – Revs 1% ahead of cons with cFX growth of +11%. Co confirms FY (542)u/c

GRIFOLS – EBITDA, net income and rev all inline but a miss on margins (23)-0.5%

VONOVIA – Q1 nos fine with small raise but all eyes on Victoria Park acq(42)-1%

ESURE – Beast from east results in £8m claim cost in Home. On track (221.5).-1%

BAYER – EBITDA beat but sales miss.Expect Monsanto deal to close in Q2(98)-1-2%

ROLLS – Sees trend engine issue cost higher but reit’s FY guide (815.9)…-2-3%

NEXANS – Weak with group sales missing by 4.5% and org growth also light(43)-3%

BPOST – EBITDA EUR140.2m v EUR167m cons. Mail vols are down 6.6% YoY (17.7).-3%

S&N – Warning. Lowers FY rev growth guidance to +2-3% from +3-4% prev (1330)-5%

CS

Adidas +1-2% Q1 Sales €5.55bn vs cons €5.58bn, confirm guidance

Alstria -1% 1Q revs 48.3mln vs cons 45.4mln, outlook slightly light

Andritz -5% 1Q revenue 2% light, EBITA margin of 5.6%

Arkema +1% 1Q EBITDA 383mln cons 372mln, sales ahead

Bayer R Lowers 2018 sales/adj EBITDA forecasts

Elis +1-2% Organic growth +3.1% vs CS ests +1.6%, reiterate guidance

Esure M/P Strong growth in motor, weather bad for home claims

Equiniti M/P Good start – expectations for 2018 remain unchanged

Fres Med M/P Guidance for 2018 confirmed

Fresenius R 1Q sales EU8.1B est EU8.11B

Geberit +3% Q1 rev CHF823.1m (cons CHF806.5m), EBIT 1% ahead

Glencore M/P Q1 production report inline with expectations

Hermes UNCH Q1 sales up +11% est +8, confirms medium term targets

Infineon +1% A small upgrade to guidance, Margin 17% vs 16.5%

IMI M/P Trading statement inline, reiterate guidance

ING -1% CS REITERATE UNDERPERFORM

Kerry M/P Q1 vols +3.7%, trading margin maintained, reit guidance

Lancashire +3-4% Strong underwriting, will benefit from higher rates

Legrand -1-2% Sales 2% beat, Op profit inline, margins slightly light

Leoni +3-4% Sales 4% beat, EBIT 15% beat, confirms FY

Logitech +3% Q4 Sales 2% ahead, GAAP EBIT 17% ahead, retained guidance

Miners -0.5% Copper -0.25%, Brent +0.80%, Iron Ore -0.85%, China -0.20%

MTU Aero -1-2% Q1 revs €1.02bn vs cons €990.4m, maintains FY18 forecasts

Nexans -3-5% 5% rev miss, high voltage business weak

Novartis M/P Sandoz gets FDA response for proposed biosimilar Rituximab

OMV +1-2% EBIT 4% ahead, cash conversion solid

Orpea M/P Q1 revs 832mln cons 825mln, repeats FY 2018 targets

Rolls Royce M/P Trading inline, maintains profit and cash views for 2018

S&N -2-3% FY Guidance impacted by weaker Q1

Soc Gen +2% Ready to pay up to $1B to end U.S. probes

SiemenHealth +1-2% Q2 revs inline, confirms guidance

Solvay -1-2% 1Q Ebitda 533mln cons 541mln, cash flow down

Sunrise +1% Q1 sales +5.8% vs cons, EBITDA 2% ahead, confirms outlook

Thales +1-2% Q1 Sales EU 3.41b, Transport/Defence/Security better

Valiant -2% Q1 Revs 3% light, Q1 Business Performance 8% light

Veolia +1-2% Q1 Net 19% beat, Guidance maintained

Vivendi -1% Negative read from Spotify -10% following numbers

Vonovia -2% EPRA NAV -1%, buying Victoria Park for EU900mln

X-Fab +5% Q1 revs €144m vs CS ests €142m, EBITDA margin top end

exane EARLY INDICATIONS…

*ADIDAS: +1/2%…

*ARKEMA: +1%…

*BAYER: -1/-2%…

*BONDUELLE: -5%…

*CONVATEC: NORDIC CAPITAL placing

*DIETEREN: total Belgian registrations grew 6.8% last month

*ELIS: +1%…

*FRESENIUS: -1%…

*INFINEON: +2/3%…

*INSURERS: -ve readX for European insurers with US ops

*KERRY: +1%…

*L’OREAL: unch..small acquisition in Korea

*LEGRAND: -1%…

*MTU AERO: +4%…

*NEOPOST: PITNEY finished down 10%

*NEXANS: -5%..

*NOVARTIS: gets negative FDA response for RITUXIMAB

*ORPEA: +2/3%..

*PIAGGIO: +1/2%…ANCMA statistics

*QIAGEN: +2%…

*ROLLS ROYCE: unch…

*SIEMENS HEALTHINERS: +2/3%…

*SOC GEN: +1%…

*SOLVAY: -1/2%…

*THALES: +1/2%…

*UBISOFT: Update => ✓ reiterated and TP +14% to €90…

*VEOLIA: +2%….

*VICAT: +2%…+ve readX for Heidelberg (Kazakhstan, Turkey, California & France) and Lafarge (India)

*VIRGIN MONEY: “continued takeover speculation”

*VIVENDI: SPOTIFY dropped as much as 9% in after-hours

*VOLKERWESSELS: UNCH…

*WIZZ AIR: +2%…

*XFAB: +5%…

MAC

* Convatec- Placing of 143m shs at 220p by Nordic Capital. (closed 226.2p). -2%

* Esure- Q1 GWP £221.1m, but have been affected by bad weather in UK. -1%

* Glencore- Q1 Production no’s broadly inline. +1%

* Miners- Higher in Oz, Rio’s +1% others +0.50bps. South32 +3-4% on Aluminium strength.

* Ophir- Buying Santos’ Australian Assets for $221m. +1%

* Rolls-Royce- Trading inline but continue to have issues with Trent Engines. Unch

* Smith & Nephew- Q1 revenues $1.2 bn, & Cuts FY guidance- impacted by weaker Q1. -2-3%

* Adidas- Q1 beat on Earnings, big beat on margins up 150bps to 51.1%. Reiterates FY Guidance. +2%

* ADP- Q1 traffic up 37.3%, Confirming FY forecasts. Unch

* Bayer- Sales light, adj ebitda and core eps ahead. Monsanto deal to close in Q2. -1-2%

* Fresenius- Q1 adj Net €244M v €244M prelim, EBIT €510M v €510M inline. Affirming FY18 Guidance. Unch

* Hermes- Q1 Sales better than expected. +2%

* Infineon- 2Q total segment profit is a beat and the rest in line, slight raise in guidance. +1-2%

* OMV- Headline beat but downstream/upstream below consensus. +1-2%

* Osram- Q2 Ebitda a slight miss vs est’s but Confirming FY18 Guidance. -1%

* Soc Gen- Nearing agreements to settle Libya and LIBOR rigging allegations, likely to be $800m vs $1bn previously guided. +1-2%

* Thales- Q1 Sales up 4.1%, Order intake up 34% to €3bn. +2%

* Veolia- 1Q Revenues of €6.42bn ahead of €6.28bn est’s, Ebitda inline. +1%

* Vonovia- Buying Victoria Park in Sweden for $1.1bn. Expects to achieve FY Forecasts for 2018. Unch

 

Read More: EU AND UK COMPANY STOCKS OPENING CALLS

gbpusd gbp-usd

Categories: AC, FC, SGM

Tagged as: