AC

EU AND UK COMPANY STOCKS OPENING CALLS May 09, 2018 at 07:50AM

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EU AND UK COMPANY STOCKS OPENING CALLS

 

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* BURBERRY – Placing of £520m, GBL clean up, GS the sole bookrunner…………

SIEMENS – Small beat & raise FY18 EPS guide from €7.2-€7.7 to €7.7-€8.0(113)+3%

PFG – Vanquis Bank has delivered profits ahead of plan in first qtr (658).+2-3%

ABI – Slightly better than cons op Q1 but EPS below. Org sales +4.7% (84.4).+2%

AHOLD – Sales +2.5%, +1% v exp and u/l EBIT 2.4% ahead of cons exps (19.9)..+2%

VOD – Liberty to sell some European ops to Vodafone in EU19b deal (211.7)…+2%

DIALOG – 1Q rev and op profit 4% below cons. U/lying EPS a 7% miss (19.04)..+2%

DRILLISCH – Inline with revs 4% beat / EBITDA inline. Guide 1.9% better (63)+2%

W.KLUWER – 1Q18 organic growth +4% v FY18 expectations around +3% (46.55).+1-2%

HENKEL – Ahead, Q1 LFL of 1.1% v 0.7% cons. EBIT margin +30bps v cons (107).+1%

U.INTERNET – Inline with revs 3% ahead, EBITDA 0.8% miss. Guide reit’d (57).+1%

ZURICH – P&C gross written premiums up 5% slightly better than our ests(317)u/c

FRAPORT – EBITDA 3.8% beat and April passenger traffic +5.8% YoY (82.2)…..u/c

TUI – Solid with revs +7% and EBITDA +26%. Bookings for summer inline (1753)u/c

OSB – Q1 loan growth of 5% and bank confident on mid teens growth (net)(409)u/c

ISS – Rev DKK19.3b v 19.33b. Still sees FY org rev at +1.5% to +3.5% (220)..u/c

ST MODWEN – Disposing of retail assets @ 4% discount to book value (410)….-1%

COMPASS – 1Q Org growth 4.8% and margins decline 10bps as expected (1567.7).-1%

GRAFTON – Saying weather related problems are offsetting a good start (785).-2%

NOKIAN – Miss with op profit 10.8% below cons and net sales 1.8% below (33).-3%

HEIDELBERG – Weak Q1, FY guidance confirmed but EBIDA c25% below cons (80.7)-3%

PROSIEBEN – Mixed. 1Q18 inline and FY outlook repeated but back loaded (30).-3%

SKANSKA – Rev beat but EBIT a big miss, SEK652m v SEK971m bbg cons (164.6)..-5%

GREGGS – Weather warning. Expectation implies a near 15-20% downgrade(1150)-10%

CS

RBC PRE-MARKET INDICATIONS:

*ABI: +1% Q1’18 numbers solid, Latam & Asia better with NA light.

*AHOLD: +1% Q1 numbers ahead, better US.

*BURBERRY: -4% GBL looks to sell entire 6.6% stake, no price disclosed, ADR -3%.

*COMPASS: +1% H1 dividend better, slow growth. FY’18 views unchanged.

*DELIVERY HERO: +3% Q1 trading update solid, ’18 guidance confirmed.

*D. TELEKOM: +1% Q1 numbers solid, revenue touch light, raised ’18 adj EBITDA goals.

*FRAPORT: +2% Q1 EBITDA ahead, numbers solid, FCF negative.

*G4S: -3% Q1 trading update, revenues light.

*GRAFTON: +1% FY’18 outlook remains unchanged, despite weak March, April.

*GREGGS: -7% trading update disappointing, cautious outlook for sales.

*HEIDELBERGCEMENT: -3% Q1 numbers light, revenues miss, FY’18 forecasts confirmed.

*HENKEL: +1% Q1 sales better, EBIT in line, FY’18 guidance in line.

*IMB: +1% H1 tobacco volumes in line, USA ahead, sees stronger H2.

*ING: +1% Q1 results mixed, NII income inline, fees mixed, cost of risk better.

*OSB: +1% trading update in line, loan growth guidance upgraded a touch.

*PEUGEOT: -1% Iran exposure on sanction comments.

*SIEMENS: +2% FY’18 targets raised, software unit better.

*UNITED INTERNET: 0% Q1 numbers better, FY’18 confirmed.

*ZURICH INSURANCE: +1% Q1 numbers better, US retreat continues.

*ABINBEV: +4%…

*AHOLD: +1%…

*AIRBUS: -1%..

*BPER: +3%…

*BURBERRY: GBL activates the placement

*CREVAL: -2%…

*DELIVERY HERO: +2%…

*D.TELEKOM: -1%…

*DIALOG SEMI: -3%…

*DNA Oyj: Finda placing 5% of its stake

*G4S: -1/-2%….

*HEIDELBERGCEMENT: -3/5%…

*HENKEL: +2%..

*MARINE HARVEST: +1/2%…

*NEINOR HOMES: UNCH …

*NOKIAN RENKAAT: -2%….

*PEARSON DOWNGRADED from ✓ to (=), TP +20% to 900p

*SIEMENS: +3%…

*TOTAL & SHELL & RENAULT/ IRAN SANCTIONS: -2/3%

*VERBUND: +2%…

*VODAFONE: +3%..

*WIENERBERGER: +3%…

*WOLTERS KLUWER: +2/3%…

*ZURICH: UNCH…

Macq Indications:

UK:

* Airlines- Oil price rally 3% overnight post Trump comments. -2%

* Burberry- GBL places its entire £500m 6.6% stake at 1805p. -5%

* Compass- FY expectations unchanged, EPS a small miss. -1%

* G4S- Trading inline, has had new contract sales YTD of £500m. Unch

* Grafton- Slower trading due to weather conditions but reit’s FY, cautious in UK. Squeezed up yday. -2-3%

* Imperial Brands- FY Rev’s a miss, looking for a stronger performance in H2. -1-2%

* JD Wetherspoon- LFL’s Sales up 3.5%, FY est’s inline. Cautious on future significant cost increases.

* Miners- Commod’s firm, Oz Parities +1%

* Provident Fin- Recovery plan on track, Vanquis ahead of previous views. +3-5%

* Vodafone- Buying some of Liberty’s European Assets for €19bn, paid for via debt.

Euro:

* ABI- Mixed – ebitda growth and organic revenue growth better, EPS light, reiterated guidance. +2-3%

* Ahold- Ahead across the board, reiterates FY guidance, highlights YTD synergies of €100 mn (out of €420 mn target). Sees encouraging sales trends in Belgium.+2-3%

* Delivery Hero- 2018 outlook for €740m-€770m in revenue and between €37m and €62m of EBITDA is in line with consensus. +1%

* Deutsche Tel- Slight rev miss, EBITDA touch ahead, small increase to FY adj ebitda target. +1%

* Fraport- Q1 Ebitda small ahead, Confirming FY Guidance. +2%

* Heidelberg- Q1 Rev’s a slight miss vs est’s, Confirming FY Forecast for 2018. -2%

* Henkel- A bit light at revenue and ebit level, reits guidance. -1-2%.

* ING- CET 14.3% vs 14.5% exp, NII inline. -2%

* Marine Harvest: beat across the board, cost savings program well under way. +2-3%.

* Siemens- raises FY EPS midpoint 5%, orders 4% beat. +2%

* Verbund- Guided up Full Yr net income 6.7% from EU320m from EU300m guide at FY in Feb. +2%

* Zurich Insurance- GWP a 3% beat. +1-2%

Shore

BURBERRY – Groupe Bruxelles Lambert sells entire 6.6% stake……………..-1%

VODAFONE – to buy Libery Global’s european op’s for €18.4bn……………..-1%

ONESAVINGS – strong performance cont. into Q1,loan book +5%,n/c to g’dance..+2%

G4S – in line,new contracts total £500m ytd,growth to accelerate in H2…..UNCH

IMPERIAL BRANDS – tobacco rev-5%,op.profit-6.7%,sees improving H2,divi +10%.-1%

ST.MODWEN – agrees sale of 227% of retail portfolio……………………UNCH

GREGGS – LfL sales +1.3%.Cautious in respect of sales outlook……………-2%

JD WETHERSPOON – Q3 sales +3.5%.Sees Fy trading outcome in line with views..+1%

RENISHAW – pm rev 429.9m.Ptp 97.6m.Sees fy ptp 135-150m…………………+2%

SAFECHARGE – Gett selects its smart payments technology ………………..+1%

COMPASS – organic growth +4.8% & modest margin progression, in line……..UNCH

HILL & SMITH – completes acquisition of WAPCO for $42m eanrnings enhancing.UNCH

IFG – positive Q1, materially ahead of prev yr,Assets under Admin £30.5bn..UNCH

MARSHALLS – rev +10%,£9m weather impact to sales,confident on meeting expec.-1%

 

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