SANDVIK

Weak new orders in Q4 11 to SEK24bn, a 7% decrease yoy (SEK26.3bn in Q4 10) especially in Construction and Materials Technology divisions (-19% yoy), essentially due to negative impacts from China. ... View More

LONDON STOCK EXCHANGE GROUP

We reduce our target price as the cash acquisition of the 50% JV interest in FTSE International from Pearson was done at a fairly high price and financed by debt, which pummels our EV/EBITDA peer ... View More

TELIASONERA

In Q4, sales in local currencies increased by 2.1% yoy (+2.7% in H1 and 2.4% in Q3), while EBITDA increased by 3.2%. In fact, the EBITDA margin is stable compared to last year if we exclude Spain ... View More

CONTINENTAL

To prolong its debt structure and to reduce its banks’ risk, Schaeffler has issued four bonds with a total volume of €2bn. The two euro bonds (total proceeds of €1.2bn) have a term of five and seven ... View More

MEDIASET

The combined exposure of Mediaset (Buy, Italy) to Italy and Spain as its twin domestic markets is best measured by the sharp drop in its EBIT margin between a pre-crisis (2007) level at 28% and an ... View More

VALUATION WISE

Good riddance. The merger between Deutsche Boerse (Add, Germany) and NYSE Euronext (Add, United States) has been binned by European competition watchdogs. Nobody will complain and it was probably ... View More

RAUTARUUKKI

For FY 2011, the group reported sales of €2,798m, up 16% (in the lower range of the group’s target 15-20%), with operating profit at €22m compared to a €12m loss last year. The capacity utilisation ... View More

ENEL

Enel announced on 02/02/12 the placement of 5.1% of Terna to Italian and international institutional investors for €281m, generating a consolidated capital gain of €178m net of ancillary charges. View More

Q-CELLS

Q-Cells has reached an agreement with major bondholders to restructure the three outstanding convertible bonds in one single transaction. The restructuring of all three convertible bonds will nearly ... View More

ARM

Another strong quarter: sales came in at £137.8m, 21% growth yoy and +14.6% vs Q3 11. Royalties reached £72.7m up 22% representing 53% of group revenues while licensing was £50.2m, up 21% yoy, and ... View More

CARREFOUR

A poor Q4 is not surprising but the overall doubts over the benefits of Planet Carrefour's roll-out raise a lot of concern for 2012. Carrefour has indicated that it will review the roll-out country ... View More

VOLVO

Consolidated sales and profits continued to increase by double-digit numbers in Q4 11. For the full-year Volvo shows revenue of SEK310bn, an increase of more than 17%. EBIT was up by c.50% and ... View More

DAIMLER

US passenger car and light truck sales increased by 26% to 21,726 units in January. Of the absolute growth of almost 4,500 vehicles, C-class sales contributed almost 2,400 and M-class another 1,500. ... View More

XSTRATA

Glencore, known for its marketing prowess, and Xstrata are in advanced discussions on an $87bn (£56bn) merger to create a formidable giant with annual sales crossing $200bn. Xstrata has officially ... View More

GLENCORE

Glencore, known for its marketing prowess, and Xstrata are in advanced discussions on an $87bn (£56bn) merger to create a formidable giant with annual sales crossing $200bn. Xstrata has officially ... View More

MUENCHENER RUECK

Munich Re released some preliminary figures regarding its Q4 11 and FY2011 figures. The profit for Q4 11 was €0.63bn compared to €0.48bn for the same period last year. Munich Re’s preliminary figures ... View More

UNIBAIL-RODAMCO

The group reported its full-year 2011 results with pride: the recurrent EPS was better than expected at -2.6% (vs. between -5% and -3% anticipated) due to good rental management, contained cost of ... View More

ENEL

We have updated the NAV on the basis of information released of the RAB for infrastructures and networks assets following the new regulation. View More

ELECTROLUX

Disappointing Q4 11 earnings:
- Sales of SEK28.4bn (+3%, flat organically) were 1.5% above expectations. There was a change in perimeter (+5.7% due to the Olympic Group and CTI) and a negative ... View More

ROYAL DUTCH SHELL

Following the Q4 11 results, we have integrated the latest figures leading to a slight downgrade of our earnings in 2012. We will shortly be integrating the strategy update for 2012 and revising our ... View More

ENEL

FY 11 preliminary consolidated results have been released in the form of a two page synthetic statement on 31/01/12.
Financial accounts will be published on 08/03/12.
FY 11 reported consolidated ... View More

FINMECCANICA

The Rafale is about to win its first export order after some 11 years in service.
Certainly, the Libyan conflict last year helped demonstrate Rafale’s operational performance, giving it the edge on ... View More

BAE SYSTEMS

The Rafale is about to win its first export order after some 11 years in service.
Certainly, the Libyan conflict last year helped demonstrate Rafale’s operational performance, giving it the edge on ... View More

SAFRAN

TThe Rafale is about to win its first export order after some 11 years in service.
Certainly, the Libyan conflict last year helped demonstrate Rafale’s operational performance, giving it the edge on ... View More

EADS

The Rafale is about to win its first export order after some 11 years in service.
Certainly, the Libyan conflict last year helped demonstrate Rafale’s operational performance, giving it the edge on ... View More

THALES

The Rafale is about to win its first export order after some 11 years in service.
Certainly, the Libyan conflict last year helped demonstrate Rafale’s operational performance, giving it the edge on ... View More

DEUTSCHE BANK

Preliminary net income was €147m for Q4 11 compared to €601m for Q4 10. Pre-tax loss was €351m for Q4 11 due to some specific charges. Net income attributable to shareholders was €4.13bn for FY2011 ... View More

WACKER CHEMIE

Wacker Chemie (Buy, Germany) posts 5 divisions with Ebitda margins ranging from 5% to 52%. As “Polysilicon”, the second division by sales (a third of total), is the one that goes for 52% ... View More

VALUATION WISE

Utilities do not cover their dividend through FCF and have a bad habit of going to the bank for that purpose. Tight-fisted banks and widening sovereign spreads probably mean that this strategy is ... View More

CARPHONE

Carphone's Q3 revenues were fully in line with new consumption trends. Reversing the pattern of H1, which was affected by the shift from 18 to 24 month contracts in the UK from 2009 onwards, Q3 saw a ... View More

SCANIA

Scania's profitability seems to be becoming more cyclical. Although the number of trucks and buses delivered increased by almost 5% in Q4 11 (to more than 21,000 units while orders were down by 27% ... View More

PETROPLUS HOLDINGS

Private equity group Goldsmith has announced its interest in all of Petroplus's refineries. It is a shareholder in Petroplus through a fund and has already registered its interest with Petroplus's ... View More

COLOPLAST

Coloplast’s Q1’12 performance was in line with our expectations. Revenues, registering 4% yoy growth, reached DKK2.6bn, while EBIT margin came in at 26.1%. View More

NOKIA

Devices & Services' Q4 sales decreased 26% yoy and increased 12% sequentially. On a yoy basis, the decline in volumes was driven, as expected, by significantly lower smartphone volumes. Traditional ... View More

NOKIA

We prefer to be relatively cautious with an eventual outperformance of Nokia’s products for 2012. We believe that given the recent performances of Samsung and Sony-Ericsson it is likely that next ... View More

CARPHONE

We remove the proceeds from the disposal of the US agreement with Best Buy Mobile for £813m following the exceptional payout of these proceeds. View More

INFINEON

Revenues were down 9% sequentially in Q1 12 to €946m, but increased 3% yoy (€922m in Q1 11) with a strong performance in the automotive segment (ATV), down only 1% sequentially and up +10% yoy, while ... View More

IMPERIAL TOBACCO GROUP

The Q1 management statement to 31 December 2011 reported stick equivalent volumes down 7%. This included some one-off issues due to: 1/ international sanctions' compliance in Syria, 2/ distributor ... View More

JOHNSON MATTHEY

Q3 sales (excluding precious metals) were up 22% compared to the same period last year to £649m and underlying operating profit (before amortisation of acquired intangibles) was £104.3m, up 34% on Q3 ... View More

ERG

The Board of Directors approved the exercise of a put option on 20% of ISAB Srl, valued at €400m (excluding inventory). Following this transaction, LUKOIL will own 80% of ISAB and ERG 20%. The ... View More