NORDEA

While the unexpected dividend cut from €0.29 per share to €0.26 per share for FY11 penalises our yield-based valuation by 18%, our intrinsic valuation approach gets a 16% boost. All in all, our ... View More

LOGITECH INTERNATIONAL

In Q3 12, revenues declined 5.2% to US$714.6m. EBIT remained flat at USD76.5m, mainly due to an increase in other income of nearly €6m. Therefore the EBIT margin improved from 10.2% to 10.7%. In the ... View More

LUXOTTICA GROUP

Q4 sales increased by 12.1% (+11.2% at constant exchange rates), driven in particular by retail sales (+14.4% reported, +12.7% at constant exchange rates). View More

LOGITECH INTERNATIONAL

We have reduced our EPS forecasts due to the weak demand for webcams and remote products. In addition the weak Euro has also negatively impacted the operating performance. View More

GALP ENERGIA

The company reported lower than expected production for Q4 11: net entitlement production of 13kbpd, up 6% qoq (while we had expected 16kbpd). The production target for 2020 is expected to be more ... View More

ERICSSON

Sales in the Q4 were flat yoy and grew 15% sequentially, which is weaker than normal in the last quarter. The sequential growth is mainly driven by a strong development of 32% in Global Services, ... View More

MICHELIN

We have reduced our 2012 and 2013 sales, profit, and dividend expectations. Our more cautious view is based on, compared to last year, more moderate winter weather conditions and the latest guidance ... View More

ERICSSON

Following the Q4 release we have revised downward our margin estimates for 2012 and 2013 to endorse the North American shift from CDMA to LTE (this is the expected decline in CDMA and subsequent ... View More

VOESTALPINE

Voestalpine’s automotive division has received the largest order ever to deliver components to a Chinese and US production plant of an unnamed car producer. The client is likely to be a German car ... View More

WACKER CHEMIE

FY 2011 group sales are now expected to rise only 3% to reach €4.9bn given significantly lower Q4 sales in Wacker's Siltronic and Polysilicon divisions. Wacker is expected to reach its EBITDA target ... View More

ALCATEL-LUCENT

Strange as it may look, Alcatel (Buy, France) has outperformed Ericsson (Buy, Sweden) over the last month. By about 26%! This has been helped by the sudden -14% correction of Ericsson on the back ... View More

VALUATION WISE

Airlines have joined the ranks of Paper & Packaging or Building Materials as last month’s cyclical outperformers with a 16% gain in a market up 7%. IAG (Buy, Spain) and above all Air France KLM ... View More

SBM OFFSHORE

Following the group announcement regarding the client dispute that could significantly impact 2011, we have revised our model. View More

SBM OFFSHORE

The group is facing increasing challenges with the hook up and commissioning on the Yme platform. Continuing intransigence and unreasonable demands, which are being aggressively resisted by the ... View More

HOLCIM

Concerning 2011, we now have to take into consideration CHF775m of impairments.
Also, as for peers, due to the increasingly evident signs of a slowdown - Latin America and Asia/Pacific are still on ... View More

VOLVO

Heavy truck (>16 tons) registrations increased by more than 20% to 19,910 units in December which has brought the full-year number to 243,086 vehicles, an increase of almost 36%. Bus & coach ... View More

SCANIA

Heavy truck (>16 tons) registrations increased by more than 20% to 19,910 units in December which has brought the full-year number to 243,086 vehicles, an increase of almost 36%. Bus & coach ... View More

MAN

Heavy truck (>16 tons) registrations increased by more than 20% to 19,910 units in December which has brought the full-year number to 243,086 vehicles, an increase of almost 36%. Bus & coach ... View More

DAIMLER

Heavy truck (>16 tons) registrations increased by more than 20% to 19,910 units in December which has brought the full-year number to 243,086 vehicles, an increase of almost 36%. Bus & coach ... View More

KONE

Order intake grew 9.2% in Q4 11 to €1,099m, still driven by Asia but at a slower pace than previous quarters, while European and US environments remained challenging.
Sales came in at €1,589m, a ... View More

BIOMERIEUX

Q4 sales grew by 8.9% on a reported basis (4.5% lfl versus 4.1% for the first 9 months), always driven by growth in emerging markets (Latin America 9.3% lfl, Asia Pacific +12.2%) View More

DEUTSCHE LUFTHANSA

Management of the Austrian subsidiary argues that the airline will not survive if costs are not reduced significantly. This forced management to introduce another cost reduction programme (see our ... View More

STMICROELECTRONICS

In Q4 11, STMicro reported revenues of $2,191m, a 10.3% decrease on a sequential basis and a 22.6% decrease yoy. The company reported a 33.4% gross margin (vs 35.8% in Q3 11 and 39.9% in Q4 10) and ... View More

THYSSENKRUPP

We have not changed any of our profit projections but have eliminated, because of the group's dismal profitability stemming from Steel Americas, the 10% discounts we had applied in our peer group ... View More

EASYJET

Interim management statement (Q1 11/12 ended 31 December 11).
- Revenue reached £763m (+16.7%) corresponding to higher revenue/seat (+9.2% to £51.83, +7.7% on constant currency). easyJet had higher ... View More

TELEKOM AUSTRIA

For the first time IAS 29 “Hyperinflation Accounting” will be applied in Europe by Telekom Austria. The hyperinflation accounting will firstly be applied to Belarus in Q4. According to the auditors, ... View More

BANCO ESPIRITO SANTO

With Portugal confirmed to junk status by a fresh S&P downgrade, Banco Espirito Santo (Buy, Portugal) will suffer even more from its dependence on expensive (or rather closed) ... View More

VALUATION WISE

Over last week, Property stocks have staged a recovery second only to banks as the (expected) very return of liquidity to banks is a signal that death is no longer certain in property, a sector ... View More

DEUTSCHE POST DHL

The European Commission is ruling on the repayment of state aid. The total amount is estimated to range between €0.5bn and €1bn. DHL's management together with the German Federal Government will ... View More

DIXONS RETAIL

Dixons released its Q3 sales for the crucial period of Christmas. Revenues were down 3% and down 5% lfl. In the cut-throat UK market, Dixons posted revenues down 7% lfl, better than Comet (-15%) or ... View More

EADS

Eurocopter’s FY2011 revenue amounted to €5.4bn, leading to 12.5% growth. This confirms the better shape of the helicopter market which is recovering from the crisis with a significant time lag ... View More

KPN

2011 KPN’s revenues and EBITDA came to €13.16bn (-1.8% yoy) and €5.14bn (-6.2%) respectively (we were expecting €13.14bn and €5.27bn).
But the outlook for 2012 is worse than expected with an EBITDA ... View More

KPN

We have revised downward the EPS for 2012 and 2013 because of the pressure on margins for the Dutch business. View More

CASINO

Casino delivered strong growth in 2011 driven by its international operations which account for 48% of sales. Revenues were €34.4bn, up by 18% with organic growth of 5.7% (excl petrol). International ... View More

Q-CELLS

In accordance with the German Stock Corporation Act, the company reported that losses have occurred of more than half of the subscribed capital as of the end of December. Due to the weak operating ... View More

Q-CELLS

According to German Accounting Law, the company has lost its equity. This clearly shows the financial constraints the company is working with. Management has already issued a new business plan which ... View More

MICHELIN

The latest data suggest that OEM demand for passenger car tyres weakened considerably in December last year, in particular in Europe (-9%) and Latin America (-7%) whereas North American demand ... View More

LONZA GROUP

Lonza today announced the dismissal of its CEO Stefan Borgas with immediate effect. Rolf Soiron, Chairman of the Board of Directors of Lonza Group, will led the Management Committee in this ... View More

SABMILLER

In its trading update for October-December Q3 11, SABMiller reported 3% lager volume growth compared to Q2. Organic Group revenue per hectolitre gained 3% due to pricing rise and mix benefits ... View More

ELAN

It’s a good beginning of the year for Elan, with the much awaited approval of the JCV test and label update finally getting a green signal from the FDA. The test helps stratify patients with higher ... View More