FIAT

All preference and all savings shares will be converted on 21 May 2012. As the conversion ratio is not one for one, the total number of equity instruments outstanding falls slightly from 1.276bn to ... View More

MERCK

Merck plans to generate annual savings of €300m by 2014 in Serono with one-off restructuring costs of ~€600m. The Group targets sales of around €10.35-10.7bn and EBITDA pre one-offs of €3.0-3.2bn in ... View More

MERCK

Q1 revenues were €2,645m reflecting 3% growth, whereas the gross profit margin sank from 75.1% to 71.7%. EBIT dropped by 41% to €311m and net profit attributable to shareholders from €341m to €174m. ... View More

SWISS RE

Pre-tax profit for Q1 12 was clearly above our and the consensus expectations and reached 47% of our old FY2012 forecast. Swiss Re says it benefited from strong volume growth (+19%) in the January ... View More

CELESIO

A €45m impairment charge was taken in Q1 12 on one of the businesses up for sale. View More

D/S NORDEN

Q1 2012:
- Revenue reached $533m, -3% (Dry cargo: -11.5%; Tankers: +61%).
- EBITDA was $49.6m (+4%) thanks to the recovery in the Tankers division ($12m, +75%), despite a lower contribution from the ... View More

DEUTSCHE TELEKOM

In Q1`12, revenues declined by 1.1% to €14.4bn and gross profit by 4.4% to €5.97bn. The gross margin reached 41.4% versus 42.8% in Q1`11. EBITDA declined by 8.1% to €3.95bn. The EBITDA margin ... View More

DOUGLAS HOLDING

€36m in restructuring costs and €128m in write-downs in the book division for H1 11/12 have resulted in a reduction in our full year earnings forecast. View More

ACS

H2 11 and H1 12 have been two half years of significant changes (full consolidation of Hochtief from 06/11 and the sale of Abertis/part of Iberdrola in 04/12) which will completely transform the ... View More

NEXT

Over the last 6 months or so, Next (Buy, UK) has outperformed both Inditex (Reduce, Spain) and H&M (Reduce, Sweden). This is no small achievement and hopefully indicates that the British high ... View More

VALUATION WISE

It took nearly two weeks for markets to grasp the full extent of the collapse in visibility brought about by the failed Greek elections. Actually it took nearly the same amount of time for Greek ... View More

SWISSCOM

In Q1 12 revenues declined by 2.1% to CHF 2.8bn. At constant currency, revenues were only 0.8% lower and EBITDA 0.9% higher. EBITDA decreased by 2% to CHF 1.1bn. The EBITDA margin improved marginally ... View More

IAG (INTERNATIONAL AIRLINES GROUP)

The purchase of BMI from Deutsche Lufthansa was completed on 20 April 2012 and IAG's management updated the financial implication on 11 May 2012. The BMI Group comprises three business units: bmi ... View More

NEXITY

For Q1 12, the group reported +5% revenue at €587.9m (of which +6% for residential developments and accounting for 65% of the total revenue). Residential reservations in France were down by 20% in ... View More

WÄRTSILÄ

The share price of Wärtsilä (Sell, Finland) is being spun somewhat more quickly than its slow revving oil burners. The Finnish supplier of heavy duty diesel engines for ships has seen its share ... View More

VALUATION WISE

The ability of European telecoms to disappoint is remarkable. It looks as if the sector knows only one direction, down, although at its own sedate pace. Telecoms may not be volatile but they lose ... View More

GEA GROUP

Food solutions, an acquisition made in December 2010, is suddenly delivering dismal results. The current order book had to be revalued and the value of the production lines was reduced. In hindsight, ... View More

WÄRTSILÄ

Solid start, as order intake grew 13% to €1,109m (vs €979m) driven by Ship Powers at €276m, a 60% increase yoy, and Power Plants at €309m, a 22% increase yoy, while Services orders declined 5% at ... View More

HEIDELBERGER DRUCKMASCHINEN

Without releasing any order inflow numbers, expressed in euros, management regards the fair a great success. Heidelberger Druck received a total of 2,000 orders which included orders for some 550 ... View More

SALZGITTER

As a result of poor Q1 12 numbers, we have reduced our profit projections which has brought the target price to a level that leads to an opinion downgrade. View More

PRYSMIAN

Q1 12 sales of €1,874m, a 25.8% yoy increase reflecting 2.5% organic growth, as the increased share of Northern Europe, North America and Asia besides the strong Telecom and Industrial divisions more ... View More

NEXANS

Nexans reported sales of €1,169m in Q1 12, a +0.6% organic increase yoy. The Transmission, Distribution & Operators (regrouping Energy & Telecom Infrastructure) revenues decreased 6.1% due to the ... View More

LAND SECURITIES GROUP

The group reported its results for its fiscal year ended 31 March 2012. The gross rental income (after rent payable, excluding revenue from JVs) slightly decreased to £530m (or -0.9% vs. the previous ... View More

H LUNDBECK

Lundbeck Q1’12 revenues at DKK3.8bn (down 8% yoy) were in line with our expectations. EBIT margin reached c.23% (31.8% in Q1’11 and 21.2% in FY’11), while EPS reached DKK3.16. View More

BT GROUP

We have revised upward the NAV to account for an EBITDA margin greater than 30% for the group in the long term. View More

RENAULT

Registrations were down by 6.5% to 1.06m units, the lowest number for any April in recent memory. This has brought the ytd number to less than 4.5m, a fall of 7.1%. View More

PEUGEOT

Registrations were down by 6.5% to 1.06m units, the lowest number for any April in recent memory. This has brought the ytd number to less than 4.5m, a fall of 7.1%. View More

IAG (INTERNATIONAL AIRLINES GROUP)

Q1 2012 (combined results):
- Revenue reached €3.9bn, +7.8% (passenger: +9%, cargo: +0.3%) and +6.7% at constant currency.
- Operating loss before exceptional items reached €-249m (vs €-102m in Q1 ... View More

NEXANS

We have cut our EPS forecast after the company warned that production issues will impact the margin in H1 12 with no further visibility for H2 12. View More

NORDEX

Operating losses in Q1 12 were greater than expected. The operating loss reached €9m compared to a marginal profit of €0.4m in Q1 11. EBITDA also turned into a loss of €2m compared to a positive ... View More

OMV

We have reviewed our model. Due to the share price decrease in the last few days and as the company outlook remains solid with a clear strategy supported by a strong balance sheet, we upgrade our ... View More

TOTAL

Total has announced that a well intervention operation has stopped the G4 well leak on the Elgin complex. The operation, which involved pumping heavy mud into the leaking well, began on 15 May and ... View More

STADA ARZNEIMITTEL

Up 30% and another 45% to go? This is the promise of Stada, a lightweight pharma stock (market cap at €1.5bn) which has been recovering fast from last autumn’s bout of fear. This bout of fear was ... View More

VALUATION WISE

Every now and then we have been double-checking the relative value of family influence, when there is one, on the development of listed businesses. The pre-conceived idea is that family ... View More

HAVAS

Havas reported Q1 12 organic revenue growth of +3.5% (Publicis: +4.1%) to €387m (+7.2% on a reported basis and +5.3% at CER). The group specified that, without Spain and Portugal's negative impact, ... View More

HAVAS

Our EPS upgrade reflects the buy-back programme (potentially 12% of existing shares as well as 100% of the BSAAR 2006). View More

Q-CELLS

We have reduced our EPS figures for 2012 and 2013 marginally. The operating performance will suffer in 2012 and 2013. View More

FRANCE TELECOM

Q1 revenues were down 0.1% yoy, excluding regulatory measures (-1.9%), with a 6.8% increase in Africa and the Middle East, with recovery in the Ivory Coast and Egypt and a 4.5% growth in Spain. In ... View More

EDENRED

The outstanding growth in issue volume seen throughout 2011 was confirmed in Q1 12. Issue volume rose 10.4% LFL (vs +9.8% in Q4 11) fed by the buoyant momentum in LatAm (+22.1%) which benefited from ... View More

EDENRED

Q1 12 results highlighted unfavourable FX, for the Brazilian Real in particular (-0.5% impact on issue volume). We therefore remain cautious with regards to the 2012 financial revenue. Also, in 2012, ... View More