31/07
| |
Valeo
-
Opinion change
New all-time-high margins just after the crisis 
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31/07
| |
Charter
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Earnings/sales releases
Charter's H1 10 results underline the ESAB recovery (sales and margins), while Howden recorded a decline in sales as expected, but ···· preserved ······ margins ····· a ········ order ·················· sales ········· £840.4m, ······ vs ······ year ············ but ····· recovery ···· margins ···· positive ······ a ······· improvement ···· operating ········ and ··· 15.1% ·········· in ·········· EPS. ····· good ······ is ····· ESAB ··········· with ······· up ······ yoy ····· operating ········ up ········ The ·············· in ········· and ········ were ············· due ···· the ············· business, ······· saw ········ volumes, ············ in ········· wire, ····· benefited ······ continued ········ pricing. ·········· markets, ·············· Brazil ····· Russia, ······ generally ········· The ·········· equipment ·········· was ·········· ahead ···· last ······· while ········· & ············ suffered ···· customers ·········· orders. Howden's ···· 10 ·········· reached ·········· a ·········· of ······ yoy, ······· reflects ····· level ···· order ······ at ····· beginning ···· the ······· and ···· adjusted ··········· profit ···· £28.8m, ··· decrease ···· 19.3% ······ The ·········· operating ········ was ······· (2009: ·············· the ········· As ···· 30 ······ 2010, ····· order ······ stood ···· £439m, ······ from ········· 2010 ····· an ······· decline ··········· cash ······ generation ····· the ······· was ········ in ···· 10 ········· £106.6m ···· H1 ············· results ····· in ······ with ····· estimates, ···· sales ····· operating ········· reflect ····· ESAB ········ and ················· effects, ······· Howden ····· a ······ late ·········· profile ····· should ········ growth ······ year.
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31/07
| |
Legrand
-
Earnings/sales releases
Legrand reported strong results for the first half 2010, with sales and margins boosted by vigorous growth in emerging markets. Sales ······ in ···· € ········· up ······ yoy ····· 3.1% ············· in ···· 10, ······ emerging ········· growing ····· and ··· clear ············· in ······· American ········· (+5.7% ······ with ··· strong ···· 10 ······· yoy) ···· the ············· market ············· At ····· same ······· Europe ·········· generally ······ yoy. ········· delivered ········ margins ···· the ······· half: ·········· operating ········ reached ······· corresponding ···· a ······· operating ········· a ······· increase ···· 44.3% ······ last ······· These ······ margins ····· to ··· strong ······ cash ······ of ······· for ····· period ····· a ······· decline ···· net ······ from ········· at ····· end ···· June ······ to ········· at ····· end ···· June ······· The ········· raised ····· adjusted ··········· margin ·········· from ····· to ······ The ········· intends ···· accelerate ··············· as ········· sheet ············· improved ···················· strong ·········· and ········ guidance ········· However, ····· good ······ already ······· to ···· discounted ···· the ········· high ······· valuation.
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30/07
| |
Atos Origin
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Earnings/sales releases
H1 10: revenue amounted to €2.5bn (-4.6% lfl), the operating margin soared to €150m (+26%) and Group net income was €60m ······· in ···· 09). ····· new ············ on ········ business ····· leveraged ····· operating ········ by ······ The ··········· margin ············· 6% ···· revenue ······· restated ····· the ····· tax ···· 4.6% ···· H1 ······ The ·············· ratio ····· lower ···· Q2 ········ than ···· Q1 ········· Based ···· H1 ········· revenue, ····· highlights ······· 1) ··· still-challenging ··········· in ············ (-17% ···· -20% ···· Q1), ···· a ··············· in ········· services ······ vs ····· in ····· less ··············· in ········ and ··········· 3) ···· improvement ···· systems ············· (-6% ···· -9% ···· Q1, ········· business ···· France ····· stabilized ······· in ····· time ····· material ·········· in ··········· 4) ········ growth ···· high ······ transactional ·········· (+2.2% ···· +0.6% ···· Q1, ··········· a ···· increase ···· the ········· business, ········ electronic ··········· and ···· 8% ······ in ··········· markets ············ The ··········· margin ·········· was ····· to ······· indirect ······· and ····· expansion ···· ‘offshore’ ··········· (part ···· the ········ TOP ············ and ······ from ····· managed ·········· division ········· vs ········ in ···· 09) ············ a ········ performance ···· Benelux, ········· and ····· efficient ·········· model ············· in ······ in ······· The ······· financial ··········· was ············ with ····· debt ···· €119m ··········· 7%) ········ to ·········· WCR ····· lower ········ FY ······ outlook ············ a ········ decrease ···· organic ········· growth, ········· bps ···· operating ·········
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30/07
| |
Galp Energia
-
Earnings/sales releases
Q2 results – The Tupi impact continues to boost production and earnings as does the refining margin: Q2 10 earnings better ······ expected ···· both ··········· and ············· Galp ·········· its ···· 10 ········· with ·········· operating ········ of ········ up ···· 178% ····· and ········ than ····· €130m ·········· by ············· All ······· division ········ better ······ expected ··········· The ····· division ····· supported ···· higher ····· prices ····· increasing ·············· from ····· Tupi ············ operating ········ rose ····· yoy ···· €44m. ········· interest ············ of ······· oil ······ by ····· yoy ···· 19.1 ········ in ···· following ····· contribution ······ the ······ and ····· Tômbua/Lândana ··········· in ····· second ·········· production ······ by ···· quarter ···· quarter ······· to ············· Q3 ············ should ···· in ······ with ····· In ····· Refining ··········· as ········· recovered ···· $3.4/bbl ····· $3/bbl ····· H1 ···· and ····· barrels ······ processed, ··········· profit ······ by ······ yoy ···· €134m. ····· G&P ·········· also ········ a ····· increase ····· to ······ of ········· gas ······ in ···· 10, ········ cubic ········· which ···· in ······ with ··· year ·········· At ····· bottom ······· profits ······ impacted ···· higher ··········· costs ····· to ····· increase ···· debt ······· now ········· nearly ········ vs. ········ (or ····· gearing). ··········· to ····· company, ··········· needs ····· covered ······· the ····· of ······· Q2 ·········· net ········ was ······· (vs. ······ expected ···· AlphaValue), ···· from ······ a ······ earlier. ····· model ···· currently ······· review: ········ some ············· upwards.
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30/07
| |
Atos Origin
-
Target Change
Demonstration of an effective reorganisation.
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30/07
| |
Synthes
-
Earnings/sales releases
Synthes reported strong H1 results to end June. Revenues increased by 10.3% to USD1.8bn (+7.9% in local currency) and EBIT increased ···· 10.7% ······ USD544.8m ···· USD602.9m. ····· EBIT ········ increased ······ 33.3% ···· 33.4%. ····· earnings ·········· revenue ········ rising ···· 11.2% ···· US$424.6m. ····· net ········ reached ······· versus ······· in ····· 2009 ······· half. ········· growth ···· the ········ quarter ········· 7.4% ····· 13.3% ···· the ······· quarter ······· The ········· Asia/Pacific ········· to ············ and ······· America ········ to ··········· made ··· strong ·············· to ········· Despite ····················· price ············ in ········ the ········ performance ···· Asia/Pacific ············ Mainly ·············· sales ···· China ····· India. ···· the ········ quarter, ····· company ········ a ····· manufacturing ·········· in ········ During ····· first ······ year, ············ further ··········· personnel ···· 309 ··········· to ········· with ····· of ····· increase ············ of ······· force ····· manufacturing ········ mainly ···· the ·············· region. North ·········· revenues ··········· by ······ to ············ (4% ···· the ······ mainly ········ by ····· product ·········· Trauma ····· CMF. ········ introduced ····· products ······· were ········· adopted ···· the ··········· The ····· product ··········· Trauma ····· CMF ······ performed ·········· in ········· Revenues ···· Europe ··········· by ······· to ········· in ····· first ······ year ······· in ······ The ·········· profited ······ the ········ of ····· products ····· the ········ sales ········ In ······ regions ····· Spine ········· division ················ mainly ····· to ········· product ·········· and ········· pressure.
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30/07
| |
Nexans
-
Opinion change
Recovery continues but at a slow pace
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30/07
| |
Neste Oil
-
Earnings/sales releases
Q2 Results - 3 items to highlight: 1/ Higher Porvoo maintenance impact on earnings, 2/ High inventories limited refining margin upside ············· middle ·············· 3/ ··········· construction ······· on ······· for ····· Neste ····· reported ··············· Q2 ·········· impacted ···· the ··· weeks ···· Porvoo ············· (€-65m ·········· impact). ····· comparable ··········· profit ····· €5m ········· we ····· expected ········ €35m; ····· loss ···· €70m ······ €109m ···· Q2 ······ Inventory ········ are ······· above ····· 5y ·········· limiting ····· upside ···· margin. ····· refining ········ ($7.35/bbl ····· $7.87/bbl ···· Q2 ····· should, ·········· slightly ·········· from ········· levels ········· the ····· of ····· year, ···· the ············ is ····· complete ····· economic ········ is ·········· to ··········· In ····· renewable ··········· costs ········· to ············· of ····· Singapore ·········· and ····· expansion ···· the ·········· weighed ···· profitability, ········· to ········ (-€23m) ······ should ···· transformed ······ positive ······ flow ···· of ···· 10 ···· Q1 ····· The ··········· plant ···· on ·········· to ······· up ········· the ····· of ···· 11. ···· the ·········· side, ······ flow ······ operations ····· €243m, ······· was ········ and ····· proposed ·········· represents ········ 30% ···· comparable ····· profit. ···· remain ··· buyer ···· the ········ seeing ····· current ········ following ····· Porvoo ············· hit ···· an ············ entry ······· to ······ the ·········· recovery ····· the ············ renewable ··········· Our ······· is ··········· under ········· expect ······ fine-tuning ··········· (to ··········· Q2 ······· earnings).
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30/07
| |
Bekaert
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Earnings/sales releases
Bekaert reported strong growth in its 2010 first half results, raised its medium-term EBIT margin target and proposed an intermediate dividend ···· €2 ····· share. Sales ········· €1.5bn ···· H110, ···· increase ···· 28% ······ while ····· EBIT ········ was ······· of ········ far ······· last ········ 6.6%. ····· for ····· first ······ were ······· versus ······· last ······· In ······ Western ····· Central ········· Bekaert's ··············· platforms ·········· at ······ capacity ············· levels ········ by ··········· demand, ·············· the ········ margins ····· the ·········· n ······· America, ········ demand ···· the ············ sector ········ up ··········· while ····· industrial ····· agricultural ·············· continued ···· perform ······· Profitability ··········· improved ···· a ········ of ········ capacity ············· driven ···· higher ·········· Bekaert ··········· 50% ······· growth ···· Asia ·········· reflecting ······· demand ········ by ········ industrial ·············· with ····· automotive ····· energy ········· sectors ······ fast-developing ·········· Net ······ increased ···· €582m ··········· 2009: ········· mainly ····· to ···· increase ···· WC ···· a ········ of ········ sales, ····· the ············· of ····· two ········ Bridgestone ······· cord ········· Bekert ········· cautious ····· the ········ half ······ as ····· end ········· should ···· volatile, ····· raised ····· EBIT ········ target ···· >10% ···· sales ····· the ······ 3 ··············· impressive ········· are ······ above ····· estimates ·········· margins, ········ thanks ···· emerging ········ traction ····· restructuring ··· volume ·········· The ······· of ·········· and ·········· market ·········· change ····· margin ········· of ····· company.
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30/07
| |
Jeronimo Martins
-
Update
Great Polish asset, looking for another market
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30/07
| |
Clariant
-
Earnings/sales releases
Continued strong performance in Q2, but cautious 2010 outlook given – Clariant’s Q2 continued to be strong (+18% to CHF1.8bn) based ···· a ······ Q2 ····· All ·········· showed ·············· growth ······· but ····· lower ········ segments ········ a ········ performance. ····· gross ········ was ········ by ······· idle ······· and ·········· inventory ············· (28.9% ······· 24.8%). ·············· higher ····· material ······· (+4%) ······· not ···· offset ···· higher ······· prices ········ EBITDA ······ in ···· CHF200m ·········· and ······ was ···· from ······ to ·········· again ·········· by ············· and ··············· costs ···· CHF87m. ···· a ············· SG&A ······· as ··· percentage ···· sales ······ to ······· (18.6%). ····· to ····· ongoing ······ reduction ···· additional ··········· of ····· positions ···· to ···· expected, ······· also ········· means ··· loss ···· know ······ Operating ···· deteriorated ······ CHF184m ···· CHF33m ····· to ··· swing ···· a ····· outflow. ········· in ········· financial ········ (CHF-353m) ····· higher ······· (+45%) ······· investing ···· deeper ······ the ······ whereas ··········· CF ····· helped ···· higher ····· debt. ····· cash ········· moved ······ a ········· inflow ···· a ········· outflow ·········· cash ····· equivalents ······ to ·········· Whereas ······ competitors ········· raised ······· 2010 ··········· Clariant’s ············ remained ········ cautious ·········· a ··········· of ····· global ········· with ·············· still ······· development ···· demand ······· may ···· translated ······ lower ······· increases. ····· company ········· further ······· in ····· material ········· We ········ that ······· price ··········· will ········ difficult.
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30/07
| |
Merck KGaA
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Earnings/sales releases
Guidance increase – Known for its cautious guidance, Merck’s management significantly lifted 2010 earning guidance – not just due to the ··········· acquisition. ···· sales ······ increased ···· by ······ to ········ (organic: ······ fuelled ···· Liquid ·········· which ··········· the ········· quarterly ······· ever ········· up ···· 51%) ····· to ········ demand ···· PS-VA, ··· preferred ············ for ···· TVs. ·················· Science ··········· came ···· at ········ still ········· growth ···· 21%. ················· were ····· less ········· (Serono: ····· to ········· Consumer ········ Care: ······ to ········· despite ······ double-digit ········ rates ······ top ·········· (Erbitux: ······· oncology; ·············· endocrinology). ····· to ········ Cristals’ ·········· utilization ····· a ··········· strong ········ business ····· 80.4% ······· profit ········ is ··· very ······ watermark ········· EBIT ···· move ···· by ····· to ······· (margin ······· after ········· Liquid ·········· contributed ········ half ···· this, ·········· its ······ to ········ Operating ···· improved ···· 63% ···· €745m ······· on ····· strong ··········· performance ····· slightly ·········· NWC ············· Preparing ····· the ··········· takeover, ··········· CF ····· financing ···· were ···· and ··········· so ········ in ······ and ······ equivalents ······ in ···· €5.1bn. ··········· was ········· Millipore’s ·········· price ····· €5.2bn ····· was ······ after ········· in ······· July. ····· acquisition ····· financed ···· bonds ········· with ··········· maturities), ··· commercial ······· (0.4bn) ····· €1.6bn ······· In ········· the ········ term ······ was ············ Merck’s ············ is ····· more ············· expecting ····· group’s ······ revenues, ··········· Millipore, ···· increase ···· 21% ····· the ··········· result ···· jump ···· 55%.
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30/07
| |
Siemens
-
Earnings/sales releases
The company reported strong third quarter results ending June. Total revenues increased by 4.5% to €19.17bn. Gross profit improved by 16.2% ···· €5.787bn ····· gross ········ increased ······ 27.1% ···· 30.2% ···· the ······· quarter. ······ improved ···· 15.1% ···· €2.068bn, ··· record ······ quarterly ········· The ······ margin ··········· from ······ to ········ The ·········· growth ·········· was, ·········· reflected ···· the ········ order ········· Order ········ of ····· operating ··········· increased ···· 24.1% ···· €20.126bn. ····· sectors ············· strongly ···· this ··········· Orders ···· the ·········· division ··········· by ······· to ········· in ····· Energy ·········· by ······· to ········· and ···· the ········ division ···· +17.6% ···· €3.26bn. ····· company ············· growth ···· the ······· cycle ·········· but ······ large ········ in ····· Energy ··········· In ·········· order ········ increased ···· 44% ····· revenues ···· 9%. ········ revenues ··········· by ······ to ············ Sector ······ skyrocketed ···· 39.4% ···· €2.331bn. ····· strong ··········· performance ····· mainly ········ by ····· Industry ······· increase ···· 68.5% ···· €900m) ····· Health ··········· (EBIT ·········· of ······· to ········· Demand ····· mainly ········ by ····· economic ·········· and ····· inventory ·········· of ······· customers. ············ state ··········· also ········ the ············ and ········ business ···· grow. ······ business ······ Electronic ·········· Systems ······ over ······· employees ····· sold ···· ASM ················ Since ········· this ·········· unit ····· accumulated ··· total ······ of ········ We ········ Siemens ···· pay ···· additional ······ in ······ to ····· new ········ We ········ portfolio ·············· to ·········· in ····· current ·······
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30/07
| |
Credit Suisse
-
EPS change
Solid recovery
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30/07
| |
Alcatel-Lucent
-
EPS change
Must pass its Long Term Evolution (LTE)
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30/07
| |
Erste Group
-
Earnings/sales releases
Pre-tax profit decreased by 7% to €363m for Q2 10 compared to the same period last year and was down by ···· compared ···· Q1 ····· That ····· in ······ with ····· expectations. ····· interest ········ increased ···· 6.5% ···· €1.36bn ·········· to ···· 09. ······ provisions ····· loan ········ rose ···· well, ···· 6% ···· €553m. ············ income ····· up ···· 11% ···· €494m ···· Q2 ···· compared ···· last ······ due ···· increased ······ from ············ business ····· payment ············ The ····· trading ········ declined ···· 50% ···· €99m ····· Q2 ···· after ······ windfall ········· last ······· Administrative ·········· fell ······ 4% ···· €945m ····· Q2 ····· The ········ development ···· Erste ······ in ····· specific ··········· was ······· different ···· H1 ····· Austria, ······· Republic, ·········· and ········· (still ·············· could ········· their ········· results ······· considerably, ········· the ········· of ·········· Serbia, ········· and ········· decreased. ······· risk ············ for ······ losses ··········· by ······· to ········ in ···· 10. ·········· our ·········· increase ···· risk ············ of ····· for ···· 2010e ······· be ·········· too ······· The ······ said ······ its ······ 1 ······· (credit ······· was ······· at ·········· 2010, ·········· to ······· at ·········· 2009 ····· the ······ tier ··· ratio ········ risk) ····· 8.6%, ···· from ······ at ·········· 2009.
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30/07
| |
Jeronimo Martins
-
Earnings/sales releases
Jeronimo Martins posted another good set of earnings. Revenues grew 19.6%(13% at constant exchange rates). In Poland, Biedronka delivered comparable sales ···· 10.5% ······ basket ··········· of ······ and ········· expansion ············· to ····· to ········ growth. ············ scale ·········· drove ········ growth ······· in ········ +50bp). ···· Portugal, ······· Doce ············ price ············· and ····· advertising ·········· which ··········· new ··········· and ········· volumes ········ but ·········· margin ·········· Despite ··········· conditions, ···· posted ······ trading ············· and ·········· focused ···· its ··········· plan, ····· of ······· being ··········· to ············
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30/07
| |
Repsol
-
Earnings/sales releases
Q2 results – Three points to highlight: 1/ Strong performance in Refining & Marketing, 2/ but lower production in Upstream, 3/ ········ to ······ Repsol ·········· yesterday ····· Q2 ···· results ········· the ··········· by ····· and ············ by ····· The ·········· division ··········· from ······ higher ····· prices ··········· prices ···· 33% ······ and ········· (340kboepd, ········ vs. ···· 09, ····· below ····· expectations ···· 364kboepd) ········· adjusted ··········· income ···· 115% ···· €370m ······ €399m ············ Production ····· slightly ··············· mainly ····· to ··········· incidences ····· stoppages ···· the ·········· and ······· Methanol ········ in ·········· & ········· the ········ in ····· production ········· coefficient ···· the ····· contractual ······· in ·········· and ····· impact ···· higher ····· prices. ········ refining ········ ($3.3/bbl ···· Q2 ···· vs. ·········· in ···· 10) ····· positive ············· of ····· marketing ·········· pushed ····· earnings ······ above ···· 10 ········· (despite ······· distillate ··········· YPF ·········· strong ·········· operating ········ to ······· (vs. ······ in ···· 09) ········ to ········ dollar-denominated ·········· prices ····· international ········· Gas ········· reported ········ figures ···· €181m. ····· LNG ·········· reported ······ earnings ···· €13m ········ because ···· narrower ····· marketing ·········· All ···· all, ········ reported ···· adjusted ··········· income ··· times ········ yoy ···· €1.26bn ····· CCS ·········· net ········ up ····· yoy ···· €523m. ····· model ···· currently ······· review: ········ some ············· upwards.
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30/07
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SCA
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Earnings/sales releases
SCA’s H1’10 results (SEK54bn in revenues and SEK4.5b in operating profit before restructuring costs) were as anticipated overall. After a traditionally ······ Q1, ·········· and ········· picked ···· momentum ···· Q2’10. ···· expect ········ results ···· H2’10, ········ driven ···· the ·········· Care ····· Tissues ··········· where ··· strong ········ presence ········ SCA ···· expand ······ the ········· markets ···· Asia ····· the ············ markets ···· Western ········· The ········ position ······ enables ····· company ···· pass ···· higher ····· material ······· to ············ Higher ······· for ······ (up ····· y-o-y ···· Q2) ····· recycled ······· (up ····· y-o-y ···· Q2) ······ led ····· to ·········· price ······· in ····· Tissues ·········· which ······ take ········ in ········ We ········ SCA ···· successfully ······ these ······· on ···· customers. ····· Packaging ····· Forest ·········· segments ······ witnessed ············ demand ······ sales ······ 9% ···· packaging ····· deliveries ······ up ···· for ············· papers), ····· solid ······ products ····· price ··········· due ···· a ········· market. ····· segments ·········· results ···· line ······ expectations, ········ for ········· and ············ The ········· segment ·········· lower-than-expected ········· because ···· high ····· material ········ while ····· Packaging ········· profits ····· exceeded ····· estimates ········· of ··· quicker-than-expected ············· of ······ savings ·········· from ····· restructuring ·········· put ···· place ···· 2009. ····· targeted ········ cost ········· of ·········· was ······· achieved ···· Q2’10. ···· leave ····· forecasts ····· TP ············
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30/07
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Rusal
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Initiation cov.
Improving business cannot find balance sheet support
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