H1 results have not improved visibility on the stock. Positives are:
1/ dynamism in emerging countries, which supports sales growth (Other ·········· countries ············· 44% ···· H1 ······· growth ····· RoW ······ and, ··········· operating ········ resilience, ······ Dysport ······ of ········ +13.2% ···· CER), ············ (25% ···· sales, ········ at ······ notably ···· China ······ we ·········· general ··········· traditional ······ of ················
2/ ········ performance ···· the ··············· (65% ···· H1 ······· growth, ····· from ············· 14% ······ NutropinAq ····· 5% ······ Increlex) ····· continuation ···· the ············· strategy, ··········· to ······· development: ·············· underpin ····· of ······· sales; ·····
4/ ·········· operating ··············· (excluding ··············· items ···· which ···· 09 ··········· arrears ···· €36m), ···· 20% ······ down ····· reported). ········ the ·········· that ······· on ····· assessment, ···· note: ···· uncertainties ············ taspoglutide ······ 23/06/10 ·········· 2/ ····· disappointing ···· (<5% ···· global ········ slow ········· despite ········ investments ······· In ··········· information ···· the ··········· of ······· in ····· US ···· really ·········· The ······ thing ······ is ·········· for ····· medium ······ is ····· under-utilisation ···· production ··········· waiting ····· a ······· increase, ···· the ·········· impact ···· H2 ········· from ············· measures ······· by ······ governments ········ prices ····· delisting) ····· 4/ ······ catalysts ·········· in ····· short ······· We ······ small ········· to ····· forecasts ····· have ·········· lowered ····· medium-term ········ rate ······ 9% ···· 8.5%.
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After remarkable contract awards obtained in August, of which the giant “high-speed train” contract won by AnsaldoBreda (Finmeccanica's part: €900m), three ······ points ····· be ······ in ····· H1 ·········· 1/ ····· nice ·············· for ····· 3 ············ Pillars” ··············· Defence/Security ·············· Aeronautics), ······· helped ····· group’s ·········· grow ···· +1.5% ···· €8,654m; ···· a ········· increase ···· the ········· backlog ···· a ········ €45.8bn ·········· c.2.5 ······· of ········ and ···· guidance ············ with ··········· sales ·········· in ····· range ···· €17.8bn ···· €18.6bn, ······· in ····· range ········· to ········ and ··········· FCF ········ €200m. ···· the ······· hand, ······· weak ········ may ······ be ··········· 1/ ······· profitability ······ expected, ······ a ······ operating ········ (EBITA: ········ -3% ······· 2/ ··· free ··········· cash-flow ·········· negative ···· -€967m, ········ due ···· the ······· financing ······ in ····· (-€1,059m), ··········· a ··············· in ····· net ······ to ········· (€3,070m ···· end-2009); ···· rising ··············· in ·········· military ·········· which ·············· tries ···· offset ···· increasing ········ from ·········· markets. ···· this ·········· recent ··········· with ······· (€247m), ········ (€180m) ····· Sukhoi ··········· (€300m) ······ good ·········· By ··········· Helicopters ········ up ······· EBITA ···· 11.7%) ····· Defence ··········· Electronics ········ up ······· EBITA ···· 5.5%) ······ the ······ drivers ····· H1 ········· Aeronautics ········ up ······· EBITA ······ 10%) ····· Defence ········· (sales ···· 4.5%, ······· down ······ achieved ········· performances. ······· (sales ······ 5.3%, ······· down ······ and ········ (sales ······ 17%, ······· down ······ were ········· disappointing. (To view the full text please subscribe :click here)

BP is still looking for the sale of its field in Alaska after its failure to sell it to Apache at ····· beginning ···· the ······· This ·········· a ····· (or ······· less) ······· in ········· Bay ···· Alaska, ······· $5-10bn. ········ is ······· seen ···· a ········ although ············ could ······ be ··· potential ········ BP ······ remains ···· talks ······ its ········· venture, ········· to ······ its ········ in ············ The ·········· is ······ of ··· plan ···· raise ···· to ······· from ······· sales, ······· could ···· revised ···· (rumours ···· around ········· Last ······· the ······· reported ······ the ····· leak ······· had ········· $8bn. (To view the full text please subscribe :click here)

Q2 10 sales came in at €243.9m, up 6.9% (+1.4% at constant exchange rate) and the company confirmed its full-year guidance ···· 0-2% ········ at ·········· exchange ······ with ··· 27.5% ··········· margin. ········ H1 ····· the ········· generated ······· of ·········· up ······ at ·········· exchange ········ The ········ momentum ··········· in ······· America, ······· sales ··········· by ···· adjusted ····· revenues ·········· to ··· postal ······ change ······ year. ········ the ········· Neopost ·········· two ····· high-end ········· systems, ····· IS ······ and ···· 6000 ···· the ······ In ········· the ············· was ········ with ··· 2.7% ······· increase ···· France ····· a ······ growth ···· Germany, ········ by ··· 8.7% ····· decline ···· UK. ··········· sales ······ 2% ···· Q2 ···· while ··········· revenues ·········· a ········· 1.1% ········· penalised ···· changes ······ postal ······ changes. ····· mailing ········· were ······ negatively ·········· by ······· postal ······ changes ····· reported ··· decrease ···· -1.9% ···· Q2 ····· while ·········· and ·········· systems ······ by ······· due ···· a ········ penetration ···· high ····· products ···· well ···· the ············· of ········ and ····· Scandinavian ························· in ···· 10 ····· in ······ with ····· expectations ····· the ·············· of ·········· for ····· full ······ is ············ after ····· Pitney ········ troubles ···· Q210. ···· believe ········ should ············ in ··········· as ····· products ········ continue ···· be ·········· in ····· second ······· (To view the full text please subscribe :click here)

Thessaloniki refinery upgrade completed by end year (To view the full text please subscribe :click here)

Main contributor to dividend financing remains the property businesses. (To view the full text please subscribe :click here)

Weightwatchers, a lifesaver (To view the full text please subscribe :click here)

We have fully updated our forecasts following the release of interim results. Our bottom-line projections for the coming three years are ········ unchanged. (To view the full text please subscribe :click here)

H1 10 results (31/08/10): H1 sales up +2.3% (-3.0% lfl, of which +1.7% lfl on Q2) at €15.5bn thanks to a ······ performance ···· Concessions ········ at ·········· with ··· still ········ LV ········· and ·············· of ····· upturn ···· HV ·········· and, ···· Contracting ········ at ········· to ··· deceptive ··········· performance ···· Energy ········· at ········· -3.1% ······ on ····· back ···· the ··············· of ········· in ······· 2010. ····· Construction ·········· was ······· the ······ concern, ········· another ·········· of ········ 5% ···· H1 ····· Operating ········ from ·········· activities ····· up ······ at ········· driving ··········· margins ···· 9.2%, ···· +20bp ····· H1 ····· Concessions ········ at ········ and ········ (+23% ···· €150m) ··········· contributed ···· the ········ expansion, ········· operating ········· respectively ···· by ······· at ······· and ······· at ······· but ······ surprisingly, ········· decreasing ········ Construction ······ posted ···· increase ···· margins ······ 4.4% ···· 4.6%. ····· bottom ······ was ···· 1.9% ···· €703m, ······· is ····· justification ····· the ············ interim ·········· of ······· per ········ Concerning ····· balance ········ net ······ decreased ···· €700m ····· H1 ···· and ···· the ····· of ······ was ········ The ········· posted ··· solid ·········· (+18%), ·········· a ····· record ······· of ·········· Without ·········· the ········· was ···· 10%. ···· outlook, ············ said ···· expect ······· to ···· up ····· with ······ EBITDA ········· and ··· stabilisation ···· net ······· This ········· reinforces ····· positive ········ on ····· stock. (To view the full text please subscribe :click here)

H1 revenue figures are in line with our expectations. Sales ultimately fell by 2% due to a good slight increase in ········· (+4%), ··· drop ···· the ·············· and ·········· (respectively ····· and ······ and ··· solid ········· for ····· (sales ······ 14% ········ by ··· pick-up ···· advertising ········ while ······· (-2%) ············· a ·············· economic ··········· in ········· Europe. ········· EBITDA ·········· by ····· to ·········· This ···· mainly ····· to ····· poor ············· of ········ fierce ············· pressure ········· on ··············· while ····· company ············ a ······ of ······ in ········· Europe. ···· this ·········· Colas ···· continuing ····· measures ······· in ······ and ···· introducing ··· tougher ········ plan ···· Central ········ and ········ to ········ to ··········· margin ········ in ······· We ····· pleasantly ··········· by ····· resilience ···· Bouygues ··············· in ····· order ········· reached ···· all-time ······ of ········ (+38% ···· H1 ····· and ····· order ······ rose ···· a ········ €13.9bn, ····· higher ······ at ·············· 2009 ····· this ····· not ···· yet ········· the ··········· Sports ····· project ········ in ········ for ······ m. ···· for ·········· Telecom, ······ that ····· fixed-line ·········· continued ···· grow, ······ 214k ····· activations ···· the ···· (97k ···· the ····· and ······ Bbox ··········· at ············ But ········ of ····· arrival ···· Free ···· the ········ field ······ 2011. ······ also ······ following ····· market ·········· we ······ again ··· buy ················ on ····· stock. (To view the full text please subscribe :click here)

Strong resilience in Aerospace /Defence, however modest cash-flows (To view the full text please subscribe :click here)

Holmen’s 2Q’10 revenues at SEK4.2bn (-c.6% y-o-y) and EBIT at SEK268m (-c.28% y-o-y) were lower than our expectations, driven by continued ·········· in ····· Paper ········· negating ·········· performances ······ Paper ········ and ······· The ······· segment ·········· a ······ of ········· (same ······· as ········ vs. ···· SEK150m ········ in ········ Rock ········ newsprint ········ and ········ recovered ········ pulp ····· electricity ········ (2Q’10 ········· prices ···· 60%, ····· and ········ respectively, ······ the ······ average) ····· to ····· segment ······· We ········ our ········· forecast ···· a ······ of ········· for ······ (SEK246m ······ previously). ···· now ·········· losses ···· 2011 ····· 2012 ···· well, ······· that, ·········· to ····· earlier ··············· newsprint ········ still ······ no ······· of ··········· improvement; ····· long-term ········· remains ·········· due ···· shifting ···· adspend ····· of ······· and ······ electronic ········ We ····· however, ········ in ······ pullback ···· raw ·········· prices ·········· 2011 ······· softening ···· pulp ········ already ···· Jul-Aug’10 ····· 1H’10) ····· expect ········ to ········ substantially ············ Other ·········· delivered ········ 2Q’10 ········· – ······· boards ·········· EBIT ········· vs. ········· in ········ benefited ······ a ········ consecutive ······ price ·········· in ······· bleached ······· and ········· boxboard ····· cost ········· from ·········· of ··· board ········· at ············ Mill. ······· Wood ········· profits ·········· vs. ········· in ········ reflected ··········· high ········· We ········· profit ··········· for ······ segments. ····· net ········ of ····· segment ········ revisions ···· significantly ·········· on ····· DCF ····· NAV ············· (To view the full text please subscribe :click here)

Dixons Retail (former DSG International) released mixed trading. Total Group sales and lfl sales were both up 3%. In its UK ·········· market, ········ was ····· best ···· the ······ street ······· Cup ········· after ······· of ············ TVs ········ 40% ···· May ···· the ······ of ····· well-targeted ············ The ······· Cup ········ as ······ as ···· exclusive ······ with ······· to ······ the ······· helped ···· deliver ··· 6% ······ in ···· lfl ········ albeit ········· a ······ 14% ······· figure ··· year ······ In ····· core ·········· (60% ···· revenues), ····· quarter ···· encouraging ····· the ······· which ········ its ········· to ······ market ········ However, ········· the ········· were ··· bit ··············· with ······ lfl ······· (+6% ·········· in ······· currency) ···· comparison ···· a ········ dynamic ······ (+13% ······· Despite ·········· measures ···· restructure ········ and ········ 2010 ········· a ······· year ····· electricals ········ which ····· suffering ······ consumers ·········· in ······· purchases ······· the ·········· of ·········· Governments' ··········· plans. (To view the full text please subscribe :click here)

Newsprint - a deadweight on profits (To view the full text please subscribe :click here)

With 6.1% organic growth, o/w 4.6% RIG (volume/mix), 100 bps reported EBIT margin improvement at 15.1% (80 bps LfL and 70 ····· at ·········· currencies) ····· net ········ up ······ (i.e. ······ margin ·········· H1 ···· results ··········· Nestlé's ········· to ········· consistent ············· even ···· the ········· uncertain ·········· environment, ········· in ········· currency ····· commodity ······· volatilities. ······ & ··········· posted ········· strong ········· (5.7% ········· growth, ···· bps ·········· and ·········· currencies ······ margin ········ widespread ········ developed ····· emerging ········· and ········ by ····· nutrition ··········· and ·········· (+190bps) ············ while ····· dishes&cooking ······ was ····· only ······ to ········ a ········ decline ········ on ····· back ···· negative ········ in ····· US ········ food. ······ also ·········· increasing ······· and ······· support ········ largely ········ by ······ savings. ······ allows ····· Group ···· reconfirm ····· earlier ···· guidance ···· around ···· organic ········ and ······ margin ············· in ·········· currencies ····· 2009. ········· greater ·········· on ······· costs ······· expected ····· the ······ H2 ···· should ········· from ····· full ········ of ······ product ············· (80% ·········· in ······ further ······ savings ······ 1.5bn ··· year) ····· good ········ momentum ···· developed ········· while ······ markets ········ (the ········ of ····· emerging ·········· is ·········· to ··········· Accordingly, ···· have ·········· revised ···· our ···· EPS ·············· and ····· include ··· months ······ 6 ········ previously) ···· Alcon ··········· the ············ of ····· sale ···· the ····· of ········· Rating ············ (To view the full text please subscribe :click here)