Supportive sales, China blow out European cars released yesterday show sales were up 6.2% in Oct for the 14th straight gain Peugeot European sales rose 1.1% YoY with YTD vehicle sales up 5% to 2.43m Most notable was UG’s China sales which rose a meagre 31% in October to 63.8K units! This will be…
We saw potential in BATS which was well founded (up 13% since inception), but IMT wasn’t the best stock to play it against. We have been disappointed in the growth of e-cig this year and although we still believe trade will still play out, we feel the time frame will be much longer. Closing here…
Numbers from UCG not good enough for us. We will close here -3.6%. Headline profit beat was driven by one-off provisions that lowered LLP. Both revenue & operating income were lighter than expectations – and weaker than Italian peers. We think it could get ugly and close for a small loss. NOT JOINING IN…
Goldman upgrade Pirelli to Buy on the back of its resilient earnings growth in the context of a challenging market environment. We believe the successful execution of Pirelli’s premium strategy, and thus continued delivery of solid earnings growth, should drive a re-rating. 12-month share PT EUR13.5 Friday • 07 November 2014 • 09:47 At…
At a high level Pirelli numbers are a little disappointing: high margin premium tyre sales are booming (+17% yoy in Q3) yet total company operating margins are slightly down year over year. Within that consumer tyre margins are up 40bps to 14.2% while industrial (truck) tyre margins are down 350bps to 12.3%. So there…
There isn’t much we can conclude following these numbers. The jury is still out! Management are continuing with their strategy – as we described in the note – of growing the business through the opening of “own retail” stores. This is certainly driving good growth (especially in EM where there is less established sports retailers)….
We are taking profits in Alstom up 29.3%. We named as one of our favourite French names in our French Piece from the April 9. M&A has really driven the stock. Numbers were good today and feels like a good time to close. Allez les Blues and Corporate France Wednesday • 9 April 2014…
ING under pressure this morning. Feels like a decent seller early and this is an opportunity. Should be higher. Call reinforcing the bull points. Especially on the divi, buy the weakness
Steepest quarterly decline in non-food sales in 4 years. However increased margin outlook which was a worry for the street. Decent short interest. Closing for a 6.5% loss. Ouch! OVER TO ABF TOMORROW Monday • 03 November 2014 • 11:54 Over to ABF tomorrow. Most people seem to have massive faith in Primark to…
Has done nothing this week. Was all about the liquidity event and a week of road shows following great numbers. Closing +8.45%. GREAT NUMBERS & CC Friday • 24 October 2014 • 16:03 Great numbers from Shire – CC went well. They are on the road next week and we are likely to see…