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Compagnie Financiere Richemont
Encouraging rebound in Jewellery

Richemont has released a reassuring Q3 trading update. The trading performance was better than expected in all regions except for Japan. The double-digit sales progression in mainland China and Korea have fully offset the continued decline in Hong Kong. The strong recovery of flagship jewellery brands Cartier and VCA after a disappointing previous quarter has confirmed the attractiveness of the high-end jewellery market.

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  • 17 Jan 20
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RWE
Lignite phase-out: a not that accommodating compensation

The German government has provided more details on the timing and level of compensation for the accelerated lignite phase-out: the RWE installed capacity of lignite is expected to decrease from 8,720MW at the end of 2019, to 5,900MW in 2022, 3,800MW in 2029 and 0MW in 2038. The compensation over 15 years will be €2.6bn, while the group estimates the overall financial impact to be around €3.5bn.

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  • 17 Jan 20
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GVC
Online leads to a good finish to 2019

GVC reported good Q4 19 numbers, with total NGR up by 1%, on a cc basis. The strong performance was driven by online (+11% with gaming up 9% and sports up 15%) which offset another quarter of decline in UK retail (-11%). Following the strong Q4, management upgraded its EBITDA expectations to the higher end of the earlier range (£670-680m). Given our slightly aggressive estimates, we do not expect any significant revisions to our estimates or target price.

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  • 17 Jan 20
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Swissquote Group Holding
An enabling environment (Swissquote Group Holding)

An enabling environment OPINION CHANGE CHANGE IN OPINIONBuy vs Reduce CHANGE IN EPS2019 : CHF 2.91 vs 2.72 +6.96% 2020 : CHF 3.72 vs 3.05 +21.9% Following Swissquote's press release on 15 January regarding its revenues and pre-tax profit, we adjust our numbers for 2019 and going into 2020 and 2021. Revenues were indeed higher than our expectations and management confirmed its ambitious guidance for 2022 at the same time. As financial markets are enjoying a strong momentum, we find it ever more appropriate to increase our expectations and get closer to management's guidance (CHF320m revenues, CHF100m pre-tax profit and CHF36bn assets under custoday expected in 2022). More details are available in a Latest we published on 16 January. CHANGE IN NAVCHF 59.4 vs 52.8 +12.4% Our NAV is based on operating profit per division (securities trading and leveraged FX). As we are increasing our numbers going into 2021 and 2022, our NAV mechanically increases. CHANGE IN DCFCHF 73.2 vs 60.9 +20.2% As we have increased our EPS expectations for the next years, the DCF (which is earnings-dependent) is mechanically increased (all else being equal).

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  • 17 Jan 20
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Renault
As expected, vehicle deliveries fell in 2019

The group’s worldwide deliveries fell by 3.4% or 131k to 3.75m last year. Excluding deliveries of the Chinese joint-ventures, the number also fell by 3.4% or 127k to 3.59m. We had expected a worldwide number of 3.77m, i.e. the discrepancy is only marginal. Excluding the CKDs delivered to Iran in 2018, the rate of decline was 0.8%.

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  • 17 Jan 20
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Alstom
Order-intake rises in Q3

Alstom ended Q3 FY19/20 on a positive note. While the revenue performance was mediocre (as expected), the robust order-intake lifted the group’s existing order-book to a record €43bn – equivalent to around five years of its annual turnover. Management has maintained the FY19/20 as well as the mid-term outlook.

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  • 17 Jan 20
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