Latest Content

Accor

When the largest Chinese shareholder wants a seat on the board

The chief executive of Accor said ”it would be complicated for Accor if its largest Chinese shareholder Jin Jiang requests a board seat at Accor”.

 View

  • 19 Mar 19
  • -
  • -

Wacker Chemie

Moderate 2019 top-line and profitability

Wacker reported its full-set of 2018 figures, which confirmed the already announced preliminary figures, but broadly missed its own extensive guidance for 2018. More interesting is the given 2019 guidance, which foresees a decline in EBITDA and the respective margin, primarily stemming from Silicones’ more moderate, but still healthy, performance. Management’s view is more cautious and excludes a potential insurance compensation, which we are anticipating.

 View

  • 19 Mar 19
  • -
  • -

ASOS

Gathering concerns at Asos

Sales development below estimates and growth slowing down further to 11% at CER in Q2.

 View

  • 19 Mar 19
  • -
  • -

Pearson

Undoubtedly making progress but still a lot to do

As expected, Pearson reported declining consolidated revenues for FY18 (-8.5% reported to £4,129m; -1% underlying, impacted by ongoing pressures in US Higher Education Courseware: -5% and US K12 Courseware). Conversely, the adjusted operating profit improved by 8% underlying to £546m, i.e. in the upper half of the guidance (£520-560m). Adjusted EPS reached 70.3p (including a c.20p one-off tax benefit and a lower finance charge) and the final dividend proposal is 13p, i.e. +8%, implying a full-year dividend of 18.5p (from17p). Acknowledging having “a lot still to do”, management expects the company’s consolidated sales to stabilise in FY19e (still underlying market pressures in US Higher Education on print courseware revenue) before growing again from FY20e. Including IFRS 16, the FY19e guidance is for adjusted operating profit of £610-660m and adjusted EPS of 55.5-61.0p including the US K12 Courseware which was held for sale and finally sold on 18 February 2019.

 View

  • 19 Mar 19
  • -
  • -

PORSCHE AUTOMOBIL HLDG-PRF

Final 2018 numbers are out

After VW had released surprisingly good net earnings for 2018, Porsche’s numbers were also better than anticipated. This company’s EBIT number (which includes the VW at-equity profit contribution) increased by almost 6% to €3.50bn and net earnings were up by 6% to €3.47bn. As VW will also distribute a higher than previously expected dividend, Porsche raises its own dividend from €1.76 to €2.21.

 View

  • 19 Mar 19
  • -
  • -

Amundi

Amundi can pay the high price...

In the frame of formal talks between Commerzbank and Deutsche Bank, DWS might potentially be sold. DWS’s share price was up 10% yesterday on rumours that Allianz is interested in the German asset manager. We believe Amundi will also be interested in the company.

 View

  • 19 Mar 19
  • -
  • -
 

AlphaValue Research and Daily Commentaries

Research Tree offers AlphaValue research, providing ongoing coverage of 516 shares. We offer 7935 reports from AlphaValue on Research Tree.

  • Research reports provided by AlphaValue

  • Companies covered by AlphaValue

  • Sectors covered by AlphaValue