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Genmab

Q2 sales above expectations; US listing on the cards

Genmab’s collaboration partner, J&J, has released better than expected sales numbers for Darzalex for Q2, but the beat was largely due to one-off adjustments. On a separate note, Genmab plans to raise c.$500m, through the listing of ADSs in the US, to fund its R&D investments and be commercially launch-ready.

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  • 17 Jul 19
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Swedbank

Capital issues?

Swedbank released this morning its numbers for Q2 19. Profit before loan losses was 3% higher than expected (mainly driven by volatile/other income however). Management has revised downwards the pay-out ratio from 75% to 50% (for regulatory and money-laundering reasons). We are comfortable with our EPS and our recommendation on the stock (stay away until we get more clarification on the money-laundering front).

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  • 17 Jul 19
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Telekom Austria

An interesting slow growth story but the dividend remains relatively low

Q2 revenues were up by 2.6% yoy, while EBITDA (excluding restructuring charges in Austria) grew by 2.7% (adjusted for IFRS16) : it is slightly better than in Q1 and slightly above the outlook given by management for the whole year. We maintain our opinion at Add on the stock.

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  • 17 Jul 19
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Ocado Group

Moving ahead slow and steady

Ocado managed to clock a healthy top line but EBITDA was below our expectations in H1 19. Going forward, the performance of both core segments (retail and solutions) is expected to gain strength. Ocado Zoom continues to be a promising proposition but is still in its early stages. We will tweak our estimates slightly but maintain the stock recommendation.

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  • 17 Jul 19
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Experian

Despite a soft start, the full-year guidance remains unchanged

Experian’s top-line growth moderated in Q1, largely due to the tough comparable in the‘Decisioning’ segment. Despite this soft start, management remains confident about the business prospects, maintaining its full-year guidance. We will tweak our estimates slightly, but do not expect a material change in the target price.

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  • 17 Jul 19
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Crh

CRH announces the divestment of Europe distribution

CRH announced today the divestment of the Europe distribution business, for good reasons. But we are disappointed, on our side, as we were expecting a higher transaction multiple. We expect to lower our target price by less than 5% and to drop the recommendation from Buy to Add.

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  • 16 Jul 19
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