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Boliden

Reasonable Q2 results; no major concerns at the moment

Despite a maintenance shutdown, waning price tailwinds, weaker (mining) volumes and cost pressure, Boliden did well to achieve healthy operating profits – although somewhat behind the Street’s estimates. While margin normalisation is inevitable (given the unjustified pricing gains in the past), the operating performance is nevertheless expected to remain healthy – thereby helping sustain Boliden’s best-in-class stakeholder returns and rewards. A dominant exposure to Europe, where prospects are promising, is an added advantage.

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  • 20 Jul 18
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Experian

Positive Q1 FY17/18

The company reported its Q1 FY18/19 results which came in ahead of our estimates. Both North America and EMEA/Asia continued to grow robustly, gaining additional support from Latin America. Despite the uncertain macro-economic environment, the company’s UK and Ireland operations improved further. Furthermore, the permission to operate under an open banking licence opened new pastures for growth. Considering the continuous strength in the US operations and the recovery in the UK region, we have raised our estimates. No change in our stock recommendation.

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  • 20 Jul 18
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Atlas Copco

Strong quarter but mixed outlook

Atlas Copco reported a strong quarter, including 10% organic growth in orders and 11% organic growth in revenues, coupled with an operating margin of 22.2%. However, although the company expects demand from the Customer segment to remain at a high level, it also added a bit of cautiousness on Semiconductor Equipment which is expected to be somewhat lower in the near term.

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  • 20 Jul 18
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KONE Corporation

H1 18: willing to grow but not necessarily through a combination with Thyssenkrupp

Concerning the growing uncertainty due to the increase of tariffs on Chinese exports to the US from the Trump administration, there are some risks for Kone from 2019 onwards, in our opinion. France, one of top 5 markets, is seeing a positive development in the market. We will reduce our EBIT margin recovery expectation and go for growing revenues in FY19 but a stable EBIT margin compared to FY18. This could trigger a change in recommendation from Reduce to Sell.

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  • 20 Jul 18
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NV Bekaert

Profit warning harms the company's margin expansion story

Bekaert issued a profit warning on its FY18 profit margin which is likely to be substantially lower than expected (20% below market consensus) while the FY18 EBIT should be lower than last year’s. The company cited many reasons including pricing pressure, the slow recovery of Bridon and changes to trade policies. The warning is disturbing and leadd to a lack of visibility.

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  • 20 Jul 18
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Telia Company

Take advantage of the acquisitions at high prices weighing on the stock

A correct Q2 in line with expectations (in particular EBITDA growth due to the satisfactory progress of Telia’s cost-cutting programme of SEK1.1bn). But following the announcement in parallel this week of the acquisition of TDC’s Norwegian business (to be present on the fixed side in Norway) and of Bonnier Broadcasting (to move toward TV content in Scandinavia) for SEK30bn, the stock is down by 6% since the beginning of the week. We believe it’s an opportunity to buy the stock.

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  • 20 Jul 18
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