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Wartsila Oyj

Profit warning drives downgrade

After downgrading the FY19 outlook during the half-yearly results, management has now issued a severe profit warning. Besides the weaker-than-expected order intake, it expects the profitability from its existing projects to be significantly lower. We will trim our financial estimates materially.

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  • 19 Sep 19
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Kingfisher

The struggle continues...

Kingfisher once again disappointed investors with its dwindling top-line. Although H1 FY19/20 profitability was ahead of street estimates, it is likely to be offset with higher stock clearance costs in the second half. All eyes are now set on the new CEO, if he will make the difference. Impatient investors are, however, unlikely to give him much time to prove his worth. No material change in our estimates.

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  • 19 Sep 19
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NEXT

Full-year guidance maintained

Next has maintained its full-year guidance given the expected weak Q3. An interim dividend of 57.5p per share will be distributed.

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  • 19 Sep 19
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Schindler Holding

H1 19: Schindler ought to be the winner of the Kone/ThyssenKrupp merger

With the potential merger of Kone and ThyssenKrupp, there is a high chance that in some countries Kone would have to divest some activities to obtain the competition authorities’ approval for the deal. Much as CRH did in buying assets from LafargeHolcim, Schindler could be selective in buying assets from Kone/ThyssenKrupp. Therefore we believe that Schindler would be the true winner of such a merger and we intend to keep a positive recommendation on the company.

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  • 18 Sep 19
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Renault

Year-to-August sales down in every region

The Renault Group has lost market share in the last month (-0.4pp to 3.87%) and ytd (-0.08pp to 4.30%). These shares are based on worldwide car sales although the company is not active in Nafta and hardly so in China. Its Chinese market share is in the vicinity of 0.75%, i.e. its vehicles are little recognised there.

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  • 18 Sep 19
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Chargeurs

H1: organic growth recovery and a brighter outlook

A return to organic growth in the second quarter and the opening of a sophisticated production line in its Protective Films business has set the stage for a recovery in H2. Chargeurs’ continued commitment and keen eye for profitable growth paint an upbeat outlook for 2020, on the way to achieving €1bn turnover by 2021.

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  • 18 Sep 19
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