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HAL Trust

Dredging blast continues, modest growth for consumer assets

Bleak forecasts for Boskalis in 2019; oil prices above $60 support Vopak’s and SBM Offshore’s activities. Optical retail, heading for modest growth, reaffirmed its guidance.

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  • 19 May 19
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Sonae SGPS

In good shape

The good performance in the food retail and the full consolidation of Sonae Sierra are improving the holding company’s top-line and profitability, the discount to NAV retracted to 18.9% but remains attractive.

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  • 19 May 19
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Renault

Senard and Bolloré join Nissan’s Supervisory Board

After the arrest of former CEO Carlos Ghosn in late 2018 in Japan, the Alliance has been in turmoil. Only now has a very first decision been taken by appointing an entirely new Supervisory Board.

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  • 18 May 19
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easyJet

Reassuring trading performance

easyJet published an encouraging set of H1 19 results, in line with consensus expectations. As expected, the lower air fares resulting from fierce industry competition and a higher cost environment deepened the operating loss in the first half. However, despite the continuing challenging trading environment and macro-economic uncertainties in Europe, the FY19 guidance remains unchanged.

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  • 17 May 19
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UNITED CO RUSAL

A weak start to the year

US sanctions were withdrawn in late January 2019. Yet, Rusal’s Q1 results – VAP sales and profitability – were materially weak. While operational normality should be gradually restored, the current market environment poses new (near-term) challenges. Fortunately, the Russian aluminium major seems well-equipped to withstand these headwinds and hence, remains an attractive, though still risky, sector bet.

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  • 17 May 19
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The Sage Group

Strong subscription growth in line with expectations

In H1 18/19, organic revenue growth (+6.2%) was attributable to the continuing strong development of subscriptions (+27.7%) which more than offset lower maintenance and support revenue (-10%) and the decrease in SSRS revenue (-11.8%) due to lower licence revenue. The organic operating margin decreased by 1.6pt to 23.2% of revenue taking into account higher investment to accelerate growth and a higher bonus provision in line with the business development. Lastly, 2019 guidance is globally unchanged.

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  • 17 May 19
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