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Meggitt

Trading update: strong performance in Defence

Meggitt has issued a trading update in which all divisions performed according to guidance except for Defence which did even better. On the back of this development, Meggitt upped its FY19 revenue growth guidance, while, at the same time, expecting a potential drag on the margins.

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  • 12 Nov 19
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Dialog Semiconductor

Good news after good news, Dialog's muscle in its game

Just a week after releasing strong results, Dialog came back to the market to release another good piece of news. The company has upped its long-term profitability guidance, which we believe will generate upward pressure on the consensus.

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  • 12 Nov 19
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Infineon Technologies

Q4: recovery to accelerate in Q2 20

Infineon’s Q4 publication was strong. The company achieved a decent profitability level and good cash generation. The sequential outlook was a bit disappointing, but the FY20 guidance implies an even stronger recovery to start in March 2020. On top of this, the equity story of the company, driven by both Power and Digitalisation in Automotive and Industrial applications, remains intact with strong secular growth trends.

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  • 12 Nov 19
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Atlantia

9m19: the virtue of the Abertis acquisition and we would welcome a revoking of the Autostrade concession

Our view is that revoking the Autostrade concession could only take place at a fair price for Atlantia as Italy belongs to the European Union. At AlphaValue, we would welcome a revoking (at a fair price) as it would accelerate the geographical diversification of Atlantia away from Italy. Despite this and in view of the earnings release, we expect little change to our forecasts and, hence, no change in our Buy recommendation.

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  • 12 Nov 19
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Mediobanca Group

New business plan points to a 10% total annual return

The new business plan stands at the high end of consensus expectations. The top-line growth will come at a high cost in terms of operating expenses, translating into relatively similar bottom-line progression. It remains that, if successful, the shareholders will be granted a 10% total return, above the 8% they usually require for an equity investment.

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  • 12 Nov 19
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Iliad

The trumpets of Jericho sound to raise the stock

Iliad has released a correct Q3 which reflects an improvement trend in France. But the amazing and odd news of the day is a €1.4bn public share buy-back offer at €120 per share, corresponding to 20% of the market cap of the group. This operation will be financed in parallel by a share issue at the same price at which Xavier Niel could invest up to… €1.4bn.

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  • 12 Nov 19
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