Richemont has released a reassuring Q3 trading update. The trading performance was better than expected in all regions except for Japan. The double-digit sales progression in mainland China and Korea have fully offset the continued decline in Hong Kong. The strong recovery of flagship jewellery brands Cartier and VCA after a disappointing previous quarter has confirmed the attractiveness of the high-end jewellery market.

Compagnie Financiere Richemont

• 17 Jan 20
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Richemont has released a reassuring Q3 trading update. The trading performance was better than expected in all regions except for Japan. The double-digit sales progression in mainland China and Korea have fully offset the continued decline in Hong Kong. The strong recovery of flagship jewellery brands Cartier and VCA after a disappointing previous quarter has confirmed the attractiveness of the high-end jewellery market.

Compagnie Financiere Richemont

• 17 Jan 20
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The German government has provided more details on the timing and level of compensation for the accelerated lignite phase-out: the RWE installed capacity of lignite is expected to decrease from 8,720MW at the end of 2019, to 5,900MW in 2022, 3,800MW in 2029 and 0MW in 2038. The compensation over 15 years will be €2.6bn, while the group estimates the overall financial impact to be around €3.5bn.

RWE

• 17 Jan 20
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The German government has provided more details on the timing and level of compensation for the accelerated lignite phase-out: the RWE installed capacity of lignite is expected to decrease from 8,720MW at the end of 2019, to 5,900MW in 2022, 3,800MW in 2029 and 0MW in 2038. The compensation over 15 years will be €2.6bn, while the group estimates the overall financial impact to be around €3.5bn.

RWE

• 17 Jan 20
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After a few months of delays, Auriant Mining’s Tardan CIL project has now been operating since mid-November. Production guidance for FY19 is 550kg from the Tardan heap leach operation and 150kg from the CIL operation plus c 64.2kg from alluvial operations at Solcocon (total 764.2kg, or 24,570oz). With the CIL plant at full capacity, however, this is expected to increase sharply, to c 29,272oz per year (average) at steady-state, before being supplemented by production of another c 64,041oz per year (average) from Kara-Beldyr from FY24.

AURIANT MINING

• 17 Jan 20
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After a few months of delays, Auriant Mining’s Tardan CIL project has now been operating since mid-November. Production guidance for FY19 is 550kg from the Tardan heap leach operation and 150kg from the CIL operation plus c 64.2kg from alluvial operations at Solcocon (total 764.2kg, or 24,570oz). With the CIL plant at full capacity, however, this is expected to increase sharply, to c 29,272oz per year (average) at steady-state, before being supplemented by production of another c 64,041oz per year (average) from Kara-Beldyr from FY24.

AURIANT MINING

• 17 Jan 20
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An enabling environment OPINION CHANGE CHANGE IN OPINIONBuy vs Reduce CHANGE IN EPS2019 : CHF 2.91 vs 2.72 +6.96% 2020 : CHF 3.72 vs 3.05 +21.9% Following Swissquote's press release on 15 January regarding its revenues and pre-tax profit, we adjust our numbers for 2019 and going into 2020 and 2021. Revenues were indeed higher than our expectations and management confirmed its ambitious guidance for 2022 at the same time. As financial markets are enjoying a strong momentum, we find it ever more appropriate to increase our expectations and get closer to management's guidance (CHF320m revenues, CHF100m pre-tax profit and CHF36bn assets under custoday expected in 2022). More details are available in a Latest we published on 16 January. CHANGE IN NAVCHF 59.4 vs 52.8 +12.4% Our NAV is based on operating profit per division (securities trading and leveraged FX). As we are increasing our numbers going into 2021 and 2022, our NAV mechanically increases. CHANGE IN DCFCHF 73.2 vs 60.9 +20.2% As we have increased our EPS expectations for the next years, the DCF (which is earnings-dependent) is mechanically increased (all else being equal).

Swissquote Group Holding

• 17 Jan 20
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An enabling environment OPINION CHANGE CHANGE IN OPINIONBuy vs Reduce CHANGE IN EPS2019 : CHF 2.91 vs 2.72 +6.96% 2020 : CHF 3.72 vs 3.05 +21.9% Following Swissquote's press release on 15 January regarding its revenues and pre-tax profit, we adjust our numbers for 2019 and going into 2020 and 2021. Revenues were indeed higher than our expectations and management confirmed its ambitious guidance for 2022 at the same time. As financial markets are enjoying a strong momentum, we find it ever more appropriate to increase our expectations and get closer to management's guidance (CHF320m revenues, CHF100m pre-tax profit and CHF36bn assets under custoday expected in 2022). More details are available in a Latest we published on 16 January. CHANGE IN NAVCHF 59.4 vs 52.8 +12.4% Our NAV is based on operating profit per division (securities trading and leveraged FX). As we are increasing our numbers going into 2021 and 2022, our NAV mechanically increases. CHANGE IN DCFCHF 73.2 vs 60.9 +20.2% As we have increased our EPS expectations for the next years, the DCF (which is earnings-dependent) is mechanically increased (all else being equal).

Swissquote Group Holding

• 17 Jan 20
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The group’s worldwide deliveries fell by 3.4% or 131k to 3.75m last year. Excluding deliveries of the Chinese joint-ventures, the number also fell by 3.4% or 127k to 3.59m. We had expected a worldwide number of 3.77m, i.e. the discrepancy is only marginal. Excluding the CKDs delivered to Iran in 2018, the rate of decline was 0.8%.

Renault

• 17 Jan 20
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The group’s worldwide deliveries fell by 3.4% or 131k to 3.75m last year. Excluding deliveries of the Chinese joint-ventures, the number also fell by 3.4% or 127k to 3.59m. We had expected a worldwide number of 3.77m, i.e. the discrepancy is only marginal. Excluding the CKDs delivered to Iran in 2018, the rate of decline was 0.8%.

Renault

• 17 Jan 20
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Alstom ended Q3 FY19/20 on a positive note. While the revenue performance was mediocre (as expected), the robust order-intake lifted the group’s existing order-book to a record €43bn – equivalent to around five years of its annual turnover. Management has maintained the FY19/20 as well as the mid-term outlook.

Alstom

• 17 Jan 20
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Alstom ended Q3 FY19/20 on a positive note. While the revenue performance was mediocre (as expected), the robust order-intake lifted the group’s existing order-book to a record €43bn – equivalent to around five years of its annual turnover. Management has maintained the FY19/20 as well as the mid-term outlook.

Alstom

• 17 Jan 20
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Swissquote announced yesterday both revenues and the pre-tax margin for 2019. The two numbers are above guidance at CHF230m and CHF50m, respectively. Management confirmed its guidance for 2022 and the full report will be available on 17 March. Swissquote was up 10% yesterday is up 3.5% today.

Swissquote Group Holding

• 16 Jan 20
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Swissquote announced yesterday both revenues and the pre-tax margin for 2019. The two numbers are above guidance at CHF230m and CHF50m, respectively. Management confirmed its guidance for 2022 and the full report will be available on 17 March. Swissquote was up 10% yesterday is up 3.5% today.

Swissquote Group Holding

• 16 Jan 20
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Beiersdorf’s preliminary FY sales figures were above our expectations. Consumer continued its strong performance, driven by La Prairie and Nivea. tesa was also better than expected as Q4 came in unchanged yoy. Despite the confirmation of the group’s EBIT margin, the clarification ‘from ongoing operations’ raises suspicions. The recent acquisition of the former Bayer brand Coppertone might additionally burden the margin as the line was already brought down by the investments in future growth.

Beiersdorf

• 16 Jan 20
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Beiersdorf’s preliminary FY sales figures were above our expectations. Consumer continued its strong performance, driven by La Prairie and Nivea. tesa was also better than expected as Q4 came in unchanged yoy. Despite the confirmation of the group’s EBIT margin, the clarification ‘from ongoing operations’ raises suspicions. The recent acquisition of the former Bayer brand Coppertone might additionally burden the margin as the line was already brought down by the investments in future growth.

Beiersdorf

• 16 Jan 20
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The VW Group’s European registration numbers have been strong in the last month (based on currently available numbers for Germany, France, and Italy). These enormous growth rates were now underpinned by delivery numbers. Worldwide deliveries of cars and trucks increased by 13% to 1.03m in the last month which brought the ytd number to 10.97m, an increase of 1.3%. According to management, 140k EVs were delivered which represent about 1.3% of worldwide deliveries.

Volkswagen

• 15 Jan 20
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The VW Group’s European registration numbers have been strong in the last month (based on currently available numbers for Germany, France, and Italy). These enormous growth rates were now underpinned by delivery numbers. Worldwide deliveries of cars and trucks increased by 13% to 1.03m in the last month which brought the ytd number to 10.97m, an increase of 1.3%. According to management, 140k EVs were delivered which represent about 1.3% of worldwide deliveries.

Volkswagen

• 15 Jan 20
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While the passenger number continued rising through to October 2019, it fell in both of the last two months. Simultaneously, the cargo volume fell throughout the entire year and the rate of decline accelerated as of late. This has also taken its toll on the number of flight movements and the maximum take-off weight (MTOW).

Fraport AG Frankfurt Arprt Svcs Wrldwde

• 15 Jan 20
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While the passenger number continued rising through to October 2019, it fell in both of the last two months. Simultaneously, the cargo volume fell throughout the entire year and the rate of decline accelerated as of late. This has also taken its toll on the number of flight movements and the maximum take-off weight (MTOW).

Fraport AG Frankfurt Arprt Svcs Wrldwde

• 15 Jan 20
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