Rest of EMEA

Rest of EMEA equity research

Explore the most viewed and latest equity research and media content we have for listed companies based in the rest of EMEA.

EMEA Equity Research

Broker research, valuations, and analysis on European stocks

20 Jun 17

Online brokerage leader

FinTech Group (FTG) is growing strongly. Management has created an integrated online broking business which can offer products across the value chain, from white labelled technology platforms to banking services. In our view, this gives it a significant advantage over its peers. The online broking sector in Germany has been consolidating and the fintech sector remains buoyant. Despite being the fastest growing major broking business in Europe, the shares trade at a discount to the sector.

Companies: FINTECH GROUP AG

29 Jun 17

Nestlé launches CHF20bn share buy-back

Nestlé has announced CHF20bn share buy-back by 2020. If any sizeable acquisitions take place during this period, the share buy-back programme will be adapted accordingly. The volume of monthly share buy-backs will depend on market conditions but is likely to be backloaded in 2019 and 2020 to allow the pursuit of value-creating acquisition opportunities. The company expects a net debt/EBITDA ratio of c.1.5x in 2020.

Companies: Nestle

28 Apr 17

N+1 Singer - T3 Trend spotting - Strategy update

In our third edition of Trend spotting we stick with our suggestion at the end of March to up European exposure and we review the recent market moves and macro trends. We comment on the recent strong performance of our growth, quality and momentum styles which we expect to continue and we examine what happened to sectors around the last general election period in 2015, adding some new colour.

Companies: AUG GNS IQE NTG SDL SPH SDY TRI VEC XAR GHT BOY CRW EMIS VCT ECK GLE GHH DATA AVON CHH DPH HILS SDM ZYT MUR RPS LWB EKF SUN UDG SYNT CINE DOTD MPM FUM CLIN RENE ATQT SERV ERGO BCA BUR DRV SCS JUP FDP GBG GTLY HW/ EAH SFR PHD CXENSE KNOS NETD G4M GFIN FUTR ULS RHL RAT FEN LOOP MYSL

23 Jun 17

Real estate assets in Dresden

RCM Beteiligungs (RCM) is primarily a residential property developer focusing on the refurbishment of assets in the area of Dresden, Saxony. Additionally it invests in financial assets. RCM acquires low to medium value residential multi-family homes and modernises them. The objective is to achieve rent increases and an appreciation of the asset value. RCM realises value by selling the asset and re-investing in new real estate assets and opportunistic financial participations. While the real estate business accounted for 89% of revenues and represented 70% of the balance sheet total of €55m in 2016, the financial holdings and participation business represented 11% of revenues and tripled in value to €5.5m.

Companies: RCM BETEILIGUNGS NA. O.N.

15 Dec 16

Executive Interview - Paragon

29 Jun 17

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02 May 16

Bitesize Briefings - BB Biotech

26 Jun 17

Executive interview - UMT

15 May 17

Executive Interview – MedServ

26 Jun 17

Executive Interview - Carmat

13 Dec 16

Executive Interview - RNTS Media

07 Mar 17

Executive interview - TiGenix

27 May 15

Executive Interview - KTG Energie (German version)

05 Nov 15

finnCap - Connect Group, Initiation of coverage

Premium

22 May 17

Executive Interview - Reworld Media

17 Jul 13

Analyst Interview - Stratec Biomedical

02 May 16

Bitesize Briefings - SinnerSchrader

20 Dec 12

Executive Interview - Gesco

24 May 17

Executive Interview - Reworld Media

Latest Content

DeA Capital

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29 Jun 17

NB Private Equity Partners

Waiting for the data

The detail in NBPE’s Q1 investor call was uncontroversial (see below). What was missing was a sense as to whether the portfolio’s EBITDA growth rate (7%, LTM 31 Dec) was slowing given the weak earnings growth data reported by S&P.

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29 Jun 17
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NeuroVive Pharmaceutical

Mitochondrial medicine specialist

NeuroVive Pharmaceutical is a mitochondrial medicine specialist with a diversified asset portfolio. It employs a two-pronged strategy and has a portfolio of drug candidates for orphan mitochondrial diseases, which it aims to develop internally; more recently, it has also identified in-house assets suitable to tackle larger indications, which NeuroVive aims to out-license in pre-clinical development. The most advanced projects are Phase IIb ready NeuroSTAT for traumatic brain injury and KL1333 in Phase I for various mitochondrial diseases. We value NeuroVive at SEK1.5bn.

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29 Jun 17
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Nestle

Nestlé launches CHF20bn share buy-back

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29 Jun 17
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H & M Hennes & Mauritz

Faster growth in Q2

The growth pace has accelerated slightly in Q2. Sales were up 5% in local currencies and 9.6% reported to SEK51,383m. The gross margin has retreated by 50bp to 57.1%, bringing the gross profit to SEK29,345m (+8.8%). The operating margin has stepped up 10bp to 14.9%, increasing the operating profit by 10% to SEK7,650m. Net profit was up 10% to SEK5,897m. In the six months, sales surged by 8.6% (+5% in local currencies) to SEK98,368m. The operating profit was up 5.7% to SEK10,809m, i.e. an operating margin of 11% compared to 11.3% the year before. Net profit amounted to SEK8,354m (+5.7%). As regards regions, H1 sales were boosted by the outperformance of the UK (+6% in local currencies) and China (+11% in local currencies) as well as other growth markets. The momentum remains challenging in the main markets such as Germany (-1% in local currencies) and the USA (+1% in local currencies). Inventory issues are persisting with an increasing stock in trade of 26.9% to SEK32,148m by the end of May. In June, the company expects sales growth of 7% in local currencies.

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29 Jun 17
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CNE LUPE TLW VOG

GMP FirstEnergy ― UK Energy morning research package

Canacol Energy (CNE CN) (not covered): Operational update in Colombia | Lundin Petroleum (LUPE SS) (not covered): Brynhild stake sold to CapeOmega | Tullow Oil (TLW LN); HOLD, £2.40: Trading update | Victoria Oil & Gas (VOG LN)1,6; BUY, £1.20: 35 m net pay at La-107 in Cameroon

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28 Jun 17
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Ernst Russ

Maritime investment solutions

In the past 18 months Ernst Russ (ERAG) (formerly HCI) has been transformed into an investment and asset manager focused on the maritime sector. The 2016 acquisitions of König & Cie, Ernst Russ Reederei and WestFonds have completed the group’s full service ship management offering and built scale in asset management and trustee services. The group’s ability to win new investment and asset management mandates across a range of asset classes should be significantly enhanced, offsetting the drag of legacy closed end (KG) fund run-off. A recovery in shipping markets would have a strong positive effect on the group’s consolidated earnings.

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28 Jun 17
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Ernst Russ

Maritime investment solutions

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28 Jun 17
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KUKA

Excellent start in 2017!

In Q1 17, revenues jumped 25.7% to €790.8m and the order intake 29.6% to €967.3m. The book-to-bill ratio reached 1.22x. Although all three divisions contributed to increase in order intake, Swisslog experienced the strongest increase of 83.1% to €230.2m (book-to-bill ratio of 1.44x). The order backlog reached €2.26bn (+30.6%). The gross margin declined from 28.1% to 26%. EBITDA increased 14.3% to €56.7m and the EBITDA margin, however, declined from 7.9% to 7.2%. The EBIT margin also declined from 6.4% to 5.9%. The operating performance was mainly driven by higher costs of goods sold (+31.6%) and higher selling expenses (+16%).

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28 Jun 17
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Electricite de France

ASN approves the EPR Flamanville reactor vessel, under specific conditions

The nuclear regulator (ASN) has given its position concerning the EPR Flamanville nuclear reactor vessel where it had found anomalies in the construction. It has given the green light for the usage of the vessel. It has separated its results and conditions on the cap and bottom of the vessel. For the bottom part, the regulator believes that it does comply with the technical requirements but needs to have additional security periodical controls for the usage as the regulator estimates these are feasible and can be achieved without major concerns. However, ASN stated that the required technical controls have not been achieved on the cap of the reactor vessel (couvercle). As a result, it has estimated that the usage of this part should be limited in time and needs to be changed. As the regulator estimates that the production of this part could take close to seven years, it has declared that the top of the vessel cannot be used after 2024. The regulator will provide within the next few days the results for public consultation and will provide these again to the council for technological risks. The final results are expected to be released in September 2017 after the consultations have been achieved.

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