SAINT-GOBAIN

Résultats pour l’exercice 2011 : au T4, SGO a réalisé un CA en hausse de 2,8 % en données comparables (+5 % en données comparables pour tout l'exercice, à 42 116 m€) alors que son résultat ... Plus

PEUGEOT

Si les deux constructeurs affirment être en négociation, ils ne confirment pas (encore) les rumeurs dans la presse selon lesquelles ils négocieraient ensemble. Plus

VALEO

Grâce à l’augmentation de plus de 14 % de ses revenus qui atteignent 5,5Mds€ au S2, le groupe affiche des ventes de près de 10,9Mds€ pour l’ensemble de l’année – soit une progression d’environ 13 %. ... Plus

WERELDHAVE

The EPS is likely to be volatile during the divestment period: reinvestment may not immediately follow the disposals as opportunities may not be at hand. Plus

TF1

TF1 a publié un chiffre d’affaires stable pour 2011 à 2 619,7 m€ (- 2,7 m€) et un résultat opérationnel en hausse de 52,5 m€ à 282,9 m€. Le bénéfice net part du groupe s’établit à 182,7 m€, en baisse ... Plus

SEGRO

En tant que REITS (société d’investement immobilier) concentrée sur le Royaume-Uni (2/3 de son chiffre d’affaires), Segro (Buy, UK) gère principalement des « espaces à usage varié », une ... Plus

DU COTE DES VALORISATIONS

Le retour en grâce des banques continue à un rythme soutenu avec un gain de 20% depuis le début de l’année. C’est plus de deux fois le gain moyen du marché (9,3%). Sur les 38 banques suivies ... Plus

VEOLIA ENVIRONNEMENT

48h après la rumeur selon laquelle Antoine Frérot, actuel PDG de Veolia, pourrait être la victime d'un putsch organisé par l’ex PDG de Veolia (et encore membre du conseil) Henri Proglio, il semble ... Plus

LAFARGE

Résultats de l’exercice 2011 : le CA de Lafarge pour le T4 est ressorti en hausse de 7 % en données comparables (soit +5 % en données comparables pour l'ensemble de l'exercice 2011, à 15,3Mds€) et ... Plus

MAN

We have reduced the group's earnings projections as MAN's final 2011 accounts showed considerable amounts of one-off and extraordinary profits as well as losses. The lower than expected operating ... Plus

VOLVO

Thanks to continuing strong growth in North America (+22% to 3,144 vehicles) and Eastern Europe (+31% to 1,086), the group’s world-wide deliveries increased by 2% to 15,647. On one hand, this is due ... Plus

FLSMIDTH & CO

FLSmidth beat expectations in Q4 11, with a 32% increase yoy in order intake, but sequentially down 18% due to a strong Q3 11. Revenues reached DKK7,286m in Q4 11, a 32% increase yoy as a result of ... Plus

SWISSCOM

Revenues in the financial year 2011 ending in December declined by 4.3% to CHF11.47bn. Gross profit only declined by 3.7% to CHF6.55bn. Hence the gross margin improved from 56.7% to 57.1%. EBITDA ... Plus

RHEINMETALL

Rheinmetall increased 2011 group sales by 12% to €4.4bn. The automotive division achieved 17% growth in sales to €2.3bn and defence sales were 7% higher at €2.1bn. Group EBIT was up 19% to €354m (the ... Plus

FRESENIUS

FY sales rose 3% to €16,522m and the gross profit margin was 34.1% after 33.4%. EBIT increased by 6% to €2,563m. Net income attributable to shareholders went up from €690m to €622m.
FY operating CF ... Plus

PUBLICIS

Publicis vient d’annoncer le rachat d'un bloc de 18 millions d’actions de son capital détenues par Dentsu pour un montant total de 644,4 m€, entièrement financé par les liquidités disponibles de ... Plus

SEGRO

The group reported a FY11 gross rental income (excluding revenue from JVs) of £326.1m (down by 5.4% vs. last year mainly due to disposals). The EBITDA margin increased (from 71.2% to 74.2%), helped ... Plus

HOLMEN

The company registered better than forecast top-line for FY'11 led by higher realizations for paper, paperboard and timber segments and higher deliveries for timber, energy segments. Margins too came ... Plus

SAIPEM

We have integrated the preliminary 2011 consolidated results. See our Latest dated 14/02/2012 for more information. Plus

ASTRAZENECA

Q4 sales remained stable but operating income decreased 14% at CER (+1% in “core” operating income). For the full year, sales were down 2% at CER and “core” operating income -4% (+10% reported thanks ... Plus

RWE

Avec 45% de potentiel de hausse, le titre Enel (Buy, Italy) devrait attirer l’argent des investisseurs comme un aimant, RWE (Reduce, Germany) affichant par contraste un potentiel de baisse de ... Plus

DU COTE DES VALORISATIONS

Les 460 titres couverts par AlphaValue affichaient en 2007 des bénéfices records à €631mds. Et ce après une facture d'imposition combinée de €237mds. Disons un taux d'imposition apparent de ... Plus

ASTRAZENECA

2011 and 2012 EPS and DCF are slightly raised, mainly because net share repurchases were slightly above our expectations. Plus

GALP ENERGIA

Galp reported Q4 11 adjusted net profit of €79m, almost twice last year’s figure driven by the E&P and G&P businesses. G&P was the main contributor during the quarter with an EBITDA up 74% yoy to ... Plus

MICHELIN

Michelin shows an actuarial loss of €722m for 2011. This is causing a target price fall in both our DCF model and the SOTP calculation. Plus

FRESENIUS MEDICAL CARE

FY revenues rose 6% (+5% at cc) to US$12.8bn (guidance: above US$13bn) and gross profit margin went up from 34.4% to 35.3%. EBIT rose 8% to US$2.1bn. Net income attributable to shareholders came in ... Plus

SNAM RETE GAS

Snam saw consolidated sales of €3,245m (+€150m; +2.7%), EBITDA €2,612m (+73m; +2.9%), EBIT €1,958m (+€74m; +4.1 %), PBT €1,645m (+€54m; 3.4%), reported net profit (€790m; -€316m) and adjusted net ... Plus

SNAM RETE GAS

The Italian government has asked ENI to renounce its majority interest in Snam in order to comply with European unbundling energy rules.
The conditions are not yet known (52% or 32%? when? what ... Plus

SCHINDLER HOLDING

For 2011 Schindler reported revenues of CHF7.85bn (-4%), EBIT of CHF790m (-16%) and net profit of CHF611m (-14%). As expected, the strong Swiss Franc impacted revenues negatively by as much as ... Plus

DEUTSCHE POST DHL

UPS is planning to takeover TNT. The company is offering €9 per share, or €4.9bn. Based on the last share price, this represents a premium of 47%. For UPS the takeover will improve its regional ... Plus

SEB

Le groupe Seb est actuellement mis en cause sur la qualité de certains ustensiles de cuisine de la marque Supor vendus sur le marché chinois. La forte teneur en manganèse d'une partie des aciers ... Plus

ARCELORMITTAL

2011: le chiffre d'affaires s'est établi à 93,97Mds$, en hausse de 20,4%, porté par une hausse du prix de vente moyen de l'acier (+17,7%) et des volumes (+0,9%). Les expéditions d'acier ont atteint ... Plus

CONTINENTAL

Continental will release its final 2011 accounts on 1 March, but management has already stated that it will propose a dividend of €1.50. According to this statement the total represents about 24% of ... Plus

RENAULT

The 2011 at-equity profit contribution from Nissan was higher than we had expected. Consequently, we have upgraded our projections for the next few years as well. But we have very strong doubts that ... Plus

RANDSTAD HOLDING

Q4 11: revenue reached €4.4bn (+13%, +2% organically), underlying EBITA (adjusted for one-offs, integration costs) was €163m (+1%, -13% excluding the acquired SFN); EBITA dropped to €127m (-22%); ... Plus

CAP GEMINI

Un exercice 2011 satisfaisant:
- La croissance du chiffre d'affaires (+11,4% à 9,7Mds€, +5,6% à données comparables) a bénéficié des activités cycliques (services technologiques: +8%, services ... Plus

AGEAS

Ageas released a 2011 net loss of €578m, impacted by large impairment charges (€908m). The Insurance result dropped to €-313m because of a poor performance in its home market (€-327m). Life insurance ... Plus

ARCELORMITTAL

We have further revised down our forecast for the next couple of years as every day brings bad news for this sector (low demand, new closure of sites...) Plus

BP

The company reported Q4 11 replacement cost profit (pre-tax) of $7.2bn split between: 1/ $6.9bn E&P and $0.8bn R&M ($-0.5bn corporate). In E&P, production was 3,487mboepd, 5% lower yoy, but 5% higher ... Plus

HENKEL

Despite there having been no bad news in recent weeks, we currently have a fairly uncomfortable feeling regarding the company. There are two points which are quite unusual for a big company like ... Plus