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GB : Keywords Studios - Raising forecasts (again)

KWS continues to benefit from momentum across most service lines, which we attribute in part to the accelerated roll-out of new generation consoles and an inflection point in demand for gaming content. While margin trends may moderate in H2 as certa....
CGS-CIMB Janardan
Janardan Menon @ CGS-CIMB 4 August 2021

Sector Flash - Banks: EBA and ECB release results of 2021 EU-wide bank stress test

Event: On Friday the European Banking Authority (EBA) released the outcome of its 2021 bank stress test for 50 European banks in the sample from 15 EU and EEA countries. Of these, 38 are significant euro-area banks under the jurisdiction of the Singl...
UniCredit Michael
Michael Teig @ UniCredit 2 August 2021

Daily Credit Briefing

Top Credit Stories A2A (AEMSPA) - Guidance raised after strong half-year results AXA (AXASA) - Gross revenue up 2.8% yoy to EUR 53.9bn; Solvency ratio improved by 12pp CNH Industrial (CNHI) - 1H21 leverage reduced and FCF guidance increas...
UniCredit Sven
Sven Kreitmair @ UniCredit 2 August 2021

GB : Linde - Expect the beat and raise to continue

Linde reported its 2Q21 results on Friday, which beat Bloomberg consensus by c.7% at the Adj. EPS level, largely due to continued margin expansion. Operating margin was up 350bps y/y to 24.2%. FY21 EPS guidance was raised 5% to $10.20. We raise our.....
Adam Collins @ CGS-CIMB 2 August 2021

GB : Pendragon - Used cars drive another upgrade

Monthly upgrades at the motor retailers are now common place, driven by the strength of the used car market. We increase FY21E PBT for Pendragon by 23.5% to the top of the guided range. In common with our treatment of peers, we assume a profit decli....
Alex O’Hanlon @ CGS-CIMB 2 August 2021

GB : Safestay - Ready for the rebuild

Safestay has reopened 16 hostels in line with the easing of restrictions across Europe. We forecast a steady recovery in occupancy levels in 2H21E and into FY22E, resulting in a 10% cut to FY22E EBITDA. The recent disposal of the Edinburgh and Barce....
Anna Barnfather @ CGS-CIMB 2 August 2021