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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Altice Europe    ATC   NL0011333752

ALTICE EUROPE (ATC)
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European shares mope at seven-week low as disappointing earnings weigh

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11/14/2017 | 06:17pm CEST
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

LONDON (Reuters) - European shares remained stuck at seven-week lows on Tuesday as a fall among commodities-related sectors and telecoms firm Altice (>> Altice) outweighed a buoyant tech sector.

LONDON (Reuters) - European shares remained stuck at seven-week lows on Tuesday as a fall among commodities-related sectors and telecoms firm Altice (>> Altice) outweighed a buoyant tech sector.

The pan-European STOXX 600 <.STOXX> erased earlier gains to end the session 0.6 percent lower. This was the sixth day of straight losses for the benchmark.

"Markets have moved quite a long way and a pause is probably warranted, but we don't think it's a big turning point," said Ronan Carr, European equity strategist at Bank of America Merrill-Lynch (BAML).

"Underlying fundamentals are still pretty constructive in terms of global growth, and we would be a buyer of any material dip in markets," he added.

While materials stocks <.SXPP> and oil firms <.SXEP> were the biggest sectoral fallers due to a pullback in oil and copper prices, the biggest individual faller was Altice (>> Altice).

Altice plummeted more than 13 percent after Morgan Stanley cut its price target on the stock by 34 percent, adding to pressure on the shares which are already down 46 percent this year.

Italy's Saipem (>> Saipem SpA) was another big faller, down more than 7 percent after it was removed from the MSCI Italy Index, while utility RWE (>> RWE) dropped 5.6 percent after an earnings update.

Stocks have had violent reactions to results this quarter, Goldman Sachs strategists said. Earnings-day price moves have been more than 3.5 times the average daily move – the most extreme results reactions the bank had data for.

"The companies that are missing … are then getting clobbered 10 percent, probably because the markets were too optimistic of where we were economically," Neil Dwane, global strategist at AllianzGI, said.

"There’s been probably more disappointments than we would expect with European economic growth trundling along in good fashion."

However, results from tech companies gave investors something to smile about. Software maker Simcorp (>> SimCorp) jumped 10 percent after earnings beat forecasts, while internet services provider United Internet (>> United Internet) gained 3.5 percent after its acquisition of mobile firm Drillisch (>> Drillisch) boosted its profits.

Peer Scout24 (>> Scout24 AG) also jumped 6.1 percent.

Chipmaker Infineon (>> Infineon Technologies) gained 2.7 percent despite reporting weaker dollar-dented sales.

"While slightly disappointing, we continue to expect Infineon's margins to resume their upward trajectory," wrote Liberum analysts, saying the main headwind to sales and profitability was the stronger euro.

"Underlying growth trends in the tech sector are quite strong," said BAML's Carr. "Tech sector revisions momentum has not definitively bottomed out but it looks like it's finding a floor, much like the broader market."

As the earnings season nears its end, MSCI euro zone companies are tracking 9.9 percent year-on-year earnings growth in U.S. dollar terms, and 62 percent of companies in the euro zone index have beaten or met earnings estimates.

Analysts have revised down earnings estimates for the broader MSCI Europe, but downgrades seem to have stabilised as the results season developed.

(Reporting by Helen Reid and Kit Rees; Editing by Janet Lawrence)

By Helen Reid and Kit Rees

Stocks mentioned in the article
ChangeLast1st jan.
1&1 DRILLISCH -1.29% 36.66 Delayed Quote.-46.74%
ALTICE EUROPE 0.81% 2.363 Delayed Quote.-72.98%
BOOKER GROUP 0.00%-End-of-day quote.-2.18%
INFINEON TECHNOLOGIES -0.11% 18.12 Delayed Quote.-20.65%
RWE -0.26% 17.475 Delayed Quote.2.79%
SAIPEM SPA 2.06% 5.062 End-of-day quote.33.00%
SCHIBSTED 0.00% 282 Delayed Quote.20.20%
SCOUT24 AG 0.06% 34.28 Delayed Quote.0.68%
SIMCORP -0.89% 501 Delayed Quote.41.81%
STOXX EUROPE 600 0.10% 359.31 Delayed Quote.-7.77%
TESCO -0.41% 216 Delayed Quote.3.23%
UNITED INTERNET 0.75% 36.47 Delayed Quote.-36.40%
VODAFONE GROUP 1.72% 153.6 Delayed Quote.-34.64%
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Financials (€)
Sales 2018 14 207 M
EBIT 2018 1 271 M
Net income 2018 -360 M
Debt 2018 31 546 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 2,51x
EV / Sales 2019 2,49x
Capitalization 4 175 M
Chart ALTICE EUROPE
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Technical analysis trends ALTICE EUROPE
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TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 4,33 €
Spread / Average Target 83%
EPS Revisions
Managers
NameTitle
Dexter G. Goei Chief Executive Officer & Director
Patrick Drahi President & Executive Director
Jurgen van Breukelen Chairman
Dennis Okhuijsen Chief Financial Officer & Executive Director
Scott Matlock Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ALTICE EUROPE-72.98%4 787
VERIZON COMMUNICATIONS1.27%220 356
NIPPON TELEGRAPH AND TELEPHONE CORP-11.42%85 018
DEUTSCHE TELEKOM-4.39%76 251
SAUDI TELECOM COMPANY SJSC--.--%43 193
TELEFONICA-13.33%41 709