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    NESN   CH0038863350

NESTLÉ S.A.

(NESN)
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European stocks fall as healthcare, construction sectors drag

10/21/2020 | 04:52am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* STOXX 600 down 1.3%, at lowest in more than two weeks

* Ericsson, Vivendi boost STOXX 600

* Centamin slides after production update

Oct 21 (Reuters) - European shares fell for a third straight session on Wednesday, as losses in healthcare and construction stocks countered a lift from encouraging earnings from consumer giant Nestle and telecoms equipment maker Ericsson.

The pan-European STOXX 600 fell 1.3% to close at its lowest in more than two weeks.

Losses were broad-based with only the basic material sector in the green, supported by rising copper prices.

Nestle lifted its 2020 sales forecast following a quarterly beat, but shares inched lower after early gains.

Sweden's Ericsson jumped 9.6% as higher margins and China's 5G rollout helped the company beat quarterly core earnings estimates.

"Earnings have been generally well above expectations, and guidance has been a positive surprise," said Patrick Moonen, principal strategist in the multi-asset team at NN Investment Partners.

"But there are other elements that are currently at play and may have a bigger impact on the market performance than earnings," he said, pointing to many European countries reimposing mobility restrictions following a surge in COVID-19 cases that could weigh on fourth-quarter economic activity.

The STOXX 600 has struggled to break out of a trading range since June, when it recouped a large part of the early pandemic-driven losses. The benchmark is still about 16% below its all-time high.

Capital Economics expects the new containment measures to cause the euro-zone economy to stagnate over the next six months, resulting in only a slight increase in GDP on a quarter-on-quarter basis in the fourth quarter and zero growth in the first quarter of next year.

London's exporter-heavy FTSE 100 underperformed, marking its worst session in a month, hit by a surge in pound after bullish Brexit comments.

Vivendi rose 1.6% after the French media group reported a bigger-than-expected quarterly sales and unveiled plans to list its most-prized asset, Universal Music Group, in 2022.

Third-quarter profits for companies on the STOXX 600 are expected to drop 34.8%, according to Refinitiv data, a slight improvement from the 36.7% predicted at the start of the earnings season.

Of the 29 companies that reported so far, 75.9% have topped earnings expectations.

Gold miner Centamin Plc slumped 19% to the bottom of STOXX 600 after cutting its 2020 production forecast.

Construction companies also took a knocking, with Assa Abloy , the world's biggest lockmaker, falling 4.1% after it reported a drop in quarterly sales. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Lisa Shumaker)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASSA ABLOY AB 1.36% 268.2 Delayed Quote.30.67%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.03% 0.63477 Delayed Quote.0.46%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.23% 0.679708 Delayed Quote.5.73%
CENTAMIN PLC -0.23% 106.4 Delayed Quote.-13.58%
ERICSSON AB 0.47% 106.5 Delayed Quote.8.56%
EURO / BRITISH POUND (EUR/GBP) 0.41% 0.85782 Delayed Quote.-4.22%
FTSE 100 0.51% 7109.97 Delayed Quote.9.50%
MSCI UNITED KINGDOM (STRD) 0.18% 1156.699 Real-time Quote.11.99%
NESTLÉ S.A. 0.29% 116 Delayed Quote.10.93%
S&P UNITED KINGDOM (PDS) 0.42% 1415.04 Delayed Quote.10.03%
STOXX EUROPE 600 0.87% 457.04 Delayed Quote.13.55%
VIVENDI SE 0.71% 28.19 Real-time Quote.6.10%
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Financials
Sales 2021 85 627 M 93 218 M 93 218 M
Net income 2021 12 007 M 13 071 M 13 071 M
Net Debt 2021 33 090 M 36 023 M 36 023 M
P/E ratio 2021 27,0x
Yield 2021 2,46%
Capitalization 326 B 355 B 355 B
EV / Sales 2021 4,19x
EV / Sales 2022 4,06x
Nbr of Employees 273 000
Free-Float 97,7%
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Mean consensus OUTPERFORM
Number of Analysts 28
Last Close Price 115,66 CHF
Average target price 118,73 CHF
Spread / Average Target 2,65%
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Managers and Directors
NameTitle
Ulf Mark Schneider Chief Executive Officer & Director
François-Xavier Michel Marie Roger Chief Financial Officer & Executive Vice President
Paul Bulcke Chairman
Stefan Palzer Chief Technology Officer & Executive VP
Magdi Batato Head-Operations & Executive Vice President
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