adidas Group: Impressive start to the year
BUY, Fair Value EUR122 vs. EUR108 (+7%)
Capgemini: Q1 sales globally in line, FY16 guidance reiterated
BUY, Fair Value EUR90 (+15%)
Delhaize: Q1 2016 (first take): strong commercial momentum / clarification needed on FCF
BUY, Fair Value EUR104,5 vs. EUR105 (+14%)
STMicroelectronics: Q1 results below forecasts, but Q2 on track as the environment improves
NEUTRAL, Fair Value EUR6.3 (+24%)
Bayer: Mixed overall picture in Q1
NEUTRAL, Fair Value EUR110 (0%)
Ingenico Group: Strong Q1 sales. FY organic sales growth target upgraded and still cautious.
BUY, Fair Value EUR144 (+44%)
Telecom services: Q1 2016 results: trend slowly improving
Telecom Services
Sword Group: Q1 16 results in line with our estimates, FY16 guidance fine-tuned from fx
BUY, Fair Value EUR26 (+9%)