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4-Traders Homepage  >  Equities  >  Xetra  >  Covestro    1COV   DE0006062144

COVESTRO (1COV)
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Apple suppliers dent European shares as rally flags

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09/13/2017 | 06:34pm CET
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

European shares steadied on Wednesday as a global equity rally flagged, with Apple (>> Apple) suppliers hit after the new iPhone release disappointed with a later than expected shipping date.

European shares steadied on Wednesday as a global equity rally flagged, with Apple (>> Apple) suppliers hit after the new iPhone release disappointed with a later than expected shipping date.

The pan-European STOXX 600 <.STOXX> index ended flat, paring earlier losses thanks to gains in oil and banking stocks which offset the weak chipmakers and a fall in miners <.SXPP>.

Chipmakers supplying to Apple (>> Apple) were among the worst performers, with AMS (>> ams (Austria Mikro Systeme)) down 3.9 percent, while Dialog Semiconductor (>> Dialog Semiconductor) slipped 1.6 percent, while STMicro <STM.MI> ended up 0.1 percent.

Traders said their shares were under pressure because Apple's new $999 iPhone X will ship later than expected, on November 3. The price tag could also dent demand for the device in markets such as China.

"With the iPhone coming in around $1,000 it will be interesting to see how healthy demand is," said Mike Bell, global market strategist at JP Morgan Asset Management.

"If it's relatively healthy I think it shows that there is still quite a lot of pricing power for U.S. companies and that consumers have confidence."

Chipmakers have been the best performing among Europe's tech stocks this year, accounting for a large chunk of the sector's outperformance. AMS shares have gained 165 percent year-to-date.

Richemont (>> Compagnie Financière Richemont) fell 1.2 percent despite reporting a sales beat for its first half thanks to a recovery in the Asian luxury market. UBS analysts said weaker retail growth may weigh on sentiment.

Peer Swatch (>> The Swatch Group) also fell 3.9 percent, with some traders citing concerns that Apple's new watch could also dent the watchmaker's shares.

The merging eyewear and lens makers Luxottica (>> Luxottica Group) and Essilor (>> Essilor International) were also among the biggest fallers, both down more than 2 percent. EU antitrust regulators were set to tell the firms of concerns they have over the merger this week.

Covestro (>> Covestro) rose 3.7 percent after German drugs and pesticides group Bayer (>> Bayer) sold a 9.4 percent stake in the firm, in order to finance part of its acquisition of Monsanto (>> Monsanto).

European stocks were struggling for a further boost after sinking 7 percent over the summer months.

"Our view is that European equities still have potential for upside," said JPMAM's Bell.

"The earnings outlook is quite strong still; Europe has among the highest operating leverage of any major market so if the global economy remains strong that should drive margin expansion and earnings growth."

(Reporting by Helen Reid and Danilo Masoni; Editing by Kit Rees and Matthew Mpoke Bigg)

By Helen Reid

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Financials (€)
Sales 2017 13 972 M
EBIT 2017 2 510 M
Net income 2017 1 592 M
Debt 2017 807 M
Yield 2017 2,58%
P/E ratio 2017 10,41
P/E ratio 2018 11,97
EV / Sales 2017 1,27x
EV / Sales 2018 1,25x
Capitalization 16 919 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 87,7 €
Spread / Average Target 4,9%
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Managers
NameTitle
Patrick Webster Thomas Chief Executive & Financial Officer
Richard Pott Chairman-Supervisory Board
Klaus Schäfer Chief Technology Officer
Petra Kronen Vice Chairman-Supervisory Board
Thomas Fischer Member-Supervisory Board
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