Additional European Equity News

ABF (ABF LN) - To execute the second trance of its buyback, for up to GBP 500mln. (Newswires)

Auto Names - French Federation announces car registrations +12.6% in February. (Newswires)

Babcock (BAB LN) – Contract awarded to Refit UK Nuclear Submarine. Agreed a full cost recovery contract worth an estimated GBP 560mln. (Newswires)

Believe (BLV FP) - Receive an exploratory non-binding approach from another party than BidCo. Interested party has indicated it could value the Co's shares at least at EUR 17/shr, party is seeking dialogue but approach does not yet constitute an offer. Reminder, when the block acquisition concludes (exp. shortly) BidCo will become the majority shareholder and this would prevent a competing bidder from gaining control. (Newswires)

Daimler Truck (DTG GY) – Q4 (EUR): Adj. EBIT 1.56bln (exp. 1.36bln), Revenue 15bln (exp. 14.85bln). Raises dividend to 1.9/shr (prev. 1.30/shr). Guides initial FY24 Revenue 55-75bln. (Newswires)

Grifols (GRF SM) - Informs on China strategic alliance: agreement to transfer circa. 20% of shareholding in Shanghai Raas Blood Products Co. to Haier. Closing of transaction is now subject to obtaining pending ordinary regulatory approvals. (Newswires)

Housing Names - UK Chancellor Hunt has ruled out stamp duty cuts in the March budget, according to i news; due to a belief this would fuel inflation (i)

Inditex (ITX SM) – Zara plans to open around 50 out of its 80 Ukrainian shops after a 2-year closure, according to Reuters citing the FT. (Reuters)

ITV (ITV LN) – Sells its 50% stake in Britbox, for GBP 255mln. Proceeds to be returned via a share buyback. (Newswires)

Rightmove (RMV LN) – FY (GBP): Revenue 364mln (exp. 363mln), adj. Operating 264mln, EPS 0.24 (exp. 0.24), Dividend 0.057/shr (exp 0.08/shr). Customer numbers expected to drop slightly in 2024, given the ongoing uncertain macro environment. (Newswires)

Michelin (ML FP) – Implementation of a partial share buyback management agreement. (Newswires)

Pearson (PSON LN) - FY23 (GBP): Revenue 3.67bln (exp. 3.7bln), Op. Profit 573mln. Remains on track to achieve targets. Proposed FY dividend of 15.7p. Announces intention of share buyback of up to GBP 200mln. Expects FY24 sales growth/op profit/tax will be in line with market conditions. (Newswires) 

Shell (SHEL LN) – ExxonMobil (XOM) and the Co. have been selected to work with the Singapore government on a carbon capture/value storage chain. (Newswires)

Superdry (SDRY LN) – PUSU deadline has been extended to 29th March, as discussion with Julian Dunkerton and potential sponsors regarding a possible offer remain ongoing. (Newswires)

Yara (YAR NO) – Yara and ACME signed a binding agreement for supply of green ammonia. (Newswires)

01 Mar 2024 - 07:05- EquitiesResearch Sheet- Source: Newsquawk