Additional European Equity News

Airbus (AIR FP)/SAS (SAS SS) - SAS has entered a sale-leaseback agreement with Aviation Capital Group for 10 new Airbus A320neos. (Newswires) 

Beazley (BEZ LN) - FY 2022 (USD): Gross Written Premium 5.27bln (prev. 4.62bln). Pretax 191mln (prev. 369.2mln). (Newswires) 

Capita (CPI LN) – FY2022 (GBP): PBT 61mln (exp. 70mln), Revenue 2.8bln (exp. 2.78bln), Order Book 5.8bln. (Newswires)

Clariant (CLN SW) - Q4 2022 (CHF): Revenue 1.32bln (exp. 1.28bln). Adj. EBITDA 203mln (prev. 230mln Y/Y). EBITDA margin 15.6% (prev. 16.2%). Co. affirms FY25 targets. (Newswires)

Credit Suisse (CSGN SW) - Co. has hiked its deposit rates for wealthy clients in Asia. (Newswires) 

CRH (CRH LN) - FY 2022 (USD): Revenue 32.7bln (prev. 29.2bln Y/Y). EBITDA 5.62bln (prev. 5.0bln). Co. is to increase its share buyback programme. Co. expects resilient demand and increased pricing this year. (Newswires)

Flutter Entertainment (FLTR LN) - FY 2022 (GBP): Revenue 7.69bln (prev. 6.04bln Y/Y). Adj. EBITDA 1.05bln (prev. 1.0bln). Adj. pretax 336mln (prev. 454mln). Co. said trading in the first eight weeks was in line with expectations. (Newswires)

Fortum (FORTUM FH) - Q4 2022 (EUR): Revenue 2.74bln (exp. 2.78bln). EBITDA 895mln (prev. 673mln). Net -611mln (prev. +428mln). (Newswires) 

Haleon (HLN LN) - FY 2022 (GBP): Organic revenue growth +9% (exp. +8.6%). Revenue +13.8% Y/Y, Adj. operating profit +13.8%. FY 2023 organic revenue growth is expected to be between 4-6%. Co. said it is positioned well to deliver on medium-term guidance. (Newswires)

Iberdrola (IBE SM) - Co. has entered a strategic JV with BP (BP/ LN) to deploy 12k fast EV charging points. (Newswires) 

ITV (ITV LN) - FY 2022 }(GBP): Revenue 3.73bln (prev. 3.45bln Y/Y). Adj. EBITDA 723mln (prev. 811mln). EPS 0.132 (prev. 0.153). Co. said the user experience and personalisation elements will continue to improve throughout the year. (Newswires)

LSE (LSEG LN) - FY22 (GBP): PBT 1.24bln (exp. 2.5bln), Operating Profit 1.4bln, Revenue 7.7bln (exp. 7.4bln); now expect to incur a one-off cost(s) of 550-600mln between 2021 and 2025 to attain synergies. Propose final dividend of 0.753/shr. Plans a direct buyback from Blackstone Group of up to GBP 750mln. (Newswires)

Melrose (MRO LN) - FY22 (GBP): Revenue 8.19bln (prev. 7.26bln Y/Y). Operating profit 480mln (prev. 17mln). Pretax 384mln (prev. 194mln). (Newswires) 

Metro Bank (MTRO LN) – FY22 (GBP): Revenue 522mln (exp. 508mln), before tax -50.6mln (exp. -65mln), EPS -0.305 (exp. -0.327), NIM 1,9% (exp. 1.88%). Co. says financials significantly improved YY, underlying costs -3%. Completed turnaround, 2023 is a transitional year. (Newswires)

National Express (NEX LN) - FY 2022 (GBP): Revenue 2.81bln (exp. 2.79bln). Adj. operating profit 197mln (prev. 87mln). Adj. pretax 146mln (prev. 39.7mln). Co. maintains 2023 forecasts. (Newswires)

Prosus (PRX NA) - "The core classifieds business of OLX Group continues to deliver a strong performance through the financial year, with sustained growth and improving profitability, and is well-placed for further growth and margin expansion. Most recently, OLX Autos, the adjacent car transaction business, similar to listed peers, has been affected by ongoing macroeconomic and market challenges. Higher cost of capital, high inflation and reversal of pandemic trends have led to a significant and persistent slowdown in the second-hand car market." (Prosus)

Ryanair (RYA ID) – February: 10.6mln passengers, +22%; load facto 92%. Operated over 60k flights. (Newswires)

Scor (SCOR FP) - Q4 2022 (EUR): Gross Written Premiums 4.91bln (exp. 4.83bln). Net 208mln (exp. 203mln). Net combined ratio 96.0% (prev. 95.0%). (Newswires)

Schroders (SDR LN) - FY 2022 (GBP): Revenue 2.30bln (prev. 2.28bln). Pretax 673.8mln (prev. 836.2mln). Co. raises its semi-annual dividend by 3.8%. (Newswires) 

Stellantis (STLAM IM/ STLAP FP)/ Credit Agricole (ACA FP) - "Leasys and Free2move Lease will consolidate their activities to create a new mobility company specialized in multi-brand operational leasing, in which Stellantis and Crédit Agricole Consumer Finance will each have 50% shareholding rights." (Newswires) 

Taylor Wimpey (TW/ LN) - FY 2022 (GBP): Revenue 4.42bln (prev. 4.28bln Y/Y). Operating profit 923.4mln (prev. 828.6mln). Net 643.6mln (prev. 555.5mln). Operating margin 20.9% (prev. 19.3%). (Newswires)

Unibail Rodamco Westfield (URW NA) – To delist from the Amsterdam exchange, switching to Euronext Paris. As of March 9th will no longer be represented in the AEX25. (Newswires)

Vallourec (VK FP) - Q4 2022 (EUR): Revenue 1.54bln (prev. 1.06bln Y/Y). EBITDA 312mln (prev. 136mln). FCF 266mln (prev. 17mln). Co. is on track to generate EUR 230mln of recurring EBITDA. (Newswires)

Veolia (VIE FP) - FY 2022 (EUR): Revenue 42.9bln (prev. 28.5bln Y/Y). EBITDA 6.20bln (prev. 4.23bln). Organic revenue growth +14.1% Y/Y. Co. said dividend is to grow with EPS. (Newswires)

Vesuvius (VSVS LN) - FY 2022 (GBP): Revenue 2.05bln (prev. 1.64bln Y/Y). Net 189mln (prev. 108mln). Trading profit 227mln (prev. 142mln). (Newswires) 

Wizz Air (WIZZ LN) – February: 3.8mln passengers, +97% YY; load factor 93%. (Newswires)

Aena (AENA SM) upgraded to Buy from Hold at SocGen

Beazley (BEZ LN) reiterated with Overweight at JPMorgan Chase

BT (BT/A LN) downgraded to Sell from Reduce at Numis

Hays (HAS LN) downgraded to Hold from Buy at HSBC

Travis Perkins (TPK LN) downgraded to Hold from Add at Peel hunt

02 Mar 2023 - 07:40- Research Sheet- Source: Newsquawk