Additional European Equity News

AstraZeneca (AZN LN) - Calquence combination regimen demonstrated statistically significant and clinically meaningful improvement in progression-free survival in 1st-line mantle cell lymphoma in ECHO Phase III trial. (AstraZeneca)

Aedifica (AED BB) – Rental Income 82mln. Confirms FY outlook. Proposed diviend for 2024 EUR 3.9/shr. (Newswires) 

Akema (AKE FP) – Co. acquires Dow’s flexible packaging laminating adhesives business. (Newswires)

Bayer (BAYN GY) - Monsanto gets USD 185mln PCB verdict tossed in Washington, via Bloomberg. (Bloomberg)

Diploma (DPLM LN) – Acquisition of Par group for about GBP 38mln. (Newswires)

Engie (ENGI FP) – Ocean Winds, an Engie J, is awarded 1.3 GW off new offshore wind project in Australia. (Newswires)

FTSE 100 Ex-Dividend - RELX (REL LN) and Glencore (GELN LN) will trade without entitlement to their latest dividend payouts. (dividenddata)

Hugo Boss (BOSS GY) – Q1 (EUR): EBIT 69mln (exp. 71mln), Sales 1.04bln (exp. 1.01bln). Confirms top/bottom line FY24 outlook. (Newswires)

Hiscox (HSX LN) – Q1 Trading Update: ICWP 1.57bln (prev. 1.42bln). Share byback on track with 4.7mln repurchasesd for approx.. USD 71.4mln. (Newswires)

Ipsen (IPN FP) – Appoints Keria Drainsky as EVP and President of North America. (Newswires)

Kerry (KYGA LN) – Q1 Trading Update: Revenue -9.9% Y/y. Consumer demand remained relatively subdued during the period given inflationary environment. (Newswires)

Maersk (MAERSKB DC) Q1 (USD) - Revenue 12.36bln (exp. 12.26bln). EBIT 177mln (exp. 165.4mln). EBITDA 1.59bln (exp 1.56bln). Sees FY global container trade at the high end of +2.5-4.5% range. Expects underlying EBITDA in range of USD 4-6bln. Still expects overcapacity to prevail which implies lower rates during H2. On Red Sea, says plans are made for current rerouting south of Cape of Good Hope to be extended potentially for remainder of the year. Start of 2024 has been significantly impacted by the ongoing situation in the red sea/Gulf of Aden. Q1 Ocean Revenue down by USD 1.9bln to USD 0.8bln. ""We have had a positive start to year with a Q1 developing precisely as we expected." "We still anticipate high number of new vessels being delivered during this and next year to eventually offset these factors and put ocean markets under renewed pressure." "Demand is trending towards higher end of our market growth guidance and conditions in red sea remain entrenched.". (Maesrk)

Orsted (ORSTED DC) – Q1 (DKK): EBITDA 7.5bln (exp. 7.67bln), in-line with Co. guidance; Net 2.6bln (exp. 3.6bln). Offshore site earnings 6.9bln, +1.1bln Y/Y. FY Guidance: Reiterate EBITDA view and gross investment aim. (Orsted)

Pandora (PNDORA DC) – Q1 (DKK): Sales 8.83bln (exp. 6.56bln), EBIT 1.61bln (exp. 1.31bln). EBIT margin 22% (exp. 20%). China had a challenging quarter at -17% LFL growth. Key markets in Europe delivered solid growth of 9%. FY24 guidance largely unchanged. EBIT margin in Q2 and Q3 expected to be slightly below last year. (Newswires)

Melrose (MRO LN) – Q1 Trading Update: Revenue +8%. Strong start to year and FY expectations unchanged. (Newswires)

Ryanair (RYA ID) - April traffic grows 8% to 17.3mln guests. Almost 700 flights were cancelled due to Israel/Gaza conflict. April load factor 92%. (Newswires) 

Scout24 (G24 GY) – Revenue 136.1mln (exp. 135.4mln), EPS 0.54 (exp. 0.68). FY Revenue growth outlook 9-11%. (Newswires)

Spectris (SXS LN) - Q1 Trading Update: While Q1 was slightly softer than anticipated; expectation for FY is unchanged. (Newswires) 

Smufit Kappa (SKG LN) – Q1 Trading Update (EUR): Revenue 2.7bln (exp. ), EBITDA 487mln (exp. ), Box demand has continued to improve. (Newswires)

Shell (SHEL LN) Q1 (USD) - Total Revenue 74.4bln (exp. 89.9bln), adj. EBITDA 18.71bln (exp. 16.82bln), adj. EPS 1.20 (exp. 1.09), Net Income 7.4bln (exp. 6.5bln), FCF 9.8bln. New share buyback programme of USD 3.5bln, expected to be completed by the Q2 2024 announcement (due August 1st). Q2 Outlook: Cash capital expenditure for FY24 is expected to be within USD 22-25bln. Integrated Gas production is expected to be approximately 920 - 980k boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4mln/T. Production and LNG liquefaction outlook reflects seasonality (higher maintenance). Upstream production is expected to be approximately 1,630 - 1,830k boe/d. Production outlook reflects the scheduled maintenance across the portfolio. Marketing sales volumes are expected to be approximately 2,700 - 3,200k BPD. Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 72% - 80%. (Shell)

Technip Energies (TE FP) – Q1 (EUR): Adj. Revenue 1.52bln (exp. 1.49), EBIT 110.7mln (exp. 108mln), On track to deliver FY guidance. (Newswires)

Vestas (VWS DC) – Q1 (EUR): Revenue 2.7bln (exp. 2.98bln), adj. EBIT -68mln (exp. 25mln), Gross Profit 244mln (exp. 316mln); order intake declined 30% Y/Y after a strong finish to 2023. FY Outlook: Revenue 16-18bln, Investments 1.2bln. (Newswires)

UMG (UMG NA) - Sign licensing agreement with TikTok. (Newswires) 

02 May 2024 - 07:10- EquitiesResearch Sheet- Source: Newsquawk