Additional European Equity News

BAE System (BA/ LN) – H1 (GBP): non-IFRS Revenue 12.018bln (exp. 11.183bln). Underlying EBIT 1.258bln (exp. 1.177bln). Order intake 21.1bln (prev. 18.0bln Y/Y). Order backlog 66.2bln (prev. 52.7bln). Co. raises FY23 guidance: sees Sales +5-7% (prev. +3-5%), Underlying EBIT +6-8% (prev. +4-6%), FCF above GBP 1.8bln (prev. above 1.2bln). (BAE Systems/Newswire)

Convatec (CTEC LN) - H1 (USD): Revenue 105mln (exp. 106mln), EBIT Margin 11.7%, adj. EBIT Margin 20.3%. (Newswires) 

Drax (DRX LN) - A Bloomberg analysis piece notes that Drax used a loophole at the height of the cost-of-living crisis to avoid returning hundreds of millions to households. The piece notes Drax did not break any rules. (Newswires) 

Ferrexpo (FXPO LN) – H1 (USD): Revenue 334mln (prev. 313mln), adj. EBITDA 64mln (prev. 269mln), adj. EPS 0.045 (prev. 0.234). (Ferrexpo)

Haleon (HLN LN) – H1 (GBP): Revenue 5.74bln (exp. 5.69bln), adj. EPS 7.4. Sees FY organic revenue 7-8% (exp. 6.06%). Interim dividend of 0.018/shr. Continue to expect a challenging environment. Well placed to deliver on medium term guidance. (Newswires)

Intesa Sanpaolo (ISP IM) – To close a representative office in Moscow, according to a spokesperson confirming a media report. (Newswires) 

Roche (ROG SW) – Co’s Genentech subsidiary is suing Novartis (NOVN SW), accusing one of its units of infringing a patent via the sale of a generic version of Esbriet. (Newswires)

Ringkjobing Landbobank (RILBA DC) - H1 (DKK): Net 980mln (prev. 707mln YY), Total Core Income 1.80bln (prev. 1.36bln YY). Announces new 385mln share buyback program. (Newswires)

Siemens Healthineers (SHL GY) – CEO says will end up in the upper half of revenue growth range for FY22/23, lower end for EPS. CFO says delivery problems at Varian will be solved in Q4 and order intake at Varian is consistently high. (Newswires)

Sampo (SAMPO FH) – Completes its share buyback programme after buying approx. 9mln of its own shares at an average price of EUR 42.64/shr. Repurchase of own shares has reduced the company’s unrestricted equity by EUR 400mln. (Newswires)

Schaeffler (SHA AV) - Q2 (EUR): 4.1bln (prev. 3.8bln YY), EBIT 289mln (prev. 200mln YY), FCF 103mln. Sees FY EBIT margin 6-8% (prev. 5.5-7.5%). Sees FY FCF 300-400mln (prev. 250-350mln). (Newswires)

Smurfit Kappa (SKG LN) – H1 (EUR): Revenue 5.84bln (prev. 6.39bln Y/Y). EBITDA 1.11bln (prev. 1.17bln). Interim dividend increased by 6% to 33.5 cent per share. (Newswires) 

Taylor Wimpey (TW/ LN) – H1 (GBP): Revenue 1.64bln (exp. 1.49bln), PBT 237mln (exp. 223mln), Net Income 175mln (exp. 164mln), Operating Profit 235mln. Interim dividend 0.0479/shr (prev. 0.0462/shr). Expect to continue to see inflation moderate as the year progresses. Reservations below levels seen in recent years. (Newswires)

Virgin Money (VMUK LN) - Q3 Trading Update (GBP): Deposits 67.3bln, +0.4% YY, Mortgages 57.5bln, -0.2% YY. (Newswires)

Volkswagen (VOW3 GY) - Jetta is in discussions with Leapmotor for potential cooperation, via Cailianshe. (Newswires)

Wizz Air (WIZZ LN) - Reports July load factor 94.9%. (Newswires)

Wolters Kluwer (WKL NA) - H1 (EUR): Revenue 2.73bln (prev. 2.60bln YY), Organic Revenue +6%. Affirms FY guidance. (Newswires)

Bucher Industries (BUCN SW) reiterated with Outperform at RBC 

NatWest (NWG LN) reiterated with Sector Perform at RBC

Safestore Holdings (SAFE LN) initiated with Overweight at Morgan Stanley 

02 Aug 2023 - 07:15- EquitiesEconomic Commentary- Source: Newsquawk