Additional European Equity News

Ashtead (AHT LN) – FY23 (GBP): PBT 16mln, +363%. Gross Profit 543mln, +34%. (Newswires)

Aston Martin Lagonda (AML LN) - Q1 2023 (EUR): Revenue 295.9mln (exp. 299.5mln). NPBT -74mln (prev. -112mln). (Newswires)

Barratt Developments (BDEV LN) - Trading outlook for the full year remains in line with the Board’s previous expectations with the Group on track to deliver total home completions of between 16,500 and 17,000 homes including around 750 JV home completions. Construction activity has been adjusted to the slower trading backdrop. Balance sheet strength maintained with year-end net cash. (Barratt Developments)

Flutter (FLTR LN) – Q1 Update: Average Monthly Players (AMP) 12.3mln, +30%. Revenue growth of 46% to GBP 2.4bln. Remain firmly on track in the US for FY23 profitability. (Newswires)

Haleon (HLE LN) - Q1 2023 (GBP): Revenue 2.99bln (prev. 2.63bln Y/Y). Adj. operating profit 691mn (prev. 466mln). (Newswires) 

Infineon (IFX GY) - Signed an agreement with Chinese SIC supplier SICC to diversify Infineon's material supplier base and to secure additional competitive SIC sources. (Newswires)

Lloyds (LLOY LN) - Q1 2023 (GBP): Statutory Pre-tax profit 2.26bln (exp. 2.04bln). NIM 3.22% (exp. 3.28%). Operating costs 2.17bln (exp. 2.19bln). Co. maintains guidance. (Newswires)

Novartis (NOVN SW) - Amgen (AMGN) sues the Co. for infringing several patents and asks the New Jersey federal court to block generic osteoporosis and bone cancer drugs. (Newswires) 

Orsted (ORSTED DC) – Q1 (DKK): Offshore EBITDA 5.4bln (prev. 5.9bln), Onshore EBITDA 834mln (prev. 850mln). Maintain FY23 EBITDA and gross investment guidance. (Newswires)

Pandora (PNDORA DC) - Q1 2023 (DKK): Revenue 5.85bln (exp. 5.71bln). EBIT 1.26bln (exp. 1.21bln). Co. raises the mid-point of its FY23 revenue guidance. Co. says current trading in Q2 2023 has been resilient so far, with underlying LFL trends broadly similar to Q1. (Newswires) 

Porsche AG (P911 GY) – Q1 (EUR): Revenue 10.1bln (exp. 10.5bln), Operating Profit 1.84bln, Return on Sales 18.2%. Reaffirms FY23 guidance of hitting a Return on Sales of 17-19% on reveneu of EUR 40-42bln. (Newswires)

Ryanair (RYA ID) – April: traffic 16mln, +13%; April load factor 94% (prev. 91%). (Newswire)

Sika (SIKA SW) – Acquires MBCC, will result in annual synergies of CHF 160-180mln by 2026. (Newswires)

Stellantis (STLAP FP/STALM IM) - Q1 2023 (EUR): Revenue 47.2bln (exp. 45.81bln). Initiated a EUR 1.5bln share buyback. Says increased due to higher shipments and strong net pricing. Short term pricing should be relatively stable, clear this is dependent on order intake. Strong portfolio in Europe, seeing some improvement in N. American market share. Do not think Chile’s plan to nationalise lithium industry will be a significant problem. (Newswires)

Sydbank (SYDB DC) - Q1 (DKK): Total Income 1.75bln (exp. 1.7bln), CET 18.2%, Net Income 734mln (exp. 654mln). (Newswires)

Saab (SAABB SS) upgraded to Buy from Hold at Kepler Cheuvreux 

Stabilus (STM GY) upgraded to Buy from Hold at SocGen

03 May 2023 - 07:09- EquitiesResearch Sheet- Source: Newsquawk