Additional European Equity News

Auto Part Names - Goodyear Tire (GT) - Q2 adj. EPS -0.34 (ex. 0.16), Q2 revenue USD 4.87bln (exp. 5.18bln). Exec said results were impacted by softer industry volume, ongoing effects of inflation, storm-related interruption of operations at Tupelo. Americas consumer replacement volume -13%, driven by strong comps, channel destocking, Tupelo storm. Commercial truck volumes -15%. Sees Q3 volumes improving due to favourable comps. Sees Q3 as the first quarter this year where the net effect of price/mix, raw material costs and inflation will be positive. Q3 unit volumes expected to be lower Y/Y, with replacement volumes down 3-4%.

Bavarian Nordic (BAVA DC) - Receives USD 120mln contract for the manufacturing of smallpox and MPOX vaccine from the US government. (Bavarian Nordic)

Beiersdorf (BEI GY) - H1 (EUR): Adj. EBIT 852mln (exp. 772mln), Revenue 4.94bln (exp. 4.89bln). Raises FY23 Organic Revenue "high single-digit" (prev. low single-digit". (Newswires)

Hikma Pharma. (HIK LN) – H1 (GBP): Revenue 1.43bln (exp. 1.36bln), adj. Net Income 284mln (exp. 230mln. (Newswires)

LSE (LSEG LN) – H1 (GBP): Revenue 4.2bln (exp. 3.97bln), PBT 662mln, Operating Profit 729mln. 400mln returned via buybacks in H1, up to 750mln of directed buyback expected by April 2024. (Newswires)

Mondi (MNDI LN) - H1 (GBP): Underlying EBITDA 680mln (exp. 662mln), Revenue 3.88bln (exp. 3.93bln). (Newswires)

Next (NXT LN) - Q2 Trading Update: Full price revenue +6.9% YY. (Newswires)

Outokumpu (OUT1V FH) - Explores options to strengthen its position in the U.S. as a part of phase three strategic preparations, beginning in 2026 and will most likely require new investments. (Newswires)

Pennon Group (PNN LN) – Boote to step down as CFO, Buck to replace him in November 2023. (Newswires)

ProsiebenSat.1 (PSM GY) – Q2 (EUR): Revenue 868mln (exp. 884mln), Net Income -56mln (exp. 13mln), adj. EBITDA 79mln (exp. 80mln). FY guidance confirmed. (Newswires)

Rio Tinto (RIO LN) – Mongolian PM says over 90% of the tax issues with the Co. re the copper mine have been resolved. Confident that remaining issues can also be resolved. Does not see any further disputes with the Co. (Newswires)

Rolls Royce (RR/ LN) - H1 2023 (GBP): Revenue 6.95bln (exp. 5.937bln). Operating profit 673mln (exp. 698mln).  Gross profits 1.515bln (prev. 942mln Y/Y). Co. says it is starting to see the early impact of transformation in all businesses. (Newswires) 

Serco (SRP LN) – H1 (GBP): Revenue 2.47bln (exp. 2.45bln), adj. EPS 0.09. Interim dividend 0.0114, +21% YY. FY23 guidance: Revenue >4.8bln (exp. 4.79bln). (Newswires)

SES (SESG FP) – H1 (EUR): Adj. Net 116mln (prev. 168mln YY), EBITDA 530mln (prev. 545mln YY), Revenue 987mln (prev. 899mln YY). (Newswires)

Smith & Nephew (SN/ LN) – H1 (USD): Revenue 2.73bln (exp. 2.72bln). Operating profit 275mln (exp. 265mln). Co. raises its FY23 underlying revenue growth guidance to +6-7% (prev. +5-6%). Trading profit margin 15.3% (prev. 16.9% Y/Y). CFO is to step down in Q2 2024. (Newswires)

Swisscom (SCMN SW) – H1 (CHF): Net 848mln (prev. 785mln YY), Revenue 5.45bln (prev. 5.47bln YY). Blue subscription prices will remain unchanged until the end of 2024.

Tullow Oil (TLW LN) – Amendment to interim gas sale agreement in Ghana: amendment valued at USD 2.90/mmbtu. (Newswires)

United Internet (UTDI GY) upgraded to Outperform from Neutral at BNP Paribas

Wizz Air (WIZZ LN) – Q1 (EUR): Revenue 1.24bln (exp. 1.29bln), Operating Profit 79mln (prev. -284mln), Load Factor 91.2% (prev. 84.7%). Continue to observe positive trading in Q2. Maintain FY24 net profit forecast. On track to take delivery of 32 Airbus (AIR FP) 321Neo craft by end-2024. (Newswires)

03 Aug 2023 - 07:05- EquitiesResearch Sheet- Source: Newsquawk