Additional European Equity News

A2A (A2 IM) – CEO says Italy needs to invest circa. EUR 15bln on hydroelectric plants to adj. to climate change/modernise. (Newswires)

Ashtead (AHT LN) - Q3 (USD): Adj. EPS 0.814 (exp. 0.88), Revenue 2.658bln (exp. 2.679bln), Op. Profit 591mln, Pretax 473mln. (Newswires) 

Avanza Bank (AZA SS) - Feb (SEK) Customer Growth +8% Y/Y, Net inflows 6.21bln (prev. 8.08bln Y/Y). (Newswires) 

FLSmidth (FLS DC) - Acquires Farnell-Thompson Applied Technologies, no terms disclosed. (Newswires) 

Fresnillo (FRES LN) - FY (USD): Revenue 2.705bln (exp. 2.709bln). Adj. EPS 0.31 (exp. 0.14). Capex seen around USD 440mln. FY Gold production seen between 580-630koz. (Newswires) 

GlaxoSmithKline (GSK LN) – New VIIV La formulation with potential 4-month dosing. (Newswires)

Greggs (GRG LN) - FY23 (GBP): EPS 1.24 (exp. 1.22), Pre-tax 188mln (exp. 166mln), Adj. Op. 71.7mln (exp. 171.5mln), Final dividend 46p (prev. 44p Y/Y). (Newswires)

Hiscox (HSX LN) – FY (USD): EPS 2.061 (exp. 1.50), PBT 625mln (exp. 587mln), NAV 9.51/shr. Retail outlook for 2024 is positive. Further return of USD 150mln to shareholders via a buyback. (Newswires) 

Huhtamaki (HUH1V FH) – To consolidate its production footprint in China. (Newswires)

IWG (IWG LN) – FY (GBP): Revenue 3.34bln (exp. 3.1bln), EPS -0.214, Operating 145mln, EBITDA 403mln (exp. 398mln). Remains cautious in outlook, confident that 2024 EBITDA will be in-line with expectation. (Newswires)

Indutrade (INDT SS) - Acquires Matriks, no terms. (Newswires) 

Intertek (ITRK LN) – FY23 (GPB): EPS 2.23 (prev. 2.11 Y/Y), Revenue 3.33bln (prev. 3.19bln Y/Y). (Newswires)

Inchcape (INCH LN) – FY23 (GBP): Adj. PBT 502mln (exp. 496mln), Revenue 11.4bln (exp. 11.3bln). (Newswires)

Man Group (EMG LN) – Share buyback of up to USD 50mln, appointed Barclays to conduct the operation. (Newswires)

Nestle (NESN SW) – Perrier water does not meet the required standards in France and the US, according to a lawsuit. (Newswires)

Nordnet (SAVE SW) - Feb (SEK) Customer Growth +9.5% Y/Y, Net Savings 5.3bln (prev. 6.5bln Y/Y). (Newswires) 

Rotork (ROR LN) - FY23 (GBP): Adj Op. 165mln (prev. 143mln Y/Y), Revenue 719mln (prev. 642mln Y/Y). (Newswires) 

Retail Names / Associated British Foods (ABF LN) / H&M (HMB SS) / Inditex (ITX SM) - French lawmakers mull tax on fast fashion. Lawmakers will discuss a law proposing a fee of ten euros per item of clothing sold, according to Table China. (Table China) 

Snam (SRG IM) – Vitol’s VTTI is reportedly nearing a deal to purchase a majority stake within an Italian LNG terminal, via Reuters citing sources; to acquire the stakes from Exxon (XOM) and QatarEnergy. (Newswires)

Spirent Communications (SPT LN) - Viavi agrees to buy the Co. at 175p/shr (last closed 108.40p). (Newswires) 

Traton (8TRA GY) – FY (EUR): Sales 46.9bln (exp. 46bln), adj. Operating 4bln (exp. 3.76bln). FY24 Outlook: unit sales/sales revenue seen 5-10%. (Newswires)

Travis Perkins (TPK LN) - FY23 (GBP): Revenue 4.86bln (exp. 4.85bln), Adj. Pretax 140.5mln (exp. 137mln). (Newswires) 

UK Firms – Reuters analysis shows that the number of failed takeovers of UK-listed firms has more than doubled in recent years, amid boards rebuffing numerous bids that they believe are taking advantage of cheapened stock prices. (Newswires)

Wincanton (WIN LN) - CEVA confirms that it will not set aside no price increase statement in supplementary scheme announced for Wincanton, felt that the increased and final offer represented an attractive opportunity for all. (Newswires)

Inmobiliria Colonia (COL SM) upgraded to Hold from Underperform at Jefferies 

Intesa Sanpaolo (ISP IM) upgraded to Overweigh from Equal Weight at Morgan Stanley

UniCredit (UCG IM) downgraded to Equal Weight from Overweight at Morgan Stanley

05 Mar 2024 - 07:05- Research Sheet- Source: Newsquawk