Additional European Equity News

Boohoo (BOO LN) - FY revenue GBP 1.75bln vs exp. GBP 1.72bln. Adj. EBITDA GBP 173.6mln vs exp. GBP 170.9mln. Co. sees its 2022 revenue growth at +25%. Co. sees adj. EBITDA margin between 9.5-10%. (Newswires)

Direct Line (DLG LN) – Q1 gross written premiums GBP 521mln vs prev. GBP 551mln, reduction was less than market expectations. Direct own-brand motor policies -1.2% QQ. (Newswires)

Hiscox (HSX LN) – Quarterly group gross written premiums USD 1.256bln, +6.3%; no-alteration to previously disclosed estimates around claims for 2020/21. Year has started well, rate momentum is favourable. Australian floods and Ever Given event not expected to be material loss events for the Co.. Dividend payment is a 2021 priority, will evaluate position. (Newswires)

ITV (ITV LN) – Q1 external revenue GBP 709mln vs exp. GBP 719mln, studios revenue GBP 372mln vs prev. GBP 342mln, media/entertainment revenue GBP 484mln vs prev. GBP 500mln. Good start to 2021. Advertising revenue rebounding from 2020, April +68%, May expected at +85% and June at +85-90%. Confident on cost-saving targets. H1 total advertising outlook +26% YY. (Newswires)

Maersk (MAERSKB DC) - Q1 revenue USD 12.439bln vs prelim USD 12.4bln. EBITDA USD 4.039bln vs prelim USD 4bln. Co. reiterates the guidance that was upgraded in April. Co. announced the acceleration of current share buyback programme and announced an additional share buyback of up USD 5bln over two years. This decision is supported by strong earnings and FCF generated. Co. notes that global container volumes increased by around 8.4% in Q1 - a stronger momentum than previously expected. (Newswires)

Ryanair (RYA LN) - Apr load factor 67.0%. Total passengers 1mln vs 400k Y/Y. (Newswires) 

SBB (SBBB SS) – Q1 rental income SEK 1.32bln vs prev. SEK 1.34bln, property management income SEK 615mln vs prev. SEK 319mln. (Newswires)

Stellantis (STLA IM/FP) - Q1 net revenue EUR 37bln vs exp. EUR 34.9bln. Consolidated shipments +11% Y/Y. European market share +23.6% Y/Y, South American market share +22.2% Y/Y. 2021 industry outlook for key regions remain unchanged. Co. confirms guidance. (Stellantis/Newswires)

Steinhoff (SHN GY) – Commencing the IPO of Pepco in Warsaw. Price range of EUR 8.35-10.11/shr, first trading day expected around May 26th. (Newswires)

Swedbank (SWEDA SS) - NASDAQ Stockholm has fined the Co. SEK 46.6mln for AML shortcomings. (Newswires)

Vestas (VWS DC) – Q1 revenue EUR 1.96bln vs exp. EUR 2.6bln, EBIT EUR -71mln vs exp. EUR 46mln; continued COVID-19 impact and lower activity levels hindered Q1 results. Remain positive that they will catch up within the remainder of FY21. Order backlog of EUR 45bln. (Newswires)

BRENNTAG (BNR GY) DOWNGRADED TO REDUCE FROM ADD BAADER HELVEA

PIRELLI (PIRC IM) DOWNGRADED TO NEUTRAL FROM BUY AT CITIGROUP

05 May 2021 - 07:36- Research Sheet- Source: Newsquawk