Additional European Equity News

Ashtead (AHT LN) - Q1 (USD): Adj. Pretax 615mln (prev. 555mln YY), EBITDA 1.23bln (prev. 1.04bln YY), Rental Revenue 2.07bln (prev. 2.26bln YY). (Newswires) 

Avanza Bank - Aug (SEK): Net Inflows 6.4bln, -22% YY, Customer Growth +6% YY. (Newswires) 

ABN Amro (ABN NA) - Appoints Ferdinand Vaandrager as CFO, effective immediately. (Newswires)

BT (BT/ LN) - Customers from EE and Vodafone (VOD LN) faced network issues due to a technical bug. (Newswires)

BKW (BKW SW) – H1 (CHF): Net 304mln (prev. 191mln YY), Revenue 2.40bln (prev. 2.26bln YY). Raises FY23 EBIt 600-650mln (prev. 550-600mln). (Newswires)

Chip Names - China is reportedly to launch a new state-backed fund which aims to raise USD 40bln in order to boost the chip industry. New fund will focus on areas incl. equipment for chip manufacturing.  Fund has received approval from Chinese authorities in recent months. Finance Ministry intends to contribute CNY 60bln to it, via Reuters citing sources (Reuters)

DS Smith (SMDS LN) - Overall, trading is in-line with expectations. (Newswires)

Epiroc (EPIA SS) - Awarded EUR 60mln order from Kamao Copper, order booked in Q3. (Newswires) 

Eutelsat (ETL FP) – Partners with Karista’s Spacetech Fund. (Newswires)

Encavis (ECV GY) – Expands its solar portfolio in Spain with a 28MW solar part in Castile and Leon to 583MW. (Newswires)

Nordex (NDX1 GY) - The Nordex Group made a successful start to the third quarter of 2023 in the German market in July and August with orders totalling 181 MW. (Newswires)

Nordnet (SAVE SW) - Aug (SEK): Customer Growth +8% YY, Net Savings 4.5bln (prev. 3.1bln YY). (Newswires) 

Novartis (NOVN SW) – Sandoz reported H1 net sales to third parties USD 4.8bln, +5% YY. Affirms FY23 guidance. (Newswires)

Partners Group (PGHN SW) – H1 (CHF): Net 551mln (prev. 464mln YY), EBIT 644mln (exp. 583.8mln), Revenue 1.05bln (exp. 955.9mln)

Prysmian (PRY IM) – Signs EUR 90mln capacity reservation agreement with Marimus Link. (Newswires)

Rexel (RXL FP) - To sell EUR 400mln of senior unsecured sustainability-linked 2030 notes. (Newswires) 

Skanska (SKAB SS) - Improves the I-405 corridor in Bothell, Washington, USA, for USD 834M, which will be included in the US order bookings for the third quarter of 2023. (Skanka)

Allianz (ALV GY) reiterated with Overweight at Morgan Stanley

Akzo Nobel (AKZA NA) upgraded to Buy from Hold at Deutsche Bank

Boliden (BOL SS) upgraded to Buy from Hold at Deutsche Bank

Boohoo (BOO LN) downgraded to Neutral from Overweight at BNP Paribas

BBVA (BBVA SM) downgraded to Equal Weight from Overweight at Morgan Stanley

Coloplast (COLOB DC) initiated with Neutral at Goldman Sachs

Credit Agricole (ACA FP) downgraded to Sell from Neutral at Goldman Sachs

Davide Campari (CPR IM) downgraded to Equal Weight from Overweight at Morgan Stanley

Hannover Ruck (HNR1 GY) reiterated with Equal Weight at Morgan Stanley

Hiscox (HSX LN) downgraded to Equal Weight from Overweight at Morgan Stanley

Generali (G IM) reiterated with Underweight at Morgan Stanley

Grifols (GRS SM) reiterated with Neutral at JP Morgan

Munich RE (MUV2 GY) reiterated with Overweight at Morgan Stanley

Roche (ROG SW) downgraded to Hold from Buy at Berenberg

Tryg (TRYG DC) upgraded to Overweight from Equal Weight at Morgan Stanley

Volvo (VOLVB SS) downgraded to Hold from Buy at SEB

05 Sep 2023 - 07:25- Research Sheet- Source: Newsquawk