Additional European Equity News

Axfood (AXFO SS) - President and CEO Balkow to step down, effective end-2024 at latest. (Newswires)

Bayer (BAYN GY) - Atlanta, US based 11th Court of Appeals court has declined to dismiss a lawsuit by a doctor which claims that Roundup resulted in him getting cancer; court ruled that the Co. is not protected from lawsuits over Roundup which contains Glyphosate. (Newswires) 

BP (BP/ LN) Q4 (USD): EPS 0.18 (exp. 0.15), adj. EBITDA 10.56bln (exp. 9.2bln), Profit 0.4bln (prev. 4.9bln), adj. for inventory holding losses of 1.2bln and adverse 1.5bln impact. Dividend of USD 0.07270/shr, +10% Y/Y for Q4. USD 1.75bln buyback for Q1. USD 3.5bln buyback in H1 2024, plans buybacks of at least USD 14bln through 2025. Q1 Guidance: Upstream production higher vs Q4. Customer business: expects seasonally lower volumes across most businesses and the absence of one-off positive effects from Q4. Expects fuels margins to remain sensitive to movements in cost of supply. Products: expects a significantly lower level of refinery turnaround activity vs Q4. "expects lower industry refining margins, with a larger reduction in realized margins due to narrower North American heavy crude oil differentials." 2024 Guidance: Reported and underlying upstream production to be slightly higher vs 2023. Customers: expects continued growth from convenience. Products: lower level of industry refining margins, with realized margins impacted by narrower North American heavy crude oil differentials and for "refinery turnaround activity to have a similar impact on both throughput and financial performance compared to 2023, with phasing of activity in 2024 heavily weighted towards the second half." Gulf of Mexico oil spill payments to be around 1.2bln pre-tax, incl. 1.1bln to be paid in Q2. (BP)

Bechtle (BC8 GY) – FY23 (EUR): EBT 374mln, +6.7% Y/Y, Revenue 6.4bln (exp. 6.37bln), +6.8% Y/Y. (Newswires)

GSK (GSK LN) - DREAMM-7 phase III trial shows Blenrep combination nearly tripled median progression-free survival versus standard of care combination in patients with relapsed/refractory multiple myeloma. In other news, GSK pplication for Shingrix for the prevention of shingles in at-risk adults aged 18 and over accepted for review by China National Medical Products Administration. (Newswires) 

Givaudan (GIVN SW) - Acquisition by Groupe Berkem of Givaudan's Industrial site in Spain. (Newswires)  

Novo Nordisk (NOVOB DC) - Commences up to DKK 2.1bln trance as a part of its DKK 20bln share buyback. (Newswires) 

Virgin Money UK (VMUK LN) – Q1 Trading Update: Customer deposits GBP 67.3bln, +1.7% Y/Y. (Newswires)

Eutelsat (ETL FP) resumed with Hold at SocGen 

Holmen (HOLMB SS) upgraded to Buy from Hold at Handelsbanken

RWE (RWE GY) downgraded to Hold from Buy at Stifel 

Leg Immobilien (LEG GY) downgraded to Hold from Buy at Warburg 

Nel (NEL NO) downgraded to Hold from Buy at Redburn Atlantic

Salzgitter (SZG GY) upgraded to Buy from Hold at Bankhaus Metzler

Thyssenkrupp nucera (NCH2 GY) initiated with Buy at Redburn Atlantic

Vodafone (VOD LN) downgraded to Neutral from Outperform at Oddo

06 Feb 2024 - 07:10- EquitiesResearch Sheet- Source: Newsquawk