Additional European Equity News

888 Holdings (888 LN) – Announces strategic review of US B2C operations; Authentic Brands Group agrees to Consensual license termination for US territory. (Newswires)

ASML (ASML NA) – Dutch caretaker government is working to prevent ASML from potentially leaving the country, Telegraaf. (Telegraff)

Capita (CPI LN) – FY (GBP): Revenue 2.8bln (exp. 2.68bln), EBITDA 144mln (exp. 211mln). 2024 revenue expected to be broadline in-line Y/Y (exp. 2.67bln). Clear pathway to deliver positive FCF in the medium term. (Newswires)

Castellum (CASTB DC) - Voluntary tender offer for certain outstanding SEK notes and contemplates new issuance. (Newswires)

Convatec (CTEC LN) – FY23 (USD): Adj. EPS 0.13 (prev. 0.13 Y/Y), Adj. EBIT 432mln (exp. 432mln), Revenue 2.14bln (exp. 2.14bln). Guides initial FY24 organic revenue +5-7% Y/Y. Raises medium-term organic revenue +5-7% (prev. +4-7%)

Dassault Aviation (AM FP) – FY23 (EUR): Adj. Net 886mln (exp. 812mln), Adj. Revenue 4.8bln (exp. 4.89bln), Adj. Op. 349mln (prev. 572mln Y/Y). Guides initial FY24 Revenue “increase”, Falcon Deliveries 35 (exp. 36), Rafale Deliveries 20 (exp. 16). (Newswires)

DS Smith (SMDS LN) – Q3 Trading Statement: Overall trading together with our outlook for the remainder of the year remains in line with management expectations. (Newswires)

Fincantieri (FCT IM) - Co. is in talks with Leonardo (LDO IM) regarding the purchase of the Wass submarine unit, value of EUR 200-300mln. (Il Sole, Corriere della Sera)

Galderma - Intends to IPO in Switzerland. CEO says they expect to list before Easter, and they continue to have a very strong growth trajectory. (Galderma/Newswires)

Galliford (GFRD LN) – H1 (GBP): Pretax 15.6mln (prev. 11.7mln Y/Y), Revenue 819.1mln (prev. 679mln Y/Y). (Newswires) 

Grifols (GRF SM) - Moody's has placed the Co. on review for a downgrade. Elsewhere, Gotham City writes: How an advance payment becomes a loan Part I, click here for details. "In our opinion, Grifols did not address all our questions, and thus we find their claim incorrect. We also question the company’s commitment to transparency, integrity, and ethical conduct. " (Newswires/Gotham City)

Legal & General (LGEN LN) - FY23 (GBP): Net 457mln (prev. 783mln Y/Y), Op. 1.67bln (exp. 1.8bln), EPS 0.0735, Dividend 0.2034. (Newswires)

LSE (LSEG LN) - Blackstone and Reuters are to sell its 4% stake in the Co., which is worth around GBP 1.9bln (21.5mln shares), according to CityAM. LSEG said it will buy back around GBP 500mln of the shares as part of the deal. Sold approx. 15.9mln shares at GBP 8.98/shr. (CityAM)   

Premier Foods (PFD LN) - Has reached agreement with the RHM Pension Scheme Trustee 4 to suspend pension deficit contribution payments from 1st April 2024; will benefit from GBP 33mln increased FCF for the FY. (Premier Foods)

Sandoz (SDZ SW) - Received FDA approval for the first and only Denosumab biosimilar. (Newswires)

TotalEnergies (TTE FP) – Expands its presence within the Orange Basin via new exploration license, Co. will have a 33% interest in block 3B/4B. (Newswires)

Tullow Oil (TLW LN) – FY23 Trading Update (USD): Revenue USD 1.63bln (prev. 1.78bln Y/Y), adj. EBITDA 1.15bln (prev. 1.47bln Y/Y), Net Income -110mln, Gross Profit 765mln. On track to deliver target USD 800mln FCF over 2023-2025 period. (Newswires)

Arkema (AKE FP) downgraded to Hold from Buy at Berenberg

IAG (IAG LN) upgraded to Overweight from Underweight at JPMorgan

Schneider Electric (SU FP) downgraded to Hold from Buy at Deutsche Bank

06 Mar 2024 - 07:10- Research Sheet- Source: Newsquawk