Additional European Equity News

Ferrexpo (FXPO LN) - In Q1, Co. notes of "a doubling of total iron ore pellet production to 0.90mln tonnes in 1Q 2023 (Q4 2022: 0.42mln tonnes), principally driven by an improvement in the supply of electricity to the Group’s operations in Ukraine, which enabled the restart of a second pelletiser line in late February 2023." Output declined Y/Y due to constraints from Russia's invasion in 2022. Group plans to operate one to two pellet lines in Q2 2023 if environment and logistics in Ukraine remain unchanged. Co. notes of total iron ore sales of 0.85mln tonnes in Q1 2023 with deliveries to European customers via rail and barging. (Ferrexpo)

Shell (SHEL LN) - Q1 Update (USD): Q1 2023 Upstream Adj. EBITDA seen between 1.8-1.9bln (vs 1.859bln achieved in Q4). Integrated Gas EBITDA seen between 930-970mln (vs 917mln in Q4). The chemicals sub-segment adjusted earnings are expected to reflect a loss for Q1’23. (Shell IR)

Grenke (GLJ GY) upgraded to Buy from Hold at Deutche Bank - Shares seen +2.7%

Schaefller (SHA GY) upgrade to Buy from Hold at Warbug 

06 Apr 2023 - 07:07- EquitiesResearch Sheet- Source: Newsquawk