Additional European Equity News

British American Tobacco (BATS LN) - Trading Update: Reiterates FY23 delivery and EPS guidance. Sees 2023 low end 3-5% organic constant currency revenue growth. Committed to building “smokeless world”, with 50% revenue from non-combustibles by 2025. Expect low signle digit revenue and adjusted profit from operations growth in 2024. Expect performance in H2’24 to be half-weighted. (Newswires)

Castellum (CASTB SS) – Installs 100 roof-based solar PV systems. (Newswires)

FCC (FCC SM) – Reportedly to construct a nuclear reactor for the treatment of cancer, at a cost of EUR 700mln, via El Economista. (Newswires)

Fresenius (FRE GY) - Retains relief payments for hospitals of up to EUR 300mln (from the current perspective) and is therefore subject to a ban on dividends and bonuses for 2023. Shares seen -1.9% in pre-market (Newswires) 

Safran (SAF FP) – CEO says the aerospace supply chain is still struggling to recover and industrial targets must be realistic, reiterates target of 2k Leap Engine deliveries in 2024 adding that this is “already very ambitious”. (Newswires)

Sopra Steria (SOP FP) – Secured a GBP 369mln deal to transform services on behalf of NS&I. (Newswires)

Tui (TUI GY) – FY (EUR): Revenue 20.7bln (exp. 20.3bln), EBIT 999mln (exp. 983mln), Net Income 455mln (exp. 449mln), PBT 551mln (exp. 552mln). Medium Term: expects average growth in underlying earnings of 7-10%, net leverage ratio of “well below” 1.0x. Currently examining upgrade to prime standard on Frankfurt Stock Exchange with inclusion in MDAX and delisting from LSE. (Newswires)

UniCredit (UCG IM) - Reportedly sees a new chair candidate by spring 2024, according to Reuters sources. (Newswires) 

Vinci (DG FP) - Capacity of the Kansai terminal is to increase to 40mln (prev. 23mln) passengers. (Newswires)

Weir Group (WEIR LN) – Announces 2026 operating margin target of 20%, absolute savings target upgraded to GBP 60mln (prev. 30mln). (Newswires)

Carl Zeiss Meditec (AFX GY) upgraded to Buy from Hold at Bankhaus Metzler 

Nel (NEL NO) downgraded to Equal Weight from Overweight at Morgan Stanley Shares indicated -5.3% in pre-market trade.

Kone (KENBV FH) upgraded to Neutral from Underperform at BNP Paribas

Rotork (ROR LN) downgraded to Neutral from Outperform at BNP Paribas 

Melrose (MRO LN) downgraded to Neutral from Outperform at BNP Paribas

Telefonica Deutschland (O2O GY) downgraded to Sell from Hold at Warburg Research 

Volvo (VOLVA SS) downgraded to Neutral from Outperform at BNP Paribas 

06 Dec 2023 - 07:05- Research Sheet- Source: Newsquawk