Additional European Equity News

Admiral Group (ADM LN) – FY23 (GBP): Group profit before tax 442.8mln (exp. 463mln). EPS 111.20p (exp. 116.56p). Co. says it is well placed heading into 2024. Co. says the impact of significant price increases over 2022 and 2023 has led to much improved underwriting results which will feed into results over the next few years. Outlook is positive despite global uncertainties. (Newswires)

Aena (AENA SM) - Strategic plan: 300mln passenger target moved forward to 2025, expected end-24 at around 294mln. Confirms an 80% payout ratio for the dividend policy. Planned investment for the 2022-26 period of 3bln is on time. 

Aviva (AV/ LN) – FY (GBP): Net 1.1bln (exp. 1.1bln), Dividend 0.334/shr (exp. 0.332/shr). 300mln buyback and “…anticipate further regular and sustainable capital returns in the future”. Confident on FY24 outlook and targets. (Aviva)

Bayer (BAYN GY) – Co. Chief has ruled out plans for a capital increase, amid investor scepticism regarding the Co’s turnaround plan, according to the FT. (FT)

Beazley (BEZ LN) – FY23 (USD): Pretax 1.25bln (prev. 548mln Y/Y), Insurance Written Premiums 5.6bln (prev. 5.25bln Y/Y). (Newswires)

Believe (BLV FP) – Warner Music Group (WMG) confirms an indication of interest in Believe; waiting to submit proposal for due diligence with respect to transaction and to confirm indicative price of at lease EUR 17/shr. (Newswires) Believe close at EUR 15.5/shr

Dark Trace (DARK LN) – H1 (GBP): Adj. EBITDA 84.5mln (exp. 68.6mln), Revenue 330.3mln (exp. 326.6mln). Jan and Feb were largely in line with expectations. Raises FY24 Revenue 23.5025bln. (Newswires)

Deutsche Bank (DBK GY) – Co. is said to cut investment bank bonuses by around 10% following a slowdown in trading in the prior year, according to Bloomberg Law. (Bloomberg Law)

Entain (ENT LN) – FY23 (GBP): Underlying Pretax 445 (prev. 322mln Y/Y). Net Gaming Revenue 4.83bln (prev. 4.35bln Y/Y). (Newswires)

Encavis (ECV GY) – KKR is in advanced talks to buy the Co. for over EUR 2bln, according to Bloomberg, citing people familiar with the matter. (Bloomberg)

Getlink (GET FP) – February Traffic: Le Shuttle 114.6k passenger vehicles, -9% Y/Y; 98.8k trucks, stable Y/Y. (Newswires)

GSK (GSK LN) – Positive Blenrep Dreamm-8 results. (Newswires)

Harbour Energy (HBR LN) – FY (GBP): Revenue 3.7bln (exp. 4.107bln). Net Income 32mln (exp. 21.7mln). Pretax profit 597mln (exp. 1.081bln). (Newswires)

Iberdrola (IBE SM) - Non-binding indication of interest re. the acquisition of all common Avangrid stock not already owned. Aggregate consideration of EUR 2.5bln. (Newswires)

ITV (ITV LN) – FY23 (GBP): Adj. 7.8p (exp. 8.09p prev. 13.2p Y/Y), Adj. EBITA 489mln (exp. 438mln, prev. 717mln Y/Y), Revenue 4.26bln (exp. 3.6bln, prev. 4.35bln Y/Y). Adj. EBITA margin 13% (prev. 19% Y/Y). Commence a programme to purchase ordinary shares of 10p each in the capital of the Co. of up to a max consideration of GBP 235mln. (Newswires)

Marks & Spencer (MKS LN) – Co-CEO Bickerstaffe is to depart. (Sky News)

Melrose (MRO LN) – FY (GBP): Revenue 3.35bln (exp. 3.35bln), adj. Operating 420mln (exp. 328mln), Divided 0.05/shr (exp. 0.046/shr). Backlogs increased in 2023 in key markets. Industry supply chain is currently pacing deliveries due to capacity and raw material shortages. Demand compounded by a reduction in aerospace deliveries due to COVID and Boeing (BA). (Newswires)

Nexi (NEX IM) - CFO says capital restitution to shareholders will continue, and it could be buyback or dividends. (Newswires) 

NN Group (NN NA) – Dutch press, citing Bloomberg, on Wednesday’s report that Generali (G IM) is considering a European takeover say NN Group is one of the options. (FD/Newswires)

Novo Nordisk (NOVOB DC) – Phase 1 data from Amycretin to be presented at the CMD. (Newswires)

Virgin Money UK (VMUK LN) - Nationwide offers to buy Virgin Money UK (VMUK LN) for GBP 2.20/shr (vs GBP 1.5905 close on Wednesday); proposed deal for around GBP 2.9bln. Suspends GBP 150mln share buyback programme, effective immediately. (Newswires) 

Robert Walters (RWA LN) – FY23 (GBP): Pretax 20.8mln (prev. 55.6mln Y/Y), Op. 26.3mln (prev. 58.2mln Y/Y), Gross Profit 387mln (prev. 428mln Y/Y). (Newswires)

Rentokil (RTO LN) – FY23 (GBP): adj. Pretax 766mln (prev. 532mln Y/Y), Adj. Op. 898mln (prev. 571mln Y/Y), Revenue 5.38bln (prev. 3.71bln Y/Y). (Newswires)

SAS (SAS SS) – Q1 (SEK): Revenue 8.9bln (prev. 7.8bln), EBT 1.07bln (prev. 2.5bln), Net -1.45bln (prev. -2.7bln). Expect to emerge from restructuring around end-H1, reiterate that there will only be a modest recovery for general unsecured creditors. (Newswires)

Spirax-Sarco (SPX LN) – FY (GBP): Revenue 1.68bln (exp. 1.68bln), Operating 284mln (exp. 359mln), PBT 244mln (exp. 300mln), adj. EPS 3.12 (exp. 3.13), Dividend 1.60/shr (exp. 1.60/shr). (SPX)

SSAB (SSABA SS) - A political strike in Finland would impact Q1 earnings. (Newswires) 

Telefonica Deutschland (O2O GY) – Signed a delisting agreement with Telefonica Services (TEF SM) GmbH, who owns slightly less than 8% of the shares in the Co. (Newswires)

07 Mar 2024 - 07:10- EquitiesResearch Sheet- Source: Newsquawk