Additional European Equity News

Assa Abloy (ASSAB SS) - Acquires Lawrence Hardware in Canada. No terms disclosed. Acquisition will be accretive to EPS from the start. (Newswires) 

Beazley (BEZ LN) - H1 (USD): PBT 366mln (prev. 365mln YY), Insurance Written Premiums 2.29bln (prev. 2.57bln YY). (Newswires) 

BAT (BATS LN) - Ownership of business in Russia was no longer sustainable in current environment and that our intention was to transfer business. Now formally entered into an agreement to sell its Russian an Belarusian business compliance with local and international laws. (Newswires)

Casino (CO FP) - CDS Committee says a failure to pay credit event occurred re. the Co., potentially paving the way for a payout to investors holding swaps. (Newswires)

Direct Line (DLG LN) - Q2 (GBP): PBT -76.3mln (prev. -11.1mln YY), GWP 1.62bln (prev. 1.47bln YY). (Newswires) 

De La Rue (DLAR LN) - Trading Update: Affirms FY adj. Op guidance in low GBP 20mln range. (Newswires) 

Galp Energia (GALP PL) - Executive says no plans to take on any further sale and purchase agreements with venture global LNG. (Newswires)

Repsol (REP SM) - Agreement for the sale to Peyto exploration in Canada. Deal is part of Co's portfolio reorganisation and deal expected to close mid-October. (Newswires) 

LSE (LSEG LN) - Consortium has sold an aggregate of circa. 25.5mln shares in the Co., gross sale proceeds of circa. GBP 2bln. (Newswires)

Melrose (MRO LN) - H1 (GBP): Adj. Op 159mln (prev. 45mln YY), Revenue 1.63bln (prev. 1.36bln YY), EPS -3p (prev. -16.8 YY), adj. Diluted Share 7.5p (prev. 0.2p YY). Upgrades forward guidance and share buy backs to be commenced early. To commence buyback October 2023, starting with GBP 500mln over 12 months. FY guidance: Aerospace 2023 adj. profit increases by over 8% to between 375-385mln. Sees 2023 Revenue 3.35-3.45bln. (Newswires) 

Pernod Ricard (RI FP) - Commencement of buyback programme: acquire own shares for up to EUR 150mln, between September 7th and October 6th. (Newswires)

Playtech (PTEC LN) - H1 (EUR): Revenue 859mln, adj. EBITDA 220mln, EPS 0.01. (Newswires)

Smurfit Kappa (SKG LN) - Discussing key terms of a potential combination with Westrock which would be expected to involve the creation of a new holding company. (Newswires)

Tod’s (TOD IM) – H1 (EUR): Sales 569mln (prev. 467mln), EBIT 60mln (prev. 17.7mln), Net 30mln (prev. 0.8mln). Some room to do better than current FY consensus for EBIT and sales. (Newswires)

UniCredit (UCG IM) – CEO Orcel said they aim to give back at least EUR 15.5bln in 2023 (prev. EUR 9bln YY). (Newswires)

Beazley (BEZ LN) reiterated with Overweight at JP Morgan 

ConvaTec (CTEC LN) upgraded to Outperform from Sector Perform at RBC 

Pennon (PNN LN) initiated with Hold at Kepler Chevreux

United Utilities (UU LN) initiated with Buy at Kepler Chevreux

07 Sep 2023 - 07:25- EquitiesResearch Sheet- Source: Newsquawk