Additional European Equity News

AB Foods (ABF LN) – FY (GBP): Revenue 19.75bln (exp. 19.97bln), adj. EPS 1.481 (exp. 1.40), adj. PBT 1.47bln (exp. 1.44bln), Primark Revenue +15% Y/Y, exceeding expectations. Initial 500mln share buyback concluded, additional 500mln announced. Final dividend of 0.331/shr proposed, special dividend of 0.127/shr. Primark is as well placed as it has ever been, expect adj. Operating Margin to recover strongly. Inflationary pressures eased, less volatility than 12-months prior. Sees improvement in performance of British Sugar, anticipated better sugar beet crop and significant reduction in losses at Vivergo. (Newswires)

Beazly (BEZ LN) – Trading Statement: Growth guidance for year on a net basis remains “mid 20’s”. Combined ratio guidance on an undiscounted basis remained at the “low 80’s” for FY23. Confident of delivering strong profit at year end. 9M insurance written premiums increased by 9% to USD 4.325mln. Confident there will be no impact on FY results over conflict in Middle East. (Newswires)

Danske Bank (DANSKE DC) – Norwegian competition postpones decision on Nordea’s purchase of Danske Bank personal customer business. (Newswires)

Daimler Truck (DTG GY) - On the production side, still assume partial supply bottlenecks. (Newswires)

Darktrace (DARK LN) – Technology Day: Reiterates FY24 guidance. CEO described how the growing acceptance and adoption of AI along with its attendant challenges represented a unique opportunity for Darktrace. (Newswires)

Direct Line (DLG LN) – Q3 Trading Update (GBP): GWP 1.28bln, +58.9 Y/Y. (Newswires)

Evotec (EVT GY) – Co. and Dewpoint Therapeutics enter a strategic partnership in oncology. (Newswires)

Frasers Group (FRAS LN) – Share buyback programme. (Newswires)

Generali (G IM) - Co. should partake in the tender for 51% stake held by PetroChina in the JV, via MF Daily. (Newswires)

IWG (IWG LN) - Q3 (GBP): Revenue 736mln, +7% Y/Y. Confirm guidance. (Newswires)

KPN (KPN NA) – FY24 Guidance (EUR): FCF 870mln, CapEx 1.2bln, adj. EBITDA AL 2.48bln. Reiterates FY23 guidance. To redistribute EUR 3.8bln over the next four years, higher proportion of that coming via dividends. To take significant steps to further modernise the operating model, leveraging automation and AI. (Newswires)

Klepierre (LI FP) – Simon Property Group announces the launch of its subsidiary Simon Global Development of an offering of EUR 750mn guaranteed exchangeable bonds initially into existing ordinary shares. (Newswires)

Metro Bank (MTRO LN) – Issues Q3 Trading Update: Secured GBP 325mln capital raise, comprising GBP 150mln of new equity and GBP 175mln of new MREL issuance, alongside GBP 600mln of debt refinancing as previously announced. (Newswires)

Outokumpu (OUT1V FH) – Q3 (EUR): Sales 1.53bln (exp. 1.65bln), EBIT -45mln (exp. 19.8mln), adj. EBITDA 51mln (exp. 86mln). (Newswires)

Persimmon (PSN LN) – Q3 Update: Trading in-line with guidance, around 9.5k completions expected for FY. Pricing remains broadly stable. Near term is likely to remain challenging, remain disciplined on costs. (Newswires)

Restaurant Group (RTN LN) – Wheel Topco confirms that, due to market conditions, it does not intend to make an offer for TRG. (Newswires)

RS Group (RS1 LN) – H1 (GBP): Pretax 141mln (exp. 159.8mln), Revenue 1.45bln (exp. 1.47bln). Raises semi-annual dividend to 15% to 8.30p/shr. (Newswires)

SBB (SBB SS) – New Q3 interim report publish date is 13th November, pushed back from the initial 9th. Due to a revised timetable for the completion of the new structure for quarterly reporting. (Newswires)

Schaffler (SHA GY) – 9M (EUR): Revenue 12.3bln, +6% Y/Y. Reports strong Q3 despite difficult market conditions. Confirms guidance. (Newswires) 

Solvay (SOLB BB) – EGM to be held on December 8th, to vote on separation into two listed firms. (Newswires)

Telefonica Deutschland (O2D GY) - Telefónica Local Services GmbH has made a voluntary public acquisition offer in the form of a partial offer to the shareholders of Telefónica Deutschland, to acquire around 28.2% of the Co. for EUR 2.35/shr. (EQS) Bidder is a direct wholly-owned subsidiary of Telefonica SA (TEF SM), currently holds 69% of Telefonica Deutschland's share capital indirectly and a further 2.59% directly.

Telecom Italia (TIT IM) - Moody's has placed the firms B1 rating on review for an upgrade. (Newswires)

Vistry (VTY LN)  - Signs GBP 819mln partnerships deal. (Newswires)

Vodafone (VOD LN) – To redeem the outstanding capital securities under its call option on Jan 3 2024. (Newswires)

Watches of Switzerland (WOSG LN) – Q2 Trading Update: Improved trading performance and FY24 guidance reiterated. (Newswires)

BP (BP/ LN) reiterated with Overweight at Morgan Stanley

Barry Callebaut (BARN SW) reiterated with Buy at Berenberg

BMW (BMW GY) reiterated with Sector Perform at RBC

Eni (ENI IM) reiterated with Equal Weight at Morgan Stanley

Equinor (EQNR NO) reiterated with Underweight at Morgan Stanley

Galp Energia (GALP PL) reiterated with Equal Weight at Morgan Stanley

OMV (OMV AV) reiterated with Underweight at Morgan Stanley 

Shell (SHEL LN) reiterated with Equal Weight at Morgan Stanley

Shell (SHEL LN) reiterated with Buy at Berenberg

TotalEnergies (TTE FP) reiterated with Overweight at Morgan Stanley

Neste (NESTE FH) reiterated with Outperform at RBC

07 Nov 2023 - 07:25- Research Sheet- Source: Newsquawk