Additional European Equity News

Adyen (ADYEN NA) - H2 2022 (EUR): Revenue 721.1mln (exp. 725mln. EBITDA +4% Y/Y. EBITDA margin 55% (exp. 59.7%). Co. has appointed Ingo Uytdehaage as co-CEO. (Newswires) 

Akzo Nobel (AKZA NA) - Q4 2022 (EUR) Revenue 2.606bln (exp. 2.611bln). Adj EBITDA 1.157bln (prev. 1.436bln). Operating income 708mln (prev. 1.12bln) - "resulting from lower volumes, higher raw material and freight costs, inflation on operating expenses and EUR 46mln negative impact from hyperinflation accounting." Final dividend 1.54/shr (prev. 1.54/shr). (Newswires/Akzo Nobel)

Ashmore (ASHM LN) – HY Update (USD): AUM 57.2bln, adj. Net Revenue 1017mln (exp. 101mln), PBT 54mln (exp. 67mln). Positive market performance of 0.8bln and net outflows of 7.6bln, reflecting subdued investor risk appetite for much of the period. (Newswires)

Banca Monte dei Paschi (BMPS IM) - Q4 2022 (EUR): Revenue 840mln (exp. 774mln). Net 155.8mln (exp. 89.1mln). CET1 ratio 15.6% (prev. 9.0% Q/Q). NII 499mln (prev. 323mln). (Newswires) 

Barratt Development (BDEV LN) - H1 2022 (GBP): Revenue 2.78bln (prev. 2.25bln). Adj. gross profit 648.9mln (prev. 562.4bln). Gross margin 22.6% (prev. 24.3%). Interim dividend 0.102 (prev. 0.112). "Buyback programme to recommence following today's interim results announcement." (Barratt Development)

Beazley (BEZ LN) – Roberts is to stand down as chair in Autumn 2022, Bannister appointed as Chair-designate. (Newswires)

Hannover Re (HNR1 GY) - Hannover Re achieved an inflation- and risk-adjusted price increase on renewed business of 8.0% in the treaty renewals as at 1 January 2023 in traditional property and casualty reinsurance. Co. notes of "Substantially improved market conditions in property and casualty reinsurance due to tighter capacities and continued heavy loss expenditure in 2022". (Hannover Re)

Hapag Lloyd (HLAG GY) - Board resolves to pay a dividend of EUR 63/shr (prev. 35/shr YY), corresponding to a total distribution of EUR 11.1bln (prev. 6.2bln YY); based on a successful FY22 with expected EBIT of 17.5bln (prev. 9.4bln). (Newswires)

Jyske Bank (JYSK DC) - Co. raises its FY23 net guidance to DKK 4.0-4.6bln (prev. 3.7-4.3bln). (Newswires) 

Maersk (MARSKB DC) - Q4 2022 (USD): Revenue 17.8bln (exp. 18.5bln). EBITDA 6.54bln (exp. 6.42bln). EBIT 5.12bln (5.35bln). Co. sees 2023 underlying EBITDA between USD 8-11bln (exp. 13.45bln). "Guidance for 2023 is based on the expectation that inventory correction will be complete by the end of the first half leading to a more balanced demand environment. 2023 global GDP growth is expected to be muted and global ocean container market growth to be in a range of -2.5% to +0.5%. A.P. Moller-Maersk expects to grow in-line with the market." Capex guidance maintained at USD 9-10bln. (Newswires/Maersk IR)

Neste (NESTE FH) – Q4 2022 (EUR): Revenue 6.5bln (exp. 6.2bln), adj. EPS 0.84 (exp. 0.75), EBITDA 894mln (exp. 858mln). (Newswires)

Pandora (PNDORA DC) - Q4 2022 (DKK): Revenue 9.9bln (exp. 9.6bln). EBIT 3.2bln (prev. 2.7bln). Co. is to repurchase DKK 2.4bln in shares. "Initial guidance for 2023 is -3% to +3% organic growth and an EBIT margin around 25%. Current trading in 2023 has been solid with a good, broad-based pick-up in sell-out growth.". (Newswires/Pandora)

Santander (SAN SM) - Santander values Mexican business at USD 8.6bln on path to de-list, according to Reuters. (Newswires) 

Severn Trent (SVT LN) – Update: No material changes to current year business performance or outlook since the interim update. (Newswires)

Smurfit Kappa (SKG LN) - FY22 (EUR): Revenue 12.82bln (prev. 10.1bln Y/Y). EBITDA 2.36bln (prev. 1.70bln). Adj. EPS 4.44 (prev. 2.75). (Newswires) 

Storebrand (STB NO) - Q4 2022 (NOK): Operating profit 624mln (exp. 746mln). Net 704mln (exp. 654mln). Co. announces a NOK 500mln share buyback. (Newswires) 

Tate & Lyle (TATE LN) - targets 5yr revenue growth of 4-6% per year. (Newswires) 

TotalEnergies (TTE FP) - Q4 2022 (USD): Net Income 7.6bln (exp 7.6bln), adj. EBITDA 16bln (exp. 14.08bln), Ordinary Dividend EUR 2.81/shr for 2022 with shareholders to benefit from a EUR 3.81/shr dividend for 2022 (exp. 3.47/shr). Confirms it intends to spin off TotalEnergies EP Canada and confirms 2023 payout of 35-40% for shareholders. FY23 outlook: Net Investments 18bln (prev. 16bln). (Newswires)

Voestalpine (VOW AV) - 9M (EUR): Revenue 13.6bln (prev. 10.5bln Y/Y). EBITDA 1.9bln (prev. 1.5bln). Net 864mln (prev. 697.6mln). EBITDA margin 13.8% (pre. 14.5% Y/Y). Co. raises its FY22 EBITDA guidane to EUR 2.5bln (prev. 1.9-2.2bln). (Newswires)

UCB (UCB BB) - FINTEPLA (fenfluramine) oral solution approved in the EU for adjunctive treatment of seizures associated with Lennox-Gastaut syndrome (LGS). (UCB)

Yara (YAR NO) - Q4 2022 (USD): EBITDA ex-items 1.067bln (prev. 765mln). Net income 769mln (prev. 41mln). (Newswires) 

Ambu (AMBUB DC) reiterated with Underweight at JPMorgan Chase

Deutsche Post (DPW GY) downgraded to Market Perform from Outperform at Bernstein 

HelloFresh (HFG GY) downgraded to Neutral from Outperform at Credit Suisse

Nokian (TYRES FH) downgraded to Hold from Buy at DNB Markets

Nordic Semiconductor (NOD NO) downgraded to Sell from Buy at Nordea

Scout24 (G24 GY) downgraded to Neutral from Buy at UBS

Volvo (VOLVB SS) downgraded to Hold from Buy at Jefferies

08 Feb 2023 - 07:38- EquitiesResearch Sheet- Source: Newswires