Additional European Equity News

Anglo American (AAL LN) – Production Update: Production guidance for 2024 unchanged vs the December update. (Newswires)

AstraZeneca (AZN LN) – FY (USD): Revenue 45.8bln (exp. 45.7bln), Core EPS 7.26 (exp. 7.27), Dividend 2.90/shr (exp. 3.00/shr). Q4: Core EPS 1.45 (exp. 1.51), Revenue 12.02bln (exp. 11.94bln)  FY Guidance: Core EPS to increase by a low double-digit to low-teens %, Revenue to increase by a low double-digit to low-teens % (exp. 9.95%), Other Operating Income expected to decrease substantially, Collaboration Revenue seen increasing substantially; Revenue & Core EPS expected to incur a low single-digit adverse impact from FX. CapEx to increase substantially in 2024. (AstraZeneca)

Aviva (AV/ LN) - UK CMA regulator to probe Aviva / AIG Life deal. (Newswires) 

BMPS (BMPS IM) - Italy considers selling a new stake of up to 10% before June, via MF. (MF)

British American Tobacco (BATS LN) - FY23 (GBP): Revenue 27.28bln (exp. 27.6bln, prev. 28.1bln Y/Y), EPS 375.6p (exp. 376.1p); takes a non-cash GBP 27.3bln impairment charge mainly related acquisition of US combustibles brands. (Newswires) 

Coty (COTY FP) - Q2 adj. EPS 0.25 (exp. 0.20), Q2 revenue USD 1.73bln (exp. 1.68bln). Prestige LFL sales growth +15% (exp. 10.3%), Consumer Beauty +5% (exp. +6.2%). Backs FY24 financial guidance; still sees adj. EPS between 0.44-0.47 (exp. 0.41), and still sees adj. EBITDA between USD 1.08-1.09bln (exp. 1.09bln). (Newswires)

Compass Group (CPG LN) – Q1 Trading Update: Organic Revenue +11.7% Y/Y. Affirms FY24 underlying Op. growth +13%. (Newswires)

IDS (IDS LN) - David Beirne, head of Postal Relations Quadient, writes in the FT "Ofcom's Royal Mail plan will not deliver the goods". Letter pushes back on cutting the Saturday service and adds the suggestion of allowing three extra days to deliver letters by extending expected service quality has seen people question the worth of even sending a letter in other nations. (FT)

Getlink (GET FP) – January: Le Shuttle 120.6k passenger vehicles, -4% Y/Y. (Newswires)

Kering (KER FP) – FY (EUR): Revenue 19.56bln (exp. 19.59bln), Net 2.98bln (exp. 3.16bln), EBITDA 6.6bln (exp. 6.4bln), EPS 24.38 (exp. 25.60), Gucci Revenue 9.87bln (exp. 10.48bln), Yves St Laurent Revenue 3.18bln (prev. 3.3bln), Dividend 14/shr (exp. 12.89/shr). CFO: end-year trends were, overall, like the rest of the year but saw an improvement in Europe & US. Will continue to invest in brands in the long term, margins could be impacted more this year. FY24 Guidance: Recurring Operating Income to decline Y/Y, particularly within H1. (Newswires)

Maersk (MAERSKB DC) – Q4 (USD): Revenue 11.7bln (exp. 11.46bln), EBITDA 0.839bln (exp. 1.13bln), EBIT -537mln (exp. -407mln), EPS -27 (exp. -42), Dividend 5.15/shr. High uncertainty remains around the duration & degree of Red Sea disruption, duration from one-quarter to FY reflected via the FY guidance ranges.  Inventory levels are beginning to normalise, volumes improved across the board Y/Y. FY24 Guidance: EBIT -5.0 to 0.00bln (exp. 1.09bln), EBITDA 1.0-6.0bln (exp. 6.5bln). Decided to demerge and spinoff Svitzer Towage Activities. Sees total global container trade 2.5-4.5, Further expected that significant oversupply challenges within the ocean industry will materialise fully over the FY, Front loading seen towards beginning of FY. (Newswires/Maersk)

Neste (NESTE FH) - Q4 (EUR): Adj. EPS 0.66 (exp. 0.63), Revenue 6.3bln (exp. 5.5bln). (Newswires) 

Outokumpu (OUT1V FH) – Q4 (EUR): Sales 1.5bln (exp. 1.58bln), EBIT -314mln (exp. -288mln), Net -242mln (exp. -139mln), EPS -0.56 (exp. -40.6). Q1 Outlook: adj. EBITDA seen similar Q/Q. (Newswires)

Poste Italiane (POST IM) – Italy’s antitrust agency opens investigation into the Co. (Newswires) 

Publicis (PUB FP) - FY (EUR): Revenue 13.1bln (exp. 13.5bln), EBITDA 2.85bln (exp. 2.9bln), Net 1.3bln (exp. 1.74bln), Dividend 3.40/shr (exp. 3.16/shr). CEO: expect to significantly outperform the industry during Q1 with organic growth within FY guidance of 4-5%. Plans a EUR 200mln share buyback and an envelope for selective M&A of 700-800mln. (Newswires)

Renault (RNO FP) - Nissan's results (7201 JT) will have a negative contribution to Renault's Q4. (Newswires)

SSE (SSE LN) – Q3 Trading Update: Affirms FY24 Adj. EPS > GBP 1.50. (Newswires)

Snam (SRG IM) - Exxon (XOM) and Qatar are expected to sign an agreement on the exit of Adriatic LNG, which would value it at circa. EUR 750-800mln. Snam currently has a 7.3% stake, could exercise its right to increase it to at least 20-22%, via MF. (Newswires)

Unibail-Rodamco-Westfield SE (URW FP) – FY (EUR): EBITDA 2.19bln (exp. 2.07bln, Dividend 2.50/shr (exp. 2.72/shr). (Newswires)

Watches of Switzerland (WOSG LN) – Q3 (GBP): Revenue 397mln, -1% YY. Trading conditions experienced in Q3 in the UK and US are expected to continue for the remainder of the year. Affirms FY24 targets. (Newswires)

Unilever (ULVR LN) - FY (EUR): Revenue 59.6bln (exp. 59.996bln). Q4 Underlying Sales +4.7% (exp. 4.56%); co. anticipates a modest improvement in underlying operating margin for the FY OUTLOOK "We expect underlying sales growth (USG) for 2024 to be within our multi-year range of 3% to 5%, with more balance between volume and price."  "We anticipate a modest improvement in underlying operating margin for the full year. We will deliver this through gross margin expansion, driven by a step-up in productivity and net material inflation back to more normal levels."  UNDERLYING PERFORMANCE Beauty & Wellbeing +8.3% Y/Y  Personal Care +8.9% Y/Y  Home Care +5.9% Y/Y  Nutrition +7.7% Y/Y  Ice Cream +2.3% Y/Y. (Newswires)

Barratt Developments (BDEV LN) upgraded to Buy from Neutral at Citi 

Elekta (EKTAB SS) downgraded to Hold from Buy at Handelsbanken

MorphoSys (MOR GY) downgraded to Neutral from Buy at UBS

08 Feb 2024 - 07:24- Research Sheet- Source: Newswires