Additional European Equity News

Ahold Delhaize (AD NA) - Q3 (EUR): Revenue 21.9bln (exp. 21.95bln), EBIT 625mln (exp. 829mln), adj. EPS 0.58 (exp. 0.58), EBIT Margin 2.9%. EUR 1bln buyback from 2024. FY23 guidance: raises FCF, preparing for next phase of growth and value creation. (Newswires)

BMPS (BMPS IM) – Q3 (EUR): Revenue 953mln (exp. 944mln), Net 309mln (exp. 245mln), NII 605mln (exp. 591mln), CET1 16% (exp. 17.3%). (Newswires)

Defence Names - UK signs GBP 4bln air defence systems with Poland, which follows a previously agreed GBP 1.9bln deal earlier in the year. This is a JV deal with Airbus (AIR FP), BAE System (BA/ LN) and Leonardo (LDO IM), according to The Telegraph. (The Telegraph)

JD Wetherspoon (JDW LN) - Trading Update: 14-week LFL Revenue +9.5% Y/Y. Expects financial performance to be in line with market expectations. (Newswires) 

Hiscox (HSX LN) – 9-month (USD): ICWP 3.76bln (prev. 3.56bln), Retail ICWP 1.84bln (prev. 1.77bln). Market conditions remain positive, plenty of attractive opportunities ahead. On track to deliver FY growth guidance to be in-line with half-year trend. (Newswires)

Holcim (HOLN SW) - Decarbonisation as a driver of profitable growth, Europe to deliver over CHF 10bln in net sales and 1.6bln in EBIT by 2026. (Newswires)

ITV (ITV LN) – 9-month (GBP): Revenue 2.98bln (prev. 2.95bln), Studios Revenue 1.5bln (prev. 1.39bln), M&E Revenue 1.45bln (prev. 1.56bln). Remain confident in 2026 targets. Continuing to review cost base to deliver further savings. (Newswires)

Investec (INVP LN) - Upgrades H1 adj. EPS 38-39p (prev. guidance 35.5-37.5p). (Newswires) 

Marks & Spencer (MKS LN) – H1 (GBP): Adj. EPS 12.7p (prev. 7.8p Y/Y), adj. Pretax 325.6mln (prev. 208.5mln Y/Y), Revenue 6.1bln (exp. 6.19bln), Net Income 207mln, Net Debt -2.56bln, adj. PBT 360mln (exp. 275mln). Adjusts FY23/24 Net “growth weighted towards H1” (prev. guidance “growth"). Restoring a modest dividend, interim dividend of 0.01/shr. Customers responding positively to Christmas range. Trading momentum maintained through October, further work needed to embed permanent reductions in the underlying cost base. (Newswires)

Renault (RNO FP) – Co. and Nissan (7201 JT) announce completion of their agreements framing foundations of new chapter in alliance. (Newswires)

Telecom Italia (TIT IM) - KKR is looking at reselling the network grid it offered to purchase from TIM within 5-6yrs, via La Repubblica. (Newswires)

Serco (SRP LN) – Secures a GBP 200mln electronic monitoring contract. (Newswires)

Sixt (SIX GY) – Q3 (EUR): Revenue 3.6bln (exp. 3.53bln), PBT 247mln (exp. 243mln), EBITDA 294mln (exp. 300mln). FY Guidance: Revenue 3.6bln (exp. 3.5bln), PBT 460-500mln (exp. 483mln). Record revenue. Expects stronger results in Q4 Y/Y, given extensive investments in the compare. (Newswires)

Persimmon (PSM LN) – New CFO Andrew Duxbury assumes position. (Newswires)

Vestas (VWS DC) – Q3 (EUR): Revenue 4.4bln (exp. 4.1bln), adj. EBIT 70mln (exp. 31mln), Order Intake 4.5k/MW. Narrowing FY Guidance: Revenue 14.5-15.5bln (prev. guided 14.0-15.5bln, exp. 15.0bln), adj. EBIT Margin 0-2% (prev. guided -2% to 3%). Value of wind turbine order backlog 21.6bln as of end-September. (Newswires)

Aedifica (AED BB) initiated with Hold at Jefferies

Aroundtown (AT1 GY) initiated with Underperform at Jefferies

Britvic (BVIC LN) initiated with Hold at Stifel Nicolaus

Brembo (BRE IM) upgraded to Hold from Reduce at Kepler

Covivo Hotels (COVH FP) initiated with Hold at Jefferies 

Dassault Systems (DSY FP) upgraded to Neutral from Underperform at BNP Paribas

Demant (DEMANT DC) maintained with Underweight at Barclays

Direct Line (DLG LN) resumed with Equal Weight at Morgan Stanley

Electrolux (ELUXB SS) downgraded to Sell from Hold at DNB

FinecoBank (FBK IM) maintained with Equalweight at Barclays

Fraport (FRA GY) maintained with Overweight at Barclays

Genmab (GMAB DC) maintained with Overweight at Barclays

Klepierre (LI FP) initiated with Hold at Jefferies 

Leg Immobilien (LEG GY) initiated with Buy at Jefferies 

La Francaise de Jeux (FDJ FP) initiated with Buy at Stifel Nicolaus

Nemetschek (NEM GY) upgraded to Outperform from Neutral at BNP Paribas

Merlin Properties (MRL SM) initiated with Buy at Jefferies

Vonovia (VNA GY) initiated with Underperform at Jefferies

Unibail (URW NA) initiated with Buy at Jefferies

Vat Group (VACN SW) downgraded to Neutral from Buy at UBS

08 Nov 2023 - 07:15- EquitiesResearch Sheet- Source: Newsquawk