Additional European Equity News

Amadeus (AMS SM) – Q1 (EUR): Revenue 1.3bln (exp. 1.27bln), Air Distribution bookings 121mln, +32%. Maintains positive commercial pipeline, alongside recovering travel volumes should support performance for the year. (Newswires)

AstraZeneca (AZN LN) – Farxiga extended in the US for heart failure. (Newswires)

BMPS (BMPS IM) – Q1 (EUR): Revenue 878mln (exp. 840mln), Net 235mln (exp. 128mln), NII 504mln (exp. 485mln), CET1 14.9% (exp. 14.4%). (Newswires)

Direct Line Insurance (DLG LN) - Q1 2023 (EUR): Revenue 771mln (prev. 712mln). CEO said trading was positive over Q1 and this trend has continued into April. (Newswires) 

Duerr (DUE GY) - Q1 2023 (EUR): Q1 2023 (EUR): Revenue 1.01bln (prev. 906mln). Adj. EBIT 42mln (exp. 43.5mln). Co. affirms its FY23 Revenue and Order Intake guidance. (Newswires) 

Endesa (ELE SM) - Q1 2023 (EUR): Revenue 7.50bln (prev. 7.60bln Y/Y). Net 594mln (exp. 561mln). EBITDA 1.46bln (exp. 1.42bln). (Newswires)

Fresnillo (FRES LN) – None of Co’s current operations are expected to be impacts by the new Mexican mining law. (Newswires)

Glencore (GLEN LN) - Plans to build Europe's largest battery recycling plant to expand its natural resources business, has launched a study with Li-Cycle on this targeting a 2027 construction date. (FT)

Grifols (GRF SM) - Q1 (EUR): Revenue 1.56bln (exp. 1.5bln), Net Income 140mln, adj EBITDA 140mln (exp. 297mln). Adj. EBITDA guidance lifted for H1 and FY. (Newswires)

JD Sports (JD/ LN) – Acquisition of Courir in France for an enterprise value of EUR 520mln. Reviewing options to simplify shareholdings in a number of subsidiary businesses across Europe. (Newswires)

Manz (M5Z GY) -  Q1 (EUR): Revenue 76.4mln (prev. 60.9mln), EBITDA 8.3mln (prev. -2mln), EBIT 5.4mln (prev. -4.8mln), Order Backlog 306.7mln (prev. 273.2mln). Optimistic about FY23 despite ongoing challenges in Europe. (Manz)

Outokumpu (OUT1V FH) - Q1 2023 (EUR): Revenue 2.01bln (prev. 2.57bln Y/Y). EBITDA 204mln (prev. 350mln). Co. guides Q2 adj. EBITDA on a similar or higher level Q/Q. (Newswires)

Purplebricks (PURL LN) - Co. expects FY23 performance in line with Co. expectations. (Newswires) 

Roche (ROG SW) - FDA accepts application for Vabysmo which treats Retinal Vein Occlusion  (RVO) based on sustained vision improvement and strong data. (Roche)

Schaeffler (SHA GY) - Q1 2023 (EUR): Revenue 4.15bln (prev. 3.76bln Y/Y). EBIT 336mln (prev. 258mln). EBIT margin 8.1% (prev. 6.9%). (Newswires) 

UK Housing - UK PM Sunak is reportedly facing calls to boost home building following recent Conservative Party local election losses, according to Bloomberg. (Newswires) UK Halifax House Prices MM (Apr) -0.3% (Prev. 0.8%). (Newswires)

UK Retailers - Hedge funds are betting against online retailers such as Ocado (OCDO LN), Moonpig (MOON LN) and Asos (ASC LN) as they believe the demand will not stick post-lockdown. (The Times) 

Castellum (CAST SS) reiterated with Underweight at JPMorgan Chase

UniCredit (UCG IM) reiterated with Overweight at JPMorgan Chase

09 May 2023 - 07:42- EquitiesResearch Sheet- Source: Newsquawk