Additional European Equity News

Ahold Delhaize (AD NA) – Q2 (EUR): Adj. Op 904mln (exp. 870mln), Revenue 22.1bln (exp. 22.1bln). Is seeing more evidence that inflation has peaked. Raises FY23 FCF 2-2.2bln (prev. 2bln). (Newswires)

Airtel Africa (AAF LN) - Notice of Airtel Uganda's intention to float. (Newswires)

Bellway (BWY LN) - Trading Update: Housing Revenue 3.4bln (prev. 3.52bln YY), Underlying Op Margin 16% (prev. 18.5% YY), Avg. selling price 310k (prev. 314k YY). Sales order book 4.41k (prev. 7.22k YY); 1.19bln (prev. 2.11bln YY). (Newswires)

Continental (CON GY) - Q2 (EUR): Adj. EBIT 497mln, +24.1%. FY (EUR): Sees sales 41.5-445bln, saw 42-45bln. Consolidated Sales outlook lowered to 41.5-44.5bln (prev. 42-45bln). Expects significantly higher material, wage, energy and logistics costs. (Newswires) 

Flutter (FLTR LN) - H1 (GBP): Revenue 4.8bln (prev. 3.4bln YY), EBITDA 765mln (prev. 434mln YY), EPS 73.8p (prev. 64.7p YY). Working towards US listing in late Q4'23 or early Q1'24. Australia revenue -1%, International Revenue +8%. Guides initial Fy23 adj. EBITDA 1.44-1.6bln. (Newswires)

Hiscox (HSX LN) – H1 (USD): PBT 265mln (exp. 262mln), EPS 0.722, NAV/shr 8.233. Expect FY headline growth in-line with the H1 trend. (Newswires)

NovoZymes (NZYMB DC) – Q2 (DKK): Sales 4.22bln (exp. 4.35bln), Net 614mln (exp. 706mln), EBIT 865mln (exp. 1.06bln), EBITDA  1.2bln (exp. 1.42bln). Narrows FY outlook: organic sales growth 4-6% (prev. 4-7%). (Newswires)

Polymetal (POLY LN) - Q2 (USD): Revenue 581mln (prev. 433mln YY). Says Q2 Gold equivalent output at 423k ounces (prev. 348k ounces YY). (Newswires)

Sampo (SAMPO FH) – Q2 (EUR): Net Income 304mln (exp. 312mln), PBT 363mln (exp. 324mln), EPS 0.6 (exp. 0.61). (Newswires)

TP ICAP (TCAP LN) – H1 (GBP): Revenue 1.13bln, +1% YY. Share buyback of GBP 30mln. On track to hit FY23 targets. (Newswires)

TUI (TUI1 GY) - Q3 (EUR): Net 52.5mln (prev. -331.2mln YY), underlying EBITDA 366.6mln (prev. 180.8mln YY), Revenue 5.29bln (prev. 4.4bln YY). Current summer bookings, +6% YY. (Newswires)

Tullow Oil (TLW LN) – Announces approval from the Government of Gabon for the extension of several of its Gabon licenses to 2046. (Newswires)

Universal Music Group (UMG NA) - Co. and Alphabet's (GOOGL) Google are in discussions to license artists melodies/voices for AI generated songs, via FT citing sources. (FT)

Vestas (VWS DC) – Q2 (EUR): Revenue 3.4bln (exp.3.37bln), Order Intake 2.3kMW. FY Guidance: Revenue 14.0-15.5bln (exp. 15.1bln), Adj. EBIT margin -2% to 3% (exp. 1.28%). (Newswires)

Valmet (VALMT FH) - To supply a Valmet DNA distributed control system (DCS) to Gwagyang Green Energy Corporation's biomass power plant under construction in Southwest Province in South Korea. No financial terms disclosed. 

Aurubis (NDA GY) initiated with Buy at UBS

abrdn (ABDN LN) upgraded to Neutral from Sell at Citi

Bank of Ireland (BIRG ID) downgraded to Neutral from Outperform at BNP Paribas

Glencore (GLEN LN) reiterated with Outperform at Credit Suisse

Lanxess (LXS GY) downgraded to Neutral from Buy at UBS

Scout24 (G24 GY) reiterated with Neutral at Credit Suisse

Stellantis (STLAM IM/ STLAP FP) downgraded to Neutral from Buy at Citi

09 Aug 2023 - 07:20- EquitiesResearch Sheet- Source: Newsquawk