Additional European Equity News

3I (III LN) – HY Update (GBP): Total Return 1.67bln (prev. 1.76bln) or 10% (prev. 14% Y/Y) on opening shareholders funds. Continue to see weaker performance in out portfolio firms which are exposed to discretionary spending and more cyclical end-markets. Remain cautious re. investment and realisation market. (Newswires)

AstraZeneca (AZN LN) – Q3 (USD): Revenue 11.49bln (exp. 11.52bln), Core EPS 1.72 (exp. 1.72). FY23 Guidance Increased: Total Revenue excluding COVID-19 medicines now expected to increase by a low-teens percentage at CER, Core EPS now expected to increase by a low double-digit to low-teens percentage at CER. Agreement with Eccogene for clinical stage GLP-1RA, upfront of 185mln with milestones of up to 1.83bln. (Newswires)

Auto Trader (AUTO LN) – H1 (GBP): Op. 164.6mln (prev. 149.1mln Y/Y), Revenue 280.5mln (prev. 249.8mln Y/Y). (Newswires)

B&M (BME LN) – H1 (GBP): Adj. EBITDA 269mln (prev. 232mln Y/Y), Revenue 2.55bln (exp. 2.52bln). Says momentum has been particularly strong in the last three weeks. Raises FY23 Adj. EBITDA 620-630mln (prev. guidance 560-580mln). (Newswires)

Deutz (DEZ GY) – Q3 (EUR): Orders 444mln (exp. 519mln), Net 21mln, adj. EBIT 30mln (exp. 0mln). Raises FY23 earnings guidance. (Newswires)

Eni (ENI IM) - Italian court has dropped proceedings against former senior employees, via Reuters citing sources. (Newswires)

Flutter Entertainment (FLTR LN) – Q3 (GBP): Revenue 2.04bln (prev. 1.89bln Y/Y). (Newswires)

Getlink (GET FP) – Le Shuttle, October: 168.16k passenger vehicles +3% Y/Y; 99.1k trucks, modestly higher M/M. (Newswires)

Hannover Re (HNR GY) – 9-month (EUR): Net Income 1.4bln, +25% Y/Y. Boosts earnings, well on track for FY profit target. (Newswires)

Imi (IMI LN) - Q3 (GBP): Organic Revenue +3.0% Y/Y. Upgrades FY23 adj. EPS (prev. guidance adj. EPS 112-117). (Newswires) 

Indivior (INDV LN) – Q3 (USD): EPS 0.34 (0.29 Y/Y), Revenue 271mln (prev. 232mln Y/Y. Raises mid-point FY23 SUBLOCADE Net Revenue 610-630mln. (prev. guidance 590-630mln). 

National Grid (NG/ LN) - H1 (GBP): Underlying pretax 1.99bln (prev. 2.12bln Y/Y), Revenue 8.49bln (prev. 9.44bln Y/Y). (Newswires) 

Schneider Electric (SU FP) - Long-term ambitions: revenue growth +5%, cash conversion ration around 100%. (Newswires)

Snam (SRG IM) – 9-month (EUR): Revenue 2.8bln, adj. Net 942mln, adj. EBITDA 1.86bln. FY23 guidance confirmed. Interim dividend of 0.1128/shr. (Newswires)

S4 Capital (SFOR LN) – Q3 Trading Update: Net Revenue -15.4%, LFL -10.0%, FCF in 2024 will be available for buybacks and dividends with no further management payments scheduled. Challenging trading conditions in H1 have intensified in Q3. (Newswires)

Taylor Wimpey (TW LN) – Resilient performance and expect to deliver FY profit at top end of guidance. (Newswires)

Tate & Lyle (TATE LN) – H1 (GBP): Revenue 857mln (exp. 877mln), adj. EBITDA 178mln (exp. 174mln), adj. PBT 156mln (exp. 153mln). Interim dividend of 0.062/shr. (Newswires)

UBS (UBSG SW) – Pricing of AT1: two tranches of USD 1.75bln of 9.25% perpetual notes, redeemable after five years. (Newswires)

WH Smith (SMDS LN) – FY (GBP): Revenue 1.79bln (exp. 1.79bln), adj. PBT 143mln (exp. 145mln), Dividend 20.8/shr (exp. 27.7/shr). Confident in FY outlook. Global travel business growing in all key markets. (Newswires)

Wizz Air (WIZZ LN) – HY (EUR): 3.05bln (prev. 2.19bln), Operating 522mln (prev. -64mln). Narrowing FY23 net income guidance to 350-400mln. Continue to see positive bookings in Q3, selling load factors exceed Y/Y by single-digit PP. (Newswires)

Wood Group (WG LN) – Q3 Trading Update (USD): Revenue 1.47bln (prev. 1.36bln Y/Y), Adj. EBITDA in line with expectations. Continued growth in Q3, FY confirmed. (Newswires)

Auto (AG1 GY) maintained with Overweight at JPMorgan

Ambu (AMBUB DC) reiterated with Underweight at JP Morgan

ABN Amro (ABN NA) reiterated with Neutral at JP Morgan

Credit Agricole (ACA FP) maintained with Underweight at JPMorgan

Gea Group (G1A GY) upgraded to Outperform from Neutral at BNP Paribas

GEA (G1A GY) reiterated with Underweight at JP Morgan

Persimmon (PSN LN) upgraded to Hold from Reduce at Peel Hunt

Siemens Healthineers (SHL GY) reiterated with Overweight at JP Morgan

Marks & Spencer (MKS LN) upgraded to Neutral from Underweight at JP Morgan

Pandora (PNDORA DC) reiterated with Neutral at JP Morgan

Vestas Wind Systems (VWS DC) upgraded to Buy from Hold at Center for Financial Research & Analysis

Voestalpine (VOE AV) upgraded to Neutral from Underweight at JP Morgan

09 Nov 2023 - 07:05- Research Sheet- Source: Newsquawk