Additional European Equity News

Equinor (EQNR NO) – Adj. earnings at the MMP unit expected around the low-end of the guided range of USD 400-800mln. (Newswires)

Galp (GALP PL) – Namibia exploration: confirms discovery of a significant column of light oil in reservoir-bearing sands of high quality. (Newswires)

Greggs (GRGS LN)  - FY (GBP): Sales 1.8bln (exp 1.78bln), LFL Sales +13.7% Y/Y. Anticipate FY outcome in-line with prior guidance. Strong end to the year reflects favourable Christmas trading and less disruption Y/Y. Inflationary pressures are reducing. Expect to open 140-160 new stores in 2024. (Newswires)

GSK (GSK LN) – Nucala approved in China for use in severe asthma. (Newswires)

IMCD (IMCD NA) - Acquires 70% of Valuetree, no terms disclosed. (Newswires) 

Sainsbury's (SBRY LN) - Sainsbury's (SBRY LN) Q3 grocery sales +9.3% (prev. +5.6% Y/Y), Retail (exc. fuel) sales +6.5% (prev. +5.2% Y/Y), General Merchandise sales -0.6% (prev. +4.6%), Christmas grocery sales +8.6%, with stronger volumes growth offsetting lower inflation. Outlook: "We continue to expect underlying profit before tax in 2023/24 of between GBP 670mln and GBP 700mln, with a strong Grocery performance offsetting weaker General Merchandise and Financial Services contributions. We continue to expect to generate retail free cash flow in 2023/24 of at least GBP 600mln."

Skanska (SKAB SS) - Awarded SEK 1.4bln contract in New York. (Newswires)

Smith+Nephew (SN/ LN) – Completes acquisition of novel cartilage regeneration technology for knee repair. (Newswires)

Pennon Group (PNN LN) - Acquires Sutton and East Surrey Water plc in GBP 380mln deal. (Newswires) 

Persimmon (PSN LN) – Trading Update: Anticipate market conditions to remain highly uncertain in 2024, particularly for first time buyers and given it is likely an election year. Longer-term demand for new homes remains favourable. Private forward sales ahead Y/Y entering 2024, driven by improvements in the Q4 rate. Build costs continue to moderate. (Newswires)

Aedifica (AED BB) upgraded to Buy from Neutral at Kempen

Adyen (ADYEN NA) - CTO to step down by end-2024. (Newswires)

BooHoo (BOO LN) downgraded to Sell from Reduce at Numis

EQT (EQT SS) assumed with Neutral at UBS 

Fortum (FORTUM FH) downgraded to Hold from Buy at Carnegie Securities 

Gjensidige (GJF NO) downgraded to Hold from Buy at Arctic Securities 

Intermediate Capital Group (ICP LN) initiated with Buy at UBS

Royal Unibrew (RBEW DC) downgraded to Underperform from Hold at Jefferies 

Segro (SGRO LN) downgraded to Sell from Neutral at Kempen

Vonovia (VNA GY) upgraded to Buy from Neutral at Kempen 

WDP (WDP BB) upgraded to Buy from Neutral at Kempen

Wilhborgs (WIHL SS) upgraded to Buy from Neutral at Kempen 

10 Jan 2024 - 07:05- EquitiesResearch Sheet- Source: Newsquawk