Additional European Equity News

Airbus (AIR FP) - Employees are still mobilised to deal with the problem of microcracks in A380 wings; a problem already identified by Co. but potentially accentuated by craft storage during COVID. (Les Echos)

Austrian Post (POST AV) – H1 (EUR): Revenue 1.28bln (+6.0% Y/Y). EBIT 95.2mln (+4.6% Y/Y). Co. raises targeted group revenue growth in the mid-single digit range. (Newswires)

Antofagasta (ANTO LN) - H1 (USD): Pretax 764.5mln (prev. 679.6mln YY), EBITDA 1.33bln (prev. 1.24bln YY), Revenue 2.89bln (prev. 2.53bln YY). Cuts FY23 copper production 640-670Kt (prev. 640-670Kt). (Newswires) 

Entain (ENT LN) - H1 (GBP): Adj. 21.6p (prev. 29.3p YY), Adj. EBITDA 499mln (prev. 471mln YY), Gaming Revenue 2.4bln (prev. 2.18bln YY). Provides update on UK HMRC investigation, took a GBP 585mln provision. Currently anticipatese judicial approval will be sought during Q4 2023. (Newswires) 

Deliveroo (ROO LN) - H1 (GBP): Adj. EBITDA  +34.8mln (prev. -51.6mln YY), Revenue 1.02bln (prev. 972.9mln YY), Proposes 250mln additional return of structural surplus capital. Trims FY23 GTV to lower-single-digit YY. Raises Adj EBITDA 60-80mln (prev. 20-50mln). 

Housing Names – Brokers predict “mortgage price war” as lenders including HSBC (HSBA LN) and Nationwide (NBS LN) cuts rates again. (The Times)

Hapag-Lloyd (HLAG GY) - H1 (EUR): Net 2.90bln (prev. 8.65bln YY), EBIT 2.56bln (prev. 9.07bln YY), Revenue 10bln (prev. 17bln YY). (Newswires)

Henkel (HEN3 GY) - H1 (EUR): adj. EBIT 1.25bln (prev. 1.17bln YY), Revenue 10.9bln (prev. 10.8bln YY). Raises FY23 adj EPS +5-20% (prev. -10%-+10%), adj. Margin +11-12.5% (prev. 10-12%). (Newswires)

ISS (ISS DC) – Q2 (DKK): Revenue +10.4% YY. Affirms FY guidance. (Newswires)

K+S (SDF GY) – Q2 (EUR): Net -54.9mln (prev. +436mln YY), Revenue 826mln (exp. 836.1mln). Expects a better H2. (Newswires)

KBC (KBC BB) – Q2 (EUR): Net 966mln (prev. 887mln), Revenue 2.78bln (prev. 2.52bln YY). Trims FY23 NII 5.6bln (prev. 5.7bln). (Newswires)

Knorr-Bremse (KBX GY) – Q2 (EUR): Revenue 2.01bln (prev. 1.74bln Y/Y). EBITDA 2999mln (prev. 235mln). EPS 0.74 (prev. 0.66). Co. raises its FY23 revenue guidance. (Newswires)

Novo Nordisk (NOVOB DC) - CEO will not comment on when limits on WeGovy starter doses will be lifted. (Newswires)

Persimmon (PSN LN) - H1: With historic under-supply of homes longer term outlook for housing remains positive. Interim dividend of 20p/shr to be paid on 3 Nov 2023. FY completions expected to be 9000. (Newswires)

Petrofac (PFC LN) – Revenue 1.207bln (prev. 1.247bln). EBIT -103mln (prev. +77mln). Net -165mln (prev. +39mln). Co says it has secured USD 4.3bln of new orders in core markets and in new energies. (Petrofac)

Rheinmetall (RHM GY) - Q2 (EUR): EPS 1.27 (prev. 1.21 YY), Op 118mln (prev. 114mln YY), Revenue 1.50bln (exp. 1.52bln). (Newswires)

SEB (SBBB SS) – Co. says its results published on July 14th contained an editing error on the Balance Sheet page. The corrected and final financial report was made available on Co’s website later during the day on July 14th. (Newswires)

OSB (OSB LN) - H1 (GBP): Underlying PBT 117mln (prev. 294mln YY), NII 241mln (prev. 219mln YY). (Newswires)

Telia (TELIA SS) - Appoints Eric Hageman as executive VP, CFO and a member of group executive management team. (Newswires) 

Orsted (ORSTED DC) - Q2 (DKK): Net -538mln (prev. +269mln YY), EBITDA 3.32bln (exp. 3.9bln). (Newswires)

Watches of Switzerland (WOSG LN) - Q1 (GBP): Revenue 383mln (prev. 391mln YY). Affirms outlook. (Newswires) 

abrdn (ABDN LN) reiterated with Underweight at Morgan Stanley

Ahold Delhaize (AD NA) reiterated with Overweight at Morgan Stanley 

BMW (BMW GY) downgraded to Hold from Buy at HSBC

Edenred (EDEN FP) initiated with Overweight at Barclays

Equinor (EQNR NO) downgraded to Neutral from Buy at SpareBank

Remy Cointreau (RCO FP) upgraded to Outperform from Neutral at BNP Paribas

Tietoevry (TIETO FH) downgraded to Sell from Hold at DNB Markets

10 Aug 2023 - 07:20- EquitiesEconomic Commentary- Source: Newsquawk