Additional European Equity News

Aena (AENA SM) – Co. is reportedly considering purchasing Edinburgh airport, worth between EUR 3-3.5bln, via El Economista citing sources. (Newswires)

Alstom (ALO FP) – Japanese Consortium gave up the bid for the Kuala Lumpur-Singapore high speed rail project, and is clearing the path for Chinese and European rivals, according to Kyodo. (Kyodo)

Atlas Copco (ATCO SS) – Vagner Rego appointed as next CEO. (Newswires)

Boohoo (BOO LN) - Co. is considering a manufacturing site following a BBC investigation pointing to a breach of ethical commitments. (BBC)

Darktrace (DARK LN) – H1 Update (GBP): Expects revenue of at least 329.6mln (exp. 316mln), sees adj. H1 EBITDA margin above the top-end of the FY24 guidance range. FY Guidance: Narrows range for Y/Y CC annual returning revenue growth to 21.5-23.0%, expects Revenue growth of 23-24.5%. (Newswires)

Ferrexpo (FXPO LN) – Q4 Pellet production 627Kt, -50% Y/Y. (Newswires)

Ferrovial (FER SM) - Heathrow reports December passenger 6.7mln, +13% Y/Y. (Newswires)

Getlink (GET FP) – December passenger vehicle traffic, -4% Y/Y. (Newswires)

Grafton Group (GFTU LN) – Trading Update: FY23 Revenue 2.32bln Y/Y. Adj. Op. Profit expected to be slightly ahead of the top of Analyst forecasts. (Newswires)

Grifols (GRF SM) - Reminder, on Wednesday a board member said they will hold a call with investors on Thursday, following the Gotham City fallout. (Newswires)

Informa (INF LN) - FY23 Trading Update (GBP): Adj. Op. 845mln, Underlying Revenue 3.17bln, +30% Y/Y. (Newswires) 

Marks & Spencer (MKS LN) – Christmas Trading: Total Sales +8.5%, LFL +8.1%; Food Sales +10.5%, LFL +9.9%. M&S the top performing grocer in volume growth terms over the Christmas period and the quarter. Strong performance provides confidence that FY results will be as expected. FY25/2025: expectations for economic growth remain uncertain. Face additional costs from higher than anticipated wage and business-related cost inflation. (M&S/Newswires)

LXI Reit (LXI LN) - Confirms to be acquired by LondonMetric in GBP 1.9bln all-share merger. (Newswires) 

Robert Walters (RWA LN) - Q4 (GBP): Net Fee Income 91.4mln (prev. 105mln Y/Y), -10%. Headcount -5% Q/Q and -9% Y/Y. Says continued resilience despite challenging market environment (Newswires) 

Rational (RAA GY) - FY23 (EUR): EBIT 277mln (exp. 261mln), Revenue 1.13bln (prev. 1.02bln Y/Y). (Newswires) 

Taylor Wimpey (TW/ LN) - Q4 (GBP): FY23 Home Completions 10.5k (prev. 14.1k Y/Y). UK average selling prices on private completions +5.1% to 370k (prev. 352k Y/Y). Affirms FY profit guidance. (Newswires) 

Tesco (TSCO LN) - Q3 trading statement (GBP): LFL sales +7.9% (exp. +7.5%) Raises guidance and now expects retail adj. operating profit of around 2.75bln (prev. 2.6-2.7bln). Strong market share performance, up +15bps to 27.9% in the four weeks to Christmas, with net switching gains for ten  consecutive periods. Six-week Christmas like-for-like sales increase of 6.8% includes growth of 9.2% in the four weeks to Christmas. Consistent volume growth across the period; particular strength in fresh food supported by market-leading availability. Online sales up 11.5%, supported by strong execution, with orders, volumes, pick rates and availability all up Y/Y; delivered nearly half a million Whoosh orders in lead up to Christmas. Market share growth, up +73bps to 24.5%6 ; switching gains for 12 consecutive periods7 & strongest share since 2015. Particularly strong performance in fresh food driven by consistently strong volumes. (Tesco)

Whitbread (WTB LN) – Q3: Sales Growth +11%, LFL +8%. No change to previously provided FY24 guidance. Expect FY25 net UK cost inflation of 3-4%. GBP 300mln buyback operation is on track, GBP 226mln worth of shares purchased thus far. (Newswires)

Valmet (VAMLT FH) - Receives EUR 20-30mln order to supply board machine in China. (Newswires)

Aedifica (AED BB) reiterated with Hold at Jefferies 

Confinimmo (COFB BB) reiterated with Buy at Jefferies 

Covivo (COV FP) reiterated with Hold at Jefferies 

Deutsche Bank (DBK GY) reiterated with Equal Weight at Morgan Stanley 

Ericsson (ERICB SS) upgraded to Buy from Hold at Nordea

FLSmidth (FLS DC) reiterated with Overweight at JP Morgan 

JD Sports (JD/ LN) reiterated with Overweight at Barclays 

Klepierre (LI FP) reiterated with Hold at Jefferies

Inchcape (INCH LN) reiterated with Overweight at JP Morgan 

Gecina (GFC FP) reiterated with Hold at Jefferies 

Galp Energia (GALP PL) upgraded to Buy from Neutral at Citi

PZU (PZU PL) downgraded to Neutral from Overweight at JP Morgan 

Sika (SIKA SW) reiterated with Overweight at Morgan Stanley 

Vonovia (VNA GY) reiterated with Underperform at Jefferies 

Unibail (URW NA) reiterated with Buy at Jefferies 

WDP Warehouse (WDP BB) reiterated with Underperform at Jefferies 

11 Jan 2024 - 07:05- Research Sheet- Source: Newsquawk