Additional European Equity News

Air France (AF FP) - Co. is seeing a revival of business travel in some regions. (Newswires)

Ageas (AGS BB) - Co. notes of a solid operating performance in Q1 and feels confident that it is on tack to reach EUR 1bnl results for FY22. (Newswires) 

Ahold Delhaize (AD NA) - Q1 2022 (EUR): Revenue 19.8bln (exp. 19.3bln). EPS 0.55 (exp. 0.50). Co. raises FY22 EPS guidance. (Newswires) 

Alstom (ALO FP) - FY21/22 (EUR): Revenue 15.5bln (prev. 8.8bln Y/Y). Adj. EBIT 767mln (prev. 645mln). Co. affirms revenue guidance. Seperately, to Co. is said to be in talks to sell its 20% stake in Russia's Transmashholdings. (Newswires)

Allianz (ALV GY) - Decided to book an additional provision of EUR 1.9bln in Q1 before tax, provision will negatively impact Q1 net income by EUR 1.6bln after-tax. Provision is in relation to Structured Alpha. The dividend policy remains unchanged. (Newswires)

AstraZeneca (AZN LN) - New Nirsevimab data reinforces efficacy. (Newswires) 

Bayer (BAYN GY) – The Biden admin has urged the US supreme court to reject an appeal by Bayer which could open the Co. up to billions of dollars in lawsuits, according to a court filing cited by Reuters. (Newswires) Shares are seen opening lower by around 9%

Compass Group (CPG LN) - H1 2022 (GBP): Operating profit 638mln (prev. 168mln). Co. is upping 2022 organic revenue guidance. (Newswires) 

Continental (CON GY) - Q1 2022 (EUR): Revenue 9.3bln (prev. 8.6bln Y/Y). Net 245.4mln (prev. 448mln) .Co. affirms its outlook. (Newswires) 

Dignity (DTY LN) - Q1 2022 (GBP): Revenue 79.9mln (prev. 94.7mln). Q1 was weak due to lower number of deaths Y/Y. (Newswires) 

Elis (ELIS FP) - Q1 2022 (EUR): Revenue 832.8mln (exp. 814mln). Co. affirms its organic revenue, EBIT and FCF guidance. (Newswires)

Eiffage (FGR FP) - Q1 2022 (EUR): Revenue 4.37bln (exp. 4.20bln). (Newswires)

ITV (ITV LN) – Q1 Update (GBP): Total External Revenue 834mln (prev. 709mln), Studios Revenue 545mln (prev. 483mln), Total Advertising Revenue +16%. Q2 Total Advertising Revenue is forecast to be down circa. 6%, against strong comparatives. ITVX is on track for a Q4 launch. (Newswires)

K+S (SDF GY) - Q1 2022 (EUR): Revenue 1.21bln (prev. 733mln Y/Y). EBITDA 524mln (prev. 126mln). (Newswires) 

Leg Immobilien (LEG GY) - Q1 2022 (EUR): Adj. EBITDA 147.2mln (exp. 146.7mln). FFO 121.4mln. (Newswires)

Lundbeck (LUN DC) - Q1 2022 (DKK): EBIT 875mln (exp. 1.01bln). Co. maintains outlook. (Newswires) 

Pershing Square Holdings (PSH NA) - Co. has announced a share buyback of USD 100mln. (Newswires)

Saint-Gobain (SGO FP) – Activist investor Bluebell Capital is calling on the Co. to reshape its business and replace its chair amid an “underwhelming” performance, according to FT sources. Sources added Bluebell holds under 0.5% of Saint-Gobain. (FT)

Siemens Energy (ENR GY) - Q2 2022 (EUR): Net -252mln (prev. +31mln). Co. expects FY net sales to be at the low end of prior range. (Newswires) 

Swiss Life (SLHN SW) - Q1 2022 (CHF): Net fees and commission income 579mln (prev. 527mln). Premium income 6.86bln (prev. 6.80bln). (Newswires)

Telia (TELIA SS) - Accelerating its company-wide cloud adoption, upskilling 2k employees on AWS/cloud tech. (Newswires)

Thales (HO FP) - Co. has received an initial order and combat-proven systems will be available to NATO forces. (Newswires) 

Telefonica Deutschland (O2D GY) - Q1 2022 (EUR): Revenue 1.95bln (prev. 1.85bln Y/Y). OIBDA 602mln (prev. 562mln). (Newswires) 

TP ICAP (TCAP LN) - Group revenue +14% Y/Y with growth across all businesses. (Newswires) 

TUI (TUI LN) - H1 2022 (EUR): Revenue 2.093bln (prev. 248mln Y/Y). Underlying EBIT -329.9mln (prev. -633mln). Free cash flow at EUR 1.24bln due to strong operational ramp-up. Liquidity increased to EUR 3.8bln even after return of around EUR 700mln in credit lines. Co. confirms guidance. Co. says it expects a strong travel summer in 2022, with all indicators pointing in this direction. TUI is expected to become profitable again in the current financial year with a significantly positive underlying EBIT. (TUI)

Volkswagen (VOW3 GY) – Tesla (TSLA) CEO Musk said Volkswagen is making the most progress on electric vehicles after Tesla, according to an FT interview. (FT)

Ubisoft (UBI FP) - Co. has broadened and strengthened its executive committee to accelerate Co's strategy. (Newswires)  

Zurich Insurance (ZURN SW) – Co. is said to be in talks to sell its USD 21bln German life insurance policies to Cinven’s Viridium Group, according to Bloomberg sources. An announcement could be made as soon as this week. (Newswires)

UniCredit (UCG IM) - Co. has announced a share buyback programme of up to EUR 1.58bln. (Newswires)

Credit Suisse (CSGN SW) downgraded to hold from Buy at Berenberg

Fortum (FUM1V FH) upgraded to Buy from Neutral at UBS

IAG (IAG LN) reiterated with Buy at UBS

11 May 2022 - 07:37- Research Sheet- Source: Newsquawk