Additional European Equity News

Balfour Beatty (BBY LN) - Q1 2023 (GBP): Order book 17bln (prev. 17.4bln Q/Q). Co. notes that overall trading has been in line with expectations. Board continues to expect 2023 profit to be broadly in line with 2022. (Newswires) 

Beazley (BEZ LN) - Q1 2023 (USD): Gross Written Premiums 1.37bln (prev. 1.30bln). Net premiums written +24% Y/Y to USD 1.07bln. Co. remains confident of its growth rating. (Newswires) 

GSK (GSK LN) - Co. has completed the sale of shares in Haleon (HLN LN). (Newswires) 

Metro (B4B GY) - Q2 (EUR): Revenue 6.90bln (exp. 6.60bln), Net Profit -107mln (prev. -284mln Y/Y). Adj. EBITDA 111mln (prev. 157mln). Guidance for FY23 affirmed. (Newswires)

Pirelli (PIRC IM) – To conclude the review of governance agreement involving Sinochem’s stake in early-June, resulting in the postponement of new board appointments. (Newswires)

Richemont (CFR SW) - Chair Rupert says there has been no direct approach from LVMH (MC FP) for Cartier. Adding, demand has been slowing in the US since November. (Newswires)

Software AG (SOW GY) - 8% stakeholder Schroders said the offer from Silver Lake “materially undervalues the company”. (FT)

Subsea 7 (SUBC NO) - Co. announced the award of a contract for a two-phase subsea development. The first phase has been recorded in the backlog of the Subsea and Conventional business unit in the second quarter of 2023. The second phase, expected in 2024, remains subject to sanction by the client. (Subsea 7)

THG (THG LN) - Co. has terminated takeover discussions with Apollo. THG board unanimously decided it is not in the Co's best interest. Co. reiterated expectations to delivery positive FCF in FY24. (Newswires) 

Genmab (GMAB DC) initiated with Underweight at Morgan Stanley

12 May 2023 - 07:06- EquitiesResearch Sheet- Source: Newsquawk