Additional European Equity News

Aroundtown (AT1 GY) – Decides not to exercise its option to call USD 700mln 5.250% perpetual notes, call date in July 2023. (Aroundtown)

Ashtead Group (AHT LN) - Q4 2023 (USD): Revenue 2.44bln (prev. 2.08bln Y/Y). EBITDA 1.07bln (prev. 900mln). Adj. PBT 496mln (prev. 386mln). Rental revenue +15% Y/Y. Co. proposes a FY dividend of USD 1.00 (prev. USD 0.80). (Ashtead)

AstraZeneca (AZN LN) - Co's eculizumab was approved by the China Food and Drug Administration. (Newswires)

Bellway (BWY LN) - Co. says it is on track to deliver on its FY volume output target of 11k homes. (Newswires)

Bunzl (BNZL LN) – CEO said they are de-risking the supply chain by moving sourcing away from China amid APAC geopolitical concerns. (FT)

Boliden (BOL SS) - Reports a fire at the Ronnskar copper smelter facility, all production there is stopped until further notice. Initial assessment is this can be resumed in a few weeks. (Newswires)

Centrica (CNA LN) - Co. expects 2023 FY group adj. EPS to be around the top end of recent sell-side analysts' estimates, according to its AGM statement. (Newswires) 

Consumer Goods Names - Several major investors have reportedly expressed concern over an incoming EU zero-tolerance deforestation law, via Reuters; some investors added they could quit consumer goods makers who are judged to have “risky” supply chains in response. (Reuters) 

China-exposed stocks - China is said to be weighing broad stimulus with property support and rate cuts, according to Bloomberg sources. (Newswires) 

CMC Markets (CMCX LN) - Final FY22/23 (GBP): PBT 52.2mln (prev. 91.5mln). Revenue 288mln (prev. 282mln). Trading active clients 58.7k (prev. 64.2k Y/Y). (Newswires)  

DKSH (DKSH DC) - Announced the extension of their distribution agreement with Waters Corporation's TA Instruments division. (DKSH)

Durr (DUE GY) - Acquires the BBS Automation Group. Dürr expects that, as a result of the complete takeover, sales revenues in automation technology will more than double and reach around EUR 500mln in 2024. (Durr)

Gam Holdings (GAM SW) – Continues to strongly recommend shareholders accept the Liontrust offer. Elsewhere, CFO Orton is to step down. (Newswires)

Pernod Ricard (RI FP) – Corby, its Canadian affiliate, to acquire a majority stake in ACE Beverage Group. (Newswires)

Saint Gobain (SGO FP) – Acquisition in Canadian roofing for EUR 925mln. (Newswires)

Valneva (VLA FP) - Pivotal Phase 3 data for its single-shot chikungunya vaccine candidate, VLA1553, have been published in The Lancet. (Valneva)

Airbus (AIR FP) initiated with Overweight at Morgan Stanley

Anglo American (AAL LN) downgraded to Underperform from Outperform at Oddo Securities

Dassault Aviation (AM FP) initiated with Equal Weight at Morgan Stanley

Ferrovial (FER SM) - Reported a share exchange procedure for newly issued shares in its unit Ferrovial International (FISE) in the context of merger between both entities. (Newswires)

Italgas (IG IM) – Will postpone a board of directors meeting due to approve a new 2023-2029 industrial plan, from June 13 to June 15, due to the national day of mourning following the death of ex-premier Berlusconi. (Newswires)

Leonardo (LDO IM) initiated with Equal Weight at Morgan Stanley

MTU Aero Engines (MTX GY) initiated with Equal Weight at Morgan Stanley

Rolls-Royce (RR/ LN) initiated with Equal Weight at Morgan Stanley

Safran (SAF FP) initiated with Overweight at Morgan Stanley

Telecom Italia (TIT IM) – Open Fiber may be split into two, with less profitable “grey” and “white” areas handed to CDP and more profitable “black” areas assigned to Macquarie (MQG NA), as part of efforts to remove antitrust problems linked to CDP-Macquarie bid for the Co. landline grid assets. (Corriere della Sera)

Thales (HO FP) initiated with Overweight at Morgan Stanley

Neste (NESTE FH) upgraded to Outperform from Sector Perform at RBC

13 Jun 2023 - 07:35- EquitiesResearch Sheet- Source: Newsquawk