Additional European Equity News

Axa (CS FP) - Completed acquisition of Credit Mutuel Espana. (Newswires)  

Barclays (BARC LN) - Upping investment into US credit cards according to sources familiar to the matter. (Newswires) 

Barratt Development (BDEV LN) – FY Trading Update: Total Home Completions 17.2k (prev. 17.9k), including 828 from JVs (prev. 746); Forward Sales GBP 2.22bln (prev. 3.62bln). Intend to declare an ordinary dividend based on FY23 dividend cover of 2x adj. EPS. Trading backdrop has become more challenging in recent months. FY24 guidance: Total Home Completions 13.25-14.25k. Expect total build cost inflation to abate, average total build cost inflation expected at circa. 5% in FY24. (Newswires)

Casino (CO FP) - Said conciliators have asked parties involved to submit revised offers by July 14, at latest. (Newswires) 

Dassault Aviation (AM FP) - Indian Defence Ministry gives initial nod to buy 26 Rafale fighter jets from the Co. 

Diploma (DPLM LN) - Strategic acquisition in European fluid power, deal for intial consideration of GBP 170mln. To be paid in cash, funded by recent equity raise and existing debt facilities. (Newswires)

Dufry (DUFN SW) - Secured an additional S&P Global Ratings upgrade to BB with outlook stable and further increase its 2027 revolving credit facility. (Newswires) 

Experian (EXPN LN) - Q1 Trading Update: Organic Revenue +5% YY (Prev. +4.8%). Affirms FY24 Revenue +4-6% (Exp. 5.8%). (Newswires)

Hays (HAYS LN) - Q4 Trading Update: FY23 Operating Profit is expected to be in-line with expectations of GBP 196mln. Quartely fees declined by 2% YY on LFL basis. Temp and contracting fees delivered +4% growth, while consultant headcount decreased 3% in the quarter. Germany quarterly fees up 11%. Says despite macroeconomic uncertainties, our key markets remain characterised by skill shortages and wage inflation. (Newswires)

Orpea (ORP FP) - Sales growth expected to be lower and EBITDAR outlook adjusted down by 15% to 20% (EBITDAR EUR 705mln-750mln). Liquidity outlook remains unchanged over 2023, and 2022-2025 business plan. Sees slower growth of 2023 revenue and on other hand a substantial lag in EBITDAR generation in 2023. (Newswires)

Telecom Italia (TIT IM) - Italy's antitrust has sanctioned the Co. EUR 0.8mln re. a football TV rights deal with DAZN. (Newswires)

Vat (VACN SW) - Reported Q2 orders of USD 179mln, -56% from last year. (Newswires) 

Vinci (DG FP) - Secured the first design build contract for Grand Paris Express, worth EUR 2.7bln. (Newswires)

Watches of Switzerland (WOSG LN) – FY (GBP): PBT 155mln (exp. 161mln), adj. EBIT 165mln (exp. 176mln), adj. EBITDA 201mln (exp. 234mln). (Newswires)

Wood (WG/ LN) – H1 (USD): Revenue 2.9bln (exp. 2.68bln), adj. EBITDA 195mln (exp. 189mln). FY23 guidance unchanged. (Newswires)

ACS Actividades Construction (ACS SM) downgraded to Neutral from Buy at UBS 

BASF (BAS GY) reiterated with Hold at Warburg Research

DNB (DNB NO) downgraded to Hold from Buy at Pareto Securities

ITV (ITV LN) initiated with Sell at Redburn Partners

Hugo Boss (BOSS GY) upgraded to Outperform from Neutral at BNP Paribas

Hugo Boss (BOSS GY) reiterated with Buy at Warburg Research

Maersk (MAERSKB DC) upgraded to Buy from Neutral at UBS

Watches of Switzerland (WOGS SW) upgraded to Buy from Hold at HSBC

13 Jul 2023 - 07:25- Research Sheet- Source: Newsquawk