Additional European Equity News

AstraZeneca (AZN LN) - Update on PACIFIC-2 Phase III trial of Imfinzi concurrently administered with platinum-based chemoradiotherapy in unresectable, Stage III non-small cell lung cancer. (Newswires)

Austrian Post (POST AV) – 9-month (EUR): Revenue 1.96bln (prev. 1.82bln), EBITDA 282mln (prev. 258mln), EBIT 130mln (prev. 125mln), PBT 127mln (prev. 104mln). FY23 outlook confirmed. CEO: “Growth in the parcel business as well as the increase in financial services managed to offset the decline in letter mail and direct mail items”. Inflation, consumer behaviour and retail sector developments in the retail sector are the main challenges ahead. (EQS)

Babcock (BAB LN) – H1 (GBP): Revenue 2.18bln (exp. 2.14bln), EBOT 154mln (exp. 151mln), Order Backlog 9.6bln. FY guidance maintained. Reinstating dividend following a four-year hiatus, interim payment at 0.017/shr. (Newswires)

BT (BT/A LN) – BT Pension Scheme/Group agree the triennial funding valuation (GBP): funding deficit 3.7bln (vs 7.98bln in 2020), annual contribution maintained at 600mln/year. (Newswires)

Convatec (CTEC LN) - 10M Trading Update: Organic Revenue +10.6% Y/Y. (Newswires)

Glencore (GLEN LN) – Co. confirms it is to buy 77% Teck Resources’ (TECK) steelmaking coal operations for USD 6.93bln. (Newswires) Earlier resports suggested Teck Resources (TECK) is said to be nearing a deal to sell coal business to Glencore, Japan’s Nippon Steel (5401 JT), and South Korea’s Posco (047050 KS) in a deal that would value the coal assets close to USD 9bln, Bloomberg reported. Sources via Bloomberg added that Glencore would take 77% of Teck’s coal business for USD 6.9bln, Nippon would have 20% for USD 1.7bln and Posco 3%. (Bloomberg).

Grafton Group (GFTU LN) – Trading Update: On track to deliver FY expectations. (Newswires)

Imperial Brands (IMB LN) – FY (GBP): adj. Revenue 8bln (exp. 9.5bln), Net Revenue 32.5bln (prev. 32.5bln Y/Y), Dividend 1.468/shr (exp. 1.46/shr). Ongoing multi-year buyback with GBP 1.1bln underway for FY24, a 10% increase Y/Y. (Newswires)

Informa (INF LN) – Updated FY Guidance (GBP): Revenue 3.15bln+ (prev. guided 3.05bln), adj. Operating Profit 840mln+ (prev. guided 790mln). Extending share buyback programme to 1.15bln. (Newswires)

Land Securities (LAND LN) – H1 (GBP): Pretax -193mln (prev. -192mln Y/Y), Revenue 412mln (prev. 394mln Y/Y). (Newswires) 

Sweco (SWECB SS) – Confirms guidance. (Newswires)

Orsted (ORSTED DC) – CFO and COO are to step down, weeks after USD 4bln in project writedowns. (Bloomberg)

ProSiebenSat.1 (PSM GY) – Q3 (EUR): Revenue 888mln (prev. 911mln Y/Y). External Revenues: Entertainment 598mln (prev. 621mln), Commerce/Ventures 182mln (prev. 160mln), Dating/Video 108mln (prev. 129mln). (Newswires)

Vodafone (VOD LN) - Q2 (EUR): Organic Service Revenue +4.7% (exp. 4.1%). H1: Revenue 21.9bln (exp. 21.53bln). Adj. EPS 3.43c (prev. 5.90c Y/Y), Adj. EBITDA 6.38bln (prev. 7.24bln Y/Y). (Newswires)

Wise (WISE LN) - H1 (GBP): Adj. EBITDA 241.1mln (prev. 91.6mln Y/Y), Revenue 498.2mln (prev. 397.4mln Y/Y). (Newswires)

Bayer (BAYN GY) downgraded to Hold from Buy at Deutsche Bank

Coloplast (COLOB DC) downgraded to Hold from Buy at Kepler Cheuvreux

IHG (IHG LN) downgraded to Hold from Buy at Berenberg

Imi (IMI LN) upgraded to Neutral from Sell at UBS

Lundbeck (LUN DC) initiated with Underweight at Morgan Stanley

SBB (SBBB SS) upgraded to Hold from Sell at DNB Markets

Orion (ORNBV FH) upgraded to Hold from Underperform at Jefferies

Orsted (ORSTED DC) upgraded to Buy from Hold at Redburn Atlantic

14 Nov 2023 - 07:15- EquitiesResearch Sheet- Source: Newsquawk