Additional European Equity News

Aviva (AV/ LN) - Trading Update (GBP): 9M Premiums +15% to 9.1bln. Confident in achieving the group targets outlined at FY results presentations. (Newswires) 

Burberry (BRBY LN) - HY (GBP): Revenue 1.09bln (exp. 1.08bln), adj. Operating Profit -41mln (exp. -37mln). Initiates cost saving programme. Mainland China comparable store sales -24% in H1.  Intends to optimise brand presence in wholesale & outlet.  Confident revenue generation can get back to 3bln annually over time.  Suspended dividend payments with reference to FY25. FY25 Guidance Capex is expected to be around 150mln. Wholesale revenue expected -35%.

Baywa (BYW6 GY) - 9M (EUR): Revenue 16.02bln. Reached an agreement with key financiers for the restructuring of the Co. up to 2027. (Newswires) 

B&M European (BME LN) - H1 (GBP): Revenue 2.12bln, Adj. EPS 0.147. Confident in outlook for H2 and the FY. Anticipates FY Adj. EBITA to be in range of 620-660mln. (Newswires) 

Casino (CO FP) - Launches strategic plan "renoueveau 2028", aims to deliver break-even FCF. To invest EUR 1.2bln over four years to achieve a GMV of c. 15bln in 2028. Cost cutting measures; cumulated savings of 600mln are expected between 2025-2028. (Newswires)

GSK (GSK LN) - Announced overall survival results for Blenrep. Blenrep shows overall survival benefit in DREAMM-7 Phase 3 trial. (Newswires) 

ProSieBenSat.1 (PSM GY) - Q3 (EUR): Revenue 882mln, -0.6% Y/Y. Confirms outlook. Is reviewing disposal of non-strategic investments. (Newswires)

Siemens (SIE GY) – CEO: strong order backlog provides confidence for FY25. Overall economic activity was still muted. Geopol. & macro uncertainties will not become easier following the US election and political situation in Germany. Launching One Tech Co. programme, is a growth programme not a savings one. Will keep R&D spending at 8.3% of revenue, possibly higher. (Newswires)

Swiss Re (SREN SW) - 9m (CHF): Net Income 2.2bln. Still expects to achieve Net Income of more than USD 3bln. CFO said target cut should not materially impact the board's decision. (Newswires)

WH Smith (WHS LN) - FY (GBP): Revenue 1.91bln (exp. 1.92bln). (Newswires) 

United Utilities (UU/ LN) - HY (GBP): Targets to achieve an FY25 net ODI reward at least in line with FY24. Interim dividend of 17.28p/shr. (Newswirses)

Volvo Cars (VOLCARB SS) - Confirms that it is in discussions about a possible divestment of its stake in Lynk & Co. (Newswires)

ABN AMRO (ABN NA) downgraded to Underweight from Equalweight at Morgan Stanley 

14 Nov 2024 - 07:11- EquitiesResearch Sheet- Source: Newsquawk