Additional European Equity News

Ferguson (FERG LN) - Q1 (USD): Revenue 6.51bln (prev. 4.94bln Y/Y). Co. increases share buyback programme by USD 1bln. (Newswires) 

Generali (G IM) - FY21 (EUR): Net 2.85bln (prev. 1.74bln), Operating profit 5.85bln (prev. 5.21bln). GWP 75.8bln (prev. 70.7bln). (Newswires) 

EDF (EDF FP) - UK Government is considering extending the operation of its coal-fired power plants that are currently scheduled to begin closing in September, reportedly held conversations with EDF over keeping sites such as West Burton open for longer. (City AM)

Elekta (EKTAB SS) - Elekta and IBA collaborate to optimize quality assurance in radiation therapy. (Elekta)

Energy Names/UK Co’s – Ofgem guidance update on cap period-9, October 2022-March 2023, have sufficient certainty to make a contingency decision to delay the price observation window. As such, the observation period would be 1st March – 31st August, one month later than the current observation window. “To delay the price observation window by one month we will apply a 50% weighting to prices observed over a two-month window, from 16th March to 19th May inclusive. Absent of any other changes, we would then resume a 100% weighting for prices observed between 20th May and 31st August inclusive. If we do not go ahead with our contingency decision to shorten the implementation period, then we would consult on increasing the weighting of price observations to 30th July to make up for the shortfall.”. (Ofgem)

H&M (HMB SS) - Q1 (SEK): Revenue 49.2bln (exp. 49.1bln). Group sales +18% Y/Y. (Newswires) 

Imperial Brands (IMB LN) - Co. has cut its FY net revenue growth outlook due to the hit from the exit of Russian assets. (Imperial Brands)

RWE (RWE GY) - FY21 (EUR): Net 1.57bln (prev. 1.26bln Y/Y). Adj. EBITDA EUR 3.65bln (prev. 3.29bln). Co. notes the impact from the war is currently difficult to gauge. (Newswires) 

SAP (SAP GY) - Alphabet (GOOG) - Is changing prices for some storage, compute, and networking products. (GOOG). (Newswires) 

Sanofi (SAN FP) - Sanofi announces EUR 300mln collaboration with Blackstone Life Sciences to advance an innovative treatment for multiple myeloma. (Sanofi)

Swedish Match (SWMA SS) - Co. suspended preparation for separation of its cigar business. (Newswires) 

Thales (HO FP)/ Safran (SAF FP) - A report shows Cos were the main beneficiaries of a military deal with Russia. (Newswires) 

Tech Names – Arm is said to be laying off hundreds of staff following the collapse of its USD 40bln deal with Nvidia (NVDA), according to reports. (Telegraph)

TP ICAP (TCAP LN) - FY22 (GBP): Revenue 1.87bln (prev. 1.79bln). Pretax 148mln (prev. 183mln). (Newswires) 

Traton (8TRA GY) - FY21 (EUR): Revenue 30.6bln (prev. 22.6bln Y/Y). Co. guides FY22 sales and revenue higher Y/Y. (Newswires) 

Volkswagen (VOW GY) – Brand returned to profitability in North America and achieved a 16% market share in China. Co. has also implemented a 10% cut in overhead costs since 2019. Co.’s sales were limited by the chip shortage. Co continues to expect raw material prices to rise and expects volatility in the commodities market to last until 2026. Co. says chip shortage may also continue to limit new registrations. (Newswires)

UK travel & Leisure – All COVID measures when entering the UK will be scrapped from Friday 18th March, according to UK Transport Secretary Shapps. (CityAM)

Unibail-Rodamco-Westfield (URW NA) - Co. announced the continued streamlining of its US regional portfolio with the sale of the 34-acre site of the former Promenade Mall, located in the San Fernando Valley of Los Angeles, to a group of private investors. (Unibail-Rodamco-Westfield)

Danske Bank (DANSKE DC) upgraded to Hold from Sell at Nordea

Deutsche Boerse (DB1 GY) upgraded to Outperform from Neutral at Exane BNP

Ashtead (AHT LN) upgraded to Add from Hold at Peel Hunt

Sabadell (SAB SM) downgraded to Reduce at AlphaValue

Technip (TE FP) upgraded to Overweight from Equal Weight at Barclays

15 Mar 2022 - 07:52- ForexResearch Sheet- Source: Newsquawk