Additional European Equity News

ABN AMRO (ABN NA) - Vanndrager has been appointed interim CFO from May 1st, replacing Kramer. (Newswires)

Air France (AF FP) - 2023 bookings are almost back to 2019 levels. (Newswires)

Allianz (ALV GY) - CEO says Pimco had circa EUR 10bln of inflows during January. (Newswires)

Bayer (BAYN GY) - Reconfirms favourable safety profile for Darolutamide. (Newswires)

BP (BP/ LN) – Co. has agreed on a USD 1.3bln deal to purchase a network of truck stops and service stations in the US. (Times)

Credit Suisse (CSGN SW) – Singapore CEO has departed the Co. to pursue outside interest, according to a memo cited by Bloomberg. (Newswires)

Confinimmo (COFIT BB) – Q4 2022 (EUR): Net 482.6mln (prev. 263mln Y/Y). Operating profit 299.6mln (prev. 248.9mln). Occupancy 98.7% (prev. 98.1%). (Newswires)

EDF (EDF FP) - FY22 (EUR): Revenue 143.5bln (exp. 88.1bn), EBITDA -4.99bln (exp. 9.42bln), Net -17.9bln (exp. -3.4bln); significant downturn in results in a context of French power output shortfall and high market prices. FY23 targets: EBITDA significantly higher than 2021's 18bln. (Newswires)

Glencore (GLEN LN) - Legal & General (LGEN LN) has filed a lawsuit against the Co. in London, regard investor losses after the Co. admitted to bribery offences, via FT. (FT)

Heineken (HEIA NA) - To purchase EUR 1bln of shares from FEMSA. (Newswires)

Hermes (RMS FP) - Q4 2022 (EUR): Revenue 2.99bln (exp. 3.06bln), Net 3.37bln, +38%. Proposes a dividend of 13/shr, which includes the 3.50/shr interim. (Newswires)

International Distributions Services (IDS LN) – Royal Mail workers are threatening further strike action over pay. (Sky News)

Imerys (NK FP) - Q4 2022 (EUR): Revenue 1.0bln (prev. 1.2bln), Net 44mln (prev. 24mln), EBITDA 152mln (prev. 167mln). (Newswires)

Infineon (IFX GY) - Former Volkswagen CEO Diess is to become Chair of the Supervisory Board. (Newswires)

Phillips (PHIA NA) - US FDA has classified the recall of the Co's respiratory machines as the most serious, remarking that their use could cause injury/death. (Newswires)

Kingspan (KSP LN) - FY 2022 (EUR): Revenue 8.3bln (exp. 8.2bln), Trading Profit 833mln, +10%. Bumpy year, strong H1 gave way to a more subdued H2. Anticipate broadly similar trading profit in Q1 as in 2022, aided by acquisitions, Q2 comparatives are more demanding. (Newswires)

NatWest Group (NWG LN) – Q4 2022 (GBP): Revenue 3.71bln (exp. 3.60bln). Net 1.26bln (exp. 940mln), CET1 14.% (exp. 15%). Co. launches a GBP 800mln share buyback programme. Final dividend of 0.10/shr. (Newswires)

Restaurant Group (RTN LN) – Shareholder Oasis Management (6.5% stake) accused the board of “strategic stagnation.” (Times)

Rolls-Royce (RR/ LN) – The head of Co’s passenger jet engine has been removed from his position as part of the new CEO’s shake-up. (Times)

Segro (SGRO LN) - FY 2022 (GBP): adj. PBT 386mln (exp. 406mln), adj. EPS 0.31/shr (exp. 0.32/shr). Remain confident in ability to deliver attractive returns and continued growth in earnings/dividends. (Newswires)

Teleperformance (TEP FP) - FY22 (EUR): Revenue 8.2bln (prev. 7.1bln), adj. EBITDA 1.3bln (exp. 1.3bln). (Newswires)

Tod's (TOD IM) - Co. and Lamborghini have agreed a partnership to produce a range of clothing and accessories. (Newswires)

Ubisoft (UBI FP) - Q3: Net bookings 726mln (exp. 776mln). FY22/23 and 23/24 guidance confirmed. (Newswires)

UniCredit (UCG IM) - Propose to reduce the number of board members to 12 from 13. (Newswires)

Sika (SIKA SW) - FY22 (CHF): Revenue 10.5bln (prev. 9.3bln), Net 1.16bln (prev. 1.05bln), EBIT 1.58bln. (Newswires)

Smith + Nephew (SN/ LN) - Soames is to succeed Quarta as Chair. (Newswires)

Swiss Re (SREN SW) - FY22 (USD): Net 472mln (prev. 1.44bln), Net premiums earned & fee income 43bln (prev. 42.5bln). For FY23 targeting net over 3bln. Growth was negatively impacted by adverse FX developments. Large natural catastrophe claims were above-expectations; appears much of the Turkey quake losses are unlikely to be insured. (Newswires)

ADP (ADP FP) maintained with Underweight at JPMorgan

Airbus (AIR FP) maintained with Overweight at JPMorgan

Banco BPM (BAMI IM) upgraded to Marketperform at Keefe Bruyette

BPER (BPER IM) upgraded to Outperform from Market Perform at Keffe Bruyette

British Land (BLND LN) downgraded to Add from Buy at Numis

Deutsche Post (DPW GY) downgraded to Underweight at JPMorgan

Direct Line (DLG LN) downgraded to Sectorperform from Outperform at RBC

GEA Group (G1A GY) downgraded to Underweight at Barclays

Hapag-Lloyd (HLAG GY) maintained with Underweight at JPMorgan

Intesa Sanpaolo (ISP IM) upgraded to Outperform from Market Perform at Keege Bruyette

Randstad (RAND NA) downgraded to Equalweight from Overweight at Barclays

Recordati (REC IM) downgraded to Underweight from Equalweight at Barclays

Teleperformance (TEP FP) maintained with Overweight at JPMorgan

Vinci (DG FP) maintained with Overweight at JPMorgan

17 Feb 2023 - 07:15- Research Sheet- Source: Newsquawk