Additional European Equity News

Aston Martin (AML LN) – Substantial investment in the Co. by Geely; committed GBP 234mln to become the third largest shareholder, acquiring 42mln shares from Yew Tree at GBP 3.35/shr and 28mln new shares at GBP 3.35/shr Yew Tree will remain the largest shareholder. (Newswires)

BMPS (BMPS IM) – Upgraded to BB (Low) at DBRS. (Newswires)

easyJet (EZJ LN) – H1 (GBP): PBT -411mln (exp. -412mln), Revenue 2.69bln (exp. 2.71bln). Launching a Birmingham base for FY24. Expect headline cost per seat ex-fuel to be flat YY. (Newswires)

BT (BT/A LN) - FY 2023 (GBP): Revenue 20.68bln (exp. 20.51bln). Pre-tax profit 1.73bln (exp. 2.22bln). Net Income 1.91bln (exp. 1.88bln). Final dividend flat year on year. Net cash inflow down 5% due to increased cash capex and adverse working capital movements offset by EBITDA growth and a tax refund. Capex 5.06bln (prev. 5.29bln Y/Y). BT is to cut total staff to 75k-80k from 130k by 2028-2030. (BT IR/ Newswires) 

Burberry (BRBY LN) - FY 2023 (GBP): Revenue 3.09bln (exp. 3.11bln). Diluted EPS 126.30 pence (exp. 120.16 pence). Dividend 0.61 (exp. 0.56). Q4 comparable store sales accelerated to 16% as growth rebounded in Mainland China +13%. Group ex Mainland China +17%, EMEIA +27%, Asia Pacific +19%, Americas -7%. Strong cash conversion at 87% – proposed dividend increased 30%. Planned GBP 400mln share buyback to complete in FY24, in line with capital allocation policy. Co. maintains FY24 guidance. CEO said "revenue accelerating in the fourth quarter as growth rebounded in Mainland China." (Burberry IR)

Drax (DRX LN) - Co. has announced a share buyback of up to GBP 150mln. (Newswires)

Dufry AG (DUFN SW) – Ends mandatory takeover offer on Autogrill (AGL IM) ordinary shares. (Newswires)  

Helios Towers (HTWS LN) Q1 (USD): Revenue 170.8mln (prev. 127.5mln), adj. EBITDA 84.7mln (prev. 66.7mln), Operating profit 33mln (prev. 14.4mln). (Newswires)

IDS (IDS LN) – FY (GBP): Revenue 12.05bln (exp. 12.13bln), EBIT -748mln (exp. -132mln), EPS -0.913 (exp. -0.129), PBT -110mln (exp. -189mln). Board does not recommend a final dividend, given the performance of Royal Maiil and increasing GLS investment. (Newswires)

Informa (INF LN) - Co. is to purchase Winsight for USD 380mln. (Newswires) 

Investec (INVP LN) - FY 2023 (GBP): Revenue 2.28bln (exp. 2.26bln). Adj. EPS 0.689 (prev. 0.551). ROTE 14.7% (prev. 12.3%). Dividend +24% Y/Y. (Newswires) 

IQE (IQE LN) - Current trading is affected by temporary semiconductor industry downturn with reduced customer forecasts, orders, and associated revenue. (Newswires)

Mediobanca (MB IM) – Chairman says Delfin is a “long term and happy” shareholder of the Co., via Reuters citing Italian press. Additionally, EssilorLuxottica (EL FP) chairman says Delfin is waiting for the new business plan to determine their involvement in the board renewal. (Reuters)

National Grid (NG/ LN) - FY 2023 (GBP): Underlying Operating profit 4.58bln (prev. 3.99bln Y/Y). PBT 3.26bln (prev. 3.06bln). EPS 0.697 (prev. 0.653). (National Grid IR)

Petrofac (PFC LN) – Co. led JV has been selected for a USD 1.5bln EPC project within Algeria. (Newswires)

Premier Foods (PFD LN) – FY (GBP): revenue 1.006bln (exp. 0.98bln), adj. EPS 0.129 (exp. 0.115), PBT 112mln (exp. 133mln). FY expectations unchanged. (Newswires)

Telefonica (TED FM) – Signed a framework agreement with Airbus (AIR FP) to integrate 5G standalone solutions. (Newswires)

Britvic (BVIC LN) downgraded to Hold from Buy at Investec

Heidelberg Materials (HEI GY) upgraded to Buy from Neutral at Redburn

18 May 2023 - 07:22- EquitiesResearch Sheet- Source: Newsquawk