Additional European Equity News

Bankinter (BKT SM) – Q3 (EUR): Net Profit 267mln (exp. 253mln), NII 570mln (exp. 557mln). (Newswires)

Deliveroo (ROO LN) – Q3 (GBP): Revenue 487mln (prev. 481mln), GTV 1.69bln (prev. 1.64bln), Orders 69mln (prev. 70mln). FY23 guidance maintained. Food price inflation is moderating. CEO: “… confidence in our ability to drive growth and deliver on our goals for profitability and sustainable cash flow generation has never been stronger…”. (Deliveroo)

DNB (DNB NO) – Q3 (NOK): Net Income 10.14bln (exp. 8.8bln), NII 15.72bln (exp. 15.98bln), Net Commissions/Fees 2.74bln (exp. 2.65bln). Effect of interest rate hike is starting to be felt. Income from customer activities ex-lending higher than in any prior Q3. (Newswires)

Edenred (EDEN FP) Q3 (EUR): Revenue 634mln (exp. 624mln). FY23 guidance: EBITDA to upper-end of previously announced 1.02-1.09bln range. (Newswires)

Fabage (FAB SS) - Q3 (SEK): Rental Revenue 854mln (prev. 771mln). Net -992mln (prev. +728mln). Notes the activity in the rental market in Stockholm is more cautious during the autumn season. (Newswires)

Fingerprint Cards (FINGB SS) – Q3 (SEK): Revenue 184.8mln (prev. 143.2mln. EBITDA -40.4mln (prev. -38.1mln). Co. has launched cost optimisation program and new strategy. Gross margin 12.8% (prev. 12.2% YY). (Newswires)

GAM Holdings (GAM SW) – First steps in turnaround: concludes CHF 100mln financial support from anchor shareholder. AUM as of 30th September CHF 64.9bln vs 68bln at end-June. (Newswires)

Getlink (GET FP) – Q3 (EUR): Revenue 473mln (exp. 345mln). Increased confidence in capacity to exceed EBITDA of 910mln in 2023 (exp. 974mln). (Newswires)

Hargreaves Lansdown (HL LN) – Q2 Update: Revenue 183mln (prev. 162mln QQ). Net new business of 0.6bln. Net new client growth of 8k, retention rate of 91.7%. Continue to see such growth and positive net new business despite the macro backdrop. (Newswires)

LSE (LSEG LN) – Q3 (GBP): Revenue 1.97bln (exp. 1.96bln), Total Income +8% and on track to deliver full year growth towards the upper end of the +6-8% guidance range. All 2023 guidance reiterated incl. EBITDA margin and capex. (Newswires)

Merck (MRK GY) - Co. affirms FY23 Revenue and EBITDA guidance and expects to return to growth in 2024. Separately, CEO said the Co's experimental multiple sclerosis drug can be a "blockbuster" (industry term for annual sales that exceed USD 1bln), despite concerns emerged that it may cause liver damage. (Newswires/Yahoo)

Mondi (MNDI LN) – Q3 Update (EUR): EBITDA 261mln. Demand remained subdued in Q3. Southern Africa markets remain stable. (Newswires)

Pernod Ricard (RI FP) - Q1 (EUR): Revenue 3.04bln (exp. 3.07bln). Co. noted of strong price/mix effect of +7% YY, notably benefiting from last year's price increases across brands and markets. Total organic revenue -2% (exp -2.5%). Organic revenue breakdown: Europe +1% YY, Americas -9% YY. Co. said it remains confident in FY23-25 targets. (Newswires)

Pharmaceutical Names – EU Commission is reportedly planning a voluntary scheme to share vital medicines between member states in the scenario of drug scarcity, via FT citing a draft. (FT)

RELX (REN LN) – Q3 Trading Update: Underlying revenue growth YTD +8%. “momentum remains strong across the group, and we expect underlying growth rates in revenue and adjusted operating profit to remain above historical trends, driving another year of strong growth in adjusted earnings per share on a constant currency basis.” (RELX)

Rentokill (RTO LN) – Q3 (GBP): Revenue 1.38bln, +53%. On track to meet FY guidance. Expect to achieve good growth in remainder of year. (Newswires)

Richemont (CFR SW)/ Swatch (UHR SW) - Swiss Watch Exports +3.8% (prev. +4.0%). (Newswires)

Rightmove (RMG LN) - Sky News citing sources writes that the CoStar Group's move to purchase OnTheMarket, expected to be announced Thursday, gives them the firepower to take on the likes of Rightmove and Zoopla. (Sky News)

Satorius (SRT GY) - 9M (EUR): Revenue 2.54bln (prev. 3.11bln). EBITDA 733mln (prev. 1.05bln YY). Net 197mln (prev. 523mln). Co. raises its FY23 revenue guidance. EBITDA margin 28.8% (prev. 33.8% YY). (Newswires)

Schroders (SDR LN) – Q3 Update (GBP): AUM 724bln; Asset Management 511bln, Wealth Management 104bln. (Newswires)

Telia (TELIA SS) - Q2 (SEK): Revenue 22.0bln (prev. 21.1bln YY). Net 1.96bln (prev. 1.88bln). Adj. EBITDA 8.5bln (prev. 7.7bln). Co. raises its FY23 adj EBTIDA guidance and affirms its FY23 Services revenue and capex views. (Newswires)

Barry Callebaut (BARN SW) downgraded to Underweight from Equal Weight at Barclays

easyJet (EZJ LN) downgraded to Equal Weight from Overweight at Barclays

GEA Group (G1A GY) upgraded to Buy from Hold at Deutsche Bank

Kerry Group (KYGA LN) downgraded to Equal Weight from Overweight at Barclays

Proximus (PROX BB) upgraded to Equal Weight from Underweight

Tate & Lyle (TATE LN) downgraded to Equal Weight from Overweight

19 Oct 2023 - 07:25- Research Sheet- Source: Newsquawk