Additional European Equity News

Babcock (BAB LN) – Post Close Update: FY23 cash flow significantly ahead of expectations, underlying profitability in-line. Expects to reinstate a dividend in FY24. (Newswires)

Bankinter (BKT SM) – Q1 (EUR): PBT 294mln (exp. 240mln), Net Income 185mln (exp. 149mln), CET1 12.2% (FY exp. 12.3%), NII 522mln (exp. 497mln). (Newswires)

British American Tobacco (BATS LN) - Co. continues to expect full year constant currency organic Group revenue growth of 3 to 5% excluding Russia and Belarus; and EPS growth, on a constant currency adjusted diluted earnings per share basis, of mid-single figure. Co. said "Given the macro-economic outlook, and in line with our February 2023 guidance, we expect our performance, on an organic basis, to be second half weighted." (British American Tobacco IR)

Capita (CPI LN) – Co. and technical partners have restored access to Office 365 after a cyber incident, currently some evidence of limited data exfiltration from a small proportion of affected server estate. (Newswires)

Continental (CON GY) - Co. is said to have found a buyer for its Russian tire factory, according to reports. (Newswires) 

Covivio (COV FP) - Q1 2023 (EUR): Revenue 153.9mln (exp. 159mln). Offices: 5.1% like-for-like increase, driven by indexationGermany Residential: acceleration of like-for-like growth to 3.9%Hotels: 57.5% on a like-for-like basis, of which 236% on variable revenues and 30% on fixed leases Occupancy rate of 95.2% at end-March. (Covivio IR)

Deliveroo (ROO LN) - Q1 Trading Update (GBP): Gross Transaction Value (GTV) 1.75bln (prev. 1.71bln Y/Y). Co has affirmed its FY23 GTV in the low-to-mid single digit percentage. (Newswires)

Elis (ELISA FH) - Q1 2023 (EUR): Revenue 540mln (prev. 511mln). EBITDA 183mln (prev. 177mln). Co. has affirmed its FY23 revenue guidance.(Newswires) 

Ex-Divs - Antofagasta (ANTO LN), BAE Systems (BA/ LN), LSE (LSEG LN), and Weir Group (WEIR LN) will trade without entitlement to their latest dividend payout. (dividenddata)

Ferrexpo (FXPO LN) – Ukraine Supreme Court has ruled in favour of the Co., regarding claimants looking to invalidate a share purchase agreement that concluded in 2002. (Newswires)

Getlink (GET FP) - Q1 (EUR): Revenue 506mln (prev. 238mln), Eurotunnel revenue 241mln (prev. 190mln). Confident in ability to exceed 910mln EBITDA in 2023. (Newswires)

Haleon (HLN LN) – Q1 Update: Organic Revenue growth +9.9%, Price +7.1%, Volume Mix +2.8%; growth was seen across Respiratory Health, Pain Relief, Oral Health and Digestive Health and Other. Respiratory Health revenue was particularly strong given a continued strong cold and flu season, as well as some re-stocking. Given the strong start to the year, FY23 organic revenue growth now expected towards upper-end of 4-6% guided range. (Newswires)

Nokia (NOKIA FH) - CEO sees 5G North American slowdown continuing in Q2. Ci. has agreed to sell stake in JV TD Tech. (Newswires)

Publicis (PUB FP) - Q1 (EUR): Revenue 3.08bln (prev. 2.80bn), Net Debt 442mln. FY23 guidance confirmed. (Newswires)

Renault (RNO FP) - The Ampere IPO will take place at the earlier by the end of the year, according to the CFO. (Newswries) 

Rentokil (RTO LN) – Q1 (GBP): Ongoing Revenue 1.26bln, +74.4% AER; trading has started well for the year. Reiterate FY23 guidance. (Newswires)

Roche (ROG SW) - FDA approves Roche’s Polivy in combination with R-CHP for people with certain types of previously untreated diffuse large B-cell lymphoma. (Roche)

Sartorius (SRT GY) – Q1 2023 (EUR): Revenue 903mln (prev. 1.02bln Y/Y). Underlying EBITDA 272mln (prev. 349mln). Underlying EBITDA margin 30.1% (prev. 34.1%). (Newswires)

Segro (SGRO LN) - Co. remains well positioned with significant liquidity, and expects investments to deliver further compound growth in earnings and dividends during 2023 and beyond. (Newswires)

Senior (SNR LN) - Co. maintains outlook and board anticipates strong growth in line with expectations. (Newswires) 

Sika (SIKA SW) - Australia's competition authority said it will not opposed the CHF 5.5bln takeover of MBCC Group. (Newswires)

Stora Enso (STERV FH) – Lowers FY23 guidance, due to worsening market outlook. New guidance is for Operational EBIT to be significantly lower than FY22’s EUR 1.89bln. “Cost pressures and market uncertainties are expected to be significantly more challenging in 2023 than in 2022, weighing on our results and lowering the short-term visibility this year. This market situation will continue to weaken consumer confidence resulting in lower private consumption impacting all our divisions.” (Newswires)

Volkswagen (VOW3 GY) - The Russian government is to allow VW to sell its domestic plant, according ot Russian press. (Vedomosti)

WH Smith (SMWH LN) – H1 (GBP): Revenue 859mln (exp. 794mln), PBG 45mln (exp. 55mln). Currently ahead of FY expectations. (Newswires)

Zur Rose (ROSE SW) - Q1 2023 (CHF): Revenue 402.8mln (prev. 418.9mln Y/Y). Co. has affirmed its FY23 and FY24 Adj. EBITDA guidance. (Newswires) 

Direct Line Insurance (DLG LN) upgraded to Buy from Hold at Jefferies

Kesko (KESKOB FH) upgraded to Accumulate from Reduce at Inderes

SAP (SAP GY) upgraded to Neutral from Underperform at Oddo Securitie

20 Apr 2023 - 07:34- Research Sheet- Source: Newsquawk