Additional European Equity News

Autos - EU New car registrations: -3% (prev. +13.7%) in May 2024; battery electric 12.5% market share (vs 11.9% in April), according to acea. EU New Car Registrations by company in May Y/Y: Volkswagen (VOW3 GY) +1.6%  Stellantis (STLAP FP/ STLAM IM) -6.9%  Renault (RNO FP) -5.4%  BMW (BMW GY) -17.7%  Mercedes-Benz (MBG GY) -3.6%  Toyota (7203 JT) +13%  Nissan (7201 JT) +7.2%  Ford (F) -17.8%  Tesla (TSLA) -34.2%. (acea)

AstraZeneca (AZN LN) - Truqap plus Faslodex approved in the EU for patients with advanced ER-positive breast cancer. (AstraZeneca)

BMW (BMW GY) - Cancelled EUR 2bln battery order from Northvolt, according to Manager Magazin. (Manager Magazin)

CMC Markets (CMCX LN) - Trading Update FY (GBP): Revenue 259.1mln, +11% Y/Y, with strong performance in both retail and institutional segment. Management is guiding Net Op. Income between 320-360mln in FY25 on a cost base. (Newswires)  

DS Smith (SMDS LN) - FY (GBP): Revenue 6.82bln (exp. 7.017bln), Pretax profit 503mln (exp. 563mln). Positive trends in packaging volume from H2 of last year have continued into this year. (Newswires) 

Danone (BN FP) - Says target annual LFL net sales growth of between 3-5% for 2025-2028. Also targets recurring op. income growing faster than net sales for 2025-28 period. Says this should allow it to deliver a double digit return on invested capital and progress towards long-term aim of FCF of EUR 3bln. (Newswires) 

Energy - Tenent and KfW terminate talks on a full sale of Tennet Germany. (Newswires) 

Evotec (EVT GY) - Co. is speaking to defense advisers amid the recent decline in its share price, via Bloomberg citing sources. (Bloomberg)

Eurazeo (RF FP) - Supports Matterup's EUR 26mln fundraising to deploy its low-carbon cement plants in France and Europe. (Newswires) 

Sainsbury (SBRY LN) - Sale of core business banking to NatWest (NWG LN). Expects Sainsbury's Bank to return excess capital of at least GBP 250mln to Sainsbury's after after phased withdrawal. Core banking business customers are expected to transfer to NatWest in H1'25. NatWest says: It expects to acquire approx. GBP 2.5bln of gross customer assets. The transaction is expected to have a 20bps impact on the Cos CET1 ratio. (Newswires) 

Tate & Lyle (TATE LN) - Co. to buy CP Kelco from JM Huber for around GBP 1.4bln. (Newswires)

Novartis (NOVN SW) - Novartis Bidco Germany intends to implement a merger squeeze-out of Morphosys's minority shareholders. (Newswires)

Orange (ORA FP) - KKR closing in ona  deal to acquire EUR 1.9bln of loans from Orange Bank, via Bloomberg. (Bloomberg)

Phoenix (PHNX LN) - Completion of initial phase of deleveraging programme. (Newswires) 

Tendam IPO - Spanish fashion retailer Tendam has postponed its planned IPO till after summer given the recent current political turmoil and its negative effects on the stock market, via Reuters. (Reuters)

20 Jun 2024 - 07:15- EquitiesResearch Sheet- Source: Newsquawk