Additional European Equity News

ABB (ABBN SW) - Q2 2023 (USD): Revenue 8.16bln (exp. 8.13bln). Net 906mln (exp. 873mln). Co. guides operating EBITDA margin slightly higher Y/Y and affirms its FY23 revenue guidance. (Newswires)

Alfa Laval (ALFA SS) – Q2 (SEK): Revenue 15.9bln (exp. 15.1bln), adj. EBITA 2.4bln, Net 1.5bln (exp. 1.53bln). Q3 Outlook: demand in end-markets seen unchanged, although affected by Q3 seasonality. (Newswires)

Anglo American (AAL LN) - Q2 production update: copper production +56% Y/Y, Iron ore production +9% Y/Y, Steelmaking coal +28% Y/Y, Rough diamond -5% Y/Y. (Newswires)

Ascential (ASCL LN) - Three major bidders for the consumer data business of GBP 1bln UK firm Ascential have walked away from the auction, according to Reuters sources. (Newswires) 

Babcock (BAB LN) – FY (GBP): Revenue 4.4bln (exp. 4.09bln), Operating Profit 278mln. FY24 profitability and cash flow expectations maintained. Expect to reinstate a dividend. (Newswires)

Bankinter (BKT SM) – Q2 (EUR) Net 233mln (exp. 226mln), NII 546mln (exp. 538mln). (Newswires)

Boliden (BOLB SS) – Q2 (SEK): Revenue 18.4bln (exp. 20.5bln), EBIT 874mln (exp. 2.2bln), adj. EBIT 833mln. CEO says "It has been a challenging quarter with declining world market prices for metals as well as by-products, major planned maintenance shutdowns, low grades in Mines and, in addition, the fire at Rönnskär, which have together negatively impacted our earnings.” (Newswires)

Daimler Trucks (DTG GY) - Prelim. Q2 2023 (EUR): EBIT 1.43bln (exp. 1.29bln). FCF 382mln (exp. 399mln). Co. notes it remains supported by sales alongside robust pricing and a positive performance in the aftersales business. (Newswires) 

easyJet (EZJ LN) - Q3 2023 (GBP): Revenue 2.36bln (exp. 2.28bln). Headline pretax 203mln (exp. 161mln). Co. says "A revenue per seat increase of 23% year on year alongside headline cost per seat ex fuel reducing by 2% and easyJet holidays PBT of GBP 49mln is driving the Group towards a strong outcome for FY23." Co. says based on current booking trends, easyJet expects Q4 to deliver another record PBT performance with RPS up by around 10% year on year and cost per seat excluding fuel for H2’23 expected to remain broadly flat year on year. Co. says moving into this winter, easyJet is seeing good booking momentum, with sold ticket yields and load factors ahead year on year, and planned capacity up over 15% for the December quarter. Headline cost ex fuel is expected to reduce year on year and easyJet holidays continues to see demand growth, with winter bookings up >100% year on year. (Newswires/easyJet IR)

Electrolux (ELUXB SS) – Group initiates preparations to divest non-core assets with a total potential value of SEK 10bln. Divestment would include production facilities in Egypt. Q2 (SEK): Revenue 32.6bln (exp. 34bln), adj. EBIT 519mln (exp. 857mln). (Newswires)

Essity (ESSIB SS) – Q2 (SEK): Sales 43.9bln (exp. 44.2bln), adj. EBITA 4.7bln (exp. 4.9bln). H1 volumes negatively impacted by lower volume in Russia and the discontinuation of the baby diaper business in Latin America. (Newswires)

Givaudan (GIVN SW) - H1 2023 (CHF): Revenue 3.54bln (exp. 3.68bln). Net 449mln (exp. 429mln). EBITDA 763mln (prev. 816mln). (Newswires) 

Hellofresh (HFG GY) – Prelim. Q2 (EUR): Revenue 1.9bln (exp. 1.97bln), EBITDA 185-195mln (exp. 156mln). Active customers in Q2 down by a high single digit %. (Newswires)

IDS (IDS LN) – Q1 Update: Revenue: Royal Mail -4.0% YY, GLS +7.4% YY. Outlook unchanged. Appoints Seidenberg as CEO. (Newswires)

IG Group (IGG LN) - FY22/23 (GBP): Pretax 449mln (prev. 477mln). Revenue 1.02bln (prev. 973.1mln) (Newswires) 

Leonteq (LEON SW) - H1 2023 (CHF): Revenue 11.8bln (prev. 12.1bln Y/Y). Operating income 147.1mln (prev. 289.2mln). Pretax 25.2mln (prev. 145.9mln). (Newswires) 

Metso (METSO FH) – Q2 (EUR): Sales 1.48bln (exp. 1.46bln), Orders 1.39bln (exp. 1.5bln), adj. EBITA 246mln (exp. 235mln). Orders received lower YY. Expects market activity to remain at current level in minerals, decline slightly in aggregates. (Newswires)

M&G (MNG LN) – IFRS 17 does not change strategy. Committed to FY targets. (Newswires)

Novartis (NOVN SW) – Sandoz to construct a biosimilar technical development centre within Slovenia. (Newswires)

Orange Belgium (OBRL BB) - H1 2023 (EUR): Revenue 741mln (prev. 677mln Y/Y). EBITDAaL 179mln (prev. 167mln). postpaid customers +2.7% Y/Y. (Newswires) 

Pendragon (PDG LN) – Post-close update: expects a 9% increase in underlying PBT for H1. Expect high inflation and rates to persist in H2. (Newswires)

Publicis (PUB FP) – H1 (EUR): Revenue 7.1bln (exp. 6.4bln), Net Income 813mln (exp. 757mln), EBITDA 1.34bln (exp. 1.39bln), EPS 3.21. (Newswires)

Premier Foods (PFD LN) – Q1 Update: Sales +21% YY, Branded +17.5%. FY trading profit see at the top-end of expectations. No further price increases are planned for the rest of 2023. (Newswires)

Prudential (PRU LN) – Audited 2022 results in-line with guidance. (Newswires)

Saab (SAAB SS) – Q2 (SEK): Sales 12.5bln (exp. 10.0bln), Net Income 798mln (exp. 462mln), Operating Income 1.06bln, EPS 5.76 (exp. 3.30). Upgrades FY23 guidance for organic sales growth. (Newswires)

SSE (SSE LN) – Q1 Update: Renewables performance lower than planned; key months of the year yet to occur and start of Q2 has seen a return to more normal weather; reaffirms FY24 EPS guidance. (Newswires)

Swatch (UHR SW)/ Richemont (CFR SW) - Swiss Watch Exports Y/Y (Jun) +14.0% (prev. +14.4%). (Newswires) 

3i Group (III LN) - Q1 2023 (GBP): Revenue 5.19bln. EBITDA 2.7bln (prev. 2.16bln). Total returns of 4.1%. (Newswires) 

AB InBev (ABI BB) downgraded to Equal Weight from Overweight at Morgan Stanley

ASML (ASML NA) reiterated with Overweight at JPMorgan Chase

Diageo (DGE LN) downgraded to Underweight from Equal Weight at Morgan Stanley

Eiffage (FGR FP) downgraded to Neutral from Buy at Citi

Pernod Ricard (RI FP) downgraded to Equal Weight from Overweight at Morgan Stanley

Rio Tinto (RIO LN) reiterated with Underweight at JPMorgan Chase

20 Jul 2023 - 07:08- Fixed IncomeResearch Sheet- Source: Newsquawk