Additional European Equity News

BBVA (BBVA SM) – Completion of buyback programme as the maximum monetary value of EUR 422mln communicated for the programme has been reached, 64.6mln total shares acquired. (Newswires)

Covivio (COV FP) - Co. intends to cancel its secondary listing from Euronext Milan but end-June 2023. (Newswires) 

EssilorLuxottica (EL FP) - Q1 2023 (EUR): Revenue 6.15bln (exp. 5.94bln). APAC sales +12% amid a recovery in China. CFO said China was "considerably stronger" this quarter. (Newswires) 

Genmab (GMAB DC) - Co. announced an award in the second arbitration arising under its license agreement with Janssen Biotech, Inc. for daratumumab. The arbitral tribunal dismissed Genmab’s claims. The award has no effect on Genmab’s financial guidance and the milestone payments are not included in our current financial guidance published on February 22, 2023. (Genmab)

Glencore (GLEN LN) - Q1 Production: Copper -5% Y/Y, nickel -32% Y/Y, zinc -15% Y/Y, Ferrochrome +3% Y/Y. Co. said Q1 production was broadly in line with their forecasts and FY guidance remains unchanged. (Newswires) 

Henkel (HEN3 GY) - Co. has sold its Russian business for EUR 600mln. (Newswires) 

Holcim (HOLN SW) - Q1 2023 (CHF): Net sales 5.725bln (prev. 6.44bln). Recurring EBIT 493mln (prev. 614mln). 2023 guidance upgraded, organic net sales growth now seen above 6% and organic Recurring EBIT growth of above 10%. (Holcim)

Mercedes-Benz Group (MBG GY) - Prelim. Q1 2023 (EUR): EBIT 5.5bln (co. exp. 4.9bln). FCF 2.2bln (co. exp. 1.2bln). Return on car sales 14.8% (exp. 13.4%) - "due to healthy net pricing, higher sales and a good product mix - despite negative effects from higher material costs and increased research and development expenses.". (Mercedes-Benz Group)

Payment Names - Network International Holdings Plc ADR (NWITY), Brookfield Asset Management Ltd. (BAM) - Brookfield is exploring a potential counterbid for Middle Eastern credit card processor Network International Holdings, in a challenge to a GBP 2.1bln proposal from a rival buyout consortium, Bloomberg reports. BAM has held prelim talks Network International. Network this week said it had received a non-binding bid of GBP 3.87/shr from a consortium of CVC Capital Partners and Francisco Partners. (Newswires)

Petrofac (PFC LN) – Agreement to extend USD 252mln of its banking facilities by 12-months. (Newswires)

RWE (RWE GY) – To install CO2-reduced towers at the Thor offshore wind farm, to utilise Siemens Gamesa’s GreenerTowers as the first developer globally. (Newswires)

SAP (SAP GY) - CEO says he does not expect any further restructuring this year. (Newswires)

Tesco (TSCO LN) – Commencement of its buy back of shares with an aggregate market value of as much has GBP 750mln by April 2024, as part of the ongoing programme. (Newswires)

21 Apr 2023 - 07:04- EquitiesResearch Sheet- Source: Newswires