Additional European Equity News

Gam Holdings (GAM SW) – Liontrust Asset Management’s proposed acquisition of Gam is a full and final offer and will not be increased, adding it is imperative that the future of Gam is resolved as quickly as possible. (Newswires)

Orsted (ORSTED DC) – Agreed on the sale of Hornsea 2 transmission assets to DTP, assets have been valued at GBP 1.141bln by Ofgem. (Newswires)

Pirelli (PIRC IM) – Co. has moved up the release of its Q2 results to July 27th from August 3rd. (Newswires)

TP ICAP (TCAP LN) – Appoints Bicarregui as CFO, from 20th July. (Newswires)

Schindler Holding (SCHN SW) - H1 (CHF): Revenue 5.72bln (exp. 2.81bln), Orders 5.94bln (exp. 2.84bln), Net 463mln, EBIT 602mln. (Newswires)

Stora Enso (STERV FH) – Q2 (EUR): Pretax Profit -304mln (prev. 370mln), Net Income -257mln (prev. 299mln), Sales 2.37bln (prev. 3.05bln), Operational EBIT 37mln (prev. 505mln), Operational EBITDA 198mln (prev. 663mln). Reiterates FY23 operational EBIT to be significantly lower than FY22 (Prev. 1.89bln). The market outlook for 2023 remains uncertain with low short-term visibility. We see no imminent signs of improved market demand and we expect destocking to persist for most out segments in H2’23. (Newswires)

Skansa (SKAB SS) – Q2 (SEK): Orders 63.2bln, Adj. FCF -1.8bln, Operating Net Income 1.3bln (prev. 1.25bln), Revenue 39.9bln (prev. 42.19bln), EPS 2.96 (prev. 2.76). (Newswires)

Thales (HO FP) - H1 (EUR): EBIT 993mln (prev. 891mln YY), Revenue 8.72bln (exp. 8.6bln). Adjusts FY23 Revenue 17.9-18.2bln (prev. 18-18.5bln), Organic Revenue +5-7% (prev. +4-7%). Affirms EBIT margin 11.5-11.8%. (Newswires) 

THG (THG LN) – Strategic review update: eliminating FY22 losses of GBP 14.6mln, full exit of OnDemand and ProBikeKit for GBP 4mln. FY23 impact is already incorporated into guidance. (Newswires)

Wartsila (WRT1V FH) - Q2 (EUR): Pretax profit 52mln, Sales 1.45bln (exp. 1.55bln), Adj. EBIT 108mln (exp. 103mln), EBIT 66mln (exp. 74.4mln). (Newswires)

ArcelorMittal (MT NA) reiterated with Neutral at JP Morgan Chase

ASML (ASML NA) downgraded to Hold from Buy at Societe Generale

EasyJet (EZJ LN) upgraded to Buy from Hold at Stifel Nicolaus

Sap (SAP GY) reiterated with Overweight at JP Morgan Chase

SEB (SEBA SS) reiterated with Underweight at JP Morgan Chase

Thyssenkrupp (TKA GY) reiterated with Neutral at JP Morgan Chase

Ubisoft (UBI FP) reiterated with Neutral JP Morgan Chase

Verbund (VER AV) downgraded to Hold from Buy at Societe Generale

21 Jul 2023 - 07:20- EquitiesEconomic Commentary- Source: Newsquawk

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