Additional European Equity News

Anglo American (AAL LN) - FY (USD): Revenue 30.7bln (exp. 30.8bln). Adj. Net 2.90bln (exp. 2.81bln). Adj. EBTIDA 9.96bln (exp. 9.76bln). Basic EPS 2.42 (exp. 2.33). Cuts FY dividend to 0.41 (prev. 0.74, -45% Y/Y)  COMMENTARY: "There is no doubt that while the immediate macro picture presents some challenges for our PGMs and diamonds businesses, the demand trends for metals and minerals have rarely looked better."  "Our updated assessment of global GDP growth and consumer demand were the main factors behind our USD 1.6bln write-down of our book value of De Beers, principally relating to goodwill."  Anglo American secures additional multi-billion tonne high quality iron ore resource at Minas-Rio. (Anglo American)

BP (BP/ LN) – Co. is reportedly planning to return the Whiting, Indiana refinery (435k BPD) to full capacity operation in March, via Reuters citing sources. (Newswires)

Covivio (COV FP) – Agreed to acquire 8.3% of Covivio Hotels which his held by Generali (G IM) in exchange for new shares in Covivio. Resulting capital increase of circa. EUR 300mmln, (Newswires)

Coca Cola HBC (CCH LN) – Acquires food and drink vending service business BDS vending, no terms. (Newswires)

Genus (GNS LN) – H1 (GBP): Pretax 29.2mln (prev. 42.2mln Y/Y), Revenue 333.6mln (prev. 350.2mln Y/Y). (Newswires)

Hargreaves Lansdown (HL LN) – H1 (GBP): Revenue 368mln (prev. 350mln), PBT 182mln (prev. 197mln), EPS 0.28 (prev. 0.33). AUA 142bln (prev. 127bln). (Newswires)

Hikma Pharmaceuticals (HIK LN) – FY23 (USD): Core Net 492mln (prev. 406mln Y/Y), Core Op. 707mln (prev. 596mln Y/Y), Core Revenue 2.88bln (prev. 2.52bln Y/Y). Board intended to progressive increase dividends with a payout ration range of 30-40%. (Newswires)

Hays (HAYS LN) – H1 (GBP): Pretax 27.6mln (prev. 94mln Y/Y), Op. 60.1mln (prev. 97.0mln Y/Y), Net fees 583.3mln (prev. 651.9mln Y/Y). (Newswires)

Indivior (INDV LN) – Q4 (USD): EPS 0.38 (prev. -1.34 Y/Y), adj. Op 60mln (prev. -258mln Y/Y, Revenue 293mln (prev. 241mln Y/Y). (Newswires)

Iberdrola (IBE SM) – FY23 (GBP): Net 4.8bln (exp. 4.83bln), EBITDA 14.4bln (exp. 14.5bln), Revenue 49.3bln (exp. 55.6bln). Guides initial FY24 Net +5-7%. (Newswires) 

Lloyds (LLOY LN) - FY (GBP): NII 13.76bln (exp. 13.85bln), PBT 7.5bln (exp. 7.68bln), EPS 0.076 (exp. 0.076), CET1 14.6% (exp. 14.3%), Operating Costs 2.49bln (exp. 2.44bln). Dividend 2.76/shr (exp. 2.75/shr)  Alan Dickinson to step down as Deputy Chair.  450mln charge resulting from the UK FCA motor finance review.  Intends to implement a buyback of as much as GBP 2bln  FY24 Guidance    Banking NIM: greater than 290bps  Operating Costs: 9.3bln (prev. 9.1bln)  ROTE ~13%. (Newswires) 

Mondi (MNDI LN) – FY (EUR): Revenue 7.33bln (exp. 7.38bln), adj. EBUTDA 1.2bln (exp. 1.17bln), EPS 1.035 (exp. 1.11). (Newswires)

Nokia (NOKIA FH) – Co. and Liberty Global (LBTYA) partner on network as-a-service tech. for new maritime use cases in Antwerp. (Newswires)

Repsol (REP SM) – Q4 (EUR): EBITDA 2.06bln (exp. 2.33bln), adj. Net 1.2bln (exp. 0.94bln). To implement a share buyback programme for up to 35mln shares, which will remain in force until 31st July at the latest. As part of a share capital reduction of 3.29% of its share capital, after this share capital will be set at EUR 1.18bln with a par value of EUR 1/shr. (Newswires)

Rolls Royce (RR/ LN) - FY (GBP): Revenue 16.49bln (exp. 14.82bln). FCF 1.285bln (prev. 505mln). Operating Margin 10.3% (prev. 5.1%). Sees 2024 FCF 1.7-1.9bln (exp. 1.37bln). Co. sees further improvement to all mid-term targets  COMMENTARY: Expects supply chain challenges to persist for 18-24 months. CFO: once the balance sheet is strengthened, we are committed to reinstating the dividend and have made good progress in 2023. (Rolls Royce)

Spirax-Sirco (SPX LN) – To rebrand as Spriax. (Newswires)

Sulzer (SUN SW) – FY (CHF): Sales 3.28bln (exp. 3.53bln), Dividend 3.75/shr (exp. 3.79/shr). FY24: expects Y/Y organic order intake growth of 2-5%. (Newswires)

UniCredit (UCG IM) – Reportedly looking to secure improved terms for selling Amundi’s (AMUN FP) funds to clients, via Reuters citing sources. (Newswires)

WPP (WPP LN) – FY23 (GBP): Pretax 1.52bln (exp. 1.4bln, prev. 1.6bln Y/Y), Revenue 11.9bln (exp. 12.7bln, prev. 11.8bln Y/Y). (Newswires)

Barclays (BARC LN) reiterated with Underweight at Barclays

Bechtle (BC8 GY) upgraded to Buy from Hold at Berenberg

Infineon (IFX GY) initiated with Buy at HSBC

22 Feb 2024 - 07:10- Research Sheet- Source: Newsqauwk