Additional European Equity News

AB Foods (ABF LN) – Q1 (GBP): Revenue 6.89bln, +5.4% Y/Y; Primark +7.9% over a period which was “marked by a slow start given the unseasonal warm weather, and strong Christmas trading.”. Primark’s market share hit a new record of 7.1% for the 12 weeks to 10th December, +0.1pp. Overall: “… now feel more confident in the continued strong performance of both our US-focused brands in Grocery and of AB Mauri in Ingredients.” and “… more confident in the delivery of the Primark adjusted operating margin in this financial year, driven by a further improvement in product gross margin.”. (Newswires)

Assa Abloy (ASSAB SS) – Acquires South African manufacturer, no terms disclosed. (Newswires)

Boohoo (BOO LN) - Trading Update: Says trading remains in line with market expectations. Appoints Stephen Morana as new CFO, effective Feb 19th. (Newswires) 

Crest Nicholson (CRST LN) – FY (GBP): Revenue 657mln (exp. 651mln), adj. PBT 41mln (exp. 44mln). Revenue down 28% Y/Y reflecting weakness in the housing market. Propose a final dividend of 0.115/shr. Build cost inflation has reduced from mid-single digit percentages, expected continued moderation. Challenging planning environment is likely to slow volume growth within the sector. Martyn Clark appointed CEO, succeeding Truscott. (Newswires)

Edison (EDN IM) – Snam (SRG IM) and Ascopiave (ASCI IM) are the final bidders for Edison’s storage unit, via MF. (Newswires)

Hexagon (HEX NO) – Hexagon Digital Wave signs long term agreement for equipment and services with Linde gas. (Newswires)

Logitech (LOGN SW) - Q3 EPS 1.53 (exp. 1.17), Q3 revenue USD 1.26bln (exp. 1.25bln). Exec noted that while revenues declined 3% FXN, gross margins were strong at 42.3%, and it grew profitability. Lifts FY24 revenue outlook to between USD 4.20-4.25bln (exp. 4.22bln) from a previously guided range of USD 4.0-4.15bln, and also lifted its FY24 operating income outlook to USD 610-660mln from USD 525-575mln. (Newswires)

Lanxess (LXS GY) – IBU-tec enters into cooperation agreement with Co. for development of European iron oxide product. (Newswires)

Novartis (NOVN SW) – US FDA requires the Co., among others, to add a safety warning to CAR-T therapies. (Newswires) Other firms include: Gilead (GILD), JNJ (JNJ), Bristol Myers (BMY).

Orion (ORNBV FH) – Names Rene Lindell as new CFO. (Newswires)

Premier Foods (PFD LN) – Q3 Update: Group Sales +14.4% Y/Y, Grocery +11.9%, International +11%, New Categories +108%. Total market share +121bp Y/Y. CEO: “Well on track to deliver on previously upgraded expectations for full year”. (Newswires)

TotalEnergies (TTE FP) – Acquires developer of battery storage systems, Kyon Energy for EUR 90mln upfront payment. (Newswires)

Ryanair (RYA ID) – Roberto Neri to joins board as non-executive director. (Newswires)

Salvatore Ferragamo (SFER IM) – Appoints Pierra la Tour as CFO, from 18th March. (Newswires)

Topdanmark (TOP DC) - Q4 (DKK): Net income 157mln (prev. 497mln Y/Y), Insurance Revenue +5.1% Y/Y, EPS 1.8. 2023 was marked by high level of weather related and large-scale claims. BoD will recommend distribution of 11.5/shr, a dividend yield of 3.6%. 2024 Outlook: Profit expected to be 1.15-1.425bln after tax. (Newswires) 

Vistry (VTY LN) – Co. is the preferred developer to deliver 739 new homes in Barnet as part of GBP 276mln government scheme. (Newswires)

Valmet (VALMT FH) - Launches polymer concentration measurement for municipal and industrial wastewater and paper and board polymer applications. (Newswires) 

AstraZeneca (AZN LN) initiated with Overweight at Morgan Stanley

Air France (AF FP) downgraded to Underperform from Neutral at Oddo 

Campari (CPR IM) upgraded to Buy from Neutral at Citi

Deutsche Lufthansa (LHA GY) downgraded to Neutral from Outperform at Oddo 

Encavis (ECV GY) downgraded to Sell from Hold at Stifel 

IAG (IAG LN) downgraded to Neutral from Outperform from Oddo 

Iberdrola (IBE SM) downgraded to Equalweight from Overweight

Fortum (FORTUM FH) upgraded to Hold from Sell at Danske Bank 

HelloFresh (HFG GY) upgraded to Overweight from Equal Weight at Morgan Stanley 

Hapag-Llyod (HLAG GY) upgraded to Hold from Sell at Bankhaus Metzler

Plus500 (PLUS LN) initiated with Overweight at Cantos 

IDS (IDS LN) upgraded to Buy from Hold at HSBC

Novartis (NOVN SW) initiated with Equal Weight at Morgan Stanley

Novo Nordisk (NOVOB DC) initiated with Overweight at Morgan Stanley

23 Jan 2024 - 07:55- Research Sheet- Source: Newsquawk