Additional European Equity News

Abrdn (ABDN LN) – Trading Update: Transformation programme targeting annualised cost reduction of at least GBP 150mln by end-2025. Programme to largely be implemented in 2024, expected to result in the reduction of around 500 roles. In-fitting with recent press reports. End-December (GBP): AUM 494bln (prev. 495bln). Expected FY23 adj. Operating profit broadly in-line with forecasts. (Newswires)

ABB (ABBN SW) - To acquire shipping business of DTN Europe, no terms disclosed. (Newswires)

Alstom (ALO FP) - Executive says they are working on "more than a handful" of asset divestments, all options are being considered regarding a potential capital increase. (Newswires)

Bpost (BPOST BB) – Philippe Dartienne to return as CFO from February 1st. (Newswires)

Bayer (BAYN GY) - Application for regultory approval of Aflibercept 8mg accepting in China. (Newswires) 

Computacenter (CCC LN) – FY23 Trading Update: Revenue +12%. (Newswires)

easyJet (EZJ LN) – Q1 Trading Update (GBP): Revenue 1.80bln (exp. 1.73bln). Co. says headline results were impacted by conflict in the Middle East. Co. says bookings for summer 2024 are building well. Co. continues to expect “above 35%” customer growth Y/Y in FY24, and sees a positive outlook for summer and says seats and yield are ahead Y/Y. In other news, Co. selected CFM for 314 engines to power its Airbus order. Co. orders CFM Leap-1A engines to power the new fleet of Airbus (AIR FP) A320neo; engines of note for Safran (SAF FP) and General Electric (GE). Too early to say on summer pricing, already know that capacity will be tighter. (Newswires)

Flutter (FLTR LN) – Announces delisting from Euronext Dublin expected Jan 29th ahead of planned listing on NYSE. (Newswires)

Fresnillo (FRES LN) – Q4’23 Production Update: Silver equivalents production 14.16Moz, +13% Y/Y. Achieved FY guidance of 105.1mln silver equivalents. FY Silver production of 56.3Moz, +4.7% Y/Y. FY Gold production 610.6Koz, -4% Y/Y. Continues to see impact of inflation and Mexican Peso affecting costs across business. (Newswires)

Hochschild Mining (HOC LN) - Q4 Production Report (oz): Silver equivalent 6.8mln (prev. 6.77mln Q/Q), God equivalent 82k (prev. 81.6k Q/Q). CEO: “… ended the year at the top end of our revised production guidance with costs anticipated to be in line with expectations.” and “… set to enable Hochschild to increase output this year by over 15%”. (Newswires)

IDS (IDS LN) – UK’s Ofcom has called for a national debate on the future of the domestic postal service. Options for reform incl. changing letter delivery speed/days. Options do not include the downgrading of delivery goals. Not consulting on a proposal to alter the universal service obligation. (Newswires)

Nokia (NOKIA FH) – Signs 5G patent cross-lincese agreement with OPPO. Agreement resolves all pending patient litigations between the parties.

JD Wetherspoon (JDW LN) – 12-week Update: LFL sales +11.1% Y/Y. Total Sales +8.4% YTD. FY results expected to be in-line with the market forecast. While inflation is generally reducing, labour/energy costs are much higher than pre-COVID. (Newswires)

Metro Bank (MTRO LN) – Announces Jaime Gilinski will join board as non-exec member. (Newswires)

Tullow Oil (TLW LN) – FY (USD): Revenue 1.6bln (exp. 1.58bln), Net Debt 0.25bln, FCF 170mln. On track to deliver FCF of over 600mln between 2024-2025 at USD 80/bbl, material debt reduction on target. Debt facility with Glencore (GLEN LN) is a strong endorsement of the business plan, have no material uncovered debt maturities until May 2026. (Newswires)

Adidas (ADS GY) upgraded to Outperform from Neutral at Oddo

Gecina (GFC FP) downgraded to Neutral from Outperform at BNP Paribas

Kinnevik (KINVB SS) upgraded to Buy from Hold at DNB

Leg Immobillien (LEG GY) upgraded to Outperform from Neutral at BNP Paribas

Land Securities (LAND LN) downgraded to Neutral from Outperform at BNP Paribas

Logitech (LOGN SW) reiterated with Buy at Julius Baer

Stellantis (STLAM IM/STALP FP) initiated with Buy at Redburn Atlantic

24 Jan 2024 - 07:05- EquitiesResearch Sheet- Source: Newsquawk