Additional European Equity News

Aeroports de Paris SA (ADP FP) – H1 (EUR): EBITDA 943mln, +9.3% Y/Y, Revenue 2.88bln, +13.4% Y/Y. (Newswires)

Atos (ATO FP) – Court opens accelerated safeguard proceedings to implement Atos pre-announce financial restructuring plan. Up to EUR 837.5mln and EUR 75mln backstop. (Newswires)

Air Liquide (AI FP) – Completed divestiture of some activities in France. (Newswires)

Alstom (ALO FP) – Q1 (EUR): Sales 4.39bln, +5.3% Y/Y. Confirmed FY outlook. (Newswires)

Andritz (ANDR AV) – To design a carbon capture plant within Finland. (Newswires)

Aston Martin (AML LN) – HY Update (GBP): Revenue 603mln, adj. EBITDA -99mln, EBIT -106mln, adj. EBITDA 62mln. Reiterates FY24 guidance. Order book continues to progress, DB12 is sold out into 2025. Q2 wholesale volumes 1.05k, -38% Y/Y; core wholesale volumes as expected. (Newswires)

DSV (DSV DC) – Q2 (DKK): Adj. EBIT 4.099bln (exp. 4.052bln), Net Income 2.79bln (exp. 2.77bln). 2024 Outlook: EBIT before exp. to be in range of 15.5-17bln (prev. guided 15-17bln). (Newswires)

Danone (BN FP) - Collaborates with Microsoft (MSFT) to accelerate AI. (Newswires) 

Dassault Aviation (AM FP) – H1 (EUR): Adj. Net 442mln (prev. 405mln Y/Y), Net Sales 2.54bln (prev. 2.30bln Y/Y). (Newswires)

easyjet (EZJ LN) – Q3 (GBP): PBT 236mln, +8% Y/Y, Passenger growth +8% Y/Y, Load Factor 90%. Positive outlook for FY24. Expects FY24 capacity for FY24 of 100mln seats. Looking to Q1’25, on sale capacity is up 5%. CEO says they are not seeing any signs of softening within demand, on average fares are in-line Y/Y. (Newswires)

Eni (ENI IM) - KKR is in discussions around the purchase of a stake in the Co’s bio-fuel unit which would value it at EUR 11.5-12.5bln. (FT)

Endesa (ELE SM) – Results on track to attain FY guidance. (Newswires)

Eurofins Scientific (ERF FP) – H1 (EUR): Net 320mln, Revenue 3.4bln, adj. EBITDA 757mln. New record level of revenue, strong margins and cash flow growth. Does not provide guidance on future results. 2024 & 2027 outlook remains unchanged. (Newswires)

Exosens (EXENS FP) – H1 Revenue EUR 186mln, organic growth +35%. 2024 guidance confirmed. (Newswires)

Forvia (FRVIA FP) – H1 (EUR): 13.5bln, +2.7%; adj. EBITDA 1.6bln. 2025 Outlook: Sales 28-28.5bln (prev. estimated 30bln), confirms further significant improvement in operating margin and net cash flow Y/Y. (Newswires)

Fresnillo (FRES LN) – 2024 Production Update: Remains ontrack to meet FY guidance. Quarterly silver production of 14.6 moz, +8.4% Q/Q. Gold Production 130 koz, -7.7% Q/Q. Sees 2024 attributable gold production to be in range of 580-630 koz. (Newswires)

Informa (INF LN) – H1 (GBP): Revenue 1.69bln, Adj. Op Profit 466.9mln. Increase FY24 guidance; now expected to be above top-end of guidance range. Sees in FY double-digit underlying rev. growth and an ambition to deliver adj. op. profit of up to GBP 1bln. Interim dividend +10.3% Y/Y to 6.4p. Recommended cash offer of 568p for Ascential (ASCL LN). (Newswires)

Ibedrola (IBE SM) – H1 (EUR): Net Profit 4.13bln (prev. 2.52bln Y/Y), EBITDA 9.61bln (prev. 7.56bln Y/Y). (Newswires)

Metso (METSO FH) – Q2 (EUR): Sales 1.2bln (exp. 1.3bln), Orders 1.16bln (exp. 1.3bln), adj. EBITA 205mln (exp. 222mln), EBIT 195mln (exp. 204mln), EPS 0.16 (exp. 0.17). Expect market activity to remain at current levels for both minerals and aggregates. Anticipate that customer decision-making in minerals will gain momentum in H2, driven by favourable copper prices. (Newswires)

Reckitt (RKT LN) - Co. is under pressure from shareholders to revisit the sale of its nutrition business, via FT; following litigation and other setbacks. (FT)

Reckitt (RKT LN) - Cuts FY24 LFL Revenue outlook to 1-3% (prev. guided 2-4%). Strategy Update: Exit the essential home portfolio by end-2025, consider options for Mead Johnson Nutrition, to report financials in three segments as of January 2025. Expect to incur GBP 1bln of restructuring costs by 2027; aiming to cut fixed costs to 19% by 2027. To maintain payment of a progressive dividend. (Newswires)

Repsol (REP SM) – Q2 (EUR): Net Profit 859mln (prev. 827mln Y/Y), EBITDA 2.12bln (prev. 1.92bln Y/Y). Announced share capital reduction of 20mln of own shares. (Newswires)

Rolls Royce (RR/ LN) - CEO says that the supply chain strains which have been affecting the aerospace industry could persist for an additional two years. (FT)

Orange (ORA FP) – Q2 (EUR): Revenue 9.99bln (exp. 10.04bln), EBITDAAL 3.11bln, +2.6% Y/Y. (Newswires)

SSAB (SAABB SS) – Q2 (SEK): Revenue 28.2bln (exp. 27.9bln). Market in Europe continue to be relative weak, where as market for high-strength steel was more resilient. (Newswires)

Sodexo (SW FP) – Announced simplification of its ownership structure and payment of an interim dividend of EUR 6.24/shr. (Newswires)

Merlin Properties (MRL SM) – Announced capital increase; to be carried out through ABB of around 93mln shares, representing 20% of its share capital. (Newswires)

Porsche AG (P911 GY) – H1 (EUR): Sales 19.46bln, -4.8% Y/Y. Still sees higher R&D and sales costs due to product launches. Op. profit 3.06bln, -20.5% Y/Y. (Newswires)

TotalEnergies (TTE FP) – Integrated power in German, TotalEnergies launches new 100 MW/200 MW battery storage development. (Newswires)

Temenos (TEMN SW) – Q2 (USD): Revenue 248.4mln, +4% Y/Y, EPS 0.94, +7% Y/Y. Revised FY24 guidance ARR growth of about 13% (prev. guided about 15%). (Newswires)

Unite (UTG LN) – H1 (GBP): Pretax profit 283.9mln, Adj. Net Income 125.3mln. (Newswires)

UniCredit (UCG IM) - CEO says they should close the year with at least an underlying net profit which is well ahead of guidance. (Newswires)

Hugo Boss (BOSS GY) downgraded to Underperform from Outperform

24 Jul 2024 - 07:15- EquitiesResearch Sheet- Source: Newsquawk