Additional European Equity News

Bellway (BWY LN) - On track to deliver FY volume output of at least 8.5k homes. Encouraged by a pick-up in customer enquiries and reservation rates in the spring season. Interim dividend lifted to GBP 0.21/shr (prev. 0.16/shr). (Newswires)

HSBC (HSBA LN) - CEO Elhedery said the Co. intends to double down in Asia and the Middle East following its exit from business areas in Europe and the US. (Bloomberg)

Kingfisher (KGF LN) - FY (GBP): Revenue 12.7bln (exp. 12.8bln), adj. PBT 0.5bln (exp. 0.5bln). New GBP 300mln buyback announced. Accelerated restructuring of Castorama. (Newswires)

Kuehne & Nagel (KNIN SW) - FY25 Guidance (CHF): EBIT 1.5-1.75bln, reaffirms growth ambition. (Newswires)

Pirelli (PIRC IM) - Co. could ask SinoChem to reduce its stake in the Co. (Il Stampa)

Renault (RNO FP) - Announces that Josep Maria Recasens will replace Luca de Meo as CEO of Ampere. (Newswires) 

Segro (SGRO LN) - Announces a GBP 1bln JV to develop a 56/MW data centre with a projected net yield on cost expected to be 9-10%. (Newswires) 

Shell (SHEL LN) - Accelerates strategy to deliver more value with less emissions: spend lowered to USD 20-22bln/year for 2025-2028. Enhance shareholder distributions to 40-50% (prev. 30-40%) of CFFO through the cycle. Continue to prioritise buybacks. To unlock more value from the portfolio of chemical assets by exploring strategic and partnership opportunities in the US. To increase structural cost reduction target to 5-7bln by end-2028 (prev. 2-3bln by end-2025). (Newswires)

Smiths Group (SMIN LN) - H1 (GBP): Revenue 1.6bln (exp. 1.6bln), Basic EPS 0.555, Operating Profit 269mln. Acquires Duc-Pac for 40mln. (Newswires)

THG (THG LN) - Undertaken debt refinancing to 2029 and associated equity contribution raising GBP 90mln (exp. GBP 70mln), CEO to contribute GBP 60mln in equity; placing price of GBP 0.323/shr. (Newswires)

Air France (AF FP) upgraded to Buy from Neutral at Redburn

Banco BPM (BAMI IM) downgraded to Neutral from Buy at UBS

Daimler Truck (DTG GY) Downgraded to Equal weight from Overweight at Barclays -1% in pre-market indications

Land Securities (LAND LN) Downgraded to Equal weight from Overweight at Morgan Stanley 

Neste (NESTE FH) downgraded to Neutral from Buy at UBS

OMV (OMV AV) initiated with Outperform at Santander

Traton (8TRA GY) Downgraded to Equal weight from Overweight at Barclays -2% in pre-market indications

25 Mar 2025 - 07:05- ForexEU Research- Source: Newsquawk