Additional European Equity News

Alstom (ALO FP) - Q1 (EUR): Sales 4.2bln, +4.3% YY, Order intake 3.9bln, Adj. EBIT margin should reach between 8-10% from 2025/26. From 2025'26 onwards adj. Net Profit to FCF should be over 80%. (Newswires) 

Ashtead (AHT LN) - Pricing of offering USD 750mln of senior notes, issue price is 99.912% of principle amount of notes. (Newswires)

Compass Group (CPG LN) - Q3 (GBP): Organic Revenue Growth +13%. Outsourcing trends remains strong and are contributing to exciting pipeline of new business opportunities. Reiterated FY23 guidance. Currency movements continue for FY, FX translation positively impact FY22 Revenue by 595mln. Longer term, we expect growth opportunities to sustain mid-to high single digit organic growth. (Newswires) 

Croda (CRDA LN) - H1 (GBP): Sales +8% in Life Sciences, excl. pre. Covid-19 sales, Adj. Profit Tax 174.3mln (prev. 256mln), Sales 880.9mln (prev. 1.12bln). FY23 guidance reaffirmed. (Newswires) 

DSV (DSV DC) - H1 (DKK): Revenue 7.87bln (prev. 12.39bln), EBIT 9.38bln (prev. 13.95bln). As global logistics markets continue to normalise, we expect a further decline in gross profit yields for air and sea compared to H1-23 levels. Expects a gradual recovery in global trade volumes and that there will be no significant worsening of global economic environment in H2'23. (Newswires) 

Hochschild Mining (HOC LN) – Q2 Production Update: Gold 43.6k/oz, Silver 2.4mln/oz. CEO says “after a stronger second quarter, we are looking forward to production increasing throughout the remainder of 2023.” (Newswires)

Orpea (ORP FP) - Specialised Commercial Court of Nanterre approves the accelerated safeguard plan proposed by the Co., achieving a decisive step in the implementation of its financial restructuring. (Newswires)

Remy Cointreau (RCO FP) - Q1 (EUR): Consolidated Sales 257.5mln, -30% (prev. +14.3% Q1 2019-20). (Newswires)

Telenet Group (TNET BB) – Q2 (EUR): Revenue 704mln (exp. 694mln), adj. EBITDA 357mln (exp. 338mln). Soft performance reflects the “June 2023 price adjustment, temporary IT system issues because of the migration of customers to our new IT platform, an overall intense competitive environment and a temporary halt to some of our marketing campaigns”. (Newswires)

Total Energies (TTE FP) - Fully acquires Total Eren after a successful strategic alliance of five years, increasing stake from 30% to 100%. Acquisition represents a net investment of around EUR 1.5bln. (Newswires)

UPM (UPM FH) – Q2 (EUR): Revenue 2.56bln (exp. 2.67bln), adj. EBIT 114mln (exp. 229mln), adj. EBITDA 255mln (exp. 375mln). (Newswires)

Unite Group (UTG LN) - Co. places 32.7mln shares at GBP 9.05/shr in its GBP 296mln capital raise (vs GBP 9.5259 close on Monday). (Newswires) 

Julius Baer (BAER SW) reiterated with Neutral at Credit Suisse

Merck (MRK GY) reiterated with Outperform at Credit Suisse

Norsk Hydro (NHY NO) reiterated with Outperform at Credit Suisse

Schibsted (SCHA NO) upgraded to Buy from Neutral at Goldman Sachs

25 Jul 2023 - 07:38- EquitiesResearch Sheet- Source: Newsquawk