Additional European Equity News

Airtel Africa (AAF LN) - Q1 (USD): Revenue 1.156bln (prev. 1.377bln Y/Y), Operating Profit 335mln (prev. 462mln). PBT 31mln (prev. -151mln). Basic EPS 0.2 cents (prev. -4.5 cents). (Airtel Africa IR)

Air France-KLM (AF FP) - Q2 (EUR): Operating Result 513mln (exp. 547mln). Revenue 7.949bln (exp. 7.940bln). (Newswires) 

Anglo American (AAL LN) -  H1 (USD): Adj. EBITDA 4.9bln (exp. 4.51bln). Adj. EPS 1.06 (exp. 0.90). Adj. Profits 1.29bln (exp. 1.07bln). Decision to temporarily slowdown Woodsmith Crop nutrients project resulted in a USD 1.6bln impairment. Expect to substantially reduce overhead and other non op. costs in phases. On track to reduce annual costs by USD 1.7bln and reduce Capex by USD 1.6bln over 2024-26. USD 0.5bln interim dividend and equal to USD 0.42/shr. (Anglo American IR)

AstraZeneca (AZN LN) - Q2 (USD): Revenue 12.452bln (12.628bln), Core EPS 1.98 (exp. 1.9595); Guidance for FY 2024 increased, with Total Revenue and Core EPS anticipated to grow by a mid teens % (prev. a low double-digit to low teens percentage). Interim dividend increased USD 0.07 to USD 1.00. Anticipates around a 50% increase in tangible capex during 2024. (AstraZeneca)

Banking Names - Revolut received banking license from UK regulators, according to Bloomberg.  (Newswires) 

Baywa (BYW6 GY) -  H1 (EUR): EBITDA 149.5mln (prev. 322.1mln Y/Y). Unable to provide new forecast for EBIT for FY given impairment reviews. Shares +16% in pre-market trade. (Newswires)

BT (BT/ LN) – Q1 (GBP): Revenue 5bln (exp. 5.14bln), Pretax profit 510mln (exp. 611mln), Adj. EBITDA 2.1bln (exp. 2.02bln). Remain on track to deliver financial outlook for this year. OpenReach broadband APRU +6% Y/Y due to price raises and increase volumes of FTTP. (Newswires)

BE Semiconductor Industries (BESI IM) – Q2 (EUR): Revenue 151mln (exp. 152mln), Orders 313mln, Net 41mln. Q3 Guidance: Revenue seen flat, Gross Margin between 64-66% (prev. 65%). CEO estimates that around 50% of orders over the last 12-months were AI-related. (Newswires)

BP (BP/ LN) – Venezuela has granted a license to the Co. and NGC for offshore gas production. (Newswires)

British American Tobacco (BATS LN) – H1 (GBP): Revenue 12.34bln (exp. 7.06bln), Operating Profit 4.25bln, adj. EPS 1.69. On track for FY guidance; expect a further improvement in revenue and profitability across new categories for the FY. New Category revenue is likely to be below the GBP 5bln ambition in 2025. (Newswires)

Bucher (BUCN SW) – H1 (CHF): Orders 1.24bln (prev. 1.59bln), Net Sales 1.72bln (pre. 1.94bln), Order Backlog 1.09bln (prev. 1.68bln), EBIT 178mln (prev. 246mln). “As expected, demand for Bucher Industries' products and services fell in the first half of 2024 compared to the very strong prior-year period”. (Bucher)

Centrica (CAN LN) – H1 (GBP): Group profitability to be heavily weighted to H1’24. GBP 200mln extension to share buyback programme. Scott Wheway to step down as Chair, Kevin O’Bryne to succeed. (Newswires)

Getlink (GET FP) – H1 (EUR): Revenue 808mln, -14% Y/Y, EBITDA 4242mln, -15% Y/Y. Outlook 2024: EBITDA target exp. 780-830mln. (Newswires)

Indivior (INDV LN) – Q2 (USD): Revenue 299mln (prev. 276mln Y/Y). FY25 guidance unchanged. Announced USD 100mln share buyback programme. (Newswires)

ITV (ITV LN) – H1 (GBP): Adj. EPS 0.033, Pretax profit 178mln. Remain on track to deliver total organic rev. growth of 5% from 2021-26. Interim dividend of 1.7p, paid in Nov 2024. (Newswires)

IG (IGG LN) – FY (GBP): Revenue 987.3mln (exp. 947.9mln), Pretax profit 456.4mln (exp. 425.8mln). Proposed increase total dividend per shar of 46.2/shr. New share byback programme of GBP 150mln to be completed by 31 Jan 2025. (Newswires)

Ipsen (IPN FP) – H1 (EUR): Revenue 1.65bln, Adj. EBIT 538mln. Raised FY guidance. Total sales growth greater than 7%, core op. margin greater than 30% of total sales. In other news, Co. and Day One enter into an exclusive ex-US licensing agreement to commercial Tovorafenib for the most common childhood brain-tumour. (Newswires)

Jeronimo Martins (JMT PL) – Q2 (EUR): Revenue 8.2bln (exp. 8.4bln), EPS 0.25. (Newswires)

Lloyds (LLOY LN) - Q2 (GBP): Statutory Pre-tax Profit 1.70bln (exp. 1.51bln). NII 3.154bln (exp. 3.171bln). EPS 1.7 pence (exp. 1.41 pence); Reaffirming guidance for 2024. (Newswires) 

Lonza (LONN SW) – H1 (CHF): Sales 3.1bln (exp. 3.01bln), Core EBITDA 893mln (exp. 802mln). Confirms the upgraded mid-term guidance. H1 performance is on track for FY outlook. (Newswires)

Neste (NESTE FH) – Q2 (EUR): EBITDA 240mln (prev. 784mln), Comp. sales 382mln (prev. 800mln), Total Refining Margin USD 15.1/bbl (prev. 16.7), Sales volume for renewable products 955mln (prev. 957mln). “Result in the second quarter reflects the significantly weaker renewables market and the Porvoo refinery major turnaround.”. Estimate that Q2 will be the weakest quarter of the year for the Co. (Newswires)

Rentokil (RTO LN) – H1 (GBP): Revenue 2.7bln (prev. 2.67bln Y/Y), Adj. EBITDA 611mln (prev. 602mln Y/Y). Continue to expect growth in North America within guided 2-4%, albeit to lower end. (Newswires)

Relx (REL LN) – H1 (GBP): Revenue 4.61bln, +7% Y/Y, EPS 52.6p (prev. 46p Y/Y). Reaffirmed FY outlook. (Newswires)

Sanofi (SAN FP) - Q2 (EUR): Revenue 10.745bln (exp. 10.461bln). Raises FY business EPS (ex-FX) growth guidance. (Newswires)

Stellantis (STLAM IM/STLAP FP) - H1 (EUR): Net Income 5.65bln (exp. 6.97bln); Net Revenue 85.02bln (exp. 87bln); Reiterates double digit adj. operating margin forecast. (Newswires)

Subsea 7 (SUBC NO) - Q2 (USD): Revenue 1.739bln (prev. 1.51bln), Adj, ABITDA 292mln (prev. 162mln). Adj. EBITDA margin 17% (prev. 11%), Net Income 63mln (prev. 14mln) (Subsea 7 IR)

TotalEnergies (TTE FP) - Q2 (USD): Net Income 4.7bln (exp. 4.9bln), adj. EBITDA 11.1bln (exp. 11.6bln), adj. EPS 1.98 (exp. 2.06). Refining utilisation rate is expected to be in excess of 85%. Start up of Anchor, within the Gulf of Mexico, expected in Q3. "Sales of petroleum products in the second quarter 2024 were down year-on-year by 2%, mainly due to lower diesel demand in Europe that was partially compensated by higher activity in the aviation business." "Hydrocarbon production was 2,441 thousand barrels of oil equivalent per day in the second quarter 2024, down 1% quarter-to-quarter, due to higher planned maintenance, notably in the North Sea". "Exploration & Production adjusted net operating income was USD 2,667mln in the second quarter 2024, up 5% quarter-to-quarter, driven by higher oil prices that were partially compensated by lower gas realizations and production." Outlook: Given the lower seasonal demand in Europe, European gas prices are expected to be between USD 8-10Mbtu in the third quarter 2024"  Co. estimates that its average selling price for LNG will be around USD 10/Mbtu in Q3. Q3 refining utilisation seen above 85%, benefitting from the restart of the Donges refinery.  Confirms FY24 net investment guidance of USD 17-18bln, USD 5bln is dedicated to integrated power. (Newswires) Index Weightings: CAC 8.8% (Second Largest), Euro Stoxx 50 4.5%, Stoxx 600 1.3%.

Unilever (ULVR LN) – H1 (EUR): Sales 31.3bln (exp. 32.9bln), adj. Operating Profit 6.1bln. Q2: Underlying Sales +3.9% (exp. +4.3%), quarterly dividend +3%. Commences the EUR 1.5bln share buyback programme. The productivity programme is underway, separation of the ice cream unit is on track and will be completed by end-2025. Continue to expect underlying sales growth for 2024 to be within the multi-year range of 3-5%. (Newswires)

URW (URW NA) - H1 (EUr(: EBITDA 1.19bln, +5.8% Y/Y. (Newswires)

Verbund (VER AV) – H1 (EUR): Adj. EBITDA 1.76bln, -21.9%  Y/Y. Outlook 2024: Expects EBITDA of between 3-3.3bln. (Newswires)

Vodafone (VOD LN) – Q1 (GBP): Total Revenue 9.03bln (exp. 10.74bln), Service Revenue 7.46bln (exp. 9.11bln). FY25 guidance confirmed. Lower inflation is slowing revenue growth in Europe. (Newswires)

25 Jul 2024 - 07:25- EquitiesExclusive- Source: Newsquawk