Additional European Equity News

Assa Abloy AB (ASSAB SS) - Q3 (SEK): Sales 36.8bln (exp. 26.8bln), EBIT 5.8bln (exp. 5.6bln), Net 3.65bln (exp. 3.5bln), EPS 3.31 (exp. 3.25). Organic sales decline in APAC and EMEIA, good growth in global tech. and Americas, stable within entrance systems. (Newswires)

BooHoo (BOO LN) - Frasers Group (FRAS LN) has lifted its stake to 16.5% (prev. 15.1%). (Newswires)

Deutsche Bank (DBK GY) - CFO says there is upside to the EUR 8bln capital return, but it remains to be seen how much. CEO expects to exceed 2025 strategic goals. (Newswires)

Enel (ENEL IM) - Closes sale of photovoltaic generation portfolio in Chile to Sonnedix for USD 556mln. No impact on ordinary results. (Newswires)

Fresnillo (FRES LN) - Q3 Production Report (Y/Y): Gold -16.7%, Silver +3.8%. Completed ramp-up of the Juanicipio mine, now running at nameplate capacity in-line with the forecast timeline. On track for FY production guidance. Expect inflation and MXN revaluation to remain headwinds into 2024. (Newswires)

GSK (GSK LN) - New data for Arexvy, GSK’s RSV vaccine, show potential to help protect adults aged 50 to 59 at increased risk for RSV disease: Preliminary results from phase III trial show primary endpoints met, with non-inferior immune responses observed in adults aged 50-59 compared to adults aged 60 and older. (GSK)

Heineken NV (HEIA NA) - Q3 (EUR): Net Revenue 8.02bln (exp. 8.2bln), Organic Beer Volume -4.2% (exp. -4.5%),Volume 63.2MHL (prev. 73.7MHL). Returned to volume growth in Americas, strong performance in Brazil and Mexico. Whilst inflation-led pricing is tapering, observing a slowdown of consumer demand within various markets facing challenging macro conditions. FY23 guidance unchanged. (Newswires)

Inditex (ITX SM) - Agreed to buy recycled polyester from Ambercycle, via Reuters citing a document. (Newswires)

Italgas (IG IM) - Q3 (EUR): Revenue 440mln (exp. 427mln). (Newswires)

Koninklijke KPN NV (KPN NA) - Q3 (EUR): adj. Revenue 1.36bln (exp. 1.36bln), Profit 224mln (exp. 204mlln), adj. EBITDAaL 629mln (exp. 622mln). FY23 guidance confirmed. (Newswires)

Kuehne und Nagel International AG  (KNIN SS) - Q3 (CHF): Revenue 5.5bln (exp. 6.65bln), EBITDA 640mln (exp. 621mln), EBIT 446mln (exp. 431mln). (Newswires)

Lloyds (LLOY LN) - Interim Q3 (GBP): NII 3.44bln (prev. 3.39bln Y/Y), Net Income 4.5bln (prev. 4.48bln), Underlying Profit 2.02bln (prev. 1.7bln), EPS 0.02 (prev. 0.006), PBT 1.86bln (exp. 1.76bln), Operating Costs 2.24bln (exp. 2.29bln). CET1 14.6% (exp. 14.06%). FY23 guidance reaffirmed with slightly improved asset quality. (Newswires)

NatWest (NWG LN) - Former CEO Rose is reportedly considering legal moves to challenged a upcoming decision to cancel millions of pounds in unvested share awards she was due to receive, via Sky News. (Sky News)

Nexans (NEX FP) - Q3 (EUR): Revenue 1.6bln (exp. 1.65bln). Confirms guidance. (Newswires)

Reckitt Benckiser Group (RKT LN) - Q3 Update: Net Revenue growth 3.4%. On track to deliver FY targets, despite tough Y/Y compares. Commencing a buyback of GBP 1bln over the next 12-months, with immediate effect. Started to see pricing level off. (Newswires)

Serco (SRP LN) - New APAC CEO, appoints Andrew Head with immediate effect. (Newswires)

Storebrand ASA (STB NO) - Q3 (NOK): Net 605mln (exp. 606mln), adj. EPS 1.73 (exp. 1.39). AUMs hit a record high in the period. FY23 cost guidance unchanged. (Newswires)

Syrmrise (SY1 GY) - 9-month (EUR): Sales 3.6bln, +7.4%. FY23 growth target confirmed. By 2028, intends to increase sales to 7.5-8.0bln. (Newswires)

Traton (8TRA GY) - 9-month (EUR): Revenue 33.3bln (prev. 28bln), adj. Operating 3.11bln (prev. 1.47bln). Incoming orders 189.6k vehicles, -25%. FY Guidance: adj. Operating Return on Sales 7.5-8.5% (prev. guided 7.0-8.0%). (Newswires)

Verbund (VER AV) - Acquires a 56MW wind portfolio within Germany. (Newswires)

Vodafone (VOD LN) - Capital infusion of at least USD 1bln is being planned for Vodafone Idea from Aditya Birla group entities, via ET Now citing sources. (Newswires)

Worldline (WLN FP) - Q3 (EUR): Revenue 1.18bln (exp. 1.21bln). Cuts FY23 outlook given a deterioration in the macro environment, particularly within Germany: now forecasts Revenue growth of 6-7%, OMDA margin decrease of circa. 150bps Y/Y, FCF of 30-35% of the OMDA conversion rate. (Newswires)

DSV (DSV DC) upgraded to Buy from Hold at SEB

Kering (KER FP) downgraded to Hold from Buy at SocGen

Mondi (MNDI LN) downgraded to Underweight from Equalweight at Barclays

25 Oct 2023 - 07:10- Research Sheet- Source: Newsquawk