Additional European Equity News

888 (888 LN) – FY23 (GBP): Adj. Pretax Profit 20.6mln (exp. 21mln), Adj. EPS 0.107 (exp. 0.04). Q1’24 expected revenue 420-430mln. Positive outlook for FY24 revenue consistent with medium-term targets. Strategic review of US B2C business initiated. (Newswires)

A.G. Barr (BAG LN) – Remain confident in the strategy and continued delivery of revenue and profit for the year ahead. (Newswires)

Air France (AF FP) – Co. repaid EUR 452mln worth of 2026 bonds. (Newswires)

Asos (ASC LN) – Trading statement: Strong cash performance and reiterated guidance. Sales declined 18% broadly in-line with guidance. Ahead on plan to improve stock efficiency. (Newswires)

Bellway (BWY LN) – H1 (GBP): Revenue 1.27bln (prev. 1.8bln), Gross Profit 210mln (prev. 389mln), Operating Profit 139mln (prev. 317mln). CEO: “Although the economic backdrop remains uncertain, the gradual reduction in mortgage interest rates throughout the first half has helped to ease affordability constraints and we have been encouraged by the improvement in reservations since the start of the new calendar year”. On track to deliver volume output of 7.5k homes. (Newswires)

Carrefour (CA FP) – Agreement between Co. and Galfa for repurchase of 25mln Carrefour shares. Sale price of EUR 365mln. Galfa will now hold 7.71% capital and 13.3% voting rights. (Newswires)

Cellnex (CLNX SM) – Co. contacted Goldman Sachs to explore a sale of a minority stake in its unit, via Expansion. (Expansion)

Ferrexpo (FXPO LN) – Notified of a court order imposing restrictions on certain corporate rights in all of their Ukrainian subsidies. Restrictions do not affect ownership, but prohibit their transfer. (Newswires)

Flutter (FLTR LN) – FY23 (USD): Revenue 11.79bln (exp. 9.5bln), Adj. EBITDA 1.87bln (exp. 1.54bln). US Revenue 5.8bln, +36.3%. Seen softness in Australian racing market and persisting through 2024. CEO said gap appears to be opening with Co's nearest US rival on revenue growth. CEO said Co. is being deeply rational regarding promotional activity in the US. Undoubtedly opportunities for M&A, will de disciplined but aggressively pursue the correct options. (Newswires) 

Fevertree (FEVR LN) – FY23 Revenue 364.4mln (exp. 367mln), Adj. EBITDA 30.5mln (exp. 30.7mln), Dividend 16.64/shr (exp. 15.7/shr). Sees FY24 Op. expenses to be 23% of revenue. (Newswires)

Heidelberg Materials (HEI GY) – Co. says to receive up to USD 500mln in funding for its largest CCUS project to date. (Newswires)

Ocado (OCDO LN) – Q1 Trading Statement (GBP): Retail volumes +8.1% Y/Y. Retail revenue growth 10.6% Y/Y at 645.3mln. Average orders per week +8.4% Y/Y. Average basket value +2.1% Y/Y while basket size was stable Y/Y. No change to guidance. (Newswires)

Repsol (REP SM) – Co. said on Tuesday it bought a 40% stake in three biofuel plants from Bunge for around USD 300mln. Co. said it started a buy-back program of up to 35mln shares. (Newswires)

Smiths Group (SMIN LN) – H1 (GBP): Revenue 1.507bln (exp. 1.518bln). Organic revenue growth +3.9% Y/Y. Co. announces a new share buyback programme of GBP 100mln with the first GBP 50mln tranche to be completed by September this year. (Newswires)

Telecom Italia (TIT IM) – KKR will only be obliged to buy Co’s grid if the operation is concluded before a “long-stop” date of Oct 15 2024, unless parties agree to an extension. (Newswires)

Telefonica (TEF SM) – Spanish Government has acquired a 3% stake in the Co. through state holding Co. SEPI. (Newswires)

TotalEnergies (TTE FP) - Co. and Sinopec to join forces to produce sustainable jet fuel at Sinopec's refinery; will have capacity to produce 230k tons of SAF per year. (Newswires)  

Wood Group (WG/ LN) – FY (USD): adj. EPS 0.023 (exp. 0.05), Net -105mln (exp. 42mln), Operating Income 38mln. Improving price trends across the pipeline, order book and margin performance within 2023. Targeting annualised savings of USD 60mln from 2025. Simplification programme is expected to add to growth potential, leading to 2025 EBITDA growth above the medium-term target. FY24 performance will be weighted towards H2. (Newswires)

26 Mar 2024 - 07:15- EquitiesResearch Sheet- Source: Newsquawk