Additional European Equity News

Aena (AENA SM) – H1 (EUR): Sales 2.3bln (prev. 1.85bln), Net 607mln (prev. 277mln), EBITDA 1.17bln (prev. 0.78bln). (Newswires)

Aston Martin (AML LN) - H1 2023 (GBP): Revenue 667.4mln (exp. 296mln), Net -142.2mln. (exp. -57mln). On track to substantially achieve FY24/25 targets. (Newswires) 

Anglo American (AAL LN) – Da Beers cycle 6 diamond sales USD 410mln (prev. 638mln Y/Y). (Newswires)

Aviva (AV/ LN) – Aviva Investors has purchased a 35% stake in Innovo Renewables with the option to take the stake to 50% in the next two years. (Newswires)

British American Tobacco (BATS LN) – H1 2023 (GBP): 13.41bln (exp. 13.39bln). Diluted EPS 1.7600 (prev. 1.8160). Co. expected translational foreign exchange headwind of 3% on full year adjusted diluted EPS growth. Co. says it is on track to meet its FY23 guidance. (British American Tobacco)

EDP Renovaveis (EDPR PL) - H1 (EUR): Net 80mln (Prev. 265mln YY), EBITDA 754mln (exp. 736mln), Revenue 1.23bln (prev. 1.24bln YY). (Newswires)

Endesa (ELE SM) - H1 (EUR): Net 879mln (prev. 916mln YY), EBITDA 2.48bln (prev. 2.19bln YY), Revenue 13.1bln (prev. 14.9bln YY). (Newswires)

Fresnillo (FRES LN) – Co. affirmed FY23 silver production between 57-64mln oz. (Newswires)

GlaxoSmithKline (GSK LN) - Q2 (GBP): Revenue 7.18bln (exp. 6.83bln), adj. EPS 0.38 (exp. 0.35), adj. Operating Profit 2.17bln. Q2 dividend 0.14/shr, 0.56/shr expected for FY23 (exp. 0.571/shr). Vaccines: 2.02bln (exp. 1.92bln). FY23 guidance upgraded. . FY23 guidance: adj. EPS +14% to +17% (guided +12 to +15%); adj. Operating Profit +11% to +13% (guided +10% to +12%); Sales +8% to +10%. (Newswires)

Hexagon (HEXAB SS) – Q2 (EUR): Net Income 293mln (exp. 297mln), Sales 1.36bln (exp. 1.35bln), adj. EPS 0.108 (exp. 0.11). Launches an operational efficiency programme. (Newswires)

MTU Aero Engines (MTX GY) – Q2 2023 (EUR): Revenue 1.55bln (exp. 1.51bln). Adj. EBIT 193mln (exp. 187mln). Co. affirmed FY23 guidance. (Newswires)

Orange (ORA FP) – Orange Polska revises its FY Revenue and EBITDAAL guidance upward. (Newswires)

Porsche AG (PAH3 GY) - Sales Revenue 20.4bln, +14%, Operating Profit 3.85bln, +10.7%. Confirms 2023 forecast, provided global economy and supply chain situation does not worsen. (Newswires)

Puma (PUM GY) - Q2 (EUR): Sales 2.13bln (exp. 2.05bln), EBIT 115.3mln (exp. 110.1mln), Net Income 55mln, Gross Profit Margin 55%, EBIT Margin 5.4%. (Newswires)

Lloyds (LLOY LN) – Q2 2023 (GBP): Statutory pretax 1.61bln (exp. 1.72bln). Co. reports an impairment charge of GBP 700mln. Interim ordinary dividend +15% Y/Y to GBP 0.92/shr. (Newswires)

Reckitt (RKT LN) –2023 (GBP): Q2 Revenue 3.529bln (exp. 3.884bln). H1 Revenue 7.446bln (exp. 7.461bln). Adj. operating profit 1.769bln (-2.4% Y/Y in cc), Adj. diluted EPS -3.1% Y/Y. (Newswires)

Rio Tinto (RIO LN) - H1 (USD): adj. Net Income 5.7bln (exp. 6.0bln), adj. EBITDA 11.7bln (exp. 12.3bln), interim dividend 1.77/shr. Strong demand for portside product in China. Simandou iron ore project in Guinea is advancing at pace, final approvals expected later in the year. Expect Oyu Tolgoi shafts 3 & 4 to be commissioned in H1-2024. Expected to have made financial commitments to industrial abatement projects representing over 15% of group emissions by 2025. (Newswires)

Rolls-Royce (RR/ LN) – Trading update (GBP): Co. notes of improved financial results and upgraded guidance. Co. notes of higher underlying operating profit between 660-680mln (exp. 328mln). FCF 0.9-1.0bln (exp. 732mln). Co. now expects underlying operating profit between 1.2-1.4bln (exp. 934mln). Co. said it is starting to see the impact of transformation across all divisions. (Newswires)

Stellantis (STLAM IM/ STLAP FP) - H1 (EUR): Adj. EBIT Margin 14.4% (prev. 14.5%), FCF 8.7bln, +3.3bln, Adj. EBIT 14.1bln (prev. 12.1bln), Net Profit 10.9bln, +37%, Net Revenue 98.4bln (prev. 98.4bln). Breakeven point was 33% of revenue and margin remained significantly higher than Tesla and GM. CEO says we are well positioned for remainder of 2023 and inflationary environment is more stable, we want to accelerate on cost cutting. (Newswires)

Subsea 7 (SUBC NO) – Q2 (USD): Revenue 1.5bln (exp. 1.35bln), adj. EBITDA 162mln (exp. 159mln)

Traton (8TRA GY) – H1 (EUR): Revenue 22.9blnl (prev. 18bln), adj. Operating Result 2bln (exp. 0.8bln), Unit Sales 168.1k (prev. 137.3k), Incoming Orders 125.3k (prev. 164.2k). Reiterates FY23 guidance. (Newswires)

UniCredit (UCG IM) – CEO says at the moment no right conditions for M&A, valuation is too low and buying own stock remains the best use of money. Cost of risk will eventually increase, won’t be Armageddon; will be well below 25bp in 2023, 2024 and onwards. (Newswires)

Dassault Systems (DSY FP) reiterated with Underweight at Barclays 

Fresenius (FME GY) reiterated with Equal Weight at Barclays

Leg Immobilien (LEG GY) reiterated with Overweight at JPMorgan Chase

Remy Cointreau (RCO FP) reiterated with Underperform at Credit Suisse

26 Jul 2023 - 07:28- Research Sheet- Source: Newswires