Additional European Equity News

Abrdn (ABDN LN) – FY (GBP): Revenue 1.39bln (exp. 1.39bln), PBT -6mln (exp. 275mln), adj. EBIT 249mln (exp. 248mln), adj. EPS 0.139 (exp. 0.124). Surpassed the cost saving target. Transformation programme targets an annualise cost reduction of at least GBP 150mln by end-2025, expected to result in the reduction of 500 roles. Continue to expect headwinds from changing client demand, expect inflation to slow moderately and assume a stable rate environment. (Newswires)

BNP Paribas (BNP FP)/Orange (ORA FP) – Firms conclude their exclusive negotiations by signing several agreements; Orange has selected BNP Paribas to offer a banking continuity solution for its customers in France and Spain. (GlobeNewswire)

BP (BP/ LN) - Activist Bluebell Capital sales the Co. should undertake a pivot back towards oil/gas. New CEO is going in the correct direction. (Newswires)

Capgemeni (CAP FP) - Signed a 12-year agreement worth over UER 100mln with TenneT. (Newswires) 

Casino (CO FP) – Paris Commercial Court has approved the accelerated safeguarding plan for the Co. and subsidiaries. Rallye will lose control of Co. to the benefit of the consortium. (Newswires)

Croda (CRDA LN) – FY (GBP): Sales 1.69bln (exp. 1.7bln), adj. PBT 308mln (exp. 292mln). Expects to deliver mid-to-high single digit percentage sales growth in 2024. (Newswires)

Edenred (EDEN FP) - Q4 (EUR): Revenue 655mln (exp. 662mln). LFL revenue +14.6% (exp. +13.9%). Co. affirms FY24 LFL EBITDA growth of at least 12%. CEO notes of strong cashflow. (Newswires)

EQT (EQT SS) – Co. has raised EUR 22bln for its largest ever buyout fund. (EQT)

Grifols (GRF SM) - Nacho Abia has been appointed as CEO, effective 1st April 2024. (Newswires) 

Hikma (HIK LN) - Merck (MRK) has obtained a letter stating that Hikma's US unit has been seeking a pre-patent expiry approval from the FDA for the sale of a generic version of Bridion. (Newswires)

JCDecaux (DEC FP) – Confirms it is considering selling its stake in APG SGA (APGN SW). (Newswires)

Mercedes-Benz Group (MBG GY) - Mercedes stops planned construction of a new car class in China, according to Handelsblatt. (Handelsblatt)

Nokia (NOKIA FH) – Signs a deal with Rakuten (4755 JT), to provide equipment enhancing Rakuten’s network in Japan. (Newswires)

Puma (PUM GY) - Q4 (EUR): Revenue 1.98bln (exp. 2.094bln). EBIT 94.4mln (exp. 100mln). Net 0.8mln (exp. 28mln). Adverse currencies lead to a negative impact on sales of more than EUR 400mln. Asia/Pacific sales increased by 2.8% Y/Y, supported by strong growth in Greater China and India. The rest of Asia was softer, impacted by consumer sentiment and warm weather conditions. Sales in the Americas region decreased by 2.4% Y/Y due to the devaluation of the Argentine peso. 2024 EBIT guidance 620-700mln (exp. 663mln). "Going into 2024, we see that the market environment remains challenging." (Puma)

SBB (SBB SS) – FY (SEK): PBT -22bln (exp. -12.3bln), Rental Income 4.5bln. Earnings include changes in value of properties to an amount of -13bln. CEO says they are now at the beginning of a period where financial conditions are improving, confident in the firms portfolios and expect them to continue growing strongly. (Newswires)

Sig Group (SIGN SW) – FY (EUR): Revenue 3.23bln (exp. 3.24bln), adj. EPS 0.83 (exp. 0.91), adj. EBITDA 803mln (exp. 809mln), EBITDA 861mln (exp. 874mln), adj. Net 318mln (exp. 348mln). (Newswires)

Smith & Nephew (SN/ LN) – FY (USD): Revenue 5.5bln (exp. 5.5bln), Operating 425mln, Dividend 0.375/shr (exp. 0.36/shr). 12-point plan is on track. (Newswires)

Unite Group (UTG LN) – FY (GBP): adj. EPS 0.443 (exp. 0.44), PBT 102mln (exp. 177mln), adj. Net 184mln (exp. 178mln). Dividend 0.35/shr (exp. 0.35/shr). (Newswires)

Ferretti (FER IM) initiated with Overweight at JPMorgan Chase

27 Feb 2024 - 07:39- EquitiesExclusive- Source: Newsquawk