Additional European Equity News

Airbus (AIR FP), Boeing (BA) - Cathay Pacific Airways is leaning towards ordering approximately six Airbus A350 freighters to replace its ageing 747 cargo jets, potentially marking a shift from earlier consideration of Boeing's 777-8F, Reuters reports citing sources, adding that Cathay's decision was seen as a key test for the two freighters because the airline operates the underlying 777 and A350 passenger models. (Newswires)

Atos (ATO FP) - In advanced talks with EPEI to amend/simplify certain terms re. contemplated sale of Tech Foundations; additional sales of assets being considered to address upcoming debt maturities n 2025, as added contingencies. Negligible impact on interest expense. (Newswires)

Bpost (BPOST BB) – No decision yet regarding distribution contracts. (Newswires)

easyJet (EZJ LN) - FY23 (GBP): Pretax 450mln (prev. -178mln Y/Y, exp. 452.6mln), Revenue 8.17bln (prev. 5.77bln Y/Y), Revenue per seat 79.84 (exp. 82.38), Sees H1 capacity 42mln (exp. 42.56mln) easyJet expected to grow >35% in FY24 with ASP up high single digits. Remain on track to deliver disciplined growth of 9% in FY24. Strong growth in easyJet for all periods on sale. Aims for continued progress towards our medium-term profitability ambitions. (Newswires) 

Enel (ENEL IM) – Co. aims to sell 49% of its battery storage business for EUR 0.8-1.0bln, via La Stampa citing sources. (La Stampa)

Rolls Royce (RR/ LN) – Capital Markets Day: Current trading in-line with expectations, guidance for FY23 reconfirmed with profit and cash forecast to be materially ahead of 2022. "In Rolls-Royce Electrical we are looking at options to exit in the short run or alternatively for the right value, reduce our position to minority with an intention to exit fully in the mid-term". Mid-term targets: “Civil Aerospace has the biggest step change, improving from 2.5% in 2022 to 15-17%.; Defence we plan to improve from 11.8% in 2022 to 14-16%.; Power Systems, our shortest cycle and most diverse business, we plan to improve from 8.4% in 2022 to 12-14%.”. (Newswires)

Spie (SPIE FP) - Acquires industrial services firm ROBUR industry service group GmbH in Germany; Expects mid-single digit EPS accretion for the Group as soon as 2024. No terms disclosed. (Newswires) 

Safestore Holding (SAFE LN) – Q4 Trading Update (GBP): Revenue 57.6mln (prev. 56.8mln Y/Y). (Newswires)

Skandinaviska Enskilda (SEBA SS) - Publishes investment outlook: Sees "double turn around" to maintain neutral risk exposure in portfolio. (Newswires) 

Swisscom (SCMN SW) – Sky Italia is teaming up with the Co’s Fastweb to offer mobile connectivity services, via Corriere della Sera. (Newswires)

Softcat (SCT LN) – Q1 Trading Update: Q1 gross profit double-digit growth Y/Y from broad-based demand.

Tritax Big Box Reit (BBOX LN) – Successfully sold six assets to date in FY23. (Newswires)

Ubisoft (UBI FP) - Launches EUR 500mln offering of bond convertible info and/or exchangeable for new or existing shares. (Newswires) 

Zalando (ZAL GY), Shein (not listed) - The Chinese global online fashion brand Shein has confidentially filed for a US IPO, WSJ reports. Goldman Sachs, JPMorgan Chase, and Morgan Stanley will lead the offering, potentially set for 2024, according to insiders. (Newswires)

Aeroports de Paris (ADP FP) resumed with Hold at Kepler Cheuvreux

Glencore (GLEN LN) resumed with Outperform at RBC

Flughafen Zurich (FHZN SW) resumed with Reduce at Kepler Cheuvreux

Fraport (FRA GY) resumed with Buy at Kepler Cheuvreux

Pearson (PSON LN) downgraded to Neutral from Outperform at BNP Paribas

Sonova (SOON SW) downgraded to Hold from Buy at Redburn Atlantic

Siemens (SIE GY) assumed with Overweight at Morgan Stanley

Watches of Switzerland (WOSG LN) maintained with Buy at HSBC

28 Nov 2023 - 07:05- Research Sheet- Source: Newsquawk