Additional European Equity News

Clariant (CLN SW) - Q1 Adj. EBITDA CHF 168mln vs exp. CHF 156mln. Revenue CHF 1.0bln vs. exp. CHF 980mln. EBITDA margin 16.8% vs prev. 16% Y/Y. Co. notes that price actions has been initiated to offset raw material and logistic costs. Co. expects to conclude talks to sell its pigment unit in Q2. (Newswires)

Delivery Hero (DHER GY) - April daily orders of 400k, according to reports. (Newswires)

DS Smith (SMDS LN) – Co. continues to see positive momentum across its business. (Newswires)

Evraz (EVR LN) – Q1 crude steel production 3.41mln. (Newswires)

Flutter (FLTR LN) – Q1 revenue GBP 1.48bln, +32% YY; sports revenue GBP 896mln, +43% YY; gambling revenue GBP 589mln, +18% YY. Average monthly players of 7.6mln vs prev. 5.6mln YY. Q2 likely to see accelerated results for sports growth given the pronounced COVID-19 impact in March 2020. No decision made around a listing of FanDuel Group in the US, will update when appropriate. Remain confident in sustainable growth going forward. (Newswires)

Glencore (GLEN LN) - Co. maintains FY production guidance for key commodities. Co. says marketing EBIT is to be within the top end of long-term range. (Newswires)

Logitech (LOGN SW) – Q4 EPS USD 1.45 vs exp. USD 0.96. Revenue USD 1.54bln vs exp. USD 1.16bln. Co. raises FY dividend by 10%. Gross marin 46.6% vs prev. 39.8%. (Newswires)

Meggitt (MGGT LN) – Q1 revenue broadly in-line with expectations, -29% vs Q4-2020 -35%. Activity levels in domestic, business and cargo jet markets continue to outperform the weak international market. Expect FY21 revenue broadly in-line with 2020, underlying operating profit to be above 2020. (Newswires)

Natwest (NWG LN) – Q1 revenue GBP 2.65bln vs exp. GBP 2.70bln, pre-tax GBP 946mln vs exp. GBP 950mln, CET1 ratio 18.2% vs exp. 17.77%; net interest margin 1.64% vs prev. 1.66%, net interest income GBP 1.93bln vs exp. GBP 1.9bln, trading income GBP 160mln vs exp GBP 330mln; net impairment of GBP 102mln. Retain FY21 outlook. (Newswires)

Neste (NESTE FH) – Q1 revenue EUR 3.12bln vs exp. EUR 3.23bln, EBIR EUR 302mln vs exp. EUR 303mln. Weak USD had a negative impact of EUR 57mln. Q2 sales expected to remain healthy, oil products demand for the Q will continue to be depressed due to extended lockdowns. FY21 capex seen at EUR 1.2bln. (Newswires)

Orsted (ORSTED DC) – Q1 net DKK 1.6bln vs exp. DKK 1.7bln. EBITDA DKK 4.86bln vs exp. DKK 5.3bln. Revenue DKK 18.94bln vs exp. DKK 15bln.

Pandora (PNDORA DC) – Secured a new EUR 950mln revolving credit facility which is sustainability linked, to refinance the undrawn facility expiring in May 2022. Additionally, repaid EUR 400mln state loan ahead of time. (Newswires)

Repsol (REP SM) – Q1 net profit EUR 648mln vs exp. EUR 681mln, net debt/long-term commitments EUR 6.45blnm EBITDA EUR 1.40bln vs exp. EUR 1.39bln. (Newswires)

Shell (RDSA LN) - Q1 adj. profit USD 3.23bln vs exp. USD 3.06bln Adj. EPS USD 0.42 vs exp. USD 0.37. Dividend +4% Y/Y to USD 0.1735/shr. Q1 earnings reflect higher realised oil price, LNG prices, chemicals and refining margins. Texas deep freeze had an adverse impact of USD 200mln on earnings in Q1. Co. notes of a net debt reduction of USD 4bln. (Newswires/Shell)

Schroders (SDR LN) – Q1 AUM GBP 672mln vs prev. GBP 663mln QQ, wealth management GBP 72.8mln vs prev. GBP 72mln. (Newswires)

St James Place (STJ LN) -Q1 gross inflows GBP 4.79bln vs prev. GBP 4.04bln, closing funds under management GBP 135.46bln, net inflows GBP 2.9bln. (Newswires)

Suez (SEV FP) - Q1 EBITDA EUR 768mln vs prev. EUR 676mln. Revenue EUR 4.31bln vs. prev. EUR 4.40bln. Co. affirms its outlook. (Newswires)

Swisscom (SCMN SW) - Q1 EBITDA CHF 1.12bln vs exp. CHF 1.01bln. Revenue CHF 2.8bln vs exp. CHF 2.7bln. (Newswires)

Telecom Italia (TIT IM) - Co. sent a letter to Huawei to formally cancel a 5G contract. (Il Sole 24)

Tele2 (TELE2B SS) – CFO Larsson and COO Skott to step-down. (Newswires)

Tullow Oil (TLW LN) – Initiated offering of USD 1.8bln senior secured notes due 2026, received USD 600mln in commitments from revolving credit facilities. (Newswires)

Total (FP FP) - Q1 adj. net USD 3bln vs exp. USD 2.35bln. Co. declares an interim dividend of EUR 0.66/shr. Co. anticipates that an increase in oil prices in Q1 will have a positive impact on average LNG selling prices over the next six months. Co. notes that European refining margins remain fragile. Co. expects debt-adjusted cash flow to reach around USD 24bln. Co. confirms its cash flow allocation priorities and notes that the future remains uncertain. (Newswires)

Unilever (ULVR LN) – Q1 revenue EUR 12.3bln vs exp. EUR 12.2bln, underlying sales +5.7% vs exp. +3.37%. To commence a EUR 3bln share buyback programme in May. Tea business separation will conclude by end-2021. H1 underlying sales growth seen at top of 3-5% range. Dividend of EUR 0.4268/shr. (Newswires)

CARLSBERG (CARLB DC) DOWNGRADED TO HOLD FROM BUY AT DNB MARKETS

ST JAMES PLACE (STJ LN) REITETERATED WITH OVERWEIGHT AT JP MORGAN

29 Apr 2021 - 07:33- EquitiesResearch Sheet- Source: Newsquawk