Additional European Equity News

AstraZeneca (AZN LN) - Truqap plus Faslodex recommended for approval in the EU by CHMP for patients with advanced ER-positive breast cancer. Additionally, Enhertu demonstrated statistically significant and clinically meaningful improvement in progression-free survival in HR-positive, HER2-low metastatic breast cancer following one or more lines of endocrine therapy in DESTINY-Breast06 Phase III trial (AstraZeneca)

Atos (ATO FP) – Co. confirms it has received a non-binding letter of intent from the French state “to acquire 100% of the Advanced Computing, Mission-Critical Systems and Cybersecurity Products activities of Atos SE’s BDS (Big Data & Security) business”. Financial Restructuring Framework Revisions (EUR): 1.1bln cash needed to fund the Co. for the 2024-25 period (prev. guided 0.6bln); targeting a BB credit profile by 2026 with leverage below 2x which implies a gross debt reduction of 3.2bln (prev. guided 2.4bln); revolving facility, bank guarantees, remaining maturity extension and full business parameters basis are unchanged from April 9th. Adj. 2024 business plan: Revenue 9.8bln (prev. guided 9.9bln), Operating Margin 0.3bln (prev. guided 0.4bln), cash before debt repayment -0.6bln (prev. guided -0.4bln). Adj. 2027 business plan: Revenue 11bln (prev. guided 11.4bln), Operating Margin 1.1bln (prev. guided 1.2bln), cash before debt repayment 0.2bln (prev. guided 0.5bln). (Atos)

Bollore (BOL FP) - Q1 (EUR): Revenue 5.02bln (prev. 3.09bln Y/Y). (Newswires) 

Beazley (BEZ LN) – Q1 Trading Update: Insurance Written Premiums USD 1.48bln, +7%. (Newswires)

Delivery Hero (DHER GY) - Proposed changes in supervisory board including chairperson; Board agrees to nominate Kristin Skogen Lund as new chair. (Newswires) 

Frasers (FRAS LN) - Intends to commence new share buyback programme with Jefferies International. (Newswires) 

Hipgnosis (SONG LN) – Blackstone (BX) confirms an increased offer of USD 1.3/shr (104p/shr) in cash deal valued at USD 1.57bln. (Newswires)

Signify (LIGHT NA) -Starts share repurchase program of up to 45k shares to cover performance share plans; approx. EUR 11mln. Will start on April 29, and expected to be completed in Q2. (Newswires)

Sixt (SIX2 GY) - Co-CEO says between summer 2022 and March 2024, the residual values for battery EVs in Germany fell by avg. of approx. 40%; "I cannot remember such as loss in value." Means have to reduce the number of electric cars. (Newswires)

Skanska (SKAB SS) – Builds houses in Czech Republic for around SEK 380mln. (Newswires)

Ashtead (AHT LN) upgraded to Buy from Hold at Canaccord Genuity 

Demant (DEMANT DC) upgraded to  Buy from Hold at Redburn

IMCD (IMCD NA) upgraded to Buy from Neutral at Kempen

JD Sports (JD/ LN) downgraded to Equal Weight from Overweight at Barclays

Saab (SAABB SS) upgraded to Buy from Hold at Carnergie 

Schibstead (SCHB NO) downgraded to Hold from Buy at Deutsche Bank 

Umicore (UMI BB) downgraded to Underperform from Neutral at Oddo 

29 Apr 2024 - 07:09- EquitiesResearch Sheet- Source: Newsquawk