Additional European Equity News

Engie (ENGI FP) - Amazon (AMZN) signs agreement with Co. for 473 MW of renewable energy from Moray West offshore wind farm. (Newswires) 

Diageo (DGE LN) – H1 (USD): adj. Operating Profit 3.51bln (exp. 4.11bln), Net Sales 10.96bln (prev. 11.12bln H/H), EPS 0.98 (prev. 1.19), Interim Dividend 0.405/shr (prev. 0.3857/shr). Have further plans to reduce inventory to more appropriate levels for current consumer environment by end-FY24. Decline in Latin America and Caribbean was driven by a strong double-digit net sales growth comparator as well as lower consumption and consumer downtrading due to macroeconomic pressures in the region. (Diageo)

Ferrovial (FER SM) – Cinco Dias, citing sources, reports that the Co. is sounding out pension/sovereign wealth funds as potential buyers for a 35% stake owned by numerous shareholders within Heathrow airport; under the scenario that they utilise their tag-along option. (Newswires/Cinco Dias)

Halma (HLMA LN) – Appoints of Giles Kerr as an independent non-exec director with effect from 1 Feb 2024. (Newswires)

HSBC (HSBA LN) – Co. has been fined GBP 57.4mln by the PRA for failures in deposit protection, identification and notification. (Newswires)

Kindred (KIND SS) – Unveils strategic partnership with Stats Perform to power Kindred Sportsbook platform. (Newswires)

Generali (G IM) – To launch a EUR 500mln buyback, assuming green light at the April AGM. Liberty Seguros will, after repatriation, contribute over EUR 250mln/annum to PBT by 2029. (Newswires)

MorphoSys (MOR GY) - Prelim. 2023 Monjuvi US net product sales USD 92mln, anticipates 2024 net product sales of USD 80-95mln. 2024 operating expenses seen lower Y/Y. (Newswires)

Saga (SAGA LN) – Trading Update: On track to deliver significant FY growth. Market wide inflationary environment and declining policy volumes continue to impact insurance performance. Exploring opportunities to optimise the Ocean Cruise business. New season bookings in cruise/travel are robust, good overall progress. (Newswires)

SSP (SSPG LN) – Q1 Trading Update: Sales 788mln, +21.2% Y/Y, NA sales grew by 30.5% Y/Y. Global demand for travel continues to grow. (Newswires)

WPP (WPP LN) - 2023 LFL Revenue costs expected to be 0.9% (guidance 0.5-1%), Op. profit margin expected to be 14.8% (guidance 14.8-15%). Guides initial FY24 LFL adj. Revenue flat to +1% (exp. +1.2%). Unveils new AI strategy and raises financial targets. Sets medium-term targets of +3% LFL growth in Revenue less pass-through costs and 16-17% headline operating profit margin. (Newswires) 

Valmet (VALMT FH) - Awarded approx. EUR 100mln order in Brazil. (Newswires) 

Edenred (EDEN FP) initiated with Underperform at Autonomous Research 

Kion (KGX GY) upgraded to Outperform from Neutral at Oddo

TopDanmark (TOP DC) downgraded to Neutral from Outperform at BNP Paribas

Porsche (P911 GY) upgraded to Buy from Hold at Kepler 

30 Jan 2024 - 07:05- EquitiesResearch Sheet- Source: Newsquawk