Additional European Equity News
AstraZeneca (AZN LN) – Q1 revenue USD 7.3bln vs exp. USD 6.98bln, revenue included USD 275mln of COVID-19 vaccine sales; EPS USD 1.63 vs exp. USD 1.43. Reiterates FY21 guidance which does not incorporate any revenue/profit impact from COVID-19 vaccine sales. Expect the impact of COVID to reduce and anticipate a performance acceleration in the second half of 2021. Revenue breakdown: Oncology USD 3.02bln, +20%; Tagrisso USD 1.14bln vs exp. USD 1.16bln, Imfinzi USD 0.55bln, +20%. CVRM USD 1.3bln, +19%; Respiratory & Immunology USD 1.546bln, -1%. (Newswires)
Barclays (BARC LN) - Q1 revenue GBP 5.9bln vs exp. GBP 5.667bln. Pretax profit GBP 2.399bln vs exp. GBP 1.647bln. Impairment charge GBP 55mln vs prev. GBP 2.115bln. CIB revenue GBP 3.59bln vs exp. GBP 3.34bln. Equities income +65% Y/Y and FICC income -35% Y/Y . NII GBP 1.85bln vs exp. GBP 1.940bln. Co. sees a meaningful ROTE improvement in 2021. (Newswires/Barclays)
BBVA (BBVA SM) - Q1 net EUR 1.2bln vs exp. EUR 910mln. Revenue EUR 5.16bln vs exp. EUR 4.90bln. Adj. ROTE 9.8% vs prev. EUR 2.4% Y/Y. Provisions EUR 923mln vs exp. EUR 1.21bln. NII EUR 3.45bln vs exp. EUR 3.63bln. CET1 ratio 11.95 vs prev. 10.8% Y/Y. (Newswires)
Darktrace – Set its offer price at GBP 2.50/shr, based on this market cap. will be circa GBP 1.7bln at the commencement of conditional dealings. Will raise gross proceeds of GBP 143mln by the sale of new shares. (Newswires) On listing, ticker will be DARK LN, recent reports indicated the offer price would equate to a valuation of GBP 2.4-2.7bln.
Eni (ENI IM) - Q1 adj. net EUR 270mln vs exp. EUR 416mln. Adj. operating profit EUR 1.32bln vs exp. EUR 1.40bln. Revenue EUR 14.5bln vs exp. 13.624bln. Co. guides FY21 cash flow from operations at above EUR 9bln assuming USD 60/bbl Brent price. (Newswires)
German stocks/Infineon (IFX GY)/Dialog Semiconductor (DLG GY) - German Bundesbank Chief Economists said the economic recovery will likely be less strong due to the semiconductor shortages; expects the shortages to worsen somewhat in Q2. (Newswires)
Royal KPN (KPN NA) - Q1 net EUR 141mln vs prev. EUR 120mln. Revenue EUR 1.29bln vs prev. EUR 1.33bln. Co. affirmed its FY21 targets. (Newswires)
KERING (KER FP) UPGRADED TO OUTPERFORM FRO MARKET PERFORM AT BERNSTEIN
30 Apr 2021 - 07:09- EquitiesResearch Sheet- Source: Newsquawk
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