Additional European Equity News

Abrdn (ABDN LN) - Co. completes sale of USD 9bln PE unit to Patria. (Newswires) 

Air France-KLM (AF FP) - Q1 (EUR): EBITDA 176mln (exp. 191.7mln). Passengers +6.2% Y/Y. Operating loss 489mln (Co. exp loss 424mln). Revenue 6.65bln (Co. exp. 6.62bln). (Newswires) 

Arcadis (ARCAD NA) – Q1 (EUR): Orders 1.12bln, Revenue 968mln. (Newswires)

Atos (ATO FP) – Thales (HO FP) opened the door to buying part of Atos’s strategic assets. (Newswires)

Capgemini (CAP FP) – Q1 (EUR): Revenue 5.52bln (exp. 5.52bln), -3.3% Y/Y, Bookings 5.65bln. Reiterates FY24 guidance. (Newswires)

Clariant (CLN SW) – Q1 (CHF): Sales 1.014bln (exp. 1.022bln), EBITDA margin improved to 17.1% (prev. 13.9% Q/Q). Confirms FY24 outlook. (Newswires)

Covestro (COV1 GY) – Q1 (EUR): Sales 3.5bln (exp. 3.61bln), -6.2% Y/Y, Net Income -35mln (prev. -26mln Y/Y). FY24 guidance confirmed. Q2 guidance: EBITDA between 270-370mln. (Newswires)

Ericsson (ERICB SS) - CEO says overregulation is “driving Europe to irrelevance” and that antitrust policies need to change within Europe to stop the region from falling behind. (FT)

Evotec (EVT GY) - Bayer (BAYN GY) to collaborate to advance precision cardiology. No terms disclosed. (Newswires)  

Erste (EBS AV) – Q1 (EUR): NII 1.85bln (exp. 1.83bln), Net Income 783mln (exp. 735mln). (Newswires)

Frasers (FRAS LN) – Reached agreement to with joint administrators of matches fashion limited to acquire certain intellectual property assets only. (Newswires)

Fortum (FORTUM1V FH) – Q1 (EUR): Sales 2.01bln (exp. 1.82bln), EPS 0.53 (exp. 0.39, EBIT 571mln (exp. 451mln). (Newswires)

Fuchs (FPE3 GY) – Q1 (EUR): Net Income 77mln (exp. 77.1mln), EBIT 107mln (exp. 109.8mln). Outlook FY: EBIT 430mln. (Newswires)

Genmab (GMAB DC) - US FDA grants full approval for Pfizer's cervical cancer drug; co. developed by Genmab, via Reuters. (Reuters)

Glencore (GLEN LN) – Q1 Production Report: FY production unchanged. Expects FY market adj. EBIT in USD 3-3.5bln. Q1 own sources copper production of 239.7 tonnes was 2% above Q1’23 on LFL basis. (Newswires) Several large Glencore shareholders suggest the Co. keeps its coal assets, according to Bloomberg sources, which throws the proposed spinoff of assets into doubt. The shareholders believe that the coal assets will strengthen the entire Co. (Bloomberg) 

Howden Joinery (HWDN LN) – Trading Update: implemented modest price increases across all geographies. On track with outlook for 2024. (Newswires)

Hargreaves Lansdown (HL/ LN) – Q1 Trading Update (GBP): Quarterly Revenue 199.9mln, +6% Q/Q. Net new clients 34k, +48 Y/Y. (Newswires)

TomTom (TOM2 NA) – TomoTom maps to support Qualcomm aware platform. (Newswires)

Travis Perkins (TPK LN) – Jasmine Whitbread, chair of BoD has informed board of her intention to step down. (Newswires)

French / Italian Defence Names – Italy and France have signed a letter of intent to create a joint industrial hub for ground defence, via Reuters. (Reuters)

Metro Bank (MTRO LN) – Q1 Trading Update (GBP): Total deposits 16.2bln, +0.6bln Y/Y. Remains confident that financial result will continue to improve throughout 2024. (Newswires)

MTU Aero (MTX GY) – Q1 (EUR): Adj. EBIT 218mln (exp. 214mln), Adj. Net Income 158mln (exp. 156mln). (Newswires)

OMV (OMV AV) – Q1 (EUR): Sales 8bln, Cash flow from op. activities at approx. 1.8bl. Results in energy business impacted by significantly declining gas prices. (Newswires)

Rexel (RXL FP) - Q1 (EUR): 4.7bln, -4.6% Y/Y. Confirms outlook. (Newswires) 

St. James’s Place (STJ LN) – Outflows remain at an elevated level, continuing the trend seen in the industry. (Newswires)

SBB (SBBB SS) – Signs agreement for dissolution of Unobo. (Newswires)

Sandvik (SAND SS) – Board’s proposal on a dividend of SEK 5.5/shr. (Newswires)

Scor (SCR FP) – Claire McDonald is appointed as CEO of the Co’s business solutions, effective 1 Sept 2024. (Newswires)

Shell (SHEL LN) – Nigeria’s oil regulator commenced the evaluation of the divestment process of Shell’s 75-yr old onshore assets to Renaissance company. (Newswires)

SIG (SIG SW) – Q1 (CHF): Revenue 721.5mln (exp. 741mln), Adj. EBITDA 155.2mln (exp. 172mln) (Newswires)

Stellantis (STLAM IM/STLAP FP) Q1 (EUR) - Revenue 41.7bln (exp. 43.92bln), -12% Y/Y due to "volume, mix and foreign exchange headwinds, partly offset by firm net pricing". Shipments -10%, "reflecting production actions and inventory management to prepare for new product wave in H2 2024 compared with strong shipments in Q1 2023 to build inventory following a prolonged period of supply constraints". Global BEV sales +8%, LEV sales +13% Y/Y. Ordinary FY dividend of 1.55/shr (exp. 1.56/shr) to be paid on May 3rd. EUR 3.0bln buyback is on track for 2024 completion. Guidance: "...reiterating a minimum commitment of double-digit Adjusted operating income (AOI) margin in 2024, as well as positive Industrial free cash flow, despite macroeconomic uncertainties.". (Stellantis)

Straumann (STMN SW) – Q1 (CHF): Revenue growth 643.8mln, +15.1% Y/Y. Outlook for 2024 confirmed. (Newswires)

Thales (HO FP) – Q1 (EUR): Sales 4.42bln (exp. 4.36bln). Order intake 5.04bln (exp. 3.65bln). Confirms FY24 targets. Sets its cash conversion ratio target at close to 100% of adj. net income group share. (Newswires)

Vonovia (VNA GY) – Q1 (EUR): Adj. EBITDA 607mln (exp. 627mln, prev. 627.9mln), Profit 335.5mln. Around 1.1bln of the 3bln sales target has been achieved in Q1. Confirms FY24 guidance. Adj. EBT in 2024 is likely to be between EUR 1.7-1.8bln. (Newswires)

Whitbread (WTB LN) – FY24 (GBP): Adj. EBITDA 1.057bln (exp. 1.05bln), Pretax Profit 561mln (exp. 543.8mln). Whitbread said it cut axe around 1,500 jobs across the UK amid plans cut its chain of branded restaurants by more than 200 in favour of building more hotel rooms. (Newswires)

DHL (DHL GY) initiated with Overweight at Morgan Stanley

Philips (PHIA NA) upgraded to Neutral from Sell at UBS

Philips (PHIA NA) upgraded to Neutral from Underweight at JP Morgan

30 Apr 2024 - 07:07- - Source: Newsquawk