Additional European Equity News

B&M (BME LN) – FY23 Prelim. (GBP): Revenue 4.98bln (exp. 4.96bln), adj. EBITDA 573mln (exp. 785mln), PBT 436mln (exp. 469mln). Macro outlook remains uncertain. Expected FY24 adj. EBITDA to be higher YY. (Newswires)

Credit Suisse (CSGN SW) – Receives notice of non-compliance with NYSE share price listing rule, must disclose receipt of notice and has six months to regain compliance with minimum price criteria. Co. assumes that the deficiency will be cured upon completion of UBS (UBSG SW) acquisition. (Newswires)

Drax (DRAX LN) - UK energy regulator Ofgem said it is investigating Drax Power's compliance with reporting requirements relating to renewables obligations. (Newswires) 

Enel (ENEL IM) – CEO Cattaneo is considering restricting the Co. top management, including CFO De Paoli. De Angelis is said to be the top pick as a replacement. (Bloomberg)

Entain (ENT LN) – Updates on HMRC Investigation: in deferred prosecution agreement negotiations, working towards a resolution. Understands the investigation incl. a review of former Turkish-facing business. Not possible to say how investigation will include; likely probe will include a yet to be determined substantial financial penalty. (Newswires)

Iberdrola (IBE SM) - Co. is said to be selling 49% of 500MW renewables to Norway's fund, according to reports. (Newswires) 

Italgas (IG IM) – CEO says The Co. submitted a binding offer for Veolia Environment’s (VIE FP) Italian water assets. (MF Newswires)

ITV (ITV LN) - ITV bosses will be questioned about Phillip Schofield at a Commons committee hearing to discuss the media bill, according to inews. (Inews)

Prudential (PRU LN) – Appoints Bulmer as CFO. (Newswires)

Stellantis (STLAM IM/STLAP FP) – Co. and Vulcan enter a joint project to develop geothermal renewable energy to supply the Mulhouse plant in France. (Newswires)

TotalEnergies (TTE FP) – Co. and TES join to develop a full-scale E-NG production unit. Project expected to benefit from tax credit under 2022 US IRA. (Newswires)

UniCredit (UCG IM) - The Co. has been trimming the proportion of Amundi funds in its total assets under management as a decade-long deal between the companies enters in final years, the latest sign it may not be renewed. (Newswires)

WH Smith (SMWH LN) - Co. notes of continued strong momentum across global Travel business; expectations for the full year increased. Total revenue for the 13 week period to 27 May 2023 was up 79% on last year. (WH Smith)

Banco BPM (BAMI IM) upgraded to Buy from Neutral at UBS

Tele2 (TEL2B SS) downgraded to Neutral from Buy at UBS

31 May 2023 - 07:29- EquitiesResearch Sheet- Source: Newsquawk