Additional European Equity Stories

ACS (ACS SM) - Co. said will expand a project worth USD 2.84bln. (Newswires) 

AstraZeneca (AZN LN) – Completes Cellectis Equity investment. (Newswires)

Adecco (ADEN SW) - CFO said seeing stability in terms of demand. Macro situation still not fully favourable. Cannot give timeframe for recovery. 

Airbus (AIR FP) – China state planner has signed an MoU with Co. on deepening aviation cooperation, according to Chinese State Media. Elsewhere, reports 61 deliveries (prev. 63 M/M)(Newswires)

Bouygues (EN FP) – Q1 (EUR): Sales 12.31bln (prev. 12.01bln Y/Y), Op. loss 39mln (prev. 38mln). Confirms FY24 outlook. (Newswires)

BP (BP/ LN) - Q1 (USD): Adj. Net 2.72bln (exp. 2.92bln). Revenue 49.96bln (exp. 52.44bln). Adj. EPS 0.16 (exp. 0.17). Announces USD 1.75bln share buyback for Q1. Continues to expect 2024 Capex around USD 16bln  Q2 2024 guidance. Looking ahead, bp expects second quarter 2024 reported upstream production to be slightly lower compared with first-quarter 2024.  In its customers business, bp expects seasonally higher volumes and fuels margin to remain sensitive to movements in the cost  of supply.  In products, bp expects realized margins to be impacted by narrower North American heavy crude oil differentials, and to remain sensitive to relative movements in product cracks.  In addition, bp expects the absence of the first quarter plant-wide power outage at the Whiting refinery to be partly offset by a higher level of turnaround activity. (BP)

Detusche Lufthansa (LHA GY) - Italy and Co. have presented new remedies to EU commission for ITA-Lufthansa tie-up. (Newswires) 

Ferrexpo (FXPO LN) – Updates re. Ukrainian subsidiary. Ongoing production at Ukrainian operations continues to perfom according to plan and without disruption in April. (Newswires)

Fingerprint Cards (FINGB SS) – Q1 (SEK): Revenue 146.4mln (prev. 117mln Y/Y), EPS -0.14 (prev. -0.17 Y/Y). (Newswires)

Geberit (GEBN SW) - Q1 (CHF): Net Income 190mln (exp. 181mln), Sales 837mln (exp. 827mln), EPS 5.73 (exp. 5.23). (Newswires) 

Jyske Bank (JYSK DC) - Q1 (DKK): Profit after tax 1.286bln (exp. 1.4bln), NII 2.46bln (exp. 2.49bln). (Newswires) 

Hensoldt (HAG GY) – Q1 (EUR): Revenue 329mln (exp. 328mln), Adj. EBITDA 33mln (exp. 35mln). (Newswires)

Infineon (IFX GY) - CEO said half of sales forecast cut is due to weaker demand in auto business. (Newswires) 

Novo Nordisk (NOVOB DC) – Novo Nordisk foundation announces an international open call for research projects to address key global challenges. (Newswires)

Naturgy (NTGY SM) - Algeria cancels gas deliveries to Co. if shares are sold to another Co., via Reuters. (Reuters)

Richemont (CFR SW) – Acquires Vhernier, a distincitive jewellery maison. (Newswires)

Rexel (RXL FP) – Agrees to buy Talley; transction should be accretive to Co’s EPS from the first year. (Newswires)

Monte de Paschi (BMPS IM) – Q1 (EUR): Net Profit 332.7mln (exp. 281mln), NII 587mln (exp. 588mln), Total Revenue 1.01bln (Exp. 878.9mln). (Newswires)

Outokumpu (OUT1V FH) – Q1 (EUR): Adj. EBITDA 38mln (exp. 48.1mln), Sales 1.47bln (exp. 1.51bn), EBIT -19mln (exp. -1.1mln). Q1 Stainless Steel deliveries 444k tons (prev. 505k tons). Outlook for Q2’24: Deliveries in Q2 are expected to increase by 5-15% vs Q1. Recent strike in Finland is expected to have approx. EUR 30mln negative financial impact in Q2. Guidance for Q2’24: Adj. EBITDA in Q2’24 is expected to be at a similar or higher level compared to Q1. (Newswires) 

UK Housing - UK Halifax House Prices YY (Apr) 1.1% (Prev. 0.30%, Rev. 0.4%)  "the reality is that average house prices have largely plateaued in  the early part of 2024."  "If, as is still expected, downward moves in Bank Rate come into play later this year, fixed mortgage  rates should fall. Combined with the resilience displayed by the housing market over recent months,  we now expect property prices to rise modestly over the course of 2024.". (Halifax)

07 May 2024 - 07:00- EquitiesResearch Sheet- Source: Newsquawk