Additional European Equity Stories

Adidas (ADS GY) - Q2 (EUR): Revenue 5.822bln (exp. 5.767bln). Co. says currency-neutral sales up 11%, driven by adidas brand accelerating to 16% growth. Adidas brand up double digits across all channels with increases in all markets. Underlying gross margin improves around 1.5ppt to 50.5% despite significant currency headwinds. Operating profit of EUR 346mln (prev. 176mln Y/Y). Co. notes of healthy inventories at a level of EUR 4.5bln to support future top-line growth. Full-year guidance upgraded on July 16 to reflect current brand momentum. (Newswires/Adidas)

Aena (AENA SM) - H1 (EUR): Sales 2.7bln (prev. 2.3bln), Net 808mln (prev. 607mln), EBITDA 1.56bln (prev. 1.17bln). 172mln passengers in H1, +10.5% Y/Y. (Newswires)

Amadeus (AMS SM) - Q2 (EUR): Revenue 1.56bln (prev. 1.38bln Y/Y). Adj. Profit 358.9mln (prev. 287.2mln). Net Profit 336.1mln (prev. 278.3mln). (Newswires)

Comet Holdings (COTN SW) - H1 (CHF): Sales 189mln (prev. 207mln). FY guidance confirmed. (Newswires)

Danone (BN FP) - Q2 (EUR): LFL sales +4% (exp. 3.8%). Revenue 13.757bln (exp. 13.66bln). Cash Flow 1.248bln (exp. 1.196bln). Recurring Net Income 1.16bln (Co. exp. 1.11bln). 2024 guidance confirmed. (Newswires)

Eni (ENI IM) – Co., alongside the likes of Exxon (XOM), is reportedly considering a potential investment in the Blue Whale Project, via MF Daily. (Newswires)

Ferrexpo (FXPO LN) - H1 (GBP): PBT +104% Y/Y, Total Sales +85% Y/Y. Continues to assess ability to provide dividend or share buyback. (Newswires) 

Ferrovial (FER SM) - Q2 (EUR): Revenue 2.38bln (prev. 2.13bln), adj. EBITDA 349mln, adj. EBIT 233mln. (Newswires)

Fresenius (FRE GY) - Q2 (EUR): Revenue 5.41bln (exp. 5.27bln). EBIT 660mln (exp. 636mln). Net Income 457mln (exp. 404mln). Growth organic revenue expected between +4-7% and EBIT growth seen in the upper half of 6-10% range. (Newswires)

Fresnillo (FRES LN) – Co. was the subject of a cyber incident, resulted in unauthorised access to various IT systems and some data. (Newswires)

GSK (GSK LN) - Q2 (GBP): Sales 7.88bln (exp. 7.88bln), Adj. EPS 0.434 (exp. 0.38), adj. Operating Profit 2.5bln (exp. 2.19bln). Q2 Dividend of 0.15/shr (exp. FY 0.605/shr). FY Guidance. adj. EPS growth 10-12% (prev. guided 8-10%). Core Operating Profit growth 11-13%. (Newswires) 

Inficon (IFCN SW) - H1 (USD): Operating Income 63mln, EPS 0.2133, Operating Margin 20.2%

Intesa Sanpaolo (ISP IM) – CEO says the domestic market share of the Co. is such that purchasing a rival is impossible; remarks which also ruled out major acquisitions. (Newswires)

Inwit (INWT IM) - H1 (EUR): Revenue 511mln,, Net 129mlln, EBITDA Margin 91%. (Newswires)

JDE Peet (JDEP AS) - H1 (EUR): Sales 4.21bln (Co. exp. 4.12bln). Operating Profit 672mln (Co. exp. 512mln). Co. raises guidance. (Newswires)

Kerry Group (KYGA LN) - H1 (EUR): EBITDA 552mln (prev. 518mln). Adj. EPS +9.1% Y/Y. FCF EUR 445mln. Share repurchases of EUR 279mln in H1. (Newswires) 

Legrand (RI FP) - H1 (EUR): Sales 4.21bln (-2% Y/Y). Adj. Operating profit EUR 873.1mln (-8.5% Y/Y). FCF 468.1mln (-42% Y/Y). Net Profit 577.6mln (-11.3% Y/Y). (Newswires)

Metro Bank (MTRO LN) - H1 (GBP): Underling loss before tax 26.8mln (prev. 33mln). Customer deposits GBP -800mln to GBP 15.7bln. Upgraded Guidance includes profitability during Q4 2024, mid-to-upper single digit RoTE in 2025, double digit RoTE in 2026 and mid-to-upper teens thereafter. This is driven by cost discipline, asset rotation and the mortgage portfolio sale. (Metro Bank) 

Rio Tinto (RIO LN) – CEO says they would consider a large acquisition, but would have to uncover value which is hard to find in a copper market that is running hot. (Newswires)

Sabadell (SAB SM) - BBVA (BBVA SM), on Sabadell offer, says process is progressing positively and in full accordance with the plan. (Newswires)

Schneider Electric (SU FP) - Q2 (EUR): Revenue 9.57bln (Co. exp. 9.51bln). Adj. EBITA 3.38bln (Co. exp. 324bln). Net Income 1.88bln (Co. exp. 2.09bn). (Newswires) 

Siemens Healthineers (SHL GY) - Q3 (EUR): Revenue 5.423bln (exp. 5.536bln). Adj. EBIT 825mln (exp. 827mln). Adj. EPS 0.52(exp. 0.5155). Shares seen opening -7.9%

Solvay (SOLB BB) - Q2 (EUR): EBITDA 272mln (exp. 261mln). Revenue 1.194bln (exp. 1.203bln). FCF 120mln. (Newswires)

Snam (SRG IM) - Acquires Edison Stoccaggio, for EUR 560mln. (Newswires)

Swisscom (SCMN SW) - H1 (CHF): Revenue 5.54bln, EBITDA 2.279bln. Net Income 836mln. FY revenue 11bln (exp. 11.01bln). (Newswires)

Swiss Re (SREN SW) - Anders Malmstrom is to succeed John Dacey as CFO. (Newswires)

Taylor Wimpey (TW/ LN) - H1 (GBP): Revenue 1.517bln (prev. 1.637bln). Operating Profit 182.3mln (prev. 235.6mln). Operating Profit Margin 12% (prev. 14.4%), (Newswires) 

Telefonica (TEF SM) - Q2 (EUR): Revenue 10.26bln (exp. 10.03bln). Adj. EBITDA 3.22bln (exp. 3.176bln). Net Profit 447mln (exp. 376mln). Co. confirms 2024 dividend.  (Newswires) 

Telenor (TEL NO) - Torkjorn Wist has been appointed as CFO. (Newswires)

Viscofan (VIS SM) - H1 (EUR): Sales 593mln (prev. 628mln), EBITDA 131mln (prev. 129mln), Net 68mln (prev. 63mln). (Newswires)

Wolters Kluwer (WLK NA) - H1 (EUR): Revenue 2.89bln (prev. 2.75bln), adj. Operating Profit 765mln (prev. 711mln), adj. Net 566mln (prev. 537mln), adj. EPS 2.12 (prev. 1.93). FY24 guidance reiterated. On track to complete buyback. (Wolters Kluwer)

31 Jul 2024 - 07:40- EquitiesResearch Sheet- Source: Newsquawk