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)