Newsquawk Daily European Equity Opening News - 7th November 2023

7th November 2023

ASIA

Metals Names - China's Commerce Ministry has issued new rules to strengthen the management of rare earth exports, effective Oct 31 2023 to Oct 31, 2025. Issues new rules to strengthen import management of crude oil, iron ore, copper concentrate, and potash.

Mazda (7261 JT) - FY23/24 forecasts (JPY): Net 170bln (prev. 130bln), Operating 250bln (prev. 180bln), Recurring 254bln (prev. 172bln)

Nintendo (7974 JT) - 6-month (JPY): Net 271.3bln, +17.7%; Operating 279bln, +277%; Recurring 380bln, +18%. Sold 6.84mln Switch units (prev. 6.68mln Y/Y). FY Guidance: Profit 420bln (exp. 431bln). Operating 500bln (exp. 532bln). Recurring 600bln. Switch 15mln (maintained). (Newswires)

EUROPEAN CLOSES

CLOSES: DAX -0.35% at 15,135.97, FTSE 100 0.00% at 7,417.76, CAC 40 -0.46% at 7,015.20, Euro Stoxx 50 -0.36% at 4,159.45, IBEX 35 -0.56% at 9,241.50, FTSE MIB -0.29% at 28,592.60, SMI -0.09% at 10,569.90.

SECTORS: Energy 0.72%, Healthcare 0.55%, Consumer Stpl -0.13%, Financials -0.18%, Materials -0.23%, Industrials -0.37%, Consumer Disc -0.41%, Telecoms -0.45%, Utilities -0.58%, IT -0.62%

FTSE 100

UK Retail Sales - UK BRC Retail Sales YY (Oct) 2.6% vs Exp. 2.4% (Prev. 2.8%)

OTHER UK COMPANIES

IDS (IDS LN) – Post Office customers will be able to send parcels over the counter using DPD & Evri, at select stores before the Christmas period; the first time that the Post Office has allowed carriers aside from Royal Mail. (BBC)

BROKER MOVES

Hikma Pharmaceuticals (HIK LN) downgraded to Hold from Buy at Jefferies

NatWest (NWG LN) upgraded to Outperform from Underperform at BNP Paribas

DAX

Daimler Truck (DTG GY) – Q3 (EUR): Revenue 13.86bln (exp. 14.45bln), adj. EBIT 1.34bln (exp. 1.53bln). Confirm FY forecasts, and expect record earnings. (Newswires)

OTHER GERMAN COMPANIES

Evonik (EVK GY) – Q3 (EUR): Sales 3.77bln (exp. 3.94bln), adj. EBITDA 485mln (exp. 455mln), Net -96mln (exp. 125mln). FY Guidance: sales 14-16bln (exp. 15.72bln), adj. EBITDA 1.6-1.8bln (exp. 1.69bln). (Newswires)

Fraport (FRA GY) - Q3 (EUR): EBITDA 478.1mln (exp. 447.3mln), Revenue 1.22bln (exp. 1.23bln). Combined traffic at Fraport's actively managed airports around the globe rebounded to pre-COVID levels in Q3 for the first time since the pandemic. (Newswires) Shares seen +1.5% in pre-market

Hella (HLE GY) – 9-month (EUR): Sales 6.2bln, +17% Y/Y; Operating Income 363mln, Margin 6.1%. Outlook confirmed. (Newswires)

Telefonica Deutschland (O2O GY) - Q3 (EUR): Adj. OIBDA 665mln (exp. 660mln), Revenue 2.13bln (exp. 2.14bln). (Newswires)

Rational (RAA GY) - Q3 (EUR): EBIT 65.9mln (exp. 63.7mln), Revenue 272mln (exp. 247mln). Guides Q4 "slightly down q/q". (Newswires)

BROKER MOVES

CAC

Capgemini (CAP FP) – Q3 (EUR): Revenue 5.48bln, +2.3% Y/Y; bookings 5.3bln, +1%. Confirm FY objectives. Demand for generative AI accelerated in Q3, with over 100 projects signed with a strong pipeline. (Newswires)

Engie (ENGI FP) – 9M (EUR): EBIT 8.0bln (prev. 6.3bln Y/Y), EBITDA 11.9bln (prev. 10.7bln Y/Y), Revenue 61.8bln (prev. 69.3bln Y/Y). Raises FY23 EBIT 9.0-10.0bln (prev. guidance 8.5-10.0bln). (Newswires)

Renault (RNO FP) – Shareholding plan is a success for the second year. Employees will hold circa. 5.25% of capital after new staff shareholding operation. (Newswires)

Teleperformance (TEP FP) - Q3 (EUR): Revenue 1.99bln (exp. 2.1bln). Trims FY23 LFL Revenue, +6% (prev. guidance +6-8%). (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Amadeus (AMS SM) – Q3 (EUR): Net 301mln (prev. 203mln Y/Y), EBITDA 548mln (prev. 450mln Y/Y), Revenue 1.39bln (exp. 1.40bln). Starts buyback of up to 625mln. (Newswires)

CNH Industrial (CNH IM) – Voluntary delisting from Euronext Milan and commencement of a single listing on the NYSE from January 2024. Also, announces up to a USD 1bln share buyback, from November 8th and concluding on March 1st. (Newswires)

Post Italiane (PST IM) – Q3 (EUR): Revenue 2.8bln (exp. 2.8bln), EBIT 539mln (exp. 518mln), Net Income 382mln (exp. 372mln). Interim dividend of 0.24/shr, +13% Y/Y. (Newswires)

Stellantis (STLAM IM/STLAP FP) - Unifor says an agreement with the Co. has been ratified. In other news, the RAM Truck brand is to introduce the 2025 RAM 1500 lineup on November 7th. (Newswires)

Telecom Italia (TIT IM) - CEO says they are not planning layoffs amid the sale of their network grid operations. (Newswires)

TomTom (TOM2 NA) – Co’s road analytics products are available within Microsoft's (MSFT) Azure marketplace. (Newswires)

BROKER MOVES

Andritz (ANDR AV) resumed with Underperform at BNP Paribas

Galp Energia (GALP PL) downgraded to Hold from Buy at Kepler Cheuvreux

Ryanair (RYA ID) upgraded to Strong Buy from Buy at the Center for Financial Research & Analysis

Repsol (REP SM) downgraded to Equal Weight from Overweight at Morgan Stanley

Ferrari (RACE/ RACE IM) initiated with Outperform at Evercore ISI Institutional

Verbund (VER AV) downgraded to Reduce from Hold at Kepler Cheuvreux

SMI

Partners Group (PGHN SW) - Co. in advanced talks for the potential acquisition of Rosen Group, according to people familiar with the matter, via Bloomberg. (Bloomberg)

UBS (UBSG SW) - Q3 (USD): Revenue 11.7bln (Co. exp. 11.30bln; analyst exp. 11.04bln); Net loss 785mln (Co. exp. loss 444mln); positive net new money in CS Wealth Management for the first time since Q1 2022. Wealth Management pre-tax income 1.01bln (exp. 1.24bln). Underlying CET1 ratio 14.4% (prev. 14.1% Y/Y). Net new money of USD 22bn in Global Wealth Management (GWM). (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Clas Ohlson (CLASB SS) – October (SEK): Sales 838mln, +10% Y/Y. Norway is the sales market showing the strongest growth figures. (Newswires)

Demant (DEMANT DC) - Q3 Trading Update (EUR): Q3 Organic Revenue +13% (exp. +13.3%). Narrows FY23 EBT 4.05-4.35bln (prev. guidance 4.0-4.4bln), Organic Revenue 12-13% (prev. guidance 11-14%). (Newswires)

Bakkafrost (BAKKO NO) - Q3 (DKK): Op 269mln (exp. 272.3mln), Revenue 1.86bln (exp. 1.77bln). Increasing smolt production, reducing value-adding production. (Newswires)

Novo Nordisk (NOVOB DC) - Novo Nordisk initiates a new share buyback programme of up to DKK 4.1bln. (Newswires)

Sinch (SINCH SS) - Q3 (SEK): Net +46mln (prev. -4.77bln Y/Y), Adj. EBITDA 943mln (exp. 873mln), Revenue 7.27bln (exp. 7.44bln) (Newswires)

BROKER MOVES

Valmet (VALM FH) initiated with Outperform at BNP Paribas

US

CLOSES: SPX +0.18% at 4,365, NDX +0.37% at 15,154, DJIA +0.10% at 34,095, RUT -1.29% at 1,737.

SECTORS: Technology +0.78%, Health +0.66%, Consumer Discretionary +0.18%, Consumer Staples +0.17%, Communication Services +0.16%, Industrials -0.26%, Utilities -0.28%, Financials -0.39%, Materials -0.51%, Energy -1.19%, Real Estate -1.41%.

NXP Semiconductors NV (NXPI) - Q3 2023 (USD): Adj. EPS 3.70 (exp. 3.59), Revenue 3.43bln (exp. 3.4bln). Q4 GUIDANCE: Adj. EPS 3.44-3.86 (exp. 3.61). Revenue 3.30-3.50bln (exp. 3.42bln). (Newswires)

Tesla (TSLA) - China says it plans to raise the price of Model Y vehicles. In other news, the Indian Government is working to provide the Co. with fast-track approvals by January 2024, according to The Economic Times. (The Economic Times)

07 Nov 2023 - 06:53- Research Sheet- Source: Newsquawk