Feb 13 ,2024
Synopsis
European equity markets are set to open mixed whilst Asian equities trading mostly higher Tuesday. Nikkei surging almost 3% to fresh 34-year highs as Tokyo Electron and Softbank rose sharply, Topix also very strong again. Australia finished a little lower with CSL again dragging healthcare names down.
On today's agenda, EU's McGuinness speaks at 10:20CET at the Single Resolution board Annual (SRB) conf, ECB's Buch speech at 10:55, ECB's Tuominen at 11:40. UK parliament committee topics include Chief Scientific Advisor 10:15GMT, The future of news: impartiality, trust and technology 14:30, How sustainable is our national debt? 15:00 and UK accession to Comprehensive and Progressive agreement for Trans-Pacific Partnership 16:00. EU's von der Leyen speech at the plenary session on the occasion of the 50th anniversary of the International Energy Agency. EU's Šef�?ovi�? chairs a fireside chat at the Atlantic Council on US-EU collaboration towards a Transatlantic Green Marketplace. EU's Breton, NATO's Stoltenberg among the participants at North Atlantic Council meeting. Among the events EU's Simson participates/speaks is IEA Energy Innovation Forum. EU's Hoekstra speaks at 16:00CET at event hosted by bruegel. EU-Armenia Partnership Council meeting.
In central banks, Riksbank's Jansson speech at 9:10CET about the economic situation and current monetary policy at the conference SvD Bank Summit. Bundesbank's Balz speech at opening of the representative office of the Deutsche Bundesbank in Brussels. OPEC monthly oil market report. Fitch Rating hosts event at 14:00CET title Nordic Banks: Outlook and Insights Going into 2024.
Macroeconomic releases include: Germany Feb economic sentiment - ZEW, UK Jan claimant count change, Dec unemployment rate, France Q4 unemployment rate, Switzerland Jan CPI, Sweden Jan unemployment rate
In corporate news, in DACHs, Siltronic (WAF.GR), thyssenkrupp nucera (NCH2.GR) and Norma Group (NOEJ.GR) reported FY/Q1 updates and Flughafen Zuerich (FHZN.SW) and Fraport (FRA.GR) reported Jan traffic statistics. In France, yesterday after the close Beneteau (BEN.FP) and Cie Generale des Etablissements Michelin SA (ML.FP) issued end of year numbers with the latter announcing up to €1B buyback and hiking dividend by +8% to €1.35.
In Nordics, Vår Energi (VAR.NO), Enad Global 7 (EG7.SS), Selvaag Bolig (SBO.NO) and Catena Media is amongst other in the region to update investors with their latest numbers. In Benelux, Randstad (RAND.NA) reported Q4 earnings and announced €1.27/share special dividend and the commencement of already communicated fourth tranche of its €400M buyback. Elsewhere, TUI Group (TUI.LN) reported Q1 earnings and confirmed its FY24 guidance
Politics/ Macro/ World News
Top company news
Earnings/updates
DACHs
WAF.GR (Siltronic) -- reports prelim FY23 EBIT in "significant decline" and FY sales in the region of FY22; guides FY24 and cuts divi by 60%
EJD.GR (Endeavour Silver) -- provides Q4 2023 construction progress update on Terronera Mine; provides 2024 outlook and planning
NCH2.GR (thyssenkrupp nucera) -- reports Q1 EPS €0.02 vs FactSet (€0.01) [3 est, (€0.05)-0.02]; reaffirms FY guidance
NOEJ.GR (Norma Group) -- reports preliminary FY EBIT €97.5M ex-items vs FactSet €72.4M
BSLN.SW (Basilea Pharmaceutica) -- reports FY net income CHF10.5M vs FactSet CHF5.4M
FHZN.SW (Flughafen Zuerich) -- reports Jan traffic statistics
FRA.GR (Fraport) -- reports Jan Frankfurt Airport traffic statistics: passengers 4.1M, +11.1% y/y
France
ML.FP (Cie Generale des Etablissements Michelin SA) -- reports FY EPS €2.77 vs consensus €2.75; announces up to €1B buyback and hikes divi by +8%
BEN.FP (Beneteau) -- reports preliminary FY revenue €1.78B vs FactSet €1.76B [5 est, €1.75-1.78B]; Profitability higher than expected in 2023
PRC.FP (Artmarket.com) -- reports Q4 revenue €3.8M, +3.6% vs year-ago €3.7M
UK
TUI.LN (TUI Group) -- reports Q1 EPS (€0.24) vs year-ago (€0.89); guides 2024 Underlying EBIT to increase by at least +25% y/y
Nordics
CTM.SS (Catena Media) reports Q4 EPS (€0.47) vs year-ago €0.15
CTM.SS (Catena Media) -- updates financial targets as it transitions to more sustainable revenue model
CS.SS (Coinshares International) -- reports Q4 net income £15.3M vs year-ago (£37.1M)
VAR.NO (Vår Energi) -- reports Q4 EPS $0.05 vs FactSet $0.08
EG7.SS (Enad Global 7) -- reports Q4 EPS SEK0.91 vs FactSet SEK0.66
WITH.FH (WithSecure) -- reports Q4 EPS (€0.07) vs FactSet (€0.03)
SATS.NO (SATS ASA) -- reports Q4 EPS NOK0.17 vs year-ago (NOK0.74)
SBO.NO (Selvaag Bolig) -- reports Q4 EPS NOK1.16 vs year-ago NOK0.48
HANZA.SS (HANZA AB) -- reports Q4 EPS SEK1.16 vs FactSet SEK1.40
SALME.NO (Salmon Evolution) -- reports Q4 EPS (NOK0.12) vs FactSet (NOK0.08)
FG.SS (Fasadgruppen Group) -- reports Q4 net income SEK106.0M vs FactSet SEK70M
WIHL.SS (Wihlborgs Fastigheter) -- reports Q4 EPRA NRV per share SEK89.17 vs year-ago SEK90.64
RAIVV.FH (Raisio) -- reports Q4 comparable EPS €0.04 vs FactSet €0.03
NORB.B.SS (Nordisk Bergteknik) -- reports Q4 EPS SEK0.11 vs FactSet SEK0.26
Benelux
RAND.NA (Randstad) -- reports Q4 adj net income €248M vs consensus €183M; announces €1.27/share special dividend
WHA.NA (Wereldhave) -- reports FY EPS €1.73 vs guidance €1.70-1.75 and FactSet €1.72
Also due to report today:
Earnings:
DACHs: Telekom Austria (TKA.AV)
France: Metropole Television (MMT.FP), Vicat (VCT.FP), Linedata Services (LIN.FP)
Nordics: Orion (ORNBV.FH), Mandatum (MANTA.FH), INVISIO (IVSO.SS), Bahnhof (BAHN.B.SS), Viaplay Group (VPLAY.A.SS)
Southern Europe: Elica (ELC.IM)
Trading Update: SII (SII.FP), Haulotte Group (PIG.FP), Broadpeak (ALBPK.FP)
M&A
KEMIRA.FH (Kemira) -- Solidium to place ~7.78M shares in Kemira
DSFIR.NA (DSM-Firmenich) -- completes voluntary cash offer for DSM shares
FRLN (Freeline Therapeutics) -- shareholders approve acquisition by Syncona
SPIE.FP (SPIE) -- EU clears SPIE's acquisition of ROBUR
RF.FP (Eurazeo) -- EU clears PGGM's acquisition of a stake in Electra SAS
RENEW.SS (Re:NewCell) -- postpones 2023 year-end report to 23-Feb from 13-Feb
RQIH.LN (R&Q Insurance Holdings) -- EU sets a provisional deadline of 15-Mar to rule on Onex's acquisition of Accredited
CLXN.SW (Crealogix Holding) -- VENCORA UK publishes definitive notice of end result of public tender offer for all publicly held registered shares in CREALOGIX Holding AG
MF.FP (Wendel) -- denies having acquired stake in French broker Diot-Siaci
Healthcare
ROG.SW (Roche Holding) -- Roche enters into collaboration agreement with PathAI to expand digital pathology capabilities for companion diagnostics
SOBI.SS (Swedish Orphan Biovitrum) -- Sobi and Handok establish JV for rare disease business in South Korea
Other
ORSTED.DC (Ørsted) -- CEO vows to fight to restore investor confidence - FT
GALP.PL (Galp Energia SGPS) -- to commence share repurchase program on 13-Feb
EDPR.PL (EDP Renovaveis) -- awarded with 20-year CfD for 100 MW of wind renewable capacity, at the latest renewable auction in Italy
ADE.NO (Adevinta) -- announces final results of voluntary offer for all outstanding ordinary class A shares
BALD.B.SS (Fastighets Balder) -- carries out directed cash issue of 18M Class B shares at SEK 64.85sh
ARCAD.NA (ARCADIS) -- secures multiple contracts with the Nevada Department of Transportation (NDOT) in the US
AWE.LN (Alphawave IP Group) -- appoints Charlie Roach as Chief Revenue Officer
19U0.GR (ShiftPixy) -- files amended S-1; to offer up to $10M shares and warrants at assumed price of $4.79/sh through A.G.P.
Key rating changes
Upgrades
BALD.B.SS (Fastighets Balder) -- to buy from hold at Pareto
HLUN.B.DC (H. Lundbeck) -- to buy from hold at Deutsche Bank
ROCK.B.DC (Rockwool) -- to neutral from sell at Goldman Sachs
Downgrades
LATO.B.SS (Latour Investment) -- to hold from buy at DnB Markets
Initiations
BREE.LN (Breedon Group) -- outperform at RBC Capital Markets
FYB.GR (Formycon) -- buy at Berenberg
Others
SCHA.NO (Schibsted) -- resumed overweight at Morgan Stanley; prior rating was equal-weight
Data
Nikkei +2.89% to 37963.97
Hang Seng +0.00% to 15746.58
Shanghai Composite +0.00% to 2865.90
S&P futures (2.5) vs prior close of 5041.3
€-$ (0.0003) or (0.03%) to 1.0771
$-¥ +0.14 or +0.10% to 149.48
€-¥ +0.11 or +0.07% to 161.00
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