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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.15%), DAX30 (0.15%), CAC40 (0.35%)

Feb 14 ,2024

  • Synopsis

    • European equity futures indicate a softer open. Follows selloff in equity markets on Wednesday. Asian equity markets mostly lower. Nikkei down after big gains in prior session. ASX weaker. Hang Seng reversed early lower and a notable outperformer. Mainland China remains closed for Lunar New Year. US equity futures higher with S&P up 0.1%.

    • Widespread fallout from hotter-than-expected US CPI print. Large backup in bond yields as markets pushed out expected first Fed rate cut to July. Futures now pricing in ~90 bp of easing in 2024 (vs ~115 earlier this week). However, data not expected to put much of a dent in broader disinflation narrative with inflation expected to moderate following January price hikes. Some thought post-CPI risk-off move more a function of overbought conditions.

    • Today's European agenda sees UK parliament committee topics include regular evidence sessions with BOE's Bailey at 15:00GMT, while House of Lords sees committee stage for Safety of Rwanda (Asylum and Immigration) Bill.

    • In central banks, ECB's de Guindos speech at 9:30CET at Annual Conf of the Mediterranean Central Banks whilst ECB's Cipollone at hearing on the digital euro at 15:00CET before the EP's Committee on Economic and Monetary Affairs and participates at 17:30 in CEO Summit organised by EuroCommerce. Bundesbank's Nagel panelist at 18:00CET at Citizens' Forum.

    • In macro, UK Jan CPI/RPI/PPI input/output, Eurozone Q4 preliminary GDP, Dec industrial production, Norway Q4 GDP, Netherlands Q4 preliminary GDP and Dec trade balance are due to be released.

    • On a busy earnings front, from the Benelux region, Heineken (HEIA.NA) reported FY EPS (beia) €4.67 vs consensus €4.80 and guides 2024 operating profit (beia) organic growth in the range of a low- to high-single-digit whilst ABN AMRO Bank (ABN.NA) reports Q4 net income €545M vs consensus €422M and announced third share buyback of €500M. In the DACHs region, ThyssenKrupp (TKA.GR) reports Q1 adj EBIT €84M vs consensus €81.0M and said FY24 net income to increase to break-even vs prior "increase to positive figure in low to mid three-digit million euro range". ProSiebenSat.1 Media (PSM.GR) announces higher than expected increase in earnings in Q4 and specifies outlook for 2024. Schindler Holding (SCHN.SW), Delivery Hero (DHER.GR) and Bilfinger (GBF.GR) are also out with results. In the Nordics, Norsk Hydro (NHY.NO) reports Q4 EPS NOK0.50 ex-items vs consensus NOK0.67 whilst Mowi (MOWI.NO) reports Q4 underlying EPS €0.26 vs FactSet €0.24. In France, Capgemini (CAP.FP) reports FY normalized EPS €12.44 vs FactSet €11.19.

  • Macro

    • Labour suspends second parliamentary candidate after recording emerges - BBC

    • Brexit, crisis 'hangover' keep UK bank shares undervalued, minister says - Reuters

Top company news

  • Earnings/updates

    • Benelux:

      • HEIA.NA (Heineken) -- reports FY EPS (beia) €4.67 vs consensus €4.80; guides 2024 operating profit (beia) organic growth in the range of a low- to high-single-digit

      • OCI.NA (OCI NV) -- reports Q4 adjusted net income ($46M) vs year-ago $205M

      • ALFEN.NA (Alfen) -- reports FY adjusted net income €30.7M vs FactSet €29.6M

      • ABN.NA (ABN AMRO Bank) -- reports Q4 net income €545M vs consensus €422M; announces third share buyback of €500M

    • DACHs:

      • TKA.GR (ThyssenKrupp) -- reports Q1 adj EBIT €84M vs consensus €81.0M; FY24 net income to increase to break-even vs prior "increase to positive figure in low to mid three-digit million euro range"

      • PSM.GR (ProSiebenSat.1 Media) -- ProSiebenSat.1 announces higher than expected increase in earnings in Q4 and specifies outlook for 2024

      • DHER.GR (Delivery Hero) -- confirms prelim Q4 & FY23 results and FY24 outlook as per 5-Feb update

      • GBF.GR (Bilfinger) -- reports FY adj EPS €3.12 vs FactSet €2.72 [5 est, €2.21-3.01]; guides FY24 and hikes divi by ~38%

      • SCHN.SW (Schindler Holding) -- reports Q4 EPS CHF2.09 vs StreetAccount CHF2.01

      • TKA.AV (Telekom Austria) -- reports Q4 net income €145M vs FactSet €144.1M [1 est]

      • BDT.GR (Bertrandt) -- reports Q1 EPS €0.78 vs year-ago €0.62

      • HTG.GR (HomeToGo) -- reports preliminary Q4 adjusted EBITDA (€3M) vs FactSet (€3.9M) [1 est]

      • MVV1.GR (MVV Energie) -- reports Q1 adj net income €65M vs year-ago €139M

      • MARI.AV (Marinomed Biotech) -- reports preliminary FY revenue €9.2M vs FactSet €15.4M [1 est]

    • France:

      • CAP.FP (Capgemini) -- reports FY normalized EPS €12.44 vs FactSet €11.19 [17 est, €9.13-12.12]

      • VCT.FP (Vicat) -- reports FY net income €258M vs FactSet €228.7M [6 est, €174-254.0M]

      • MMT.FP (M6-Metropole) -- reports FY net income €237.1M vs FactSet €226.6M [6 est, €213-248M]

      • PIG.FP (Haulotte Group) -- reports preliminary FY revenue €767M vs FactSet €766.2M [4 est, €760-775.5M]

    • Nordics:

      • NHY.NO (Norsk Hydro) -- reports Q4 EPS NOK0.50 ex-items vs consensus NOK0.67

      • MOWI.NO (Mowi) -- reports Q4 underlying EPS €0.26 vs FactSet €0.24 [10 est, €0.19-0.32]

      • AUTO.NO (AutoStore Holdings) -- reports Q4 EPS $0.01 vs FactSet $0.02 [4 est, $0.01-0.02]

      • KESKOB.FH (Kesko) -- reports Jan sales €894.8M, (2.1%) y/y in comparable terms

      • BGBIO.NO (BerGenBio) -- reports Q4 EPS (NOK0.02) vs year-ago (NOK0.87)

      • AKAST.NO (Akastor) -- reports Q4 net income (NOK150M) vs FactSet (NOK19M) [1 est]

      • TAALA.FH (Taaleri) -- reports Q4 EPS €0.14 vs year-ago €0.20

      • PEXIP.NO (Pexip Holding) -- reports Q4 revenue NOK285.2M vs FactSet NOK286.1M [3 est, NOK283-290.3M]

      • SMCRT.NO (SmartCraft) -- reports Q4 revenue NOK107M vs FactSet NOK103.9M [3 est, NOK102-106.5M]

      • CAPSL.NO (Capsol Technologies) -- reports Q4 net income (NOK9.3M) vs year-ago (NOK8.3M)

      • CRAYN.NO (Crayon Group Holding) -- reports Q4 EPS (NOK0.87) vs FactSet NOK1.70 [6 est, NOK1.38-1.90]

      • PIHLIS.FH (Pihlajalinna) -- reports Q4 EPS (€0.25) vs year-ago (€0.03); reinstates divi and guides FY24

      • WAWI.NO (Wallenius Wilhelmsen) -- reports Q4 EPS $0.25 vs year-ago $0.48

      • ULTI.NO (Ultimovacs) -- reports FY EPS (NOK5.50) vs FactSet (NOK5.57) [1 est]

      • AKBM.NO (Aker BioMarine) -- reports Q4 net income $9.9M vs year-ago $0.2M

      • AGAS.NO (Avance Gas Holding) -- reports Q4 EPS $0.80 vs FactSet $0.80 [5 est, $0.77-0.83]

      • MOBA.NO (Morrow Bank) -- reports FY EPS NOK0.62 vs FactSet NOK0.57 [2 est, NOK0.56-0.59]

      • MEKO.SS (MEKO) -- reports Q4 EPS (SEK0.07) vs year-ago SEK2.05

      • SHOT.SS (Scandic Hotels Group) -- reports Q4 EPS (excluding IFRS 16) SEK0.78 ex-items vs year-ago SEK0.49

  • M&A

    • ES (Eversource Energy) -- announces pathway to fully exit offshore wind investments

    • CLNX.SM (Cellnex Telecom) -- Cellnex receiving interest in Irish unit from SBA Communications, Phoenix Tower, and Asterion Industrial Partners - Reuters

    • ACAD.SS (AcadeMedia) -- Mellby Gård sells all shares in AcadeMedia to the Akelius Foundation

    • IMG.CN (IAMGOLD) -- announces implementation of squeeze-out for the common shares of Euro Ressources

    • STAN.LN (Standard Chartered) -- weighing options for its investment banking unit -- Bloomberg

    • NEOBO.SS (Neobo Fastigheter) -- divests six residential properties in Eskilstuna for SEK113M

  • Healthcare

    • MACK (Merrimack Pharmaceuticals) -- Merrimack reports Ipsen announcement of FDA approval of Onivyde; to hold special meeting of stockholders to approve plan of dissolution in May 2024

    • IPN.FP (Ipsen) -- FDA approves Ipsen's Onivyde for the first-line treatment of metastatic pancreatic adenocarcinoma

    • IOBT (IO Biotech) -- Insider transaction: IO Biotech holder Novo Holdings discloses sale of 658K shares - Form 4

    • SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera Pharmaceuticals announces publication of efficacy, safety and tolerability data with vamorolone in patients with DMD in the VISION-DMD study

  • Other

    • TREL.B.SS (Trelleborg) -- to establish a new business area to strengthen focus on healthcare and medica

    • CAPSL.NO (Capsol Technologies) -- launches private placement of NOK 75 - 100M

    • SAN.SM (Banco Santander) -- says internal review of accounts found no breach of US sanctions - Bloomberg

    • ABDN.LN (abrdn Plc) -- abrdn holder Harris Associates sold its stake last year due to lack of confidence in management - FT

    • VER.AV (Verbund) -- proposes a special dividend of €0.75 per share in addition to the regular dividend of €3.40 per share

    • TUI.LN (TUI Group) -- TUI AG announces shareholder approval of proposed delisting from the London Stock Exchange; last day of LSE trading expected to be 21-Jun

    • VPK.NA (Royal Vopak) -- announces up to €300M share buyback program

    • VAR1.GR (VARTA) -- discloses cyber attack on IT systems

    • SRAIL.SW (Stadler Rail) -- SBB exercises option for five more Giruno trains from Stadler

    • VCT.FP (Vicat) -- Vicat's board to propose dividend of €2.00 per share vs year-ago €1.65 per share

    • MMT.FP (M6-Metropole) -- The Chairman of the Supervisory board informed the board of the desire expressed by Nicolas de Tavernost to leave his functions before 22-Aug-25

Key rating changes

  • Upgrades

    • PEAB.B.SS (Peab) -- to buy from hold at ABG Sundal Collier

    • WIHL.SS (Wihlborgs Fastigheter) -- Wihlborgs Fastigheter short-term recommendation upgraded to buy from hold at Handelsbanken

    • WIZZ.LN (Wizz Air Holdings) -- to hold from sell at Deutsche Bank

  • Downgrades

    • BA.LN (BAE Systems) -- to hold from buy at Jefferies

    • DEMANT.DC (Demant) -- to reduce from hold at Kepler Cheuvreux

    • LIGHT.NA (Signify) -- to hold from buy at Kepler Cheuvreux

    • COP.GR (CompuGroup Medical) -- to neutral from outperform at BNP Paribas Exane

    • KIND.SS (Kindred Group) -- to hold from buy at Carnegie Securities

  • Initiations

    • DSCV.LN (discoverIE Group) -- sector perform at RBC Capital Markets

  • Other Actions

    • ARBN.SW (Arbonia) -- resumed neutral at UBS; prior rating was neutral

Data

  • Nikkei (0.69%) to 37703.32

  • Hang Seng +0.89% to 15886.07

  • Shanghai Composite +0.00% to 2865.90

  • S&P futures +4.0 vs prior close of 4971.3

  • €-$ +0.0007 or +0.06% to 1.0719

  • $-¥ (0.38) or (0.25%) to 150.48

  • €-¥ (0.21) or (0.13%) to 161.27

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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