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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.00%, DAX30 +0.06%, CAC40 +0.14%

Feb 28 ,2024

  • Synopsis

    • European equity markets are set for a firmer open amidst mixed markets in Asia. Nikkei flat for second session. ASX little changed. Hang Seng and mainland China lower. Kospi gains. US equity futures lower with S&P off (0.1%).

    • EU's von der Leyen participates in the EP plenary debate on 'Strengthening European Defence in a volatile geopolitical landscape'. Poland's PM Tusk hosts Norway's PM Støre. 22nd International Conference on Competition in Berlin (Tue-Fri), EU's Vestager among the participants. Eurex Derivatives Forum 2024, EU's McGuinness among the speakers. Meeting at 12noonCET on need for more integrated electricity markets in EU hosted by Bruegel, EU's Directorate-General for Energy Jørgensen, Belgium Minister for Energy Van der Straeten among the speakers. After MPs questions on Northern Ireland there's weekly PMQs at 12noon GMT. Parliamentary committee topics include rail services and infrastructure 9:30, implications of the war in Ukraine for UK Defence 10:45, emerging diseases and learnings from covid-19 at 14:00 and SME finance 14:15.

    • In central banks, ECB's McCaul speech at 15:00CET at event organised by Federal Reserve Bank of New York. Latvia Central Bank's Kaz�?ks meets with PM Siliņa.

    • Macro data due to be released include, Eurozone Feb economic/industrial sentiment, Italy Feb business/consumer confidence, Switzerland Feb expectations - ZEW, Sweden Jan trade balance and PPI, Denmark Jan retail sales, Finland Jan PPI, Belgium Q4 final GDP and Feb CPI and Ireland Jan retail sales.

    • In earnings, from the Benelux region, UCB (UCB.BB) reports FY core EPS €4.20 vs consensus €3.72; hikes divi by 2%, guides FY24 and confirms FY25 guidance and ASM International (ASM.NA) reports Q4 adjusted net income €100.3M vs FactSet €131.4M whilst raising FY dividend +10% y/y and announces new share buyback program. Just Eat Takeaway.com (TKWY.NA) reports FY Adjusted EBITDA €324M vs prelim ~€320M and FactSet €318.4M and issued 2024 outlook. From the DACHs region, Holcim (HOLN.SW) reports Q4 recurring EBIT CHF1.12B vs StreetAccount CHF1.08B whilst flatexDEGIRO (FTK.GR) reports FY adjusted consolidated net income €81.8M vs FactSet €74.7M and Bossard Holding (BOSN.SW) reports FY net income CHF76.8M vs FactSet CHF77.3M. From France, Worldline (WLN.FP) reports FY Normalized EPS €1.85 vs FactSet €1.89 and guides 2024 Adjusted EBITDA at least €1.17B vs FactSet €1.08B whilst Lagardere (MMB.FP) reports FY adjusted net income €252M vs FactSet €263.8M and Interparfums (ITP.FP) reports FY EPS €1.80 vs FactSet €1.69. In Southern Europe, Ferrovial (FER.SM) reports FY net income €460M vs FactSet €305.4M and Aena S.M.E. (AENA.SM) reports FY net income €1.63B vs FactSet €1.45B and hikes divi by ~61%.

    • On the M&A front, Swisscom confirms advanced exclusive negotiations to acquire 100% of Vodafone Italia S.p.A. (VOD.LN) for a preliminary purchase price €8B on cash and debt-free basis

  • Macro

    • Finland Jan PPI (5.4%) y/y vs consensus (6.2%) and prior (7.6%)

  • Top company news

    • Earnings/updates

      • Benelux:

        • UCB.BB (UCB) -- reports FY core EPS €4.20 vs consensus €3.72; hikes divi by 2%, guides FY24 and confirms FY25 guidance

        • ASM.NA (ASM International) -- reports Q4 adjusted net income €100.3M vs FactSet €131.4M; raises FY dividend +10% y/y; announces new share buyback program

        • TKWY.NA (Just Eat Takeaway.com) -- reports FY Adjusted EBITDA €324M vs prelim ~€320M and FactSet €318.4M [14 est, €302.2-322M]; issues 2024 outlook

        • AGS.BB (Ageas) -- reports FY net operating result €1.17B vs consensus €1.15B

      • DACHs:

        • ZEHN.SW (Zehnder Group) -- reports FY net income €44.6M vs FactSet €45.3M [6 est, €39.9-50.4M]; cuts divi by ~28% and cannot forecast FY24 at present

        • HOLN.SW (Holcim) -- reports Q4 recurring EBIT CHF1.12B vs StreetAccount CHF1.08B

        • FTK.GR (flatexDEGIRO) -- reports FY adjusted consolidated net income €81.8M vs FactSet €74.7M [9 est, €65.6-86.7M]

        • BOSN.SW (Bossard Holding) -- reports FY net income CHF76.8M vs FactSet CHF77.3M [8 est, CHF74-81.0M]

        • ALLN.SW (Allreal Holding) -- reports FY net income (ex revaluation gains) CHF122.0M, (15%) vs year-ago CHF142.9M

        • IMPN.SW (Implenia) -- reports FY net income attributable CHF141.0M vs FactSet CHF75.0M [4 est, CHF71.4-78.2M]; raises dividend +50% y/y, guides 2024

        • G24.GR (Scout24) -- reports FY EPS €2.52 ex-items vs FactSet €2.54 [12 est, €2.30-2.89]

        • S9I.GR (STEMMER IMAGING) -- reports prelim FY EBITDA €27M vs guidance in the lower range of €26-32M

        • FLU.AV (Flughafen Wien) -- reports FY EPS €2.01 vs FactSet €1.94 [2 est, €1.90-1.97]

        • AG1.AV (Auto1 Group) -- reports FY adj EBITDA (€43.9M) vs guidance (€39M-€49M); guides FY24

        • BNN.GR (BRAIN Biotech) -- reports Q1 EPS (€0.12) vs year-ago (€0.12)

        • UN0.GR (Uniper) -- reports final FY earnings in line with preliminary release; provides 2024 guidance; introduces new reporting segments

      • France:

        • WLN.FP (Worldline) -- reports FY Normalized EPS €1.85 vs FactSet €1.89 [21 est, €1.45-2.18]; guides 2024 Adjusted EBITDA at least €1.17B vs FactSet €1.08B

        • MMB.FP (Lagardere) -- reports FY adjusted net income €252M vs FactSet €263.8M

        • ITP.FP (Interparfums) -- reports FY EPS €1.80 vs FactSet €1.69 [8 est, €1.62-1.76]; raises dividend +20% y/y

        • COFA.FP (Coface) -- reports FY net income €240.5M vs FactSet €232.9M [4 est, €223.1-245M]

        • CNV.FP (Cnova) -- reports FY net loss from cont ops (€125.9M) vs year-ago (€128M)

        • ADOC.FP (Adocia) -- reports preliminary FY revenue €2.2M vs year-ago €11.4M

      • Nordics:

        • LSG.NO (Lerøy Seafood Group) -- reports Q4 EPS NOK1.09 vs FactSet NOK0.60 [8 est, NOK0.48-0.72

        • NEL.NO (NEL) -- reports Q4 net income (NOK94M) vs FactSet (NOK117.3M) [9 est, (NOK181)-(72.5M)]

        • NYKD.NO (Nykode Therapeutics) -- reports Q4 net income ($5.3M) vs year-ago ($12.2M)

        • CLCO.NO (Cool Co.) -- reports Q4 net income $22.4M vs FactSet $33.6M [6 est, $29.1-37.0M]

        • TRIFOR.DC (Trifork Holding) -- reports FY EBIT €19.7M vs guidance €19.2-20.2M and FactSet €19.4M [4 est, €18.9-20M]

        • PION.B.SS (PION Group) -- reports Q4 EPS (SEK0.06) vs year-ago SEK0.17

        • AUSS.NO (Austevoll Seafood) -- reports Q4 EPS NOK1.64 ex-items vs FactSet NOK1.52 [4 est, NOK1.26-1.64], cuts dividend (18.2%) y/y

        • BWE.NO (BW Energy) -- reports Q4 net income $80.2M vs FactSet $50.7M [4 est, $14-83.8M]

        • GUBRA.DC (Gubra) -- reports FY adjusted EBIT (DKK34M) vs year-ago DKK19M

      • Southern Europe:

        • FER.SM (Ferrovial) -- reports FY net income €460M vs FactSet €305.4M [21 est, €163.0-413M]

        • GEST.SM (Gestamp Automoción) -- reports FY net income €281M vs FactSet €314.5M [13 est, €253.4-360M]

        • AENA.SM (Aena S.M.E.) -- reports FY net income €1.63B vs FactSet €1.45B [25 est, €1.30-1.54B]; hikes divi by ~61%

        • MVC.SM (Metrovacesa) -- reports FY net income (€20.8M) vs FactSet (€12.4M) [5 est, (€41.4)-0.8M]

    • M&A

      • VOD.LN (Vodafone) -- Swisscom confirms advanced exclusive negotiations to acquire 100% of Vodafone Italia S.p.A.; preliminary purchase price agreed is €8B on cash and debt-free basisCICN.SW (Cicor Technologies) -- acquires Evolution Medtec Srl; terms undisclosed

      • DG.FP (VINCI) -- signs agreement for acquisition of Denver's Northwest Parkway (Colorado) in the United States; price not disclosed

      • SHEL.LN (Shell Plc) -- Glencore exploring acquisition of Shell's oil refinery and petrochemical units in Singapore; CNOOC opts out - Reuters

      • IMG.CN (IAMGOLD) -- completes previously announced acquisition of Euro Ressources

      • ALV.GR (Allianz) -- Australia seeking to sell Hunter Premium Funding - Australian Financial Review (27-Feb, 18:35 Sydney/08:35 Frankfurt)

      • MMB.FP (Lagardere) -- notes it has received from the LVMH group an offer to acquire magazine title Paris Match

      • DLG.IM (De'Longhi) -- finalizes business combination between Eversys and La Marzocco

      • MUSTI.FH (Musti Group) -- announces change to the date of company's EGM in connection with offer by Flybird Holding

      • MCG.SJ (MultiChoice Group) -- Canal+ required to make immediate mandatory offer for MultiChoice after TRP ruling confirms 35.01% stake

      • ALVIV.FP (Visiativ) -- announces signing of agreement relating to acquisition by GROUPE SNEF of majority stake in ALLIATIV, VISIATIV's controlling shareholder

    • Healthcare

      • IDIA.SW (Idorsia) -- enters into a global research and development collaboration of two Phase 3 assets with Viatris; Idorsia to receive an upfront payment of $350M

      • ABBV (AbbVie) -- and OSE Immunotherapeutics enter strategic partnership to develop novel monoclonal antibody OSE-230 to treat chronic inflammation

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- renews CHF 50M share subscription facility with GEM; provides corporate update

    • Other

      • SGRO.LN (Segro) -- placing to be priced at 820p/share; deal due to be upsized due to demand - Reuters citing bookrunner

      • NEL.NO (NEL) -- has initiated process to explore and prepare for potential spin-off and separate listing of its Fueling division

      • PHIA.NA (Koninklijke Philips) -- Philips CFO Abhijit Bhattacharya to retire; appoints Charlotte Hanneman as new CFO

      • LXS.GR (Lanxess) -- announces Impairment of goodwill and adjustment of at-equity book value of minority interest in Envalior

      • SGRO.LN (Segro) -- to conduct placing to raise approximately £800M of gross proceeds through the issue of new ordinary shares

      • SGRO.LN (Segro) -- Follow-up: Segro share placing through Morgan Stanley and UBS

      • American Airlines reportedly close to finalizing potential 100 narrowbody jet order, leaning towards Airbus for majority of order - Bloomberg

  • Key rating changes

    • Upgrades

      • HMSO.LN (Hammerson) -- outperform from neutral at BNP Paribas Exan

      • MBG.GR (Mercedes-Benz Group) -- to buy from hold at Jefferies

      • ZURN.SW (Zurich Insurance Group) -- to buy from hold at Berenberg

    • Downgrades

      • SIGN.SW (SIG Combibloc Group) -- underperform from neutral at BNP Paribas Exane

      • ITX.SM (Inditex) -- to hold from buy at Bestinver Securities (timing uncertain)

    • Initiations

      • BCG.LN (Baltic Classifieds Group) -- hold at Jefferies

  • Data

    • Nikkei (0.08%) to 39208.03

    • Hang Seng (1.40%) to 16555.90

    • Shanghai Composite (1.43%) to 2972.25

    • S&P futures (4.3) vs prior close of 5090.0

    • €-$ (0.0019) or (0.18%) to 1.0824

    • $-¥ +0.15 or +0.10% to 150.66

    • €-¥ (0.14) or (0.09%) to 163.08

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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