Mar 06 ,2024
Synopsis
European equity markets are set to open mixed amidst Asian equities turning positive Wednesday. US futures flat.
Focus in the UK on PMQ's at 12noon GMT follows MPs questions on Scotland, after which Chancellor Hunt delivers Spring Budget; OBR's latest outlook for the economy and public finances will be published alongside the Spring Budget. Committee topics include National Audit Office strategy and main estimate 2024-25 (9:15), strategic transport objectives (9:30), future energy technology mix (10:00), Global Combat Air Program (10:30) and EU Entry/Exit and the UK border (15:00).
In central banks, Ireland Central Bank's Donnery speech at event organised by IOB and McMunn panelist at 15:00GMT at Irish Society for Women in Economics. Bank of Spain's Delgado panelist at 9:30CET at event on 10th anniversary of the Single Supervisory Mechanism. Russia Feb new car registrations.
Macro data due include Germany Jan trade balance, Germany and UK Feb construction PMI as well as Eurozone Jan retail sales and Ireland Feb unemployment rate.
In earnings, DHL Group (DHL.GR) reported FY net income €3.69B vs consensus €3.74B and increased its current €3B share buy-back program to €4B and extended it until end 2025 whilst Symrise (SY1.GR) reported FY EPS €2.44 vs FactSet €2.60 and said it plans 14th consecutive dividend increase to €1.10/sh whilst reaffirming its long-term growth and profitability goals. From Switzerland, Cicor Technologies (CICN.SW) reported FY net income CHF6.1M vs FactSet CHF9.5M whilst u-blox Holding (UBXN.SW) reported FY net income CHF51.1M vs year-ago CHF109.0M. Elsewhere, Scandinavian Tobacco Group (STG.DC) reported Q4 EPS DKK3.60 ex-items vs FactSet DKK3.53, NOS SGPS (NOS.PL) reported Q4 net income attributable €54.7M vs FactSet €17.3M and D'Ieteren Group (DIE.BB) reported FY adjusted consolidated profit before tax €970.8M vs FactSet €1.16B.
Other companies due to report include Dassault Aviation (AM.FP), Teleperformance (TEP.FP), Clas Ohlson (CLAS.B.SS), Jeronimo Martins (JMT.PL), Nexi (NEXI.IM), Pirelli & C. (PIRC.IM), Legal & General (LGEN.LN) and Convatec (CTEC.LN).
Macro:
National Insurance cut sparks talk of May election - Telegraph; BBC
French FinMin Le Maire says 2023 Public Deficit 'Significantly Above' 4.9% - LeMonde
EU set to allow possible retroactive tariffs for Chinese EVs - Reuters
Top company news
Earnings/updates
Benelux:
ELI.BB (Elia Group) -- reports FY net income attributable €324.5M vs FactSet €329.8M [6 est, €310-349M], raises dividend +4.2% y/y; reaffirms 2024 guidance
DIE.BB (D'Ieteren Group) -- reports FY adjusted consolidated profit before tax €970.8M vs FactSet €1.16B [2 est, €1.16-1.17B]
NYXH.BB (Nyxoah) -- reports Q4 EPS (€0.38) vs year-ago (€0.51)
DACHs:
DHL.GR (DHL Group) -- reports FY net income €3.69B vs consensus €3.74B; current €3B share buy-back program increased to €4B and extended until end 2025
SY1.GR (Symrise) -- reports FY EPS €2.44 vs FactSet €2.60 [19 est, €2.31-2.91]; plans 14th consecutive dividend increase to €1.10/sh; reaffirms its long-term growth and profitability goals
ADKO.AV (Addiko Bank) -- reports Q1 net income €41.1M vs year-ago €25.7M; New Outlook 2024 and Mid-Term Guidance
CICN.SW (Cicor Technologies) -- reports FY net income CHF6.1M vs FactSet CHF9.5M [4 est, CHF9.1-10.0M]; issues 2024 outlook
UBXN.SW (u-blox Holding) -- reports FY net income CHF51.1M vs year-ago CHF109.0M
France:
TKO.FP (Tikehau Capital) -- reports FY net income €176.7M vs FactSet €190.2M [9 est, €135-347M]
SCR.FP (SCOR) -- reports Q4 net income €162M vs consensus €163M
Nordics:
BAVA.DC (Bavarian) -- confirms FY23 earnings and reiterates FY24 guidance as per 21-Feb update
STG.DC (Scandinavian Tobacco Group) -- reports Q4 EPS DKK3.60 ex-items vs FactSet DKK3.53 [1 est]
Southern Europe:
ACE.IM (ACEA) --
approves 2024-2028 business plan; hosts Investor Day today
reports FY recurring net income €280M vs FactSet €289.2M [5 est, €281.4-294M]; hikes divi by 4% and guides FY24
NOS.PL (NOS SGPS) -- reports Q4 net income attributable €54.7M vs FactSet €17.3M [5 est, €12.6-24.9M]; raises dividend +29.5% y/y (post EU close 5-Mar)
M&A
LDO.IM (Leonardo) -- Fincantieri in talks to buy Wass unit from Leonardo - Milano Finanza, seemingly citing source
TRI.CN (Thomson Reuters) -- completes Pagero acquisition
BHG.SS (BHG Group) -- to consolidate Hemfint Kristianstad and Arc E-Commerce; acquires Trendrum
SL.IM (Sanlorenzo) -- completes the acquisition of a 95% stake in Simpson Marine (post EU close 5-Mar)
Healthcare
HPHA.GR (Heidelberg Pharma) -- to present first efficacy data on HDP-101 and data from proprietary ADC technology platform at AACR Meeting 2024
TNG.FP (Transgene) -- will present a poster on updated data from the ongoing randomized Phase I trial of TG4050 at the American Association for Cancer Research Annual Meeting (AACR)
EVT.GR (Evotec) -- and Claris Ventures streamline access to accelerate programmes from Claris's portfolio companies into the clinic
SIGHT.FP (GenSight Biologics) -- Announces Update on Real-World Data from Early Access Programs of LUMEVOQ Gene Therapy at NANOS 2024
NOVO.B.DC (Novo Nordisk) -- NIH issues press release on results of SLIM LIVER study in patients with HIV on antiretroviral therapy
ADCT (ADC Therapeutics) -- abstracts on its novel antibody drug conjugates have been accepted for presentation at AACR
IPH.FP (Innate Pharma) -- announces first patient dosed in Phase 1/2 study of IPH6501 in relapsed /refractory B-Cell non-Hodgkin's Lymphoma
SDZ.SW (Sandoz Group) -- Follow-up x2: Sandoz Group confirms FDA approval for denosumab biosimilars
OXUR.BB (Oxurion) -- receives €300K in framework of Atlas Funding Program
BONEX.SS (BONESUPPORT HOLDING) -- announces CERAMENT BONE VOID FILLER receives FDA clearance for spinal interbody fusion procedures
AVCT.LN (Avacta Group) -- to present updated results from single-agent phase 1 trial of AVA6000 at 2024 AACR Annual Meeting
Other
NB2.GR (Northern Data Group) -- updates on acquisition of shares by CEO Aroosh Thillainathan under preset purchase plan
BORR.NO (Borr Drilling) -- Chairman Tor Olav Trøim discloses purchase of 200K shares at an average price of $5.9962 per share
PCELL.SS (PowerCell Sweden) -- received SEK 35M order from Vantastec Group
LSEG.LN (London Stock Exchange Group) -- Blackstone (BX), Thomson Reuters (TRI.CN) consortium to offer 21.5M London Stock Exchange Group shares through placing and directed buyback
NHY.NO (Norsk Hydro) -- appoints Trond Olaf Christophersen as acting CFO
CBK.GR (Commerzbank) -- completes €600M share buyback
ECV.GR (Encavis AG) -- Encavis Asset Management announces start of construction of 260 megawatts (MW) solar park in Germany
CRBN.NA (Corbion) -- Supervisory board has nominated Peter Kazius to succeed Eddy van Rhede van der Kloot as CFO of Corbion
SWON.SW (SoftwareONE Holding) -- SoftwareOne shareholders Daniel von Stockar, B. Curti Holding AG and René Gilli calls EGM on 18-Apr
Key rating changes
Upgrades
COL.SM (Inmobiliaria Colonial SOCIMI) -- neutral from underperform at BNP Paribas Exane
Berenberg upgrades HON, LR.FP; downgrades AKE.FP, ROK
AIR.FP (Airbus SE) -- to neutral from sell at UBS
BEAN.SW (BELIMO Holding) -- to buy from hold at HSBC
EXPN.LN (Experian) -- Experian transferred buy at Jefferies; prior rating was hold
FABG.SS (Fabege) -- Fabege short-term recommendation upgraded to buy from hold at Handelsbanken
HUFV.A.SS (Hufvudstaden) -- to hold from sell at ABG Sundal Collier
IAG.SM (International Consolidated Airlines Group) -- to overweight from underweight at JPMorgan
IMCD.NA (IMCD) -- to overweight from underweight at JPMorgan
TUI1.GR (TUI Group) -- to overweight from equal-weight at Morgan Stanley
Downgrades
SU.FP (Schneider Electric) -- to hold from buy at Deutsche Bank
ANTO.LN (Antofagasta) -- to underweight from equal weight at Barclays
ANTO.LN (Antofagasta) -- to sector perform from outperform at RBC Capital Markets
BFIT.NA (Basic-Fit) -- to equal weight from overweight at Barclays
Initiations
BILL.SS (Billerud) -- reinitiated buy at Kepler Cheuvreux
NESTE.FH (Neste) -- buy at Stifel
Data
Nikkei (0.02%) to 40090.78
Hang Seng +1.44% to 16395.05
Shanghai Composite (0.21%) to 3041.43
S&P futures +4.0 vs prior close of 5085.8
€-$ +0.0003 or +0.03% to 1.0861
$-¥ (0.21) or (0.14%) to 149.82
€-¥ (0.20) or (0.12%) to 162.70
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