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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.14%), DAX30 (0.04%), CAC40 (0.04%)

May 14 ,2024

  • Synopsis

    • European equity markets are set for a negative open amidst Asia equities trading mostly lower Tuesday. Momentum softening from a mixed complexion earlier, as mainland China, Hong Kong and Japan swung to losses. Regional growth/tech outperforming in Hong Kong, South Korea and China. US futures lower, led by Nasdaq, following a mixed cash session.

    • On today's agenda, OPEC monthly oil market report. EBRD Annual Meeting and business forum. Norway's finance minister Vedum presents the country's revised 2024 budget proposal. In UK, Lucy Powell MP, Shadow Leader of the Commons speech at 12:30BST at event hosted by Institute for Government. Future Greenland conf (thru Wed), speakers include Greenland's PM Múte Egede as well as a panel of political party leaders debating sustainability. Copenhagen Democracy Summit (thru Wed) speakers include Denmark's PM Frederiksen 9:05CET, EU's von der Leyen 9:25 and Michel 9:50.

    • Other speakers include EU's Jourová (Wed). EU's Gentiloni participates in the Economic and Financial Dialogue between the EU and the Western Balkans Partners. There's a ministerial meeting of the Visegrad Group on Cohesion Policy, with a handful of EU Commissioners in attendance. Börsen-Zeitung Retail Banking day. Also in Germany, Bafin holds its annual press conf at 10:00CET. Elsewhere, there's the ACDC Europe industry symposium

    • In central banks, Latvia central bank's Kaz�?ks, others before parliament's Budget and Finance (Tax) Commission at 9:00CET discussing bank's achievements in 2023 and future priorities. BOE's Pill speech at 8:30BST at ICAEW. Bank of Finland's press conf at 10:00CET on financial stability. Norges Bank's Moen speech at 11:30CET at home building assn. Netherlands central bank's Knot and Fed's Powell speak from 16:00CET at Foreign Bankers' Assn AGM. Riksbank's Breman speech at 17:30CET at a seminar organised by a local Shareholders Assn. Also see the first of pre-releases in connection with the ECB's Financial Stability Review at 10:00CET, ahead of its official publication at the same time on Thur. ECB's Schnabel speech at 15:15CET at conf. organised by Federal Chancellery. There's ECOFIN meeting, ECB's de Guindos participates.

    • European macro data releases out today include: UK Apr claimant count change, Mar unemployment rate, Germany May ZEW survey, Apr final CPI, Spain Apr final CPI, Finland Apr CPI, Switzerland Apr PPI, Greece Apr CPI

    • Another busy morning for earnings, in the DACHs region, Lonza Group (LONN.SW), Fraport (FRA.GR), TAG Immobilien (TEG.GR), Rheinmetall (RHM.GR), Bayer AG (BAYN.GR), Hannover Re (HNR1.GR) and Sonova Holding (SOON.SW) issued Q1 updates. In France, Euronext (ENX.FP) reported April trading activity and Veolia Environnement (VIE.FP) reported Q1 earnings and confirmed its FY24 guidance.

    • In Benelux, DEME Group (DEME.BB) issued Q1 trading update indicating to a revenue of €900.2M, +34% vs year-ago €672.2M and reaffirmed its FY24 outlook. Elsewhere, Italgas (IG.IM), Ambu (AMBU.B.DC), Norconsult (NORCO.NO), ITAB Shop Concept (ITAB.SS), and NH Hotel Group (NHH.SM) are amongst others to update investros with their latest numbers.

    • In M&A, Uber Technologies to acquire Delivery Hero's (DHER.GR) foodpanda business in Taiwan for $950M (~€880M). The foodpanda operations in Taiwan generated a GMV of €1.6B and were breakeven in terms of adjusted EBITDA, based on LTM figures ending 31-Mar-24Additionally, Delivery Hero's management board, with the approval of the supervisory board, resolved on a €278M (corresponding to $300M) capital increase.

  • Politics/Macro/World News

    • Macron Puts French Banks in Play With Plan to Transform Europe - Bloomberg

    • Euro Zone Wage Concerns Keep ECB Cautious on Rate Cuts - Bloomberg

    • Berlin explores tax breaks to get Germans working longer hours - FT

    • NHS spending rise lags behind Tory funding pledges, IFS finds - The Guardian

    • Finland Apr CPI +1.9% y/y vs consensus +2.2% and prior +2.2%

  • Top company news

    • Earnings/updates

      • DACHs

        • LONN.SW (Lonza Group) -- Lonza reports Q1 Qualitative Update: softer Q1, with performance across H1 expected to align with FY24 trajectory; confirms FY24 outlook

        • FRA.GR (Fraport) -- reports Q1 net income €12.7M vs StreetAccount €5M; confirms FY outlook

        • TTR1.GR (technotrans) -- reports Q1 EBIT €0.4M vs year-ago €3.5M

        • MDG1.GR (Medigene) -- announces plan to reduce share capital and amends financial guidance for 2024

        • TEG.GR (TAG Immobilien) -- reports Q1 FFO per share €0.25 vs year-ago €0.24

        • SOON.SW (Sonova Holding) -- reports FY EPS CHF10.08 ex-items vs FactSet CHF9.79

        • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- reports Q4 EPS (€1.25) vs FactSet (€0.19) [2 est, (€0.80)-0.43]; guides 2024/25 revenue in the range of €1.7-1.8B vs FactSet €1.89B

        • KWS.GR (KWS SAAT SE & Co. KGaA) -- reports 9M net income €228.5M, +37% vs year-ago €167.3M

        • NDX1.GR (Nordex) -- reports Q1 net income (€13.1M) vs FactSet (€55M) [1 est]; FY guidance confirmed

        • PBB.GR (Deutsche Pfandbriefbank) -- reports Q1 net income €29M vs year-ago €27M

        • INH.GR (INDUS Holding) -- reports Q1 net income €10.3M vs year-ago €16.0M

        • BAYN.GR (Bayer AG) -- reports Q1 core EPS from cont ops €2.82 vs consensus €2.39; currency-adjusted FY24 outlook confirmed

        • HNR1.GR (Hannover Re) -- reports Q1 net income €558M vs consensus €564M; confirms FY guidance

        • HGEA.GR (hGears) -- reports Q1 adjusted EBITDA €0.5M vs year-ago €1.5M

        • MXHN.GR (MAX Automation) -- reports Q1 EPS cont. ops €0.04 vs year-ago €0.09

        • PSG.GR (PharmaSGP Holding) -- reports preliminary Q1 adjusted EBITDA €8.9M vs year-ago €7.0M

        • PSM.GR (ProSiebenSat.1 Media) -- confirms Q1 earnings in line with preliminary as of 15-Apr and in line with FY24 targets; confirms FY24 outlook

        • RHM.GR (Rheinmetall) -- reports Q1 operating result €134M vs FactSet €149.8M [7 est, €120-192M]; confirms FY guidance

      • Southern Europe

        • FER.SM (Ferrovial) -- reports Q1 revenue €1.9M vs year-ago €1.8M

        • BELA.GA (Jumbo) -- announces from the beginning of the year up to 5-May, Group sales ~ +10% y/y; reaffirms FY sales and earnings growth estimates

        • COL.SM (Inmobiliaria Colonial SOCIMI) -- reports Q1 EPRA EPS €0.087 vs FactSet €0.08 [1 est]; FY EPS guidance on track

        • NHH.SM (NH Hotel Group) -- reports Q1 net income (€30.4M) vs year-ago (€40.0M)

        • IG.IM (Italgas) -- reports Q1 net income €103.6M vs FactSet €112.5M

      • Benelux

        • OCI.NA (OCI NV) -- reports Q1 adjusted EPS $0.171 vs year-ago ($0.072)

        • BSGR.NA (B&S Group) -- Q1 trading update; overall turnover +0.8% y/y to €529.7M

        • DEME.BB (DEME Group) -- Trading Update: Q1 revenue €900.2M, +34% vs year-ago €672.2M; reaffirms FY guidance

        • EBUS.NA (Ebusco Holding) -- intends to nominate Michiel Peters as co-CEO as of 1-Aug; moves CMD to end of 2024

      • Nordics

        • AMBU.B.DC (Ambu) -- reports Q2 EPS DKK0.54 vs FactSet DKK0.57 [3 est, DKK0.55-0.60]; confirms FY guidance

        • SALM.NO (Salmar) -- reports Q1 adjusted EPS NOK6.0

        • EG7.SS (Enad Global 7) -- reports Q1 adjusted EPS (SEK0.05) vs FactSet SEK0.37 [3 est, SEK0.31-0.40]

        • ITAB.SS (ITAB Shop Concept) -- reports Q1 EPS SEK0.46 vs year-ago SEK0.15

        • OMDA.NO (Omda AS) -- reports Q1 net income (NOK13.2M) vs FactSet NOK1.5M [2 est, NOK0-3M]

        • VOW.NO (Vow ASA) -- reports Q1 revenue NOK232.3M vs year-ago NOK235.7M

        • NYKD.NO(Nykode Therapeutics) -- reports Q1 net loss ($14.9M) vs year-ago ($10.4M)

        • CS.SS (Coinshares International) -- reports Q1 total comprehensive income £34.1M vs FactSet £11.7M

        • NORCO.NO (Norconsult) -- reports Q1 net income NOK103M vs year-ago NOK283M

        • NORSE.NO (Norse Atlantic) -- reports Q1 net income $78.2M, +96% vs year-ago $39.8M

        • ASPO.FH (Aspo) -- adjusts long-term financial targets and presents new strategic portfolio vision ahead of CMD today

        • ORRON.SS (Orrön Energy) -- reports Q1 net income (€2.6M) vs FactSet €0.8M

        • SAGA.NO (Saga Pure) -- reports Q1 EPS NOK0.04 vs year-ago (NOK0.17)

        • KOSKI.FH (Koskisen) -- reports Q1 EPS €0.10 vs FactSet €0.06

        • ACCON.SS (Acconeer) -- reports Q1 EPS (SEK0.45) vs year-ago (SEK0.46)

        • NORDH.NO (Nordhealth) -- reports Q1 net income (€2.5M) vs FactSet (€1.9M) [1 est]; reaffirms guidance

        • CTEK.SS (CTEK AB) -- reports Q1 net income SEK1M vs FactSet (SEK5M)

      • France

        • IPH.FP (Innate Pharma) -- reports Q1 cash and cash equivalents €113.9M; do not include the €4.0M payment to be received from Sanofi

        • ENX.FP (Euronext) -- Apr trading activity

        • S30.FP (Solutions 30) -- reports H1 revenue €265.0M, +4% vs year-ago €255.3M; Reaffirms 2024 targets

        • FORSE.FP (Forsee Power) -- reports Q1 revenue €52.8M, +40% vs year-ago €37.8M

        • VIE.FP (Veolia Environnement) -- reports Q1 Adjusted EBITDA €1.62B vs consensus €1.61B

        • ALVU.FP (Vente-Unique.com) -- reports H1 revenue €90.3M, +11% vs year-ago €81.0M

    • M&A

      • DHER.GR (Delivery Hero) -- Uber Technologies to acquire Delivery Hero's foodpanda business in Taiwan for $950M (~€880M); Delivery Hero undertakes $300M (~€278M) capital increase

      • STLAM.IM (Stellantis) -- in talks with Vale and Huayou Cobalt to invest in Indonesian nickel smelter to secure supplies for EV expansion plans - FT

      • ENGI.FP (ENGIE) -- looking to sell up to 50% stake in 250-megawatt Goorambat East Solar Farm in Australia - Australian Fianancial Review

      • IG.IM (Italgas) -- starts period of exclusivity for acquisition of 2i Rete Gas

      • KIO.SJ (Kumba Iron Ore) -- issues statement regarding the rejection by Anglo American of BHP's latest proposal

      • Blackstone-ADIA-GIC consortium looking to buy control of Haldiram Snacks Food - Economic Times

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- announces the headline results from the FRONTIER 2 trial; trial achieved its co-primary endpoints

      • UCB.BB (UCB) -- announced that the Journal of Neurology has published data from a post hoc analysis of the pivotal Phase 3 RAISE study and the ongoing Phase 3 RAISE-XT open-label extension (OLE) study

      • KOD (Kodiak Sciences) -- treats first patients in Phase 3 GLOW2 study of tarcocimab tedromer in diabetic retinopathy

      • EAPI.FP (Euroapi) -- appoints Evelyne Nguyen as new CFO, effective 14-May-24

      • AB.FP (AB Science) -- announces issuance of a European patent for masitinib in the treatment of severe mastocytosis

      • ALBPS.FP (Biophytis) -- announces the design of its phase 2 OBA clinical study in obesity

      • MEDCL.FP (MedinCell) -- to host videoconference on 15-May-24 to discuss company's latest news, outlook, and R&D activities

    • Other

      • TEF.SM (Telefonica) -- SEC filing: SC 13D/A (Filed by State Industrial Participation Co)

      • NWG.LN (NatWest Group) -- SEC filing: SC 13D/A (Filed by HM Treasury)

      • 8TRA.GR (TRATON) -- holder Volkswagen considering sale of €500-€1B of stock in the near-term - Bloomberg

  • Key rating changes

    • Upgrades

      • ADP.FP (Aeroport de Paris) -- to hold from reduce at HSBC

      • EQT.SS (EQT AB) -- to overweight from neutral at JPMorgan

      • OMV.AV (OMV) -- to equal-weight from underweight at Morgan Stanley

      • SKAN.SW (Skan AG) -- to add from reduce at Baader Helvea (13-May, timing uncertain)

    • Downgrades

      • DHL.GR (DHL Group) -- to neutral from outperform at BNP Paribas Exane

    • Initiations

      • NESTE.FH (Neste) -- hold at Deutsche Bank

      • WDP.BB (Warehouses de Pauw) -- buy at Goldman Sachs

  • Data

    • Nikkei +0.22% to 38265.13

    • Hang Seng (0.15%) to 19085.79

    • Shanghai Composite (0.18%) to 3142.37

    • S&P futures (1.3) vs prior close of 5245.5

    • €-$ (0.0003) or (0.03%) to 1.0788

    • $-¥ +0.21 or +0.14% to 156.43

    • €-¥ +0.17 or +0.10% to 168.71

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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