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StreetAccount Summary - EU Morning Update: Futures: FTSE (0.04%), DAX30 (0.41%), CAC40 (0.18%)

Oct 25 ,2024

  • Synopsis:

    • European indices are set to open mostly lower as Asian equities trade mostly higher Friday. Greater China markets rebounding with Australia, Korea and Taiwan also in positive territory. Japan the main decliner. S&P 500 futures flat afterhours.

    • US equities were mostly higher in Thursday trading as the S&P posted first gain in four sessions (first three-day losing streak since early September).

    • Friday in central banks, ECB's McCaul speech at 9:00CET at conf. organised by Universitá degli Studi di Roma Tor Vergata. ECB releases latest consumer expectations survey results.

    • On the macro-calendar today: Germany Oct Ifo survey, UK Oct Consumer Confidence - GfK, Distributive Trades - CBI, France Oct Consumer Confidence, Spain Q3 Unemployment Rate, Sep PPI, Italy Oct Business/Consumer Confidence, Denmark Sep Retail Sales, Sweden Sep PPI, Eurozone Sep M3 Money Supply

    • Notable earnings reports so far today included: Sanofi (SAN.FP) reports Q3 business EPS €2.86 vs consensus €2.49. (MBG.GR) Mercedes-Benz Group reports Q3 EPS €1.81 vs FactSet €1.87 [5 est, €1.68-2.03]

    • (SAF.FP) Safran reports Q3 revenue €6.64B vs StreetAccount €6.63B. (RCO.FP) Remy Cointreau reports Q2 revenue €316.7M vs consensus €318.4M; Lowers FY guidance. (KCR.FH) Konecranes reports Q3 EPS €1.27 vs FactSet €1.20 [7 est, €1.14-1.29]. (HOLN.SW) Holcim reports Q3 recurring EBIT CHF1.67B vs StreetAccount CHF1.75B

  • Top company news

    • Earnings/updates

      • SAF.FP (Safran) -- reports Q3 revenue €6.64B vs StreetAccount €6.63B

      • HOLN.SW (Holcim) -- reports Q3 recurring EBIT CHF1.67B vs StreetAccount CHF1.75B

      • AC.FP (Accor) -- reports Q3 revenue €1.43B vs StreetAccount €1.39B; RevPAR +5.3% vs StreetAccount +5.7%; tweaks up FY Group EBITDA guidance

      • DG.FP (VINCI SA) -- reports Q3 revenue €18.53B vs StreetAccount €19.04B; like-for-like +0.3%

      • SIKA.SW (Sika Group) -- reports 9M PAT CHF922.6M vs StreetAccount CHF966.3M

      • FR.FP (Valeo SE) -- reports Q3 revenue €4.97B vs StreetAccount €5.10B

      • SGSN.SW (SGS) -- reports Q3 revenue CHF1.70B vs consensus CHF1.70B

      • SCHA.NO (Schibsted) -- reports Q3 EPS continuing ops NOK21.52 vs year-ago NOK6.12

      • URW.FP (Unibail-Rodamco-Westfield) -- 9M trading update; positive outlook for full-year with AREPS expected at upper end of 2024 guidance

      • ADP.FP (Aeroport de Paris) -- reports 9M revenue €4.61B, +12% vs year-ago €4.12B

      • BOL.FP (Bolloré) -- reports Q3 revenue €5.56B, +74% vs year-ago €3.20B

      • SK.FP (SEB) -- reports 9M revenue €5.73B vs year-ago €5.53B

      • ATE.FP (Alten) -- reports 9M revenue €3.12B, +3% vs year-ago €3.04B

      • SBS.GR (Stratec) -- reports final Q3 EPS €0.22 ex-items vs FactSet €0.38 [1 est]; 9M results inline with prelim. release

      • MF.FP (Wendel) -- Q3 trading update; Net asset value as of 30-Sep-24 of €8,012M or €184.5 per share

      • SIGHT.FP (GenSight Biologics) -- reports cash position as of 30-Sep-24 and provides business update

      • WHA.NA (Wereldhave) -- trading update: 9M DRPS €1.30 vs year-ago €1.30

      • XFAB.FP (X-FAB Silicon Foundries) -- reports Q3 net income $26.0M vs FactSet $17.9M [2 est, $16.3-19.5M]

      • ORY.SM (Oryzon Genomics) -- reports Q3 net income (€2.3M) vs FactSet (€1.1M) [1 est]

      • ORY.SM (Oryzon Genomics) -- Follow-up: Oryzon Genomics issues corporate update

      • FII.FP (Lisi) -- reports Q3 revenue €419.2M vs FactSet €436.0M [1 est]

      • MERY.FP (Mercialys) -- reports Q3 revenue €43.4M, (2%) vs year-ago €44.4M

      • BETCO.SS (Better Collective) -- lowers FY 2024 guidance; expects FY EBITDA €100-110M vs prior guidance €130-140M and FactSet €130.1M

      • NXI.FP (Nexity) -- reports Q3 revenue €890M, (3%) vs year-ago €915M

      • NLFSK.DC (Nilfisk Holding) -- reports preliminary Q3 organic growth (0.8%)

      • NVG.PL (The Navigator Co.) -- reports Q3 net income €82.6M vs FactSet €74.5M [2 est, €70.9-78M]

      • CGM.FP (Cegedim) -- reports Q3 revenue €156.8M, +6% vs year-ago €148.3M

      • TIMA.GR (ZEAL Network) -- reports preliminary 9M EBITDA €35.0M vs year-ago €23.2M

      • GRNG.SS (Gränges) -- completes acquisition of casting and hot-rolling facility in Shandong province; deal announced on 31-May

      • GBT.FP (Guerbet) -- reports 9M revenue €620.5M, +8% vs year-ago €573.9M

      • MTU.FP (Manitou BF) -- reports Q3 revenue €593M, (10%) y/y

    • M&A

      • PROX.BB (Proximus) -- sells its datacenter business to Datacenter United for an enterprise value of €128M

      • BP.LN (BP) -- completes previously announced acquisition of remaining 50.03% interest in Lightsource

      • SCHA.NO (Schibsted) -- reports Q3 EPS continuing ops NOK21.52 vs year-ago NOK6.12

      • SBMO.NA (SBM Offshore) -- divests 13.5% interest in FPSO Sepetiba

      • KIND.SS (Kindred Group) -- board applies for delisting of the SDRs in company from Nasdaq Stockholm

      • IP.IM (Interpump Group) -- agrees to acquire 59% of Hidrover Equipmentos Hidraulicos Ltda for €17.5M

      • SPI.LN (Spire Healthcare Group) -- Betaville reports Spire Healthcare Group at centre of renewed round of takeover talk, we're told

      • GRNG.SS (Gränges) -- completes acquisition of casting and hot-rolling facility in Shandong province; deal announced on 31-May

      • UNIR.IM (UniEuro) -- Fnac Darty notes antitrust waiver and update on capital tendered to date in connection with offer for UniEuro

    • Healthcare

      • ABBV (AbbVie) -- and Gedeon Richter announce new collaboration for the discovery and development of novel targets for neuropsychiatric conditions

      • GSK.LN (GSK Plc) -- CDC ACIP votes unanimously to approve recommendations for Bexsero

      • MOLN.SW (Molecular Partners) -- Molecular Partners' $20.0M-ADS offering priced at $5.49/ADS through LifeSci Capital

      • ORNBV.FH (Orion) -- terminates ODM-111 development program due to narrow therapeutic window of the molecule

      • OXUR.BB (Oxurion) -- announces that holder Atlas Special Opportunities sells part of its 2.0M shares holding, now hold 383,105 shares

    • Other

      • ARYN.SW (Aryzta) -- Sandip Gudka COO to step down effective in Jan-2025; merges CPO and COO positions and appoint Christophe Toitot

      • LOGN.SW (Logitech International) -- SEC filing: 10-Q

      • SOP.FP (Sopra Steria Group) -- announces creation of group operations department; appoints Dominique Lapree as COO

      • DEME Group awarded inter-array cable and secondary steel contract for Oranjewind Offshore Wind Farm

  • Key rating changes

    • Upgrades

      • DSV.DC (DSV A/S) -- to buy from hold at HSBC, we're told (earlier, timing uncertain)

      • MTG.B.SS (Modern Times Group MTG) -- to buy from hold at ABG Sundal Collier

      • RYA.ID (Ryanair Holdings) -- to overweight from equal weight at Barclays

    • Downgrades

      • MIPS.SS (MIPS) -- to hold from buy at SEB

      • VOLCAR.B.SS (Volvo Car) -- to sell from hold at Stifel

      • OVH.FP (OVHCloud) -- to hold from buy at Kepler Cheuvreux

      • LIAB.SS (Lindab International) -- to hold from buy at DnB Markets

    • Initiations

      • ITRK.LN (Intertek Group) -- reduce at HSBC

    • Other Actions

      • SECU.B.SS (Securitas) -- assumed underweight at Morgan Stanley

  • Data

    • Nikkei (0.81%) to 37835.55

    • Hang Seng +0.76% to 20644.48

    • Shanghai Composite +0.65% to 3301.48

    • S&P futures (1.3) vs prior close of 5849.0 €-$ (0.0004) or (0.04%) to 1.0824

    • $-¥ (0.18) or (0.12%) to 151.72

    • €-¥ (0.17) or (0.10%) to 164.22

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