Newsquawk Daily European Equity Opening News - 13th February 2025

ASIA

APAC stocks traded somewhat mixed albeit with a mostly positive bias among the major indices following the two-way price action across global markets owing to hot US CPI data and geopolitical optimism. ASX 200 touched a record high with advances led by the mining sector following results from South32 and Northern Star. Nikkei 225 climbed on the back of recent currency weakness despite the firmer-than-expected PPI data from Japan. Hang Seng and Shanghai Comp saw mixed price action as the Hong Kong benchmark extended its recent strong upward momentum, while the mainland traded cautiously as participants continued to await Trump's reciprocal tariffs.

Honda (7267 JT) - 9-month (JPY): Net 805bln, -7.4%; Operating 1.14tln, +5.9%; PBT 1.23tln, -3.15. Confirms that they have cancelled the MOU on a three way tie-up with Mitsubishi Motor (7211 JT) and Nissan (7201 JT). (Newswires)

EUROPEAN CLOSES

CLOSES: DAX: +0.48% at 22,143, FTSE 100: +0.34% at 8,807, CAC 40: +0.17% at 8,042, Euro Stoxx 50: +0.29% at 5,406, AEX: +0.39% at 943, IBEX 35: +1.04% at 12,908, FTSE MIB: -0.14% at 37,531, SMI: +0.01% at 12,705, PSI: -0.53% at 6,528

SECTORS: Consumer Disc 0.77%, Telecoms 0.53%, Financials 0.48%, Materials 0.24%, Consumer Stpl 0.03%, Energy -0.03%, IT -0.03%, Industrials -0.19%, Healthcare -0.27%, Utilities -1.11% 

FTSE 100

Ex-Dividends - Pershing Square Holdings (PSH LN), Shell (SHEL LN) will trade without entitlement to their latest dividend payouts. (dividenddata)

UK Housing - UK RICS Housing Survey (Jan) 22.0 vs. Exp. 27.0 (Prev. 28.0, Rev. 26); "Growth in buyer demand lost a bit of momentum through the early part of the year, with this flatter picture likely linked to the turbulence seen across money markets in the first half of January,", via RICS. (RICS)

UK Cos - The Government's industrial strategy will not be published until June (prev. guided 'spring'), via Guardian; indicatively due at the same time as the spending review on June 11th. (Guardian)

OTHER UK COMPANIES

BROKER MOVES

Bellway (BWY LN) upgraded to Add from Hold at Peel Hunt

DAX

Commerzbank (CBK GY) - Q4 (EUR): Net Income 750mln (exp. 512.2mln), Revenue 2.96bln (prev. 2.41bln Y/Y); to cut 3.9k jobs by 2028. Raises 2027 targets: Revenue 13.6bln (prev. target 13.3bln). Net Profit 3.8bln (prev. target 3.6bln). Co. says is looking for complementary acquisitions. (Newswires)

Delivery Hero (DHER GY) - Q4 (EUR): Total Segments Revenue 3.52bln (prev. 2.71bln Y/Y), GMV 12.8bln (prev. 11.7bln Y/Y). Achieved positive FCF for first time. Outlook 2025: Adj. EBITDA 0.975-1.025bln. FCF of over 200mln. (Newswires) Shares +2.9% in pre-market trade

Siemens (SIE GY) - Q1 (EUR): Revenue 18.25bln (exp. 18.02bln), Orders 20.07bln (exp. 19.18bln), Net Profit 3.71bln (exp. 3.46bln). Sees FY EPS pre PPA 10.40-11bln (exp. 11.29bln), Sees FY Comp. Revenue +7% (exp. +4.13%). CEO: Solid foundation to navigate ongoing macroeconomic uncertainties and tariffs. Europe lags, with Germany in "crisis mode" awaiting clarity from the new government. CFO: Underlying demand and manufacturing output remain muted. Sees early signs of recovery in demand for electronics and semiconductors. (Newswires)

thyssenkrupp (TKA GY) - Q1 (EUR): Adj. EBIT 191mln (exp. 141mln), Revenue 7.83bln (exp. 8.22bln); 2025: Expects FCF before M&A of 0-300mln (prev. guided 200-400mln); still expects adj. EBIT 0.6-1bln, Net Profit 100-500mln (exp. 427mln). (Newswires)

OTHER GERMAN COMPANIES

KWS (KWS GY) - H1 (EUR): EBITDA -65.9mln (prev. -58.3mln Y/Y), EBIT -120.7mln (prev. -102mln Y/Y). Net Sales +5% Y/Y.

Strabag (STB1 GY) - FY24 (EUR): Order Backlog 25.4bln, +8% Y/Y. Volume 19.2bln, +1% Y/Y. Guides initial FY25 EBIT margin >4.5%. (Newswires)

BROKER MOVES

CAC

EssilorLuxottica (EL FP) - FY24 (EUR): Revenue 26.51bln (exp. 26.38bln), Adj. net income 3.12bln (exp. 3.12bln); remain on track with long-term targets. Confirms target of mid-single-digit annual revenue growth from 2022 to 2026 at constant exchange rates, targeting a range of EUR 27-28bln. Expects to achieve adj. operating profit as a percentage of revenue in range of 19-20% by end of 2022-2026 period. Q4 revenue ex-FX +9.2% (exp. +5.86%). CEO says production capacity for Ray-Ban Meta (META) set to reach 10mln units annually by end of the year. (Newswires)

Ipsen (IPN FP) - FY (EUR): Total Sales Growth +9.9% Y/Y. Financial Guidance for 2025: Op. Margin "more than" 30% of total sales. (Newswires)

Legrand (LR FP) - FY (EUR): Net Income 1.17bln (prev. 1.15bln Y/Y), Adj. Op. 1.78bln (prev. 1.77bln Y/Y), Revenue 3.41bln (prev. 3.13bln Y/Y). Guides initial FY25 Revenue >5% Y/Y. (Newswires)

Michelin (ML FP) - FY24 (EUR): Sales 27.19bln (exp. 27.16bln), Volume effect -5.1% (exp. -5.2%), Net income 1.89bln (exp. 2.15bln), Segment op. income 3.38bln (exp. 3.35bln). Operating income 2.63bln (exp. 3.02bln). Free cash flow 2.22bln (exp. 1.84bln). CEO on tariffs, says not planning to massively shift investments to the US, they can reallocate priorities based on what they see structurally. (Newswires)

Sanofi (SAN FP) - Update on extraintestinal pathogenic E. coli vaccine phase 3 clinical study. Independent interim analysis of the E.mbrace phase 3 study finds that the vaccine candidate didn’t demonstrate sufficient efficacy in preventing invasive E. coli disease. As a result of the IDMC’s determination, the E.mbrace study is being discontinued. Sanofi has recorded an impairment charge before tax of USD 250mln in the Q4 2024 IFRS results. Maintains guidance. (Sanofi)

Orange (ORA FP) - Q4 (EUR): Revenue 10.43bln (exp. 10.47bln), EBITDAAL 3.25bln (exp. 3.21bln). To propose dividend of EUR 0.75; for 2025 this dividend will be the floor. 2025: Raises its organic cash flow target to at least 3.6bln. (Newswires)

URW (URW FP) - FY (EUR): EBITDA 2.35bln, +7% Y/Y. Outlook 2025: AREPS forecast to be range of 9.30-9.50. (Newswires)

OTHER FRENCH COMPANIES

Rexel (RXL FP) - Q4 (EUR): Sales 4.89bln (co. consensus 4.88bln), Adj. EBITDA 1.13bln (co. consensus 1.15bln). Proposes dividend of 1.20 (co. consensus 1.18). Outlook 2025: Stable to slightly positive same-day sales growth. Medium term ambitions unchanged. (Newswires)

Klepierre (LI FP) - FY24 (EUR): EBITDA 985mln (prev. 1.43bln Y/Y), Revenue 1.7bln; raises dividend by 3%. (Newswires)

BROKER MOVES

STMicroelectronics (STM FP) upgraded to Equal Weight from Underweight at Morgan Stanley

PAN EUROPE

Trump Tariff Updates - White House Press Sec says "I do believe it will come before the Indian PM's visit tomorrow, and will let the President discuss details on the reciprocal tariffs front", when asked "Will reciprocal tariffs come before Indian PM Modi's visit tomorrow?". US President Trump says they will do reciprocal tariffs. US President Trump says may sign reciprocal tariffs either today or tomorrow.

Russia-Ukraine exposed stocks - US President Trump posts on Truth "I just had a lengthy and highly productive phone call with President Vladimir Putin of Russia."; "agreed to have our respective teams start negotiations immediately, and we will begin by calling President Zelenskyy". US President Trump thinks they are on the way to peace with Russia and Ukraine.

Arcadis (ARCAD NA) - Q4 (EUR): EBITDA 557mln (prev. 506mln Y/Y), Net Revenue 959mln (prev. 941mln Y/Y). (Newswires)

dsm firmenich (DSFIR NA) - Q4 (EUR): EBITDA 601mln (exp. 589mln, prev. 439mln Y/Y), Revenue 3.26bln (exp. 3.29bln, prev. 3.11bln Y/Y). Guides initial adj. EBITDA "atleast" 2.4bln (Newswires)

KBC (KBC BB) - Q4 (EUR): Net Income 1.12bln (exp 1.02bln), Revenue 2.86bln (prev. 2.67bln Y/Y). Guides initial FY25 Total Income >5.5%. (Newswires) (Newswires)

Telecom Italia (TIT IM) - Q4 (EUR): Adj. EBITDA 1.1bln (exp. 1.55bln, prev. 1.33bln Y/Y), Organic Revenue 3.8bln (exp. 3.8bln). Guides FY25-27 targeting CAGR 3%; EBITDA CAGR 5-6^ (prev. guided 6-8%). (Newswires)

Veidekke (VEI AV) - Q4 (NOK): Revenue 11.5bln (exp. 11.40bln),

BROKER MOVES

SMI

Swisscom (SCMN SW) - FY24 (CHF): Net Income 1.54bln (prev. 1.71bln), Revenue 11bln (exp. 11bln). Guides initial FY25 EBITDA 5bln. (Newswires)

Nestle (NESN SW) - FY24 (CHF): Revenue 91.4bln (exp. 91.2bln), Organic Sales growth 2.2% (exp. 2.0%), Real Internal growth 0.8%, Pricing 1.5%. Dividend 3.05/shr (exp. 3.03/shr), +1.7% Y/Y.

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Volvo Car (VOLCARB SS) downgraded to Hold from Buy at HSBC

US

CLOSES: SPX -0.27% at 6,052, NDX +0.12% at 21,719, DJIA -0.50% at 44,369, RUT -0.87% at 2,256

SECTORS: Energy -2.69%, Real Estate -0.91%, Materials -0.68%, Industrials -0.58%, Financials -0.41%, Consumer Discretionary -0.30%, Utilities -0.14%, Health -0.11%, Technology -0.05%, Communication Services +0.04%, Consumer Staples +0.23%

Cisco Systems (CSCO) - Cisco shares rose 6.6% in extended trading after it raised its annual forecast, driven by increased AI-related networking investments. Q2 adj. EPS 0.94 (exp. 0.91), Q2 revenue USD 14.0bln (exp. 13.87bln). Raises quarterly dividend to USD 0.41/shr (exp. 0.41/shr), and boosts buyback authorisation by USD 15bln. Product orders grew +29% in the quarter. Sees Q3 adj. EPS between 0.90-0.92 (exp. 0.90), and sees Q3 revenue between USD 13.9bln-14.1bln (exp. 13.88bln). For the Fy, raises FY adj. EPS view to 3.68-3.74 (exp. 3.66; prev. saw 3.60-3.66), and raises FY revenue view to between USD 56bln-56.5bln (exp. 55.97bln; prev. saw 55.3-56.3bln)

Robinhood Markets (HOOD) - Robinhood's Q4 earnings surged past expectations, with revenue up +115% Y/Y, driven by a +700% jump in cryptocurrency revenue, sending shares higher by +16% in afterhours trade. It reported Q4 EPS of 1.01 (exp. 0.43), Q4 Revenue of USD 1.01bln (exp. 0.94bln). Noted a USD 369mlm deferred tax benefit (or 0.41/diluted EPS).

Reddit (RDDT) - Shares fell 13% in extended trading after it missed on Q4 DAUs. It reported Q4 EPS of 0.36 (exp. 0.25), Q4 revenue 0.43bln (exp. 0.41bln). Q4 DAUs were 101.7mln (exp. 103.8mln); DAUs were said to be softer after Alphabet's Google (GOOG) updated its algorithm, which temporarily reduced Reddit’s search traffic, mainly affecting logged-out users. Exec said traffic recovered by the quarter's end.

13 Feb 2025 - 06:58- CryptocurrencyResearch Sheet- Source: Newsquawk