Με θετικό πρόσημο έκλεισαν σήμερα τα περισσότερα ευρωπαϊκά χρηματιστήρια, με τις μετοχές του κλάδου ταξιδίων και αναψυχής να πραγματοποιούν τα μεγαλύτερα κέρδη και αυτές του πετρελαίου και αερίου τις μεγαλύτερες απώλειες.
Σε θετικό έδαφος διαπραγματεύθηκαν σήμερα τα περισσότερα ευρωπαϊκά χρηματιστήρια, καθώς δεν επηρεάστηκαν αρνητικά από την δημοσίευση χθες των πρακτικών της Fed από την τελευταία της συνεδρίαση και τις απώλειες στο χρηματιστήριο της Νέας Υόρκης, ενώ επέδρασε θετικά η απόδοση του 10ετούς κρατικού ομολόγου που μειώθηκε κατά περισσότερες από 2 μονάδες βάσης στο 4,39%, και της απόδοσης του 30ετούς κρατικού ομολόγου αναφοράς που μειώθηκε κατά σχεδόν 4 μονάδες βάσης στο 4,54%, το χαμηλότερο σημείο της από τις 22 Σεπτεμβρίου.
Σε πρόσφατες συνομιλίες, ο διοικητής της Τράπεζας της Αγγλίας Andrew Bailey και η πρόεδρος της Εθνικής Ένωσης Αγροτών (NFU) Minette Batters περιέγραψαν τις σημαντικές προκλήσεις που αντιμετωπίζει η γεωργία του Ηνωμένου Βασιλείου, συνδέοντας την αύξηση των παγκόσμιων τιμών των τροφίμων με το αυξημένο ενεργειακό κόστος. Στη σημερινή διάλεξη Henry Plumb Memorial Lecture της NFU, ο Bailey επισήμανε τις αυξημένες ενεργειακές δαπάνες στη γεωργία ως βασικό παράγοντα αύξησης του πληθωρισμού των τροφίμων κατά πάνω από μία ποσοστιαία μονάδα. Υπογράμμισε τον αντίκτυπο της σύγκρουσης στην Ουκρανία με τη Ρωσία, έναν σημαντικό γεωργικό παραγωγό, στην παγκόσμια οικονομία και στα γεωργικά ζητήματα του Ηνωμένου Βασιλείου, όπως οι ελλείψεις εργατικού δυναμικού και τα ακραία καιρικά φαινόμενα.(περισσότερα εδώ)
Ο δείκτης Stoxx 600 έκλεισε στις 457,30 μονάδες με άνοδο 0,32%.
Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 15.963,45 μονάδες με άνοδο 0,40%, παραμένοντας με σήμα strong buy, με την αντίσταση να βρίσκεται στις 15.996 μονάδες και την στήριξη στις 15.640 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.468,42 μονάδες με πτώση 0,18%, μετατρέποντας το σήμα από strong buy σε neutral, με την αντίσταση να βρίσκεται στις 7.528 μονάδες και την στήριξη στις 7.263 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.261,77 μονάδες με άνοδο 0,45%, διατηρώντας το σήμα σε strong buy, με την αντίσταση να βρίσκεται στις 7.371 μονάδες και την στήριξη στις 7.173 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Recommendations
KION: Berenberg’s research is revising its recommendation downwards to Neutral. The target price has been modified and is now set at EUR 37 compared to EUR 36.
Morphosys: UBS is positive on the stock with a Buy rating. The target price remains unchanged at EUR 47.
Rheinmetall: JP Morgan analyst David Perry maintains his Buy rating on the stock. The target price has been raised from EUR 340 to EUR 370.
IAG: In a research note, RBC analyst Ruairi Cullinane has maintained his recommendation on the stock with a Neutral rating. The target price remains set at GBX 200.
H&M: UBS’s research confirms his advice and maintains his neutral opinion on the stock. The target price is still set at SEK 187.
INDITEX: Sreedhar Mahamkali from UBS retains his positive opinion on the stock with a Buy rating. The target price is still set at EUR 40.
Εταιρικά νέα
Thyssenkrupp reported net loss for the fourth quarter and its fiscal year on a tougher market that included higher costs and lower earnings at Steel Europe. The German industrial company lost 2.01 billion euros ($2.19 billion) in the quarter ended Sept. 30 compared with a gain of EUR389 million in its fourth quarter last fiscal year. Thyssenkrupp’s fiscal 2023 net loss was EUR2.07 billion compared with a net profit of EUR1.14 billion in fiscal 2022, it said. “One factor in this development was the largely market-related decline in operating performance,” the company said. Lower prices, high raw material prices and energy costs, and lower revenues at Steel Europe also drove the loss, the company said. Fourth-quarter sales fell 17% to EUR8.81 billion. On the year, sales fell 9% to EUR37.54 billion, below analysts’ expectations of EUR39.94 billion, according to FactSet.
The firm’s closely-watched adjusted earnings before interest and taxes fell 45% to EUR88 million on the quarter for an adjusted EBIT margin of 1%, compared with 1.5% a year prior. For the full year, adjusted EBIT dropped 66% to EUR703 million for a margin of 1.9%, which compares with a margin of 5% a year ago. “The figures show that we have made progress with the transformation of Thyssenkrupp, despite the difficult environment, but also that we must continue to work hard at raising the performance of our businesses,” Chief Executive Officer Miguel Lopez said. Thyssenkrupp’s order intake dropped 20% to 8.305 billion in the final quarter, and shrunk to EUR37.06 billion on the year, a 16% drop. Free cash flow before mergers and acquisitions for the year swung to EUR363 million from an outflow of EUR476 million a year ago. But it fell on the quarter to EUR597 million from EUR1.165 billion.
Thyssenkrupp proposed a stable dividend at EUR0.15 per share. Looking ahead, the company sees fiscal 2024 sales slightly above 2023 sales. It is targeting adjusted EBIT in the high three-digit million range with Steel Europe expected to contribute in the mid three-digit million euro range. The Free cash flow before mergers and acquisitions target is in the low three-digit million euro range. A previously announced, cost-saving program will contribute to its annual results, Thyssenkrupp said.
Speedy Hire said pretax profit fell for the first half of its fiscal year as revenue decreased on lower hire and service revenue, and that results for the year will be toward the lower end of the board’s expectations. The U.K. tools, equipment and plant-hire services company said Wednesday it expects revenue and profits to be second-half weighed as winter programs start and new contracts are fully mobilized. It expects revenue growth in the second half. For the six months ended Sept. 30, pretax profit was 5.6 million pounds ($7 million) compared with GBP13.2 million the year before, it said. Revenue fell to GBP208.5 million from GBP214.8 million. The company said it has seen some softening in demand as customers review their use of assets with a view to operational efficiency. “We expect to see the benefits of our investments in our Velocity strategy including operational efficiency and supply chain optimization, in the second half and beyond. Whilst the macroeconomic outlook is uncertain, we remain confident of delivering results, albeit towards the lower end of the board’s expectations,” Chief Executive Dan Evans said.
Sage Group reported a lower pretax profit for fiscal 2023 despite double-digit revenue growth, and outlined a share buyback program of up to 350 million pounds ($438.8 million). The software company said Wednesday that pretax profit for the year ended Sept. 30 was GBP282 million compared with GBP337 million for the same period a year earlier, dragged by higher costs. Boosted by Sage Business Cloud growth, adjusted earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics, which strips out exceptional and other one-off items–rose to GBP553 million from GBP468 million. Sage’s total revenue rose 12% to GBP2.18 billion. The group reported a rise in subscription penetration to 79% from 75% reflecting continued growth from subscription contracts. The board declared a final dividend of 19.3 pence from 18.40 pence, in line with the company dividend policy.
SAS has received U.S. bankruptcy court approval for the previously announced $1.2 billion investment from a Castlelake-led consortium, which also includes Air France-KLM, Lind Invest and the Danish state, it said late Tuesday. The Scandinavian airline has also received final court approval for a new $500 million financing credit agreement with Castlelake, a deal that replaces a previous financing deal from Apollo Global Management and which will allow it to increase liquidity and support an exit from Chapter 11. SAS filed for Chapter 11 bankruptcy last year as it worked to push through a comprehensive financial restructuring to cut costs and raise capital under the supervision of the U.S. court system. Last month, the Castlelake-led consortium agreed to pump in $1.18 billion for majority control of the carrier, later increasing it to $1.2 billion, wiping out existing shareholders with the investor group set to own a total of around 86% of the company. Castlelake will have a 32% stake, the Danish state 25.8%, Air France-KLM 19.9% and Lind Invest 8.6%. SAS expects to exit Chapter 11 in early 2024.
Kingfisher further cut its profit guidance for fiscal 2024 after reporting an fall in third-quarter sales, mainly dragged by its performance in France. The home-improvement retailer on Wednesday said it currently expects adjusted pretax profit–which strips out exceptional and other one-off items–to come to 560 million pounds ($702.1 million) for the year ending Jan. 31. At its interim results earlier this year, Kingfisher had downgraded expectations for its preferred metric to GBP590 million from GBP634 million. Total sales for the third quarter fell 2.1% to GBP3.24 billion compared with the same period a year earlier, while on a like-for-like basis sales fell 3.9%. By region, sales in the U.K. and Ireland sales rose 3.3% but fell 8.7% in France. “We continue to take decisive cost actions in France, more than offsetting the impact of inflation. However, given continued market weakness, this is not sufficient to offset the impact of lower sales in this region,” it added. Kingfisher said its fourth quarter has started largely in line with the trends seen in the third quarter, including continued resilience in the U.K. and weakness in France. Sales on a like-for-like basis for the three weeks to Nov. 18 were down 3.4%.
CRH PLC is selling its European lime operations to SigmaRoc for $1.1 billion in a three-part deal, the first of which is expected to complete early next year. The Irish building-materials supplier said Wednesday that the sale follows a review of the business and is part of its approach to portfolio management. The company said the first part of the sale includes operations in Germany, Czech Republic and Ireland. The remaining phases, consisting of operations in the U.K. and Poland, are expected to complete in 2024, it said. “The proceeds from the divestment will provide us with significant additional capital allocation opportunities to deliver further growth and value creation for our shareholders,” CRH Chief Executive Albert Manifold said. The business being sold generated sales of $610 million and earnings before interest, taxes, depreciation and amortization of $137 million in 2022.
Johnson Matthey raised its underlying performance guidance despite pretax profit falling on a decline in precious metal prices, The U.K. sustainable-technologies company reported on Wednesday a pretax profit of 82 million pounds ($102.8 million) for the six months ended Sept. 30 compared with a profit of GBP188 million a year earlier, reflecting lower metal prices, impairment and restructuring charges and higher net finance charges. Underlying operating profit–one of the company’s preferred metrics, which strips out exceptional items–fell to GBP180 million from GBP222 million, primarily due to lower average precious metal prices. However, after adjusting for the GBP55 million hit from lower prices, the company said underlying operating profit was up 10%, reflecting the benefits of its business transformation, among other factors. Revenue fell to GBP6.53 billion from GBP7.33 billion. Johnson Matthey said it now expects at least high single digit growth in underlying operating performance for fiscal 2024 at constant metal prices and on a constant currency basis, up from prior guidance of at least mid single digit. It said while it remains difficult to predict how metal prices will develop, it is focused on mitigating their potential hit to its performance. The board declared an interim dividend of 22.0 pence a share, flat on year.
Enel plans to increase investments, boost cash generation and carry out cost reductions as part of its strategic plan for the 2024-26 period. The Rome-based energy company said Wednesday that it plans for total gross capital expenditure of around 35.8 billion euros ($39.07 billion), with approximately EUR18.6 billion allocated toward grids and around EUR12.1 billion toward renewables. Net capex is expected to amount to around EUR26.2 billion. Enel aims for around EUR43.8 billion of funds from operations to fully cover investments and dividends, and achieve a total cost reduction of around EUR1.2 billion in 2026. The company said it will implement a disposal plan set to have an estimated positive impact on net debt of around EUR11.5 billion between 2023 and 2024. Ordinary earnings before interest, taxes, depreciation and amortization are seen between EUR23.6 billion and EUR24.3 billion in 2026, while net ordinary income is expected between EUR7.1 billion and EUR7.3 billion. Enel said its dividend policy comprises a EUR0.43 fixed minimum dividend per share for the 2024-26 period, with a potential increase up to a 70% payout on net ordinary income, if cash flow neutrality is achieved.
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