Europe Movers: BayWa, Just Eat Takeaway.com, Modi, Prosus, Scandic Hotels,

Inga Muller
24 Feb, 2025
Frankfurt

European markets advanced amid optimism about German elections and a rally in defense stocks. 

 

Europe Indexes and Yields

The DAX index increased by 0.7% to 22,442.25, the CAC-40 index edged lower 0.2% to 8,138.91, and the FTSE 100 index advanced by 0.3% to 8,683.27.

The yield on 10-year German bonds inched higher to 2.46%, French bonds decreased to 3.21%, the UK gilts moved down to 4.56%, and Italian bonds edged lower to 3.54%.

The euro increased to $1.05; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 89.88 Swiss cents.

Brent crude decreased $0.03 to $74.40 a barrel, and the Dutch TTF natural gas was higher by €0.49 to €46.40 per MWh.

 

Recent Earnings Movers

Leonardo DRS Inc. plunged 7.5% to $28.85 despite the Italian aerospace and security company reporting a revenue increase in the fourth quarter ending in December.

Revenue climbed 6% to $981 million from $926 million, net earnings climbed 20% to $89 million from $74 million, and earnings per diluted share rose to 33 cents from 28 cents a year ago.

Bookings amounted to $1.27 billion from $1.01 billion a year earlier.

Leonardo DRS received $1.3 billion in new funded contract awards during the fourth quarter and $4.1 billion for the full year.

For fiscal 2025, the company estimated revenue between $3.42 billion and $3.52 billion, compared to $3.23 billion in 2024, and adjusted earnings per diluted share between $1.02 and $1.08, compared to 93 cents last year.

Adjusted EBITDA is expected to be between $435 million and $455 million, compared to $400 million in 2024.

The company plans to repurchase $75 million in outstanding shares, or up to 0.9% of its stock, through open market repurchases.

In addition, Leonardo DRS proposed a dividend of 9 cents a share, payable on March 27 to shareholders on record as of March 13.

This represents a dividend of 36 cents per share on an annualized basis and a yield of 1.25%, with the ex-dividend date March 13 and a payout ratio of 45.57%.

Scandic Hotels Group AB eased 0.4% to 85.65 krona after the Swedish hotel chain operator reported a slight increase in revenue for the October-December quarter.

Net sales increased 1.4% to SEK 5.49 billion from SEK 5.41 billion, net profit surged to SEK 132 million from SEK 41 million, and earnings per share rose to 60 cents from 27 cents a year ago.

Earlier this year, the company repurchased 195,000 of its shares as part of its share buyback program worth SEK 300 million.

The share buyback program runs between December 9, 2924, and March 31, 2025.

Mondi Plc. eased 2.1% to 1,238 pence after the UK-based packaging and paper group reported strong results for fiscal 2024 ending in December.

Revenue increased to €7.42 billion from €7.33 billion, net income surged to €218 million from a loss of €153 million, and earnings per diluted share rose to 49.1 cents from a loss of 31.5 cents a year ago.

The company proposed a final dividend of 46.67 cents per share for a total of €206 million, payable on May 16 to shareholders on the register as of April 4.

Last year, Mondi paid total ordinary and special dividends worth €1.08 billion, compared to €345 million in 2023.

The company returned the net proceeds from the sale of its Russian assets to shareholders by way of a special dividend of €1.60 per existing ordinary share.

Mondi said that its acquisition of packaging assets from Schumacher Packaging GmbH for €634 million is on track to complete in the first half of 2025.

Societe Bic SA increased 0.3% to €61.02 after the French disposable items maker reported lower revenue in the fourth quarter ending in December.

Net sales declined to €517.5 million from €526.1 million, net income fell to €27.0 million from €45.1 million, and group earnings per share dropped to 65 cents from €1.05 a year ago.

For fiscal 2025, the company estimated net sales growth between 4% and 6% at constant currency and an adjusted EBIT margin at 15.6%, the same level as in 2024.

BIC proposed a dividend of 3.08 per share, up 8% from 2023, and worth €127 million.

In addition, the company plans a share buyback program of up to €40 million, to be executed in 2025.