MFebruary12,202409:24PMGMTUpdateEuropeanEquityStrategyEuropeMorganStanley&Co.Internationalplc++44207425-1965+44207677-4652EarningsSeasonMonitor–GiorgioMagagnotti,CFA+44207425-2318ImprovingBreadth+44207677-2452EquityStrategist+44207425-2712~50%ofEurope'smarketcaphasnowreported4Qresults.WeGiorgio.Magagnotti@morganstanley.comseeanimprovementfromourfirsttake,withanet2%ofcompaniesbeatingonsales,whileanet3%havebeatenonRegianeYamanariearnings.Nevertheless,thebreadthofconsensusrevisionsforbothsalesandearningsremainsnegative.EquityStrategistRegiane.Yamanari@morganstanley.com1)Smallbeatonsalesbreadthnowevident...37%ofEuropeancompanieshavebeatenconsensusexpectationsatthetoplineversus35%missingsofarthisseason,MarinaZavolockyieldinganetpositivebreadthofsalesbeatsof+2%(Exhibit1).Thisisanimprovementfromourearlierreadingonearningsseason.FreefloatmarketcapEquityStrategistweightedrevenuesare1.5%aboveexpectations,withthemedianstocksalesbeatingMarina.Zavolock@morganstanley.commarginallyby0.2%.ChelseaETabe2)...withEPSbreadthturningpositiveaswell.Anet3%ofcompanieshavenowbeatenconsensusEPSexpectations.ThisiswellbelowthelevelsseeninpreviousEquityStrategistquarters,butitisanimprovementfromnegativebreadthinourfirsttake(here).Chelsea.Tabe@morganstanley.comOverall,large-capstockscontinuetoshowstrongerresultsoverSMIDcaps.Themedianstockh...
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