Research

538 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

02/12/25

Travis Perkins

The earnings decline is driven by three key factors: 1. Weaker specialist merchant performance – including BSS, CCF, Keyline, and TF Solutions – ...

01/12/25

Nexans

We have also removed the premium applied to the Dividend Yield valuation, as we no longer consider it justified.

01/12/25

Elior

Our discussion with Elior’s CFO provided clearer visibility on the pacing of the ongoing transformation and outlined detailed initiatives towards a ...

01/12/25

Allgeier SE

Taking into account the divestment of Allgeier’s IT-managed-services branch, we acknowledge the temporary mechanical impact on EPS. However, this ...

01/12/25

AMS OSRAM REWARD WILL TEST YOUR PATIENCE (BUY; 54% UPSIDE)

The last time we wrote about ams OSRAM (BUY; Austria) in April 2025, we concluded that the company’s turnaround story was going well and it was a ...

01/12/25

Bechtle

We maintain a positive view on Bechtle, although the upside potential is now more limited. Our €50 target price reflects this constructive stance, ...

01/12/25

Bic

The earnings decline stems from two main factors: 1. Weak performance in North America, driven by a softer-than-expected US recovery and a ...

28/11/25

Indra

The strong revision of the target price reflects updated estimates, primarily driven by scope effects, as well as NAV and DCF assumptions (see ...

28/11/25

Mitchells & Butlers

M&B delivered FY25 results slightly ahead of expectations, with pricing-driven revenue growth, market share gains, and improved margins despite cost ...

28/11/25

Bolloré , Vivendi

Unsurprisingly, the French Supreme Court cancelled the judgement of the Paris Appeal Court but asked the Paris Appeal Court to judge again if Bolloré ...

28/11/25

Eutelsat Communications

We have incorporated the updated calculations regarding the total number of shares after the rights issue announced on November 25. Given that the ...

28/11/25

BACK-TO-OIL FUGRO FOR THE BETTER (ADD; 13% UPSIDE)

Fugro (ADD ; Netherlands) is a global leader in Geo-data services, active across offshore wind and Oil & Gas, from site characterisation and ...

28/11/25

CONCRETE DREAMS

Over the last 5 trading days, the Building Materials sector has led the European sector performance. This is a testament to the new speculative pull ...

28/11/25

NOVO NORDISK

Novo’s investors losing more weight than its patients

28/11/25

Sonae

Following the release of the more detailed 9M report, we have improved our EPS for 2025, mainly due to lower depreciation costs expected for 2025 ...

27/11/25

CD Projekt

Following record 9M 25 results, which on EBIT and net income level almost reached our full-year 2025 forecasts, we have increased of revenue ...

27/11/25

Gaming - Gambling

The UK’s tax hikes target online gambling while largely ex. retail and horseracing. Office for Budget Responsibility forecasts a 1/3rd drop in gaming ...

27/11/25

Sage

This slight adjustment to our DCF once again allows us to reaffirm our positive view on Sage. We remain convinced that the group is far from having ...

27/11/25

CD Projekt

In Q3 25, CD Projekt’s results were 14.8%-20.9% above PAP consensus on all levels. The main reason was a successful release of CP2077 – the game has ...

27/11/25

Banks

Everyone knows the saying, “Buy on the sound of cannons, sell on the sound of the bugle.” Unfortunately, the US considers that Ukraine has lost the ...

27/11/25

Landis+Gyr Group AG

We have updated our peer group by removing SFS and Bossard and adding Itron. This revised set of peers aligns with the company’s forthcoming U.S. ...

27/11/25

KILLJOY: WHY OWNING FCC FEELS SO UNSATISFYING (ADD; 21,%UPSIDE)

Once known for pouring cement and building condos, in 2024 FCC (ADD; Spain) refocused on the two things no city can function without: taking out the ...

27/11/25

Sonova Holding

We have lowered our target price to reflect the business challenges outlined in the EPS section. Additionally, we have adjusted the peer-based ...

27/11/25

Remy Cointreau

Today’s call marked the first for the new CEO, Mr Franck Marilly. Despite results already exceeding expectations, he heightened anticipation by ...

27/11/25

Lindt & Sprüngli

The change in the target price is due to a change in the analyst covering the stock, complemented by the usage of systematic intrinsic and peer-based ...

26/11/25

Hal Trust

HAL continued its momentum in Q3 2025 by recording a slight increase in NAV, supported by its private assets. However, the performance was mixed ...

26/11/25

KINGFISHER’S FRENCH DRAG IS REDUCED (ADD, 19% UPSIDE)

Kingfisher (ADD ; UK) has been struggling for over a decade, with successive CEOs unable to halt the structural decline in France, which now accounts ...

26/11/25

Amadeus IT Group

There is a minor change in the target price following the fine-tuning of our model. Excluding the negative currency effects, the group continues to ...

25/11/25

Julius Baer

Julius Baer’s interim statement to October describes a healthy progression when it comes to asset gathering (+8% to CHF520bn), balance sheet strength ...

25/11/25

Forvia

The reduction in our FY25 EPS estimate is driven by two factors. First, we now include a €136m non-cash financial asset charge related to Symbio, the ...

25/11/25

ACKERMANS & VAN HAAREN

How Ackermans turns discipline into returns

25/11/25

Bekaert

We have revised our EBIT estimates downward following the 3Q25 results. We have also lowered projected capex spending, as the company highlighted ...

25/11/25

Bolloré

We have taken into account the reverse split of Havas into our model, which was not previously properly accounted for, thereby unduly raising ...

25/11/25

COVIVIO PREFERS HOTELS TO OFFICES (SELL; 26% DOWNSIDE)

Covivio (SELL; France) manages a €22bn portfolio (€16bn, group share) comprising European hotels, residential units, and offices. Although ...

25/11/25

LANXESS

The EPS change for 2025 reflects our more conservative opinion of EBITDA (discussed in DCF section) and earnings from investment accounted using ...

25/11/25

Novo Nordisk

Even though the sentiment around Novo has been extremely adverse (further exacerbated by today’s R&D development around Alzheimer’s), in our opinion, ...

24/11/25

AlphaBlunt!

ATOS

The Philippe Salle Options

24/11/25

Georg Fischer

The change in the target price is due to a change in the analyst covering the stock, complemented by the usage of systematic intrinsic and peer-based ...

24/11/25

ams OSRAM

We have incorporated Q3 results into our model. Consequently, we have reduced our sales growth as well as profitability metrics slightly, as the ...

24/11/25

SCHINDLER’S SLOW GROWTH HINGES ON LIFTS UPDATES (REDUCE; 8% UPSIDE)

Kone (REDUCE ; Finland) and Schindler (REDUCE ; Switzerland) have posted decent YTD returns and should finish the year well. Kone has been the better ...

21/11/25

APERAM IS ANOTHER CBAM PLAY (ADD; 21% UPSIDE)

Looking in the rear-view mirror, the performance of Aperam (ADD ; Luxembourg) stock is in line with the market. That said, the “delivery” of this ...

21/11/25

INSURANCE HIGH P/BOOK REFLECTS RISK TRANSFER

Banks have experienced a massive rerating since their 2020 Covid lows. Their P/Book ratios attest to that. At 1.18x they are vastly higher in 2025 ...

21/11/25

Sandoz

Ever since Sandoz demerged from Novartis, the generics/biosimilars giant has been delivering on its promises, and remains well on track to achieve ...

20/11/25

Vivendi

We change our recommendation from Buy to Reduce as we now consider the likelihood of a takeover of Vivendi by Bolloré to be nil, erasing the ...

20/11/25

IAG’S RESET LEAVES THE LONG-TERM CASE INTACT (ADD; 15% UPSIDE)

IAG (ADD ; Spain)’s share price has outperformed the sector for a while, with the strong performance earlier this year, reflecting very high ...

20/11/25

CAN BANKS HAVE AN AI TWIST? NOT YET

Interestingly, European Banks did not escape the last 5 trading days (to 18-11 close) market correction, as doubts surfaced about AI’s lack of a ...

19/11/25

ERG

We have revised our EPS forecast upwards for 2025 and Q1 2026, driven by the ongoing recovery in wind generation across Europe. ERG confirmed its ...

19/11/25

Aryzta

The change in the target price is due to a change in the analyst covering the stock, complemented by the usage of systematic intrinsic and peer-based ...

19/11/25

Swiss Re

We have reviewed our assumptions following the publication of Swiss Re’s 3Q results. Swiss Re’s 3Q25 performance was mixed. On the positive side, net ...

19/11/25

DON’T BET YOUR SHIRT ON ANTOFAGASTA (SELL; 17% DOWNSIDE)

If there’s one firm within AV Metals & Mining that epitomises the word ‘euphoria’ in 2025 (marred by US tariffs), it’s Antofagasta (SELL, UK) – ...

Download a sample

30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

538 European Large Caps

36 Senior Analysts