Research

517 European Large Caps

34 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

08/09/26

Bic

BIC’s new 2030 strategy looks positive for earnings and cash generation, with growth, margin and capex targets ahead of the current consensus. The ...

07/09/26

JUNGHEINRICH’S LI-ION CONVERSION HEADSTART (BUY; 35% UPSIDE)

Jungheinrich (BUY; Germany) is one of Europe’s leading intralogistics players, with a core franchise in electric industrial trucks complemented by ...

07/09/26

RATE SHOCKS, FUEL SPIKES, LUXURY BLEEDS

Equity markets were roughly unchanged over the week ending September 5. Tensions in the Gulf continued to rise leading to a sharp rise in crude ...

07/09/26

Elekta

We have revised our estimates upwards and removed the 20% discount previously applied to the peer-based valuation. This optimism is supported by ...

04/09/26

Galp Energia

We raise our 2026 reference EPS to €2.36 (from €1.73), and also raise our 2027 and 2028 estimates to €2.03 and €1.74 (from €1.53 and €1.47 ...

04/09/26

Norsk Hydro

There has been a notable rebound in sentiment in Norsk’s shares (+11%) since impressive Q2 26 results were released in July 2026. While the results ...

04/09/26

Merck

While we have tweaked our earnings estimates slightly higher, the decline in our target price is owing to the removal of a peer which was skewing the ...

04/09/26

AstraZeneca

We have tweaked our earnings estimates lower and considering the recent late-stage setbacks for cardiovascular (Wainua) and oncology (Volrustomig) ...

04/09/26

ENTENTE PUT TO THE 10Y TEST

The Economist having gently ribbed the refreshed UK-France entente occasioned by the Bayeux Tapestry’s London outing, it seemed only polite to ask ...

04/09/26

EVOLUTION AHEAD OF ITS FUNDAMENTALS (REDUCE; -2% DOWNSIDE)

When we initiated coverage on Evolution (REDUCE; Sweden) in Feb’25, our positive stance was affirmed by its Live Casino franchise (60-80% market ...

04/09/26

Bastide Le Confort Medical

Bastide ended FY25/26 above its revenue target, with Q4 organic growth recovering as the VPH headwind faded, confirming the one-off nature of the ...

04/09/26

Generali

MPS is proposing to launch two public exchange offers, for Banca Generali and Banco BPM, as a countermove to Intesa Sanpaolo’s takeover bid. In our ...

03/09/26

Vivendi

Vivendi delivered mixed H1 results, with progress on corporate cost cuts and poor performance from Gameloft. The deleveraging process has not ...

03/09/26

CD Projekt

In Q2 26, CD Projekt’s results exceeded consensus estimates by 22-57.7%. H2 26 results should be positively impacted mainly by higher sales of CP2077 ...

03/09/26

Deutsche Boerse

We have updated our EPS projections, our DCF long-term assumptions and our NAV valuation method, resulting in a decline in our TP. We thus now see ...

03/09/26

En+

EN+ reported strong H1 results. Besides strong Aluminium operations, results were further complemented by sustained Energy resilience and impressive ...

03/09/26

FROM BACALHAU TO MOPANE: CAN GALP SUSTAIN GROWTH WITH MOEVE STILL PENDING? (SELL; -13% DOWNSIDE)

Galp (Sell ; Portugal) remains one of the smallest European integrated Oils, but Upstream now dominates the equity story since it has decided to ...

03/09/26

CAN THE SHEIN FAILURE BE THE NEXT HOPE FOR AUTOS?

The following operating (not Ebit) margin trend chart over 2006-2028 shows that the car industry has an operating margin run rate at 8%, falling to ...

03/09/26

Fortum

Fortum has cleared its final competition approvals for Elmera, with sign-off today, 3 September, from the Norwegian, Swedish and Finnish authorities ...

03/09/26

CD Projekt

Our new PT for CD Projekt RED S.A. is impacted by the following: 1) A PLN25m higher assumption for total sales in 2026 due to a much ...

03/09/26

Solvay

Rare earths have become increasingly important given their relevance in high-end industries. China’s monopoly seems to have shaken the world awake to ...

03/09/26

Pernod Ricard

We have incorporated FY26 results and the new guidance into our model. The main changes to our assumptions include: i) a slower sales trajectory, ...

02/09/26

Exor

Since Exor’s reclassification as an “Investment Entity” under IFRS 10, dividend income has become the primary driver of reported earnings, as ...

02/09/26

SES

Investment case

02/09/26

Ses

SES is currently being priced as a structurally declining satellite operator facing an increasingly existential competitive threat from LEO ...

02/09/26

Aroundtown

Aroundtown delivered a clean H1, stable rents, unchanged valuations, confirmed guidance, but FFO I is down 4% and the €249m buyback is already €65m ...

02/09/26

Rusal

Rusal reported strong H1 results. Besides strong aluminium operations, results were further complemented by impressive show for Nornickel – which ...

02/09/26

BANKS NEWS CAN ONLY BE GOOD NEWS

One wonders what could trip up European Banks. The 37 banks under coverage by AlphaValue have gained 23% ytd and have easily outperformed the ...

02/09/26

BARC’S UNSOLVABLE CIB EQUATION (REDUCE; +4%)

BARC (Reduce; UK) is posting one of the sector’s worst performances year-to-date, despite a supportive market environment. The stock is up by only 6% ...

02/09/26

EDP

We reiterate our strongly positive stance on EDP, one of the best-positioned names in our coverage ahead of the autumn/winter season. Europe enters ...

02/09/26

Centrica

Despite the TP cut, we remain constructive on Centrica’s medium-term restructuring. We see Centrica increasingly recycling cash from Retail, ...

02/09/26

Centrica , EDP , Engie , Fortum , Iberdrola , RWE , Verbund

Europe heads into winter dangerously short of gas, with a fresh price spike (TTF above €70/MWh, Brent near $95) meeting depleted reserves across the ...

02/09/26

Boliden

Boliden had a very strong run over past month. This has been an interesting revival of sentiment as market reaction to the firm’s Q2 results was ...

02/09/26

Swiss Life Holding

Swiss Life reported 1H26 results, which were broadly in line with our estimates and slightly above consensus. The segment result included both ...

01/09/26

Partners Group

PG H1 earnings were disappointing. They shouldn’t be, as they merely reflect a drop in realisations. The strategy and steering remain convincing. The ...

01/09/26

dormakaba

Dormakaba delivered a resilient FY25/26, with 3.0% organic growth, a record 16.1% adjusted EBITDA margin, and stronger H2 momentum. Management guides ...

01/09/26

Tecan

We have resumed our coverage of the Tecan Group, updating the company’s accounts and our forecasts. The share price has gained strong momentum since ...

01/09/26

Barclays

We have decided to revisit our complacent valuation to align our recommendation with our fundamental sentiment that the stock should continue to ...

01/09/26

HAS AIR LIQUIDE FOUND ITS SPARK? (ADD; +9%)

Over the last 2 years Air Liquide (ADD ; France) (and Linde) have failed to deliver as much as the Stoxx600. It takes a 5-year perspective to see the ...

01/09/26

DEPRESSED DRINKS (AND SWEETS)

Year to date booze, smoke and chocolate have failed the broad Food & Beverages sector, which is only up 4%, while the Stoxx600 managed 13%+. It ...

01/09/26

Drägerwerk AG & Co KGaA

Dräger’s final Q2 26 results confirmed margin acceleration across both divisions, alongside a sharp improvement in FCF and net debt. The key ...

01/09/26

K+S

We have increased our EBITDA expectations for FY 26-28 – €727m/728m/715m (vs. €710m/688m/669m previously), as the company demonstrated strong volumes ...

31/08/26

Nornickel

Finally, Nornickel is delivering to its potential – with very strong H1 results also resulting in dividend reinstatement. While strong prices were a ...

31/08/26

OIL RETREATS, YIELDS BITE AND TECH STRIKES BACK

Global markets stabilised over the week ending August 28 as mega-cap tech earnings and central bank commentary offered some relief after weeks of ...

31/08/26

SIEMENS IS EXPENSIVE FOR A NARRATIVE AT A STANDSTILL (REDUCE; -12% DOWNSIDE)

Siemens (Reduce; Germany), the global leader in Industrial Automation, has shed more of its conglomerate aura over the last three years and ...

31/08/26

EVN

Our FY2026 EPS has been revised upwards, driven by better supply margins and higher heat sales, resulting in an increase in our Energy EBITDA ...

28/08/26

Asseco Poland

In Q2 26, Asseco Poland’s results were 5%-9% above PAP consensus. They were driven by the Public segment, whose condition during the call management ...

28/08/26

Diageo

We have incorporated FY26 actuals and the new FY27 and medium-term guidance into our model. We have slightly raised our sales estimates, and more ...

28/08/26

Eiffage

After Eiffage’s H1 2026 results, we have cut our 2026–28E earnings. APRR/AREA traffic fell 2.5% in H1, and management moved Concessions guidance from ...

28/08/26

Ackermans & van Haaren

Ackermans & van Haaren delivered a very strong H1-26, with net profit up 24% yoy to c. €340m and core business contribution up 13%. Management ...

Download a sample

RESEARCH

517 European Large Caps

34 Senior Analysts