Research

535 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

27/01/26

Atlas Copco

The Swedish group reported results in line with expectations. Currency headwinds significantly impacted Q4, exerting pressure on margins in a subdued ...

27/01/26

INSURANCE / REINSURANCE

2026, the inflexion year?

27/01/26

Umicore

EPS expectations for 2025 and 2026 have been revised upward, driven by a surge in metal prices and stronger earnings from the catalysis segment. Our ...

27/01/26

Siegfried

Critical USA size increase with value-accretive capacity acquisition

27/01/26

SOCGEN: OVER-DISCOUNTING FRENCH RISKS (REDUCE; 6% UPSIDE)

In our previous idea kicker on SocGen (REDUCE; France) back in April 2024, we looked at the odds of success and the incoming challenges for Slawomir ...

27/01/26

SOFTWARE ‘KODAK MOMENT’ IS NOW

Since last August, the Software sector has suffered a major stock market slump (-18.62%). While an initial alarm was sounded during the summer ...

27/01/26

Sage

SAGE delivered a compelling set of results for this first quarter. Growth remains in line with previous guidance, underscoring the resilience of the ...

27/01/26

Teleperformance

After the pre-close call for FY25 that we had with management, we again adjust our topline growth forecasts for the group, with an impact on EPS. ...

27/01/26

PUMA

Anta Sports confirmed the acquisition of a 29% stake in Puma from Artémis for €1.5bn (€35 per share) in cash, implying a 62% premium to the previous ...

27/01/26

Sandvik

The group reported expected figures for FY25. However, strong currency headwinds, particularly due to the dominance of the US dollar, obscure the ...

26/01/26

Ryanair

Despite buoyant revenue growth and a contained increase in operating costs, Ryanair’s year-end quarter net profit fell sharply by 80%, mainly due to ...

26/01/26

Saint-Gobain

Following our discussion with management, we have updated our FY 2025 estimates to reflect two external factors that are likely to shape the Q4: ...

26/01/26

Renault

We remain positive on Renault for several reasons. Firstly, Renault is largely insulated from key sector headwinds, including tariffs, direct ...

26/01/26

VAT’S VACUUM COMES AT PLENUM PRICES (SELL; -14% DOWNSIDE)

VAT Group (Sell, Switzerland) is a manufacturer of high-precision vacuum valves and systems serving semiconductor and other advanced-technology ...

23/01/26

Investor

We have updated our model with the actual figures for FY25, which has led to a change in EPS for 2025, mainly due to an increased change in the fair ...

23/01/26

Non-Food Retail

Germany: Online retail sales in FY25 showed an improved growth of +3.2% yoy – Despite a challenging market

23/01/26

Partners Group

Partners Group (PG) raised $26bn and invested $27bn in 2025. These are impressive figures, above guidance, leading to AuM at $185bn. This is a 22% ...

23/01/26

Ericsson

Ericsson released its impressive Q4 results, with healthy overall growth mainly supported by revenue growth in the cloud software and services ...

23/01/26

TOO LATE TO BOARD THE MILLICOM TRAIN? (SELL; -25% DOWNSIDE)

Millicom’s (SELL; Luxembourg) stock rose by 135% in 2025, outperforming all European telcos. However, in 2022, it had the dubious honour of having ...

23/01/26

BASF SE

BASF’s preliminary estimates for FY 2025 remained broadly in line with street expectations on core operations but outperformed on the back of ...

23/01/26

Galenica

The FY25 sales figures were largely in line with expectations, and management reaffirmed its FY25 earnings and dividend outlook. Growth was ...

23/01/26

Bankinter

The upgrade of the SOTP is attributable to the one year forward move of the valuation basis, as we added 2028 to our forecasts following the release ...

23/01/26

Partners Group

The change in valuation methodologies explains the change in the target price. Underlying operating figures have not been changed.

23/01/26

HBM Healthcare Investments

Solid 9M delivery on broad-based portfolio strength

23/01/26

Metals & Mining

Despite growing global geopolitical frictions, Metals & Mining remains a sector of high interest. Plus, news of the Rio-Glencore merger has added to ...

22/01/26

EUROPEAN BANKS

Go North

22/01/26

Ubisoft Entertainment

Yesterday, UBI issued a press release stating that it will again not reach its guidance for 2025/26 and instead, due to 6 cancelled games and a ...

22/01/26

MLP SE

A defensive growth case with underestimated profitability

22/01/26

Essity

Essity reported mixed Q4 25 results, with profitability better than expected but sales falling slightly short of consensus expectations. Organically, ...

22/01/26

Ubisoft Entertainment

On 21 January, after the market closed in Paris, Ubisoft released a press release stating that due to the cancellation/postponement of 13 new games ...

22/01/26

Investor

Investors finished the year with a good performance, enabling the company to beat the SIXRX index by a slight 2pp margin. The interesting takeaways ...

22/01/26

Carl Zeiss Meditec

CZM’s Q1 FY 2025-26 preliminary release fell short of market expectations. Sales and profitability were adversely affected by both external and ...

22/01/26

BBVA’S GEOPOLITICAL RISK PREMIUM (REDUCE; -3% DOWNSIDE)

Despite the failure of the hostile takeover bid for SAB (ADD, Spain), the removal of uncertainties accumulated during the lengthy stock market ...

22/01/26

Atos

Despite these adjustments, which marginally weigh on our price target, we reiterate our Speculative Buy rating on the stock. Atos delivered a ...

22/01/26

Clariant

We have revised down our FY 2026 EPS forecast to CHF 0.75 (vs. CHF 0.90 previously), reflecting a more cautious outlook for the year. Our sales ...

22/01/26

AEROSPACE & DEFENSE

From budget promises to strategic credibility

22/01/26

Aryzta

Our updated DCF model incorporates the upward adjustments to our EBITDA outlook, including a 1.7% increase for FY25E (previously EUR 302m) and a more ...

22/01/26

Getlink

At first glance, Getlink’s 2025 revenue looks underwhelming: €1.595 billion, down 1% year on year. But that headline is misleading. The comparison ...

22/01/26

Volvo

Ahead of Volvo’s FY25 results, we have cut our estimates, leading to a reduction in our FY25 EPS forecast. We lower our FY25 net sales estimate by ...

22/01/26

Bankinter

The fourth-quarter results were in line with consensus expectations, showing stable net interest margin, healthy loan book expansion boosted by ...

22/01/26

Aryzta

Aryzta delivered its trading update, encouraging the market after a period of uncertainty. It highlighted their ability to beat consensus, enhance ...

22/01/26

HUBER+SUHNER

Sales were in line with guidance. The company has not provided new guidance for FY26. We expect 2026 to be a strong year, driven by OCS sales.

22/01/26

VAT Group

We have upgraded our NAV EV/Sales multiple from 8x to 10x as we re-assessed the historical numbers and the upcoming growth coming from the ...

21/01/26

Sbm Offshore

The integration of additional FPSOs under Operation & Maintenance from 2027 onwards explains the revision to our outlook. The inclusion of FPSO ONE ...

21/01/26

Bilfinger

Bilfinger operates a contracted industrial services model built around building, maintaining, and upgrading critical infrastructure, with more than ...

21/01/26

Swiss Prime Site

Our EPS sequence is based on recurring profit flows at AV standards. We expect a recovery with the operational commissioning of Jelmoli and Yond ...

21/01/26

PSP Swiss Property

Our EPS sequence was based on the recurring result according to our standards. We expect low growth in recurring EPS in FY26.

21/01/26

Hera

Hera has published its new five-year plan, as customary, alongside the Board’s approval of FY25 results. These came in slightly below consensus, with ...

21/01/26

Burberry

Burberry delivered a solid Q3 25/26 with retail comps up 3%, marking a second consecutive quarter of sequential improvement. Performance was ...

21/01/26

Currys

Currys delivered a strong peak trading performance, beating expectations with 6% LFL sales growth, driven by market share gains in both the UK&I and ...

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RESEARCH

535 European Large Caps

36 Senior Analysts