Research

519 European Large Caps

37 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

13/03/26

Schindler

Our opinion on Schindler changes from Reduce to Add as we roll over our model to 2028, and the modest change in our target price results in a ...

13/03/26

Zalando

Zalando’s strong year-end performance and a clearer roadmap for FY26 and FY28 have restored investor confidence, previously shaken by concerns over ...

13/03/26

Geberit

All in all, we reduce our target price by -12.1% following the revision of our NAV and DCF valuations, reflecting continued market uncertainty and a ...

13/03/26

Carl Zeiss Meditec

In addition to a downward revision to our estimates, we have also incorporated a 30% discount to peer-based valuation metrics to account for business ...

13/03/26

NOKIA TOO IS AI FUELED (REDUCE; 3% UPSIDE)

The last time we wrote about Nokia (REDUCE, Finland), we focused on its cost optimisation strategy (here). We had an upside of more than 20% back ...

13/03/26

GBL

GBL posted good Q4 25 results with a slight increase in NAV, partly driven by private assets despite their mixed operational performance. We welcome ...

13/03/26

BMW

BMW reported mixed FY25 results, impacted by tariff and FX headwinds, and a weak performance in China. While BMW is optimistic about stabilising its ...

13/03/26

ERG

EBITDA reached €540m in 2025, up year-on-year but at the bottom end of the €540m–€600m guidance range, reflecting exceptionally weak wind conditions ...

12/03/26

Vivendi

Vivendi has just published poor H2 25/Q4 25 results with disappointing profitability figures from Gameloft. However, there is continued progress on ...

12/03/26

Swiss Life Holding

Swiss Life reported its FY25 results broadly in line, although the fee result came in slightly below our expectations, mainly due to the asset ...

12/03/26

DSM-Firmenich

The merger is largely integrated, with portfolio clean-up nearly complete. The focus now shifts to execution. At its Investor Day, DSM-Firmenich ...

12/03/26

ABB

All in all, we raise our target price by approximately 10%, supported by a meaningful revision to our DCF valuation, and helped by a reset in our NAV ...

12/03/26

STMicroelectronics

We have taken into consideration the company’s investments into Cloud AI and photonics business, along with its partnership with AWS. The company ...

12/03/26

Clariane

We have revised our 2025 figures downward as actuals came in weaker than expected, starting with a 3.5% miss on the top line. We were overly ...

12/03/26

Leonardo

Leonardo’s updated industrial plan largely confirms the group’s strong positioning in the current defence cycle. While the early years reflect a ...

12/03/26

Geberit

Geberit reported resilient FY25 results despite a still weak European construction environment. Net sales increased by 2.5% (4.8% currency-adjusted), ...

12/03/26

Galp Energia

EPS upgrades are underpinned by a broad-based P&L revision. Group EBIT reaches EUR 2,995M in 2026 (vs EUR 2,131M), EUR 2,876M in 2027 (vs EUR 2,263M) ...

12/03/26

Interroll

Interroll delivered improved order momentum in FY25, with order intake rising 5% and accelerating to +12% in 2H, supporting backlog rebuilding ...

12/03/26

Siltronic AG

Siltronic reported fiscal year 2025 results broadly in line with management guidance, despite facing several industry and macroeconomic headwinds. ...

12/03/26

Oils

Under base case of contained escalation, Brent trades around $100-105/bbl after briefly touching $120 at the Asian open (monday). The move reflects ...

12/03/26

ERAMET’S SAGA HAS NO DEARTH OF DISAPPOINTMENTS (ADD; 18% UPSIDE)

At a time when all miners – big, small, good, not so good – have had a stellar run, Eramet (ADD; France) stands out for the wrong reasons. While the ...

12/03/26

METALS AT WAR? NOT FOR NOW

About 10 days into the Iran conflict, Metals & Mining stocks look rather unconcerned. It is always difficult to categorise metal groups in strict ...

12/03/26

Worldline

Worldline has launched the second leg of its capital increase with a strike substantially lower than expected. This will trigger a massive increase ...

12/03/26

Informa

Informa disclosed full FY25 results that were above expectations on almost all metrics and reiterated its outlook despite the war in the Gulf region, ...

12/03/26

JC Decaux

The FY25 results indicate the group has regained profitability, which, while expected in a fixed-cost business, was positively received by the ...

12/03/26

RWE

RWE announced a €35bn investment programme for 2026–2031, with around 50% allocated to US power generation and about 25% to flexible capacity in ...

12/03/26

Wacker Chemie

Wacker’s earnings were largely expected following its detailed FY2025 preliminary release in January 2026. Investors reacted positively to the 2026 ...

12/03/26

STMicroelectronics

STMicroelectronics is targeting rapid growth from AI data centres by supplying power electronics and silicon photonics chips, expecting revenue to ...

12/03/26

MLP SE

FY25 EBIT meets expectations on strong 4Q25 – Conservative guidance

11/03/26

Securitas

The adjustment of the target price reflects the update of our model (see comments on EPS and NAV). The company remains solid and achieved its ...

11/03/26

Legal & General Group

FY25 results came in slightly below expectations at the operating profit level. However, the key disappointment, in our view, related to the group’s ...

11/03/26

Rheinmetall

Rheinmetall operates in what might be the most supportive environment the defence industry has seen in decades. And yet, the group still managed to ...

11/03/26

Henkel

Henkel’s Q4 2025 results were negative – sales were below market expectations. Performance was led by Consumer Brands, supported by Hair, while ...

11/03/26

Avolta

Avolta delivered FY25 results that met consensus and aligned with guidance. Based on sound deleveraging, the group proposed a 15% dividend increase ...

11/03/26

Porsche AG

Porsche reported weak FY25 results, as anticipated, due to strategic realignment costs, tariffs, and FX headwinds. The company is maintaining price ...

11/03/26

Sacyr

We turn positive on Sacyr because the company is delivering its strategy with unusual consistency: cash generation is strengthening, the concession ...

11/03/26

D’Ieteren Group

D’Ieteren posted good results, driven by Belron returning to full steam. Its strong FCF generation enables the group to significantly raise the ...

11/03/26

Eramet

As a consequence of disastrous 2025 results and a terrible start to 2026 – resulting in extreme corrective actions, like dividend suspension, ...

11/03/26

Inditex

Inditex reported another healthy year, with Q4 25 top line and profitability ahead of both consensus and our expectations. Growth remained ...

11/03/26

Nexi

Nexi’s recent full-year results (March 5) and updated guidance have triggered a significant market de-rating. While the company continues to generate ...

11/03/26

Kinnevik Investment

A short seller, Ningi Research, has reviewed accounting practices at Kinnevik. We allow for the findings, and have completely rejigged our valuation ...

11/03/26

BoI’S UNFAVOURABLE RISK-REWARD PROFILE (REDUCE; 0% UPSIDE)

Performance in line with the sector Our previous Idea Kicker dates back one year. At that time, we considered the stock to be correctly valued, and ...

11/03/26

BioNTech

BioNTech’s full-year results revealed sales surpassing expectations, although the operating loss was higher than anticipated. The 2026 sales guidance ...

11/03/26

Eurazeo

Eurazeo once again delivered mixed Q4 25 results, with undeniable progress made on asset management but not yet enough to offset the continuous ...

11/03/26

Canal+

Q4 revenue, excluding MultiChoice, increased by 0.4% yoy, which is disappointing compared to the 1.2% growth observed in the first 9m. However, the ...

11/03/26

GSK plc

While we acknowledge the upcoming HIV patent expiries (c.17% of sales) starting 2027-28, we remain encouraged by GSK’s execution ability as it ...

11/03/26

GEA Group

GEA posted strong Q4 results with rising orders, sales, and EBITDA. LPT, FHT and HRT led growth. SFT saw modest progress, and FT faced margin ...

11/03/26

BKW AG

FY25 EBIT reported of CHF 561mn slightly above market expectations – FY26 guidance of CHF 650-750mn confirmed – Dividend proposal of CHF 3.80

10/03/26

Nexi

EPS 2025 have been adjusted following the FY results. We have decided not to restate as exceptionnal the Customer Relationship Amortisation (PPA). ...

10/03/26

HUBER+SUHNER

Order intake reached CHF 1,032 million (+13.7% YoY), driven by the industry and communication segments. However, net sales declined by 3.3% to CHF ...

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24/02/26

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RESEARCH

519 European Large Caps

37 Senior Analysts