Research

512 European Large Caps

33 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

07/07/26

D/s Norden

The new target price reflects our higher 2026 earnings forecast, which has a positive impact on the overall valuation, including the peer-based ...

07/07/26

Kinnevik Investment

Our target price is benefitting from the increase in the fair value of financial assets, which have positively impacted most of our valuation ...

07/07/26

Strategy Outlook, H2-2026 thoughts

AI-high Equities (Europe Incl.)

07/07/26

Sanofi

Following the June 2026 phase III R&D setback for an investigational drug, Riliprubart, targeting a rare neurological disease called CIDP (chronic ...

07/07/26

Georg Fischer

Our target price is revised upward following the announced disposal of the remaining aerospace and industrial gas turbine operations of the former ...

07/07/26

PARTNERS GP HAS SUBSTANCE (BUY; 50% UPSIDE)

As a house deep-rooted in independent research with a focus on large European equities, AlphaValue has no natural inclination towards private ...

07/07/26

Kinnevik Investment

Kinnevik published apparently good results in Q2 26, simply driven by multiple expansion and positive currency changes. The positive aspect for ...

07/07/26

AlphaBlunt!

SCOR

Privatisation

07/07/26

CD Projekt

Our EPS estimate for 2026 remains unchanged although we have increased our forecast for the number of sold copies of CP2077 this year from 4.3m to ...

07/07/26

Semiconductors

This note examines whether the current AI infrastructure investment boom is sustainable, questioning if hyperscaler capital expenditure can support ...

07/07/26

Bekaert

We have increased restructuring costs in our 2026 and 2027 estimates. We do not consider these costs as one-off, as they are recurring and part of ...

06/07/26

Thales

Thales has agreed to acquire Exail Technologies for an enterprise value of €3.9bn, strengthening its position in one of defence’s fastest-growing ...

06/07/26

CD Projekt

On 6 July, we met with CD Projekt’s IR team in Warsaw to discuss the company’s current situation and our forecasts.

06/07/26

Ferrari

The increase in our DCF valuation reflects our more positive view on Ferrari’s profitability going forward, driven by a stronger-than-expected ...

06/07/26

Non-Food Retail

The online retail sales growth dynamic in Germany (+4.3% yoy) continued to improve throughout 1H26

06/07/26

Itv

Our opinion is changing from Sell to Reduce as a result of a slightly higher DCF valuation, confirming our previous feeling that the price set for ...

06/07/26

PORSCHE CANNOT RESTRUCTURE QUICKLY ENOUGH (SELL; -23% DOWNSIDE)

Since our latest teaser on Porsche AG (SELL; Germany), "Porsche could do without family brakes", published in May 2025, the stock price has ...

06/07/26

Ipsen

Our target price has been adjusted downward as we have removed the 20% premium associated with peer-based valuation metrics. This adjustment is due ...

06/07/26

Itv

ITV has officialised the sale of its Media & Entertainment unit to Sky for £1.6bn, confirming the elements unveiled by Reuters two weeks ago. ITV ...

06/07/26

We have lowered our benchmark EPS for 2026, 2027 and 2028, driven by the reduced Brent deck flowing through to upstream realised liquids prices.

06/07/26

Thales

Thales has quantified the financial impact of the cancellation of Germany’s F126 frigate programme. The company will record a sizeable exceptional ...

03/07/26

TotalEnergies

We have revised down our 2026 Brent assumption to $87/bbl (from $95/bbl), while leaving 2027 ($72/bbl) and 2028 ($65/bbl) unchanged, so this revision ...

03/07/26

FLSMIDTH NEEDS A NEW CHALLENGE (ADD;+17%)

Over the past few years, FLSmidth (Denmark; ADD) has delivered share price performance broadly in line with the mining equipment sector, implying ...

03/07/26

Rheinmetall

KNDS’ postponed IPO may be about more than valuation. Officially, investor demand fell short of supporting the €12.5bn valuation sought by the ...

03/07/26

Nexans

We have integrated Republic Wire into our model. The increase in EPS is primarily attributable to the consolidation of this acquisition.

03/07/26

Rheinmetall

Rheinmetall has provided its first quantification of the F126 cancellation. While the earnings impact appears more limited than initially feared, key ...

03/07/26

Yara International

We have refreshed our peer group to include The Mosaic Company, SABIC Agri Nutrients Company, Nutrien Limited, Fertiglobe and CF Industries. We apply ...

02/07/26

sino AG

sino AG unveiled fantastic results in H1 26 (October 2025-March 2026), with strong top-line growth as well as a significant improvement in ...

02/07/26

Currys

Currys delivered FY2025/26 results broadly in line with street expectations, while management highlighted a ‘very solid’ start to FY2026/27 and ...

02/07/26

SAIPEM ISN’T WAITING FOR HORMUZ TO REOPEN (ADD; +22% UPSIDE)

Saipem (ADD; Italy) is one of the largest offshore engineering & construction and drilling contractors worldwide, with a fleet of around 40 ...

02/07/26

SINKING TELCOS

Telcos are sinking to the point where all of their spectacular and surprising gains of early 2026 are being wiped out. Back to square one in effect, ...

02/07/26

Evolution AB

The increase in EPS is primarily driven by the €2bn share repurchase programme (c.16% of market cap). We expect €1,250m of the buyback to be ...

01/07/26

AccorHotels

Our target price was adjusted down marginally following our revised EPS estimates.

01/07/26

South32

Overall, in our opinion, after the decision to divest key aluminium and related assets to Alcoa, the way forward has minimal margin for error. The ...

01/07/26

ARM’S SHARE PRICE RESTS ON ‘STORIES’ (SELL; -72% DOWNSIDE)

ARM Holdings (SELL, UK) share price has skyrocketed in the last two months after moving sideways for the last two years. We have long said that ARM’s ...

01/07/26

South32

South32 has announced sale of aluminium and related assets (ex. Mozal) to Alcoa. This is a surprising move as aluminium was key pillar over the years ...

01/07/26

Tessenderlo Group

Our EPS for 2027 is positively impacted by the announced acquisition of a 20% stake in FMC. Indeed, the additional interest costs related to the ...

01/07/26

Tessenderlo Group

Tessenderlo announced a $400m minority investment in US-listed FMC Corporation specializing in pesticides, a move that would potentially redefine the ...

30/06/26

Bayer

The recent US Supreme Court decision in the Roundup litigations, went in favour of Bayer, and brings the firm very close to ending this chapter. Even ...

30/06/26

SAFRAN, TOO STRONG TO BE CHEAP (REDUCE ; 8% UPSIDE)

Safran (REDUCE ; France ) is no bargain. Trading on around 31× 2026 earnings, second only to Rolls-Royce (REDUCE ; UK) in our Aerospace ...

30/06/26

GERMANY FACES AN AUTO-LESS FUTURE

Germany’s Prime Minister, Herr Merz, is finding it difficult to push his reforms through a coalition government. This is to be regretted, but ...

30/06/26

Sainsbury

Sainsbury delivered a broadly in-line Q1 FY26/27 trading update, with grocery sales remaining resilient and Argos outperforming expectations through ...

30/06/26

Safran

Our NAV is derived from forward-looking EV/EBIT multiples applied to divisional EBIT. The increase in our NAV is primarily driven by an extension of ...

29/06/26

Prosus

Prosus delivered another high-quality set of results, beating consensus across all major operating metrics while further improving profitability and ...

29/06/26

NEMETSCHEK POURS €2BN INTO WET CEMENT (BUY; 59% UPSIDE)

Nemetschek (BUY; Germany) is arguably the most emblematic fallen angel of this "SaaSpocalypse." Its model, capable of delivering ...

29/06/26

Bucher Industries

While we were expecting an improvement in farmer sentiment, this has not materialised. The situation in the US is not great, in Europe it is slightly ...

29/06/26

Infineon

Our NAV has been increased upwards as we have taken a more optimistic view of the revenue growth coming from the Automotive business and Power ...

29/06/26

Porsche SE

We have significantly lowered our EPS estimates for Porsche SE, reflecting a weaker profitability outlook for both Volkswagen and Porsche AG, ...

26/06/26

ABN IS ENTERING THE EFFICIENCY REVOLUTION (REDUCE; 3% UPSIDE)

In our previous idea kicker on ABN Amro (REDUCE;Netherlands), back in October 2024, we acknowledged ABN’s progress made under its previous 2021-2024 ...

26/06/26

EUROPEAN SEMIS AT 60X

The AI illusion has worked its way into the European semiconductor industry with great effect. At AlphaValue, the sector is worth €1 250bn (50% owed ...

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RESEARCH

512 European Large Caps

33 Senior Analysts