Research

463 European Large Caps

30 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

14/11/19

AAREAL BANK

Aareal Bank has increased the loss allowance (loan loss provision) range from €50-80m to now €80-110m for FY2019 due to an accelerated de-risking ...

14/11/19

HAMBURGER HAFEN & LOGISTIK

We have marginally upgraded our earnings projections for the current and next years after HHLA released 9M numbers that were ahead of our ...

14/11/19

MERCK

Merck’s profitability was materially driven by Healthcare, which generated strong organic growth and the profitability line was additionally helped ...

14/11/19

NORSK HYDRO

Irrespective of the on-going challenges, Norsk Hydro remains well-positioned to capitalise on aluminium’s long-term market fundamentals – also ...

14/11/19

RAIFFEISEN BANK INTERNATIONAL

• Pre-tax profit decreased by 17% to €465m (consensus €454m) for Q3 19 • Outlook and targets confirmed • RoE after tax was 11.1% for Q3 19 • The ...

14/11/19

NN GROUP

Like the previous quarter, NN Group’s operating result declined by 2.2% in Q3 19 to €453m under the weight of the Dutch Life business. In 9M, the ...

14/11/19

SIEMENS

On the back of the FY19 results, we have factored in the figures for this year and included estimates for 2022 in our valuation. As part of its ...

14/11/19

EXPERIAN

In Q2 FY19/20, Experian progressed well on the top-line front – both the B2B and Consumer Services were healthy. Although profitability and cash ...

13/11/19

TECNICAS REUNIDAS

With now a replenished backlog, management changed its tune from optimism (in getting new awards) to confidence (on successful delivery). This is, ...

13/11/19

IAG (INTERNATIONAL AIRLINES GROUP)

The bolt-on acquisition of Air Europa is expected to strengthen the group’s overall performance by reason of more synergy effects. However, the ...

13/11/19

HERA

The group continues its promising growth, driven by the Gas division thanks to the larger amount of trading and higher earnings in last resort ...

13/11/19

TULLOW OIL

Double whammy for Tullow Oil, which has revised its production forecasted for FY19 for the third time and reports that its latest discoveries in ...

13/11/19

RUSAL

Rusal’s quarterly results again came in at weak levels, largely due to severe market headwinds. Yet, the group has managed to sustain its ...

13/11/19

RUSAL

Irrespective of the current challenges, Rusal remains well-positioned to capitalise on aluminium’s long-term market fundamentals – also reflected in ...

13/11/19

SCOTTISH & SOUTHERN ENERGY

SSE realised a good set of H1 19 results, driven by new renewables capacity and favourable weather. The group increased by 3.6% its FY19/20 reported ...

13/11/19

BILFINGER

The results were disappointing as reported net profit was a mere €6m and free cash flow reported €5m. The skilled labour shortage, which could result ...

13/11/19

INFORMA

We have only made some fine-tuning adjustments to our forecasts in the aftermath of the 10 months to end October 2019 Trading Update (please refer to ...

13/11/19

DEUTSCHE WOHNEN

The accrued impact of Berlin’s rent-freeze should be €330m between 2020 and 2025, of which €190m in unrealised revenue growth, vs. the current €15bn ...

13/11/19

BRITISH LAND CO

British Land closed the British earnings season with no major surprises. The good news was the stable Offices segment. The bad news was the 10% ...

13/11/19

DEUTSCHE LUFTHANSA

Lufthansa’s strategy to limit Eurowings to flights within Europe and the around the Mediterranean Sea is showing up in the passenger numbers since ...

13/11/19

IDEA KICKER

Lower prices, the mantra of Ryanair’s (Sell, Ireland) boss, all of a sudden also became a sliding share price as a combination of clients being ...

13/11/19

PRYSMIAN

Q3 19 a bit weak apparently, topline-wise, but the comparison basis was high Margins were fine and in line with our forecasts Q4 should see a rebound ...

13/11/19

LANXESS

Lanxess seems to have left the path of strong cyclicality and the respective impact on profitability. Nevertheless, the company could not completely ...

13/11/19

SCOTTISH & SOUTHERN ENERGY

SSE realised a good set of H1 19 results, driven by new renewables capacity and favourable weather conditions. However, the transmission and ...

13/11/19

DEUTSCHE POST DHL GROUP

DPDHL reported a very good set of Q3 figures, with notably a solid organic revenue of 3.7% despite the challenging environment. This performance was ...

13/11/19

CONTINENTAL

In general, we have not changed our valuation metrics, but lower earnings and dividends in the coming years than previously expected translate into a ...

13/11/19

KERRY GROUP

We have integrated the Q3 results and slightly revised our estimations for the year. Following the strong set of 9m FY9 numbers, which proved, once ...

13/11/19

ENEL

After the good 9m figures, Enel slightly increased its FY19e EBITDA guidance from €17.4bn to €17.8bn. More importantly, the achieved price on ...

13/11/19

SALZGITTER

With the exception of Mannesmann (i.e. tubes), all divisions saw their ASPs falling in the last quarter. Consequently, and with the exception of ...

13/11/19

NORDEX SE

As expected, Nordex’s Q3 results were better sequentially. This improvement keeps the company on track to meet its full-year guidance in revenue and ...

13/11/19

KINNEVIK INVESTMENT

Following the adjustments in our NAV and DCF computations, our target price was mechanically adjusted to incorporate the distribution to shareholders ...

13/11/19

ENEL

The group continues its asset expansion strategy in renewables, and benefited this quarter from the regulatory framework in LatAm for its networks ...

13/11/19

HAMBURGER HAFEN & LOGISTIK

IFRS 16 had a material impact on HHLA’s earnings, i.e. EBITDA and EBIT were sharply up and stronger than the consensus had expected, but the bottom ...

13/11/19

FRAPORT

Frankfurt Rhein-Main is one important profit contributor to Fraport’s consolidated accounts and External Services is the other. In fact, Fraport’s ...

13/11/19

WENDEL

We have adjusted our NAV/SOTP-based valuation to account for the full disposal of the stake in Saint-Gobain for c.€460m, the €125m equity reinjection ...

12/11/19

MEGGITT

Meggitt has issued a trading update in which all divisions performed according to guidance except for Defence which did even better. On the back of ...

12/11/19

DIALOG SEMICONDUCTOR

Just a week after releasing strong results, Dialog came back to the market to release another good piece of news. The company has upped its long-term ...

12/11/19

DIALOG SEMICONDUCTOR

We have significantly improved our EPS following the upped long-term guidance, with the strongest impact on our EPS being the underlying operating ...

12/11/19

INFINEON

Infineon’s Q4 publication was strong. The company achieved a decent profitability level and good cash generation. The sequential outlook was a bit ...

12/11/19

ATLANTIA

Our view is that revoking the Autostrade concession could only take place at a fair price for Atlantia as Italy belongs to the European Union. At ...

12/11/19

MEDIOBANCA

The new business plan stands at the high end of consensus expectations. The top-line growth will come at a high cost in terms of operating expenses, ...

12/11/19

LINDE

The discrepancy between H1 US-GAAP and IFRS accounts was not dramatic, but we continue to use European accounting standards as our universe is based ...

12/11/19

ILIAD

Iliad has released a correct Q3 which reflects an improvement trend in France. But the amazing and odd news of the day is a €1.4bn public share ...

12/11/19

ITV

The decrease in total advertising revenue slowed in 9 months 19 (-3% vs -5% in H1 19), reflecting a positive trend in Q3 19 (+1%) and corresponding ...

12/11/19

LA FRANÇAISE DES JEUX

FDJ is a great firm. The French state is charging too high a price for the privilege of accessing a monopoly. The placing syndicate would do well to ...

12/11/19

IDEA KICKER

Nexity (Add, France) is a French property developer. Apartments and homes weighed €2.5bn of its 9M 19 revenue vs. €0.5bn for its commercial segment. ...

12/11/19

VALUATION WISE

Iliad (Buy, France) the French telco that moved from growth darling to staid also ran in a matter of five years is today launching a curious deal ...

12/11/19

LONZA GROUP

We have not heard a lot from Lonza in 2019, but the second CEO ‘disposal’ within a ten-month period looks quite strange to us. This is very atypical ...

12/11/19

FCC

The absence of disclosure of lfl EBITDA growth ex-IFRS 16 is a shame. The significant net debt increase as well as the many adjustments to be made in ...

12/11/19

LAND SECURITIES GROUP

Regional retail was the usual victim in H1 19. However, LandSec’s assets in the City of London resisted pretty well.

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14/11/19

STRATEGY H1 2020

Cyclicals’ spring or a liquidity tragedy?

11/10/19

NETWORK VENDORS & SATELLITE OPERATORS

5G: players overview

15/09/19

EUROPEAN BANKS

ECB’s Last Shot?

08/01/19

STRATEGY H1 2019

DOWNGRADES

06/12/18

NATIXIS

Time to offload the banking licence

04/10/18

A BANK'S CASH FLOW STATEMENT

Remove it or amend it!

29/06/18

EUROPEAN GAMBLING OPERATORS

A consolidation game

21/06/18

STRATEGY H2 2018

Near term: Rosy & Trumped Stock Selections: 11 Intriguing businesses & business models

18/05/18

FOOD & BEVERAGES

Has Food & Beverages lost its shine?

02/05/18

AEROSPACE & DEFENCE AND AIRLINES

Is current production output really meeting demand ?

28/03/18

THE CASE FOR A PAC-MAN STLYE OFFENSIVE

Letter to the board of directors of Sika and to Saint-Gobain’s shareholders

22/03/18

EUROPEAN BANKS

Reflation Trade and Other Myths

08/02/18

POWER UTILITIES

Stock Picking in European Power Utilities

12/12/17

STRATEGY – H1-2018

Death of the Ltd company? From Ownership to Smart Contract

12/12/17

EUROPEAN MEDTECH

A correction is imminent

29/11/17

OIL & GAS

Ahead of the OPEC meeting

23/11/17

METALS & MINING

Debunked: nickel in batteries

09/11/17

POWER UTILITIES

Still opportunities ahead

24/10/17

METALS & MINING

A preferred vehicle for mavericks

27/09/17

PHARMA

Tough times ahead

RESEARCH

463 European Large Caps

30 Senior Analysts