Research

541 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

09/10/25

Seb

On the day of the profit warning (6 October 2025), the share price fell by 23%. Despite the downward revision to our target price, our recommendation ...

09/10/25

Orsted

Ørsted confirmed the rumours reported earlier this week by Berlingske, announcing plans to cut around 2,000 jobs — roughly a quarter of its global ...

09/10/25

EUROPEAN BANKS

The Gold Rush

09/10/25

AI CAPEX, AN ACCIDENT WAITING TO HAPPEN BUT NOT JUST YET

Lately, the hype around the AI trade has reached a new peak. Even central bankers have coalesced to call it a bubble. It is one of course but the ...

09/10/25

INDITEX’ LOWER-END BATTLEGROUND (ADD, 9% UPSIDE)

We have repeatedly highlighted our enthusiasm for Inditex’s (ADD ; Spain) premium push. Yet the combination of persistent cost-of-living pressure and ...

09/10/25

Suedzucker

Südzucker’s results have fallen short of expectations, prompting the company to reassure the market about its future prospects, particularly after ...

09/10/25

Metals & Mining

In backdrop of recent copper supply fears, AI frenzy (or bubble?) and the Anglo-Teck merger, Antofagasta’s shares have swelled to another record ...

08/10/25

Sartorius

Sartorius is scheduled to report its Q3 2025 earnings on the 16th of October. Interestingly, the stock has surged c. 14% from 30 September to 7 ...

08/10/25

‘EASYJET HOLIDAYS’ LOOKS TO BE THE RIGHT MOVE (BUY; 48% UPSIDE)

We believe the market is undervaluing easyJet’s (BUY; UK) structural transformation from a premium low-cost carrier into a hybrid airline–tour ...

08/10/25

Ryanair

Being optimistic that Boeing will avoid further delivery delays, Ryanair is more confident that it can reverse the entire 7% fare decline suffered in ...

08/10/25

Worldline

The company has issued no guidance on EPS, but earnings are expected to remain negative in 2025 and 2026. The earnings outlook has been downgraded ...

07/10/25

Fugro

We have further revised down our FY25–27 estimates following the recent withdrawal of Fugro’s full-year guidance. Our updated forecast assumes 9% HoH ...

07/10/25

Car Manufacturers

European passenger car registrations rose in August 2025, driven by significant growth in electrified vehicles, particularly PHEVs and BEVs, while ...

07/10/25

Saint-Gobain

Saint-Gobain’s “Lead & Grow” plan focuses on decentralisation, emphasising local control. By 2030, two-thirds of capital will be allocated to growth, ...

07/10/25

TRAPPED CAPGEMINI NEEDS MORE THAN WNS MARGINS (BUY, 68% UPSIDE)

Since our last Idea Kicker (27 August 2024) on Capgemini (BUY ; France), the group has sadly seen little in the way of a turnaround. Demand remains ...

07/10/25

BNP Paribas

We have downgraded BNP to account for the elevated risks posed in the short-to-medium term by the ongoing political crisis in France. As the main ...

07/10/25

Société Générale

We have downgraded SocGen to account for the elevated risks posed in the short-to-medium term by the ongoing political crisis in France. As the main ...

07/10/25

AkzoNobel

The improvement in our target has primarily been driven by the increase in earnings. In particular, the peer valuation has been impacted by our new ...

07/10/25

Experian

FICO’s launch of the Mortgage Direct Licence Programme – which allows resellers to obtain scores directly from them, thereby bypassing credit ...

07/10/25

Crédit Agricole

We have downgraded CASA to account for the elevated risks posed over the short-to-medium term by the ongoing French political crisis in France. As ...

06/10/25

Belimo

The change in the target price is due to a change in the analyst covering the stock, complemented by the usage of systematic intrinsic and peer-based ...

06/10/25

Salzgitter

Termination of coverage

06/10/25

Knaus Tabbert

Following a guidance downgrade, with the group now expecting an adjusted EBITDA margin of 3.2–4.2% (down from 5–5.5%), we have lowered our FY25 ...

06/10/25

Capgemini

Our 2025E and 2026E EPS forecasts have been updated with the integration of WNS. WNS benefits from a higher operating margin than Capgemini (18.5% vs ...

06/10/25

E.ON IS A LESS CERTAIN PROPOSITION FROM 2029 (ADD; 11% UPSIDE)

E.ON (REDUCE; Germany) is a Germany-based energy company operating as a Distribution Services Operator (DSO) for both electricity and gas, and ...

06/10/25

PHARMA BRINGS EUROPEAN EQUITIES TO NEW HIGHS

Over the week ending 3 October, equity markets delivered another strong performance. In Europe, the STOXX 600 rose 2.9%, driven by a massive rebound ...

06/10/25

Food Retail

The European food retail sector faces intense competition, driving grocers to adopt innovative digital strategies. According to Capgemini, generative ...

06/10/25

CD Projekt

Following the announced takeover of US-based gaming giant Electronic Arts – known for e.gg. the Battlefield, Sims, Madden NFL and EA Sports FC ...

06/10/25

Redcare Pharmacy

Sales in 3Q25E nearly met our expectations – FY25E outlook fully confirmed

06/10/25

Volkswagen

Following Porsche’s profit warning, linked to adjustments in product planning and a major EV platform rescheduling, Volkswagen has revised its FY25 ...

06/10/25

Porsche AG

We believe this marks the bottom for Porsche, as management applies a “kitchen sink” strategy ahead of the new CEO’s appointment. However, we remain ...

03/10/25

Continental

Following the automotive spin-off leading to the creation of Aumovio, Continental is moving away from the cyclical automotive parts sector and ...

03/10/25

Norsk Hydro

At a time when copper-heavy miners have stolen the limelight in recent months/weeks, the likes of Norsk Hydro deserve a worthy and strong mention. ...

03/10/25

J D Wetherspoon

JD Wetherspoon ended FY24/25 strongly, with like-for-like sales up 5.1% and adjusted operating profit rising 4.9% yoy. Adjusted operating profit and ...

03/10/25

SBM GOES CASH (ADD; 25% UPSIDE)

SBM Offshore (ADD; Netherlands) is a global leader in floating energy infrastructure, which is designing, building, financing, and operating Floating ...

03/10/25

UCB

We have materially upgraded our earnings estimates for UCB, keeping in view the vigorous uptake of the immunology drug Bimzelx, and a strong support ...

03/10/25

GBL

GBL announced that it has entered into exclusive negotiations to sell the majority of its third-party AM arm, quite a surprise given the latest ...

02/10/25

Itv

We have revised our ITV US Studios revenue forecast for 2025 and 2026 as the probability of an implementation of a 100% US tariffs on studios has ...

02/10/25

thyssenkrupp

Change in coverage

02/10/25

Partners Group

Change in coverage

02/10/25

Aurubis

Change in coverage

02/10/25

Carlsberg

Carlsberg presented its new strategy at its Capital Market Day, addressing regional challenges and future growth trends. While the targets appear ...

02/10/25

Sika

The change in the target price is due to a change in the analyst covering the stock, complemented by the usage of systematic intrinsic and peer-based ...

02/10/25

Tesco

Tesco’s H1 FY25/26 results surpassed expectations, driven by strong food sales, market share gains in the UK and ROI, and robust growth in premium ...

02/10/25

FMC’S BUSINESS MODEL IS CERTAINLY ALIVE (BUY; 39% UPSIDE)

Ostensibly, it’s difficult to make an investment case for a firm, which has eroded >30% of shareholders’ wealth over five years. For Fresenius ...

02/10/25

Danieli & Co

We have revised our earnings forecasts significantly upwards after the very sound results released for FY24/25 (closing June 25). On top of this, the ...

01/10/25

STANCHART, A GATEWAY TO EMERGING WEALTH (ADD; 13% UPSIDE)

STAN offers an exposure to structural growth in emerging markets wealth and global trade finance, with de-risked foundations and technology-driven ...

01/10/25

Ubisoft Entertainment

We have decided to lower our estimates for Ubisoft due to weak ratings of its most important by far franchise Assassin’s Creed (we estimate it ...

30/09/25

Davide Campari-Milano

Recent data shows that Italian exports to the US fell by 21.2% yoy in August 2025. In light of this, we have revised our outlook for Campari, as the ...

30/09/25

ADP’S PAX DO SPEND BUT EARNINGS VANISH (ADD; 25% UPSIDE)

Listening to ADP (ADD; France)’s earnings calls can be baffling for concession investors. Management spends as much time talking about “premium ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

541 European Large Caps

36 Senior Analysts