Research

550 European Large Caps

39 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

09/06/25

Retail - Property

After acquiring high-value properties in Milan and NYC, Kering has been divesting prime real estate assets, such as those in Paris, for several ...

09/06/25

LOGITECH’S RETURN TO GROWTH COINCIDES WITH TARIFF TANTRUMS (REDUCE; 1% UPSIDE)

Having posted a c.38% return in 2023, Logitech’s (REDUCE; Switzerland) share price then staged a protracted recovery from its steep post-pandemic ...

09/06/25

Seb

Our 2025 estimates now include the Q1 figures. For the full year, Seb is guiding for c.+5% organic sales growth and an increase in the operating ...

09/06/25

Haier Smart Home - D shares

Despite the ongoing soft consumer environment in China and the uncertain macroeconomic context in the Western world, HSH has continued to benefit ...

09/06/25

En+

After witnessing a noticeable turnaround in 2024, EN+ remains on a steady recovery path driven by both its Aluminium (dependent on Rusal) and all ...

06/06/25

Novo Nordisk

While a more cautious approach to our estimates has resulted in c.11% reduction in the target price, we still see Novo as a good investment ...

06/06/25

Tullow Oil

We have incorporated Tullow Oil’s FY24 results, rebasing our FY25–27 estimates. With the legacy hedges fully rolled off in May 2024, the accounted ...

06/06/25

Wise

Following its trading update a couple of months ago, Wise has now reported full-year results showing a 17.5% increase in net profit and an underlying ...

06/06/25

Richemont

Richemont closed FY24-25 with a stronger-than-expected performance despite the market headwinds. The Jewellery Maisons demonstrated strong resilience ...

06/06/25

Wise

We have incorporated Wise’s FY25 results into our model and updated our forecasts accordingly. In FY25, the company delivered an underlying profit ...

06/06/25

Genmab

After incorporating our 2027 projections with double-digit top-line growth due to the upcoming product launches, we have reduced our long-term sales ...

06/06/25

LEADERSHIP VACUUM WEIGHS ON COLOPLAST (BUY; 46% UPSIDE)

At the outset, and at a risk of repeating ourselves, Coloplast (BUY; Denmark) is a top-tier MedTech play. A fact validated by a top quartile position ...

06/06/25

A POSTIVE DANISH INFLEXION

As a tiny country fighting for its place on the planet, Denmark has always been an interesting anchor to review market trends.  The following ...

06/06/25

Jungfraubahn Holding

Strong start of the year (ahead of our forecasts) confirmed by the CEO

06/06/25

Wizz Air Holding

Wizz Air shares collapsed by as much as 28% after its FY25 results showed a freefall in EBIT and a tax-boosted bottom line. While the airline reached ...

06/06/25

Generali

With just days to go before Mediobanca’s AGM, the battle for influence is heating up. For Generali’s shareholders, we believe the key questions are: ...

06/06/25

Fresenius Medical Care

We have updated our estimates, incorporating the latest figures. We now anticipate increased profitability, driven by the enhanced effectiveness of ...

05/06/25

Burckhardt Compression

Burckhardt Compression reported strong FY24 results, though a change in revenue recognition affects comparability. Despite management’s efforts to ...

05/06/25

Rusal

After witnessing a noticeable turnaround in 2024, Rusal remains on a steady recovery path – largely driven by its core aluminium operations. ...

05/06/25

ALLEGRO’S MACRO TAILWIND NOT YET FULLY PRICED-IN (BUY; 33% UPSIDE):

So far this year, Allegro (Buy, Poland) has reversed its previous underperformance compared to most of AlphaValue’s e-commerce peers. With a YTD ...

05/06/25

Mediobanca

The trench warfare around MB to prevent it from exiting Generali has intensified. MPS’s desperation to solve its critical size issue by merging with ...

05/06/25

Continental

The reduction in our FY25 EPS estimate reflects the ongoing trade tensions which we expect to weigh on global vehicle production in FY25, ...

05/06/25

Heidelberger Druckmaschinen AG

Confident outlook for FY25/26 triggered by good order backlog, strong China Print and cost savings – No surprise regarding final FY24/25 figures

05/06/25

Flutter Entertainment

While our peer based valuations have been negatively impacted by the near-term P&L cuts, our intrinsic valuations take on board the ...

04/06/25

Getlink

In a recent analyst meeting with Géraldine Périchon, Deputy CEO & CFO of Getlink, AlphaValue uncovered several forward-looking insights into the ...

04/06/25

Swedbank

Swedbank has kept its 15% RoE long-term target (2027) unchanged from its previous strategic plan, although it looks likely that RoE will be lower ...

04/06/25

Gn Store Nord

Despite the challenges outlined in the EPS section, which have led to a significant reduction in our target price, we continue to strongly recommend ...

04/06/25

Emeis

Emeis’s 2024 actual EBITDA matched our estimate (€694m vs €694m est.). However, EBIT fell short of our expectation due to higher D&A expenses (€-693m ...

04/06/25

Remy Cointreau

Remy Cointreau’s FY24/25 results met expectations. The company withdrew its mid-term guidance but expressed optimism regarding inventory ...

04/06/25

RIO’S INTRICATE GEOPOLITICAL FACETS (BUY; 34% UPSIDE)

Even though the Metals & Mining sector has partly recovered from the March-April 2025 wrath of the US (reciprocal) tariffs, it has hardly been a ...

04/06/25

PAPER CONTINUES TO SUFFER

Paper & Packaging stocks have been slipping lower. The slide started in spring 2024 and has been unrelenting meaning that the sector is back to ...

04/06/25

Viridien

We have incorporated Viridien’s FY24 results into our model, which rebases our projections for FY25–27. While the Geoscience segment delivered margin ...

04/06/25

Jenoptik AG

Guidance for 2025 and 2026 confirmed despite a slow start to the year – We still consider Jenoptik shares as undervalued

04/06/25

Ferguson

Ferguson’s Q3 FY25 performance was ahead of our as well as the market’s expectations. The group’s organic revenue grew by 5.0% yoy, led by strong ...

04/06/25

Quadient

Quadient had a difficult start to the year but reiterated its rather conservative outlook as the main cause is transitory due to the nature of mail ...

04/06/25

UNIQA Insurance Group AG

We have raised our valuation on Uniqa, as we believe the company’s value is not fully captured by its IFRS 17 results alone. The key source of this ...

04/06/25

UNIQA Insurance Group AG

We have raised our forecasts for Uniqa following the release of its 1Q25 results. Despite a significant decline in the financial result – mainly due ...

04/06/25

voestalpine

Sales and EBITDA in-line with estimates. Guidance for a flat EBITDA

03/06/25

DocMorris

Successful placement – New rating: Add (prev.: Reduce)

03/06/25

ORANGE’S MASORANGE TO START PAYING OFF

The stock, which had outperformed its sector since early 2022, ranking as the second-best performer among major European telcos behind Deutsche ...

03/06/25

CAPITAL GOODS COOL DOWN

Combine excessive hopes – massive orders for data centers – with Trump-induced doubts and the whole European Capital Goods sector starts to hesitate. ...

03/06/25

SFS Group

With the expectations of almost no growth, SFS focuses on costs

03/06/25

Fugro

We have incorporated Fugro’s stronger-than-expected FY24 results into our model. However, we have reduced the projected yoy backlog growth due to the ...

03/06/25

STMicroelectronics

We have revised our forecasts downwards as the Q1 figures and a not-so-great Q2 outlook puts our previous sales target out of reach. We have reduced ...

03/06/25

Amadeus IT Group

The target price has been slightly adjusted following the updating of our model. Amadeus’ fundamentals remain solid, supported by strong revenue ...

03/06/25

Johnson Matthey

We view the divestment of Catalyst Technologies as a strategic misstep, although we acknowledge that Johnson Matthey’s (JM) current focus is on free ...

02/06/25

BioNTech

We have updated our estimates with the latest figures. The EPS has improved due to lower-than-expected R&D costs. This improvement is supported by ...

02/06/25

Vossloh

The revision of the target price is mainly the result of an updated peer group. Thales, Landis & Gyr, and StarragTornos have been removed, while ...

02/06/25

StarragTornos

The target price adjustment is primarily due to a revision of the peer group. Datwyler, Bossard, HUBER+SUHNER, and Phoenix Mecano have been removed, ...

02/06/25

Tecnicas Reunidas

We have incorporated TR’s FY24 published accounts into our model and revised our FY24–27 earnings forecasts upward, supported by a ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

550 European Large Caps

39 Senior Analysts