Research

540 European Large Caps

38 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

06/11/25

Allgeier SE

Preliminary 3Q25 numbers impacted by IT service deconsolidation but significantly better than expected on the EBITDA line

06/11/25

Ahold Delhaize

AD delivered a strong Q3 FY25 performance, beating expectations on sales, margins and EPS, supported by steady US growth, improving European trends ...

06/11/25

Teleperformance

The profit warning, while not substantial, is expected to significantly impact the market. Consequently, the stock is likely to become more ...

05/11/25

Demant

Demant’s Q3 organic sales slightly exceeded expectations, driven by growth in hearing care and hearing aids, though partially offset by weakness in ...

05/11/25

Snam

The 9M25 results showed a strong performance, exceeding our expectations, with EBITDA up 6.6%, enabling Snam to raise its 2025 guidance. This ...

05/11/25

Sampo

Sampo’s 3Q results were broadly in line at the operating level. The Solvency II ratio fell short of consensus, but this was mainly due to the newly ...

05/11/25

Verbund

Verbund reported 9M 2025 EBITDA of €2,111 m, down 19.6% YoY, mainly due to hydropower generation falling 21 percentage points below the long-term ...

05/11/25

Sampo

Sampo’s Q3 results were broadly in line with our estimates at the underwriting result level. The upgrade to our FY25 EPS estimate mainly reflects the ...

05/11/25

Marks & Spencer

M&S delivered better-than-feared H1 25 results, supported by strong momentum in Food. Adjusted PBT fell 55% YoY due to the April cyber incident that ...

05/11/25

Orsted

Ørsted reported weak Q3 2025 results, with EBITDA down 31% year-on-year to DKK 3.1bn, missing consensus of DKK 3.9bn. Results were hit by lower wind ...

05/11/25

BMW

BMW reported a solid Q3 performance, surpassing expectations despite weaker results in China, which prompted a recent guidance downgrade. All key ...

05/11/25

BP delivered results broadly in line with expectations, supported by a solid operational quarter and resilient cash generation. The key driver was ...

05/11/25

Porsche SE

The significant drop in our FY25 EPS primarily stems from the recent profit warning at Porsche AG, which also impacted Volkswagen’s FY25 expected ...

05/11/25

Fresenius

Fresenius delivered strong Q3 results, driven by broad-based growth across Kabi and Helios, with improving margins despite some challenges. Kabi’s ...

05/11/25

Viridien

Viridien delivered a strong Q3 2025, with revenue up +14% QoQ to $313m and EBITDA surging to $167m (margin 53%). Growth was led by Geoscience and ...

05/11/25

Novo Nordisk

The Q3 results missed expectations, as Novo contended with competition from compounding pharmacies and Eli Lilly. Moreover, the management again ...

05/11/25

Vestas Wind Systems

Vestas delivered a strong profit beat with its Q3 results, even as revenues were in line and orders slightly below expectations. The beat was driven ...

05/11/25

Qiagen

Qiagen reported better-than-expected Q3 results, with healthy growth across segments supporting the top line. Profitability also improved, prompting ...

05/11/25

THE VERY ATTRACTIVE ODDS AT THE FDJU COUNTER (BUY, 117% UPSIDE)

At the beginning of spring 2024, our optimism for FDJ United (BUY; France) was underpinned by an attractive home market, which was further ...

05/11/25

NORMA Group

TP reduction – After the sale of the water management unit

05/11/25

J D Wetherspoon

JDW’s Q1 FY25/26 results beat expectations, with like-for-like sales up 3.7% yoy, led by strong bar and gaming revenues. We believe that growth ...

05/11/25

Vicat

At first glance, Vicat’s performance for the first nine months of 2025 looks weak. Consolidated sales fell 1.3% year-on-year to €2,878 million, ...

05/11/25

Wolters Kluwer

Wolters Kluwer released good 9M results, with continuous strong organic revenue growth and profitability figures. The group reiterated its guidance ...

05/11/25

Vonovia

Vonovia provides guidance through 2028, indicating accelerated organic growth and an increase in consolidated EBITDA, which will impacts the balance ...

05/11/25

Bouygues

Q3 revenues experienced weak growth, just aligning with expectations while EBIT increased as expected by c.4.5% yoy, driven by the Construction ...

05/11/25

Koenig & Bauer

3Q25: Strong earnings improvements yoy – Above expectations. FY25E guidance confirmed but specified to the lower half of the op. EBIT corridor

05/11/25

Elecnor

Elecnor delivered strong 9M results, comfortably exceeding expectations with broad-based growth across both segments. Continued strength is expected ...

04/11/25

bioMerieux

bioMerieux’s Q3 sales fell short of expectations. Organic sales growth was primarily driven by a robust performance in Industrial Applications. ...

04/11/25

Seb

The revision of the target price reflects updates to our EPS forecasts, NAV and DCF valuations. In addition, we now expect the dividend to remain ...

04/11/25

Coloplast

Coloplast delivered mixed Q4 2025 figures, with organic revenue growth of 7% marginally missing consensus. However, strong operational tailwinds ...

04/11/25

Ferrari

Ferrari reported a robust Q3, surpassing expectations with stable deliveries. Performance was driven by a favourable price mix and personalisation, ...

04/11/25

HelloFresh

We have updated our model to reflect Q3 FY25 sales of approximately EUR 1.7bn, representing a 9.3% LFL decline. As a result, we have made modest ...

04/11/25

Geberit

Geberit delivered rather resilient Q3 25 results, with sales slightly above consensus and EBITDA as expected, alongside upward revision of its 2025 ...

04/11/25

HUGO BOSS

Hugo Boss delivered Q3 results slightly below expectations, reflecting softer demand in the UK and China and continued assortment rationalisation. ...

04/11/25

NEMETSCHEK GROUP

The German group once again delivered solid results. Over the first nine months, Nemetschek’s sales grew 22.9% to €866m. The EBIT margin improved by ...

04/11/25

Royal Philips

Philips’ Q3 profitability exceeded expectations. Comparable top-line growth was driven by robust performance in Personal Health and Connected Care. ...

04/11/25

Mayr-Melnhof Karton

After some reassuring quarters, MMK is again back on a weak footing – evident in Q3 results. While the weakness was also attributed to maintenance ...

04/11/25

OC Oerlikon

A solid quarter overall. The CFO change appears to be driven by non-operational reasons, although we do not have full confirmation of this. We ...

04/11/25

Faes Farma

The Q3 operating profitability exceeded expectations, though sales fell short of consensus. The management reaffirmed its full-year guidance. While ...

04/11/25

Fresenius Medical Care

FMC posted strong Q3 results, driven by cost savings and growth across segments, thereby helping to reiterate the 2025 outlook. Despite the results ...

04/11/25

SSAB

SSAB’s investment programme is designed to establish the company as a leading, future-ready steel manufacturer. The initiative is projected to ...

04/11/25

Telefonica

We have cut dividend forecasts by 50% for 2026 and 2027, following the announcement by the CEO Murtra at the CMD on November 4th. A tough decision ...

04/11/25

HERMES, TOO PERFECT TO SURPRISE (ADD; 16% UPSIDE)

The luxury sector has been driven by global macro dynamics. The spending power of US consumers and the strong appetite of Chinese shoppers for ...

04/11/25

A PAYMENT DYSTOPIAN THOUGHT EXPERIMENT

The year is 2030. After the global financial catastrophe of 2027, when all developed states collapsed under massive amount of debts, the financial ...

04/11/25

GTT

The adjustment follows the refinement of earnings expectations post-guidance update, reflecting stronger execution and incremental contribution from ...

04/11/25

Burckhardt Compression

Burckhardt Compression remains a strong company with a significant market share in certain specific applications. However, due to the embedded risk ...

04/11/25

UBS

The target price is trimmed by about 8% as a result of a change in peer metrics, which now include HSBC with wealth management operations in the same ...

04/11/25

Orsted

Ørsted will sell a 50% stake in its UK 2.9 GW Hornsea 3 offshore wind farm to US private equity group Apollo. The project, Ørsted’s largest under ...

04/11/25

Wereldhave

The CEO’s message is still positive, yet topline growth is landing in Q3 25. Guidance has been clarified, indicating that FFO per share will reach ...

04/11/25

GTT

GTT delivered another excellent Q3, combining steady operational performance with disciplined growth. Revenue reached €211m in Q3 (+8% QoQ). The core ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

540 European Large Caps

38 Senior Analysts