Research

513 European Large Caps

34 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

27/07/26

Elecnor

Elecnor reported mixed Q2 26 results, with sales and NI missing street expectations, partly offset by an EBITDA beat. Despite weaker Projects ...

27/07/26

Galp Energia

Good Q2 : Sines refining system ran at full tilt into a geopolitical margin windfall and trading stayed robust. Upstream held firm on a $104/bbl ...

27/07/26

AstraZeneca

The Q2 26 results were largely in line with the street’s expectations. Strong growth in oncology, respiratory, immunology and rare disease treatments ...

27/07/26

Wereldhave

Our price target is being raised almost similarly to the increase in EPS. It remains substantially below the current share price, as we continue to ...

27/07/26

Acerinox

Despite a significant increase in our target price, we maintain a negative stance due to valuation concerns. Although the new EU measures support the ...

27/07/26

Car Manufacturers

European passenger car registrations continued to rise, driven by the growth of electrified powertrains, particularly BEVs, with Tesla significantly ...

27/07/26

STMicroelectronics

We have increased our revenue growth estimates for STMicro given its growth in the AI business with its strategic customer. Our FY 28E revenue now ...

27/07/26

RICHEMONT’S JEWELLERY WINS, AT A VALUATION PRICE (REDUCE, 3.3% DOWNSIDE)

Richemont (Reduce ; Switzerland) has materially outperformed the luxury sector of late, as stronger than expected jewellery demand has defied the ...

27/07/26

OIL SURGES, TRADE WAR RETURNS BUT EUROPEAN EQUITIES SHRUG

European equities again outperformed US indices over the week ending July 24. The Stoxx 600 was up 0.46%, while in the US, the S&P500 was down 0.61% ...

27/07/26

Unicredit

Tensions surrounding the CBK file are easing rapidly. Orcel’s interview with WELT outlines the framework of a potential agreement for constructive ...

27/07/26

Castellum

Our negative recommendation was partly based on the decline in operational metrics, a trend that is continuing. Given the deconsolidation of the best ...

27/07/26

Mapfre

Mapfre’s 2Q26 net income came in slightly below expectations. The group also announced the planned acquisition of Safety Insurance – a US-listed P&C ...

27/07/26

Vodafone

Group service revenue increased by 5.2% yoy organically in Q1, maintaining the growth trend of previous quarters while EBITDAaL increased by 6.2% ...

27/07/26

Dassault Aviation

Our NAV valuation is based on forward-looking EV/EBIT multiples. The increase reflects our upward revisions to EBIT estimates for both the Rafale and ...

27/07/26

Mapfre

Mapfre has announced the planned acquisition of Safety Insurance, a US-listed P&C insurer. Overall, we are slightly cautious about this acquisition. ...

24/07/26

TF1

TF1 has just released good Q2 results, surprising on the upside on profitability and confirming its objectives. We continue to foresee a difficult ...

24/07/26

Volkswagen

Volkswagen’s Q2 results fell short of expectations, impacted by reduced volume and tariff headwinds. Performance in China, especially for Audi, was ...

24/07/26

Sartorius

Sartorius reported mixed Q2 26 numbers, with revenue below consensus (-2.3%) but underlying EBITDA slightly ahead (+0.5%). Equipment inflected as ...

24/07/26

Deutsche Boerse

Deutsche Börse’s Q2-26 beat consensus (pretax +3%), with net revenue €1.62bn (+7%; +9% ex-treasury) and EBITDA €979m (+10%). Trading normalized as ...

24/07/26

Securitas

Securitas delivered a disappointing Q2 2026 performance, with no reported organic growth and an operating margin before amortisation slightly below ...

24/07/26

Neste

Neste’s second quarter came in above the first on comparable earnings, driven almost entirely by Renewable Products, where the sales margin hit a ...

24/07/26

Munich RE

Munich Re has just reported a preliminary net profit of approximately €2.2bn for 2Q26, up 5.5% y/y. This is 23% above consensus and 40% above the ...

24/07/26

BNP Paribas

BNP delivered a strong Q2: revenue €14.1bn (+12%, 5% above consensus), PBT €6.1bn (+16% underlying, 6% beat), 13.3% ROTE. CIB and Eurozone NII drove ...

24/07/26

Besi

Besi delivered a strong Q2 2026, with record order momentum driven by AI-related advanced packaging, photonics and hybrid bonding demand. Revenue, ...

24/07/26

SGS

SGS saw organic growth accelerate in Q2 across NR, H&N and C&P, alongside resilient growth in Certification. However, growth in I&E was impacted by ...

24/07/26

ING TWISTS EUROPEAN DEMOGRAPHICS TO ITS PROFITS (REDUCE; 0% UPSIDE)

In our previous paper on ING (REDUCE; Netherlands), we outlined how defensive an ING investment was in the European retail banking sector, with the ...

24/07/26

Fortum

We have cut our 2026E EPS following lower achieved power prices and a further reduction in nuclear generation guidance. We now assume a €51/MWh ...

24/07/26

Colonial SFL

Colonial SFL continues to perform well in an end market in France that keeps deteriorating. The Spanish market is performing very well.

24/07/26

Metso Corporation

Metso’s Q226 results showed a 6% year-on-year revenue increase to €1,334m and a 21% rise in adjusted EBITA to €221m, though profitability was ...

24/07/26

Nexity

Revenue and bookings are down in the second quarter of 2026. The anticipated market rebound has yet to materialize. Nexity reiterates that its ...

24/07/26

Centrica

Despite the EPS adjustment, we remain constructive and reiterate our Buy rating. We see Centrica increasingly recycling cash generated from Retail, ...

24/07/26

Banco De Sabadell

The second-quarter underlying performance was fully in line with expectations, thereby enabling the new CEO to confirm the group’s RoTE objectives ...

24/07/26

Acerinox

Acerinox’s Q226 valuation appears demanding despite strong H1 results. The company reported an EBITDA of €271m, surpassing consensus by approximately ...

24/07/26

Nestlé

Nestlé’s trading session experienced a nearly 8% decline yesterday, which appeared excessive. The primary concern was the lack of H2 margin ...

24/07/26

Jungheinrich Pref.

Following the recent downward revision to the Group’s EBIT guidance, we have reduced our earnings assumptions. It is clear that Jungheinrich ...

24/07/26

Warehouses De Pauw

The proposed merger between WDP and ARGAN overshadows the H1 26 earnings. Following Prologis’s bid for SEGRO, the European logistics property ...

24/07/26

Besi

We use an EV/Sales multiple to calculate our NAV. As explained in the DCF section, we are expecting higher revenue growth than previously estimated. ...

24/07/26

Carrefour

Carrefour reported a mixed H1 FY26 performance, with Q2 lfl sales beating expectations but recurring operating income modestly missing consensus. ...

24/07/26

Leonteq AG

H1-26 confirmed Leonteq’s profitability rebound, beating pre-tax consensus with a +10% fee income growth and a healthier revenue mix, validating that ...

24/07/26

SAP

Sentiment says apocalypse; the numbers say otherwise. SAP again delivers above-expectation cloud growth, proof its shift to the “Autonomous ...

23/07/26

Nokia

Nokia delivered strong Q2 2026 results as AI and cloud infrastructure demand accelerated. Sales grew by 9%, supported by Network Infrastructure, ...

23/07/26

Givaudan

Givaudan’s performance in the first half of the year was mixed. Revenue surpassed expectations, driven by strong results in the Fragrance & Beauty ...

23/07/26

UPM-Kymmene

Markets have strongly disapproved of UPM’s Q2 results, despite profit metrics coming slightly ahead of street expectations. Pulp (a key strategic ...

23/07/26

Seb

Organic sales weakened in Q2 2026 after a moderate Q1. While Consumer met expectations, the Professional business disappointed with a decrease in ...

23/07/26

Eurofins Scientific

Eurofins’ H1 results were in line with expectations on revenues but ahead of them on adjusted EBITDA. Organic growth improved sequentially with ...

23/07/26

Valeo

Valeo reported strong H1 results, exceeding expectations in operating margin, primarily due to margin upswing in the Power division. Light and Brain ...

23/07/26

Roche Holding

Despite FX headwinds, the Q2 results were ahead of the street’s expectations. The performance was driven by drugs across therapeutic areas, and the ...

23/07/26

Getlink

Getlink’s H1 revenue came in slightly ahead of consensus, while EBITDA was in line. However, almost all the improvement came from ElecLink, helped by ...

23/07/26

Sartorius Stedim Biotech

Sartorius Stedim Biotech reported mixed Q2 26 numbers, with revenue below consensus (-2.8%) but underlying EBITDA ahead (+1.1%). The miss is largely ...

23/07/26

Kuehne + Nagel

K+N’s Q2 revenues and EBIT saw good yoy growth. This growth stemmed from higher volumes in Air, and a modest increase in freight rates. Yields in Sea ...

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RESEARCH

513 European Large Caps

34 Senior Analysts