Research

542 European Large Caps

40 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

20/05/25

Orsted

While we see short-term upside potential, persistent risks are likely to cap any meaningful rerating—particularly with the threat of a retroactive ...

20/05/25

Richemont

Richemont closed FY24/25 with stronger-than-expected top-line growth, driven by the sustained momentum of its Jewellery Maisons. However, a sharp ...

20/05/25

Compass

Compass reported in-line H1 results, accompanied by encouraging net new business and client retention rates. Despite weaker qoq organic growth in ...

20/05/25

AstraZeneca

With 2025 having started on a strong note – on the back of a healthy performance across the segments – we have upgraded our earnings estimates for ...

20/05/25

Casino

We now have a bearish view on Casino’s performance during the forecast years. The competitive pressure is higher in the French grocery landscape, ...

20/05/25

REGULATORY FEARS ARE OVERDISCOUNTED AT PLUXEE (BUY; 54% UPSIDE)

It has been more than a year since Pluxee (Buy; France) was spun off from Sodexo (Buy; France) and went public. This move was aimed at shedding the ...

20/05/25

WITHOUT CHOCOLATE AND ARMAGNAC, PLEASE

The Trump administration’s 90-day tariff window given to world corporates has made markets revert to risk. For Europe, this means Buy ASML and get ...

20/05/25

Sartorius Stedim Biotech

The cut in our target price is attributable to the downgrading of our estimates, which now factor in a slower recovery than previously anticipated.

20/05/25

Ryanair

Ryanair’s profit narrowed due to significant price stimulation to tackle multiple challenges, aligning with consensus. The company leveraged its ...

20/05/25

Vodafone

Mixed FY25 results for Vodafone amid challenges in Germany. The primary concern is Germany’s performance, with a 6.2% decline in service revenue in ...

20/05/25

Prysmian

The reduction in our FY25 EPS estimate has been driven by several factors. We have raised our sales forecast by 4% following the strong Q1 ...

20/05/25

VAT Group

CMD: Lower growth expectations going forward

20/05/25

Orsted

The Trump administration yesterday lifted the ban that had been blocking the construction of the Empire Wind offshore wind project by the Norwegian ...

19/05/25

Solvay

The persistent price pressure on soda ash adversely affected the group’s sales and profitability in Q1. This segment accounts for nearly one-third of ...

19/05/25

ABN Amro

We have downgraded our EPS projections for both 2025 (-1%) and 2026 (-22%). Our slight 2025 downgrade reflects the much lower net interest income, ...

19/05/25

Buzzi

In 2024, Buzzi reported a net profit of €942 million, which included a €177 million foreign exchange loss related to Ukraine. This loss significantly ...

19/05/25

LANXESS

Following the Q4 pre-buying due to anticipated US tariff increases, Q1 volume growth was limited. However, with sequential improvement, management ...

19/05/25

Ubisoft Entertainment

Ubisoft reported disappointing FY24/25 results, with net bookings and earnings falling short of expectations, despite the successful release of ...

19/05/25

Imperial Brands

We have updated our model to reflect the H1 2025 net sales of GBP 3.7bn, representing a LFL decline of 3.2%, falling short of expectations. Adjusted ...

19/05/25

HELVETIA’S BALOISE ADDITION IS A GOOD FIT, IF ONE HAS TIME (REDUCE; 0% UPSIDE)

Helvetia (Reduce; Switzerland) is one of the big insurance companies in Switzerland. The company became the new number 3 in the Swiss insurance ...

19/05/25

Novo Nordisk

Novo’s decision to oust its CEO came as a surprise, as the largest shareholder, the Novo Nordisk Foundation, decided to take action to prevent ...

19/05/25

Diageo

Diageo reported its Q3 results, surpassing Bloomberg consensus expectations, which had anticipated a decline in revenue. The company achieved growth ...

19/05/25

DATAGROUP SE

2Q24/25 preview: Sequentially improving margins expected

19/05/25

Arkema

If everything had proceeded as planned, Intermediates would have been divested by the end of 2024. The division reported a significant decline in Q1, ...

19/05/25

Merck

Merck’s business model should not be that much impacted by the current global uncertainty but the depreciation of the USD has triggered, among other ...

16/05/25

Drägerwerk AG & Co KGaA

The 2024 EPS benefitted from some one-off tailwinds, in addition to the good cost control. Hence, while the EPS was significantly above estimates, it ...

16/05/25

Acciona

Acciona Energia delivered a robust performance in the first quarter, defying expectations with solid results. The company reported a load factor of ...

16/05/25

Atos

Atos has unveiled ambitious financial targets for 2028, alongside a new strategic plan aimed at reigniting organic growth, restoring operating ...

16/05/25

Ocado Group PLC

Taking a more conservative estimate of the technology business!

16/05/25

Aegon

Aegon reported slightly weaker-than-expected Operating Capital Generation (OCG) in Q1 2025, primarily due to adverse mortality experience in the US. ...

16/05/25

ERG

ERG and other European renewable operators faced a challenging start to the year due to a significant lack of wind. Load factors dropped by 5 points ...

16/05/25

STM FACES MARGINS, GOVERNANCE AND VALUATION RISKS (ADD; 6% UPSIDE)

STMicroelectronics (Add; Netherlands) posted Q1 25 results largely in line with consensus expectations. The book-to-bill ratio being above 1 for both ...

16/05/25

INFRA SURGE

Infrastructure stocks are doing fine and surprisingly so as they have accelerated well above their long term trend. The chart speaks for itself. The ...

16/05/25

Eutelsat Communications

The Eutelsat Group’s Q3 24/25 revenue and EBITDA were in line with estimates. The ongoing geopolitical tensions and satellite connectivity becoming a ...

16/05/25

Bastide Le Confort Medical

Bastide’s Q3 revenue extended the positive trend, thanks to the continued strong growth in specialised activities and the recovery in the Homecare ...

16/05/25

Stora Enso

All in all, Stora’s turnaround prospects remain intact. Besides improving earnings dynamics (also aided by the cost savings programme), and in spite ...

16/05/25

Swiss Re

• Insurance revenue decreased by 11% to $10.4bn for Q1 25, compared to Q1 24. • The investment result rose by 11% to $1.3bn for Q1 25 due to equity ...

16/05/25

Avolta

Avolta’s Q1 results were slightly above market expectations, with headwinds in North America more than offset by other regions. The company ...

16/05/25

Siemens Healthineers

We have removed Palantir, a software company with real-time, AI-driven decisions capabilities, from the peer group list due to its elevated ...

15/05/25

National Grid

National Grid reported a solid underlying performance with operating profit up by 12% to £5,357m. The group also provided solid guidance for FY25/26 ...

15/05/25

KBC Groep

KBC delivered a strong Q1, beating consensus on higher fee income and lower provisions, with most metrics tracking 2025 guidance except costs. The ...

15/05/25

Merck

Merck’s decision to provide detailed FY guidance was overshadowed by the significant impact of US President Trump’s actions. Consequently, ...

15/05/25

Buzzi

In early 2025, Buzzi — a cement maker with deep Italian roots and global reach — saw sales climb 8.7%, but nearly all of that came from adding Brazil ...

15/05/25

Sanofi

Sanofi’s share price is down c.15% since its March 2025 highs, largely owing to the US tariff and drug pricing uncertainty within the sector, ...

15/05/25

RWE

RWE’s adjusted EBITDA fell 24% yoy, impacted by weak performance in Offshore Wind, Flexible Generation, and Supply & Trading, partially offset by ...

15/05/25

Suedzucker

Despite a significant yoy decline, Südzucker exceeded profitability expectations. However, the outlook remains uncertain due to rising competitive ...

15/05/25

Sage

Sage posted a strong H1 2025, with organic revenue growth in line and an operating margin improvement above expectations. All regions contributed to ...

15/05/25

Amplifon

Our target price has been adjusted downward due to factors outlined in the EPS section. Additionally, we have reduced the valuation premium on the ...

15/05/25

Itv

ITV has just published rather good Q1 results superficially, but in our opinion, it mostly relies on unsustainable drivers linked to the studios ...

15/05/25

Aryzta

CMD fully confirms Aryzta’s still cheap, GARP-stock positioning

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

542 European Large Caps

40 Senior Analysts