Research

533 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

07/01/26

Pluxee

Q1 revenue was aligned with consensus, with uneven geographic performance: Continental Europe faced macro headwinds and delivered modest growth, ...

07/01/26

SECURITAS DELIVERED AND NEEDS FURTHER GROWTH (REDUCE, 10% UPSIDE)

Since our last Idea Kicker (10 March 2022), Securitas’ (REDUCE ; Sweden) share price has risen by +77%, including an +11% increase over the past ...

07/01/26

SEMIS (AND METALS) RUN THE EARLY 2026 SHOW

Looking at the best performing decile of the AlphaValue coverage over the last 5 trading days to 05-01-2026, shows the remarkable performance of Semi ...

07/01/26

Securitas

The change in the target price reflects the update of the peer group used for comparison-based valuation. We have added Prosegur Compania de ...

07/01/26

Siltronic AG

We have decided to categorise Siltronics in the semicoductor industry, changing it from the earlier categorisation of industries related to ...

07/01/26

Redcare Pharmacy

Prel. sales FY25 nearly met guidance and market consensus expectations

07/01/26

EssilorLuxottica

Yesterday, Meta announced a delay in the international rollout of the Ray-Ban display smart glasses. The market reacted positively to this news, on ...

07/01/26

Pirelli

While the underlying business fundamentals remain unchanged, the higher share count dilutes per-share value, explaining the observed drop in our ...

06/01/26

Car Manufacturers

European passenger car registrations increased in November 2025, primarily due to the growth of BEVs, PHEVs, and Chinese brands, while ICE volumes ...

06/01/26

RATIONAL

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 ...

06/01/26

Helleniq Energy

Lower expected sales volumes in Q1 2026 following the temporary shutdown of one refinery. Assumptions now reflect a reduction in refining sales ...

06/01/26

WORKTECH CHAMPION EDENRED TIES UP MORE CAPITAL (BUY; 62% UPSIDE)

Benefitting from elevated inflation and interest rates, which support higher issuance volumes and float income, Edenred (BUY ; France) reached an ...

06/01/26

TomTom

We have taken a fresh view on TomTom and upgraded our EPS estimates, incorporating cost savings from the organisational realignment. This is ...

06/01/26

EVN

Following our upgrade of the stock to Buy in Q4 2024 and the subsequent share price rally in 2025, we now believe that the upside potential has ...

05/01/26

Securitas

Our 2025 EPS estimates have been revised downwards, reflecting a continued negative currency impact (SEK vs € and USD), a one-off charge of ...

05/01/26

VAT Group

We have slightly modified our long-term business model, aligning it with the guidance provided during the Capital Markets Day. We have now reduced ...

05/01/26

Crédit Agricole

We have updated our projections on CASA, updating our forecasts in accordance with our updated macro view, and Crédit Agricole’s new 2028 strategic ...

05/01/26

RESTRUCTURED SWISS RE STILL FACES HEADWINDS

Since our last Teaser on Swiss Re (REDUCE ; Switzerland), one year ago, much has changed — not only for the group itself, but also more broadly ...

05/01/26

EdenRed

With no near-term visibility on Edenred’s joint appeals against the recent regulatory changes in Italy and Brazil, we have finally revised our ...

05/01/26

Reinsurance

As is customary at this time of year, reinsurance brokers have published their commentary on the outcome of the 1.1 renewals. While a degree of ...

02/01/26

Siltronic AG

We have updated our model after the financial details provided in the CMD. The company narrowed down its Depreciation cost in FY 25 to be between EUR ...

02/01/26

HORNBACH Holding

We cut our TP to EUR 96.00 (prev.: EUR 118.00) – Add

31/12/25

Sanofi

Keeping in mind the underwhelming late-stage results of the immunology drug, amlitelimab, and a few other R&D setbacks in recent years, we have ...

30/12/25

En+

Despite the uncertainties associated with the Ukraine-Russia conflict, EN+, like other Russian miners, has done well to avert a complete collapse of ...

30/12/25

Rusal

Despite the uncertainties associated with the Ukraine-Russia conflict, Rusal, like other Russian miners, has done well to avert a complete collapse ...

30/12/25

DiaSorin

Despite revising our estimates and target price downward, DiaSorin remains a compelling investment opportunity. This is underpinned by strong ...

30/12/25

Nornickel

Despite the uncertainties associated with the Ukraine-Russia conflict, Nornickel, like other Russian miners, has done well to avert a complete ...

30/12/25

GSK plc

Over the last three years, GSK’s earnings have exceeded the market’s expectations on most occasions. Moreover, the firm’s R&D efforts have yielded ...

29/12/25

Orsted

Since the announcement of the stop-work order, Ørsted has erased DKK 14bn of market capitalisation (c.$2.2bn), equivalent to more than 4.5x our ...

29/12/25

Stora Enso

Even though Stora’s earnings recovery is slower than expected (details in ‘EPS’ section), the firm’s re-rating in recent times seems to be a lot more ...

29/12/25

Aegon

We have revised our forecasts following Aegon’s December 2025 CMD, at which the group confirmed its relocation plans to the US, and announced its ...

29/12/25

Aegon

At its December 2025 CMD, Aegon confirmed its plans to relocate to the US and announced slightly disappointing targets for the FY25–27 period. In ...

27/12/25

UPM-Kymmene

Besides high-quality earnings (details in ‘EPS’ section), which have also aided UPM over the years in sustaining sector-leading shareholder rewards, ...

26/12/25

South32

Our estimates have been fine-tuned, considering the firm’s on-going restructuring initiatives, which include both disposals and curtailments. ...

25/12/25

Flutter Entertainment

We have realigned our NAV valuation, which is now distributed across 3 businesses – UK, US and International, each valued using the EV/EBITDA ...

23/12/25

Siemens Energy

We are raising our target price by 11%, driven by a 12% increase in our DCF valuation and a 22% increase in our NAV per share. These changes are ...

23/12/25

CROSSJECT, A STING LESS CALL OPTION (BUY; +240 %)

Of note: Crossject has been tracked by AlphaValue as part of a sponsored research contract since 2015 We started to track Crossject (BUY ; France) ...

23/12/25

AI OR FINANCIALS RISK? FINANCIAL

Hope for the best has come to define 2025. The worst never showed up and we at AlphaValue were wrong to prepare for it. The vanity of Trump moves, ...

23/12/25

BHP Group

Even though recent news of another failed Anglo American bid has raised some serious question marks around the firm’s strategic priorities and the ...

23/12/25

LEG Immobilien

The key element of our target price lies in the evaluation of GAV/NAV parameters within the framework of a SOTP.

23/12/25

Orsted

Ørsted said the Bureau of Ocean Energy Management (BOEM) ordered Revolution Wind and Sunrise Wind to suspend all offshore activities on the outer ...

22/12/25

TAG Immobilien

Our different approach to recurring profit does not significantly change the economic value of TAG Immobilien, and the target price remains close to ...

22/12/25

EDP , Engie , Iberdrola , Orsted , RWE

Trump suspends leases for five East Coast offshore wind projects over radar interference concerns, sparking a sharp sell-off and freezing sector ...

22/12/25

SIKA CAN ONLY BOUNCE BACK (ADD; 11% UPSIDE)

SIKA (ADD ; Switzerland), a celebrated leader in construction chemicals and building materials, has seen its share price shed roughly 65% over the ...

22/12/25

ArcelorMittal

We have fine-tuned our estimates (only for the current year) after talking to management. We have revised downwards a number of assumptions for Q4 ...

22/12/25

thyssenkrupp

We have integrated the final FY24/25 accounts (closing September 2025). The apparent EPS difference for FY25 (published) and FY26/27 (forecasts) is ...

19/12/25

Merck

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 ...

19/12/25

WÄRTSILÄ DONS SIEMENS ENERGY’S SHOES (ADD; 15% UPSIDE)

Wärtsilä (ADD ; Finland) essentially manufactures giant engines for two applications: to propel vessels (Marine: 47.4% of Group sales), and to ...

19/12/25

AI DOUBTS HAVE YET TO METASTASIZE

As fundamental analysts with a clear preference for FCF, AlphaValue has always been sceptical about the mushrooming of unfinanced but OpenAI centred ...

19/12/25

Eramet

Our estimates have been slashed materially as extreme market headwinds have taken a toll on Eramet’s expected earnings generation capabilities – for ...

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RESEARCH

533 European Large Caps

36 Senior Analysts