Research

548 European Large Caps

39 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

30/06/25

London Stock Exchange Group

We have downgraded both our 2025 (-9%) and our 2026 (-12%) EPS projections. For 2025, our EPS estimates have been revised down mostly owing to lower ...

30/06/25

DKSH’S PROMISE LACKS AN EXECUTION SPARK (ADD; 11% UPSIDE)

DKSH (ADD; Switzerland) is an attractive market expansion services (‘MES’) provider with leading positions in largely-fragmented target markets, ...

30/06/25

Prosus

Prosus is done waiting. At its Capital Markets Day, the group unveiled an ambitious roadmap to double revenues by 2028, scaling food, fintech, and ...

30/06/25

Dürr

Dürr sells its environmental technology business as indicated

30/06/25

ABB , Alfa Laval , Legrand , Schneider Electric , Siemens

In this thematic note, we look at the next phase of growth in the Datacentre market in the context of structural growth and the tailwind provided by ...

30/06/25

Michelin

Following Michelin’s H1 pre-close call, we have revised our estimates downward to reflect a higher-than-expected FX impact – driven by a weaker USD ...

29/06/25

SGL Carbon SE

We have incorporated the latest figures and anticipate another challenging year for the company, with no division acting as a significant drag. While ...

27/06/25

AKER BP: FADING WAR PREMIUM EXPOSES NEAR-TERM WEAKNESS (ADD; 8% UPSIDE)

The geopolitical risk premium that had briefly supported European energy equities has now evaporated. Following the mid-April spike triggered by ...

27/06/25

AkzoNobel

The divesture of the Indian decorative paints is a well done deal, but the funds will not be well allocated. While we appreciate the deleveraging, we ...

27/06/25

Rosenbauer

New target price EUR 60. Buy rating confirmed

27/06/25

Mediobanca

The group’s new three-year business plan shows upbeat expectations in terms of profitability and distribution. However, this is in line with market ...

27/06/25

EdenRed

Edenred experienced a ~6.4% increase in its share price following favourable news from the French government. This comes after a period of reforms ...

26/06/25

Hennes & Mauritz

H&M reported its Q2 25 results with the top line slightly below consensus but with better profitability. Sales in June are expected to increase by 3% ...

26/06/25

VICE RIDE

We couldn’t resist taking a quick look at the 15 stocks under AlphaValue coverage that nobody wants to be seen with: Defence related stocks i.e. our ...

26/06/25

SCA’S AN UNDISPUTED EUROPEAN FORESTRY POWERHOUSE (BUY; 41% UPSIDE)

Until one week ago, Paper & Packaging had remained under pressure (down by 9.2% ytd), becoming the second worst-performing sector in the AV universe, ...

26/06/25

Veolia

We met with Veolia’s management yesterday during its Deep Dive on hazardous waste, the latest in a series of such events since the launch of GreenUp ...

26/06/25

Carrefour

We have adopted a more cautious approach on Carrefour’s near-term performance (especially for Europe). In France, the hypers are facing more heat ...

26/06/25

PolyPeptide

Downside for 1H25E consensus – FY25E consensus should be fine – Mid-term potential reiterated

25/06/25

Worldline

We have significantly revised down our NAV-based valuation of Worldline following today’s allegations of potentially fraudulent payment processing, ...

25/06/25

Car Manufacturers

European passenger car registrations increased slightly in May 2025 but remain 24% below pre-pandemic levels. Hybrid registrations continued to rise, ...

25/06/25

Worldline

Worldline’s share price is down nearly 40% at the time of writing, following allegations of potentially fraudulent payment processing. According to ...

25/06/25

MAHA REPORT IS A BOON FOR KERRY GROUP

Kerry Group (Add; Ireland), a global leader in the Taste & Nutrition innovation space, is strategically positioned to benefit from the accelerating ...

25/06/25

United Utilities

United Utilities reported FY24/25 results broadly in line with expectations. Revenue rose by 10%, driven by inflation-linked regulatory adjustments. ...

25/06/25

Jungheinrich AG

Markets might underestimate medium-term growth and profitability potential – TP increased to EUR 45

25/06/25

AccorHotels , Intercontinental Hotels Group

JD.com’s hospitality entry aims to disrupt OTAs with “zero-commission” distribution, offering hotels a cost-effective alternative. A deeper impact ...

25/06/25

LANXESS

The global economic uncertainties have increased recently, influenced by President Trump’s trade war and the escalation of the Israeli-Iranian ...

24/06/25

Fresenius Medical Care

FMC has expanded its savings goals beyond the FME25 programme, targeting approximately €750 million in savings by 2025, with an additional €300m by ...

24/06/25

BMW

We have reduced our FY25 sales estimate by 10% to around €141bn, reflecting a 1% year-on-year decline. We anticipate continued headwinds in China, ...

24/06/25

Ackermans & van Haaren

We have always maintained a positive fundamental view on AvH, but we have now significantly upgraded our target price and, as a result, our ...

24/06/25

SANOFI’S CURE IS MORE HOME-COOKED MEDICINES (BUY; 40% UPSIDE)

Just like Big Pharmas in aggregate, Sanofi’s (Buy; France) shares have gone nowhere over the last two years. After collapsing by c.19% in a day in ...

24/06/25

UTILITIES' PARADOXICAL RUN

Utilities have enjoyed their ‘Anti-Trump’ moment as they are the third-best-performing sector ytd after Banks and Aerospace-Defence. The rationale ...

24/06/25

Saint-Gobain

Several weeks ago, Saint-Gobain made headlines with its bold pivot towards decentralisation. The move sparked mixed reactions — some investors raised ...

24/06/25

Porsche SE

We have downgraded Porsche SE from Add to Reduce, as both core holdings (Volkswagen and Porsche AG) are facing increasing operational headwinds. ...

24/06/25

Burberry

We have integrated the FY24/25 figures and adjusted the recovery trajectory for the next three years. The uncertain macroeconomic environment across ...

24/06/25

HORNBACH Holding

A good start into FY25/26E – Outlook with higher EBIT guidance confirmed

23/06/25

HUGO BOSS AG

Downgrade from Buy to Add due to weak sales momentum

23/06/25

Prosus

FY-25 marked a turning point. While the topline came in slightly below consensus, Prosus delivered on profitability with adjusted e-commerce EBIT ...

23/06/25

Tullow Oil

We have revised our Brent crude forecasts to reflect an embedded war risk premium, as the current developments suggest the onset of a prolonged and ...

23/06/25

HEIDELBERG MATERIALS BUILDS ITS STRATEGY UPON CASTLES IN THE SKY (REDUCE; 5% UPSIDE)

It is rare to see a company with a problem that looks like a solution. Heidelberg Materials (REDUCE; Germany) has just done what no other cement ...

23/06/25

Volkswagen

We have increased our FY25 sales estimate by 9% and now expect flat year-on-year sales, as we had previously underestimated Volkswagen’s resilience ...

23/06/25

Alstom

Despite the reduction in our target price, we continue to view Alstom as a compelling investment opportunity with several catalysts likely to unlock ...

20/06/25

SSAB LEADS THE GREEN RACE AND PROFITABLY SO (ADD; 15% UPSIDE)

Since we last teased on the Swedish specialist in carbon steel (“SSAB WALKS ITS GREEN TALK WITH CAPEX GUSTO” May 2024), the stock price performance ...

20/06/25

OIL IS BACK – FOR NOW

The AlphaValue analyst has valiantly updated her Big Oils modelling with new Brent prices even though such prices might well double or lose a quarter ...

20/06/25

Tullow Oil

Tullow Oil’s second failed merger in under a year – this time with Meren Energy, following the collapse of talks with Kosmos in YE24 – highlights its ...

19/06/25

GBL, AN EQT AB IN THE MAKING?

As one might have feared, GBL (Buy; Belgium)’s relative performance has not improved since the unveiling of its private assets’ strategy in November ...

19/06/25

Galp Energia

We have revised our Brent crude forecasts to reflect an embedded war risk premium, as the current developments suggest the onset of a prolonged and ...

19/06/25

Shell

We have revised our Brent crude forecasts to reflect an embedded war risk premium, as the current developments suggest the onset of a prolonged and ...

19/06/25

OMV

We have revised our Brent crude forecasts to reflect an embedded war risk premium, as the current developments suggest the onset of a prolonged and ...

19/06/25

Repsol

We have revised our Brent crude forecasts to reflect an embedded war risk premium, as the current developments suggest the onset of a prolonged and ...

19/06/25

TotalEnergies

We have revised our Brent crude forecasts to reflect an embedded war risk premium, as the current developments suggest the onset of a prolonged and ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

548 European Large Caps

39 Senior Analysts