Research

515 European Large Caps

35 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

17/08/26

Metals & Mining

Two of the market’s most favoured base metals, i.e., aluminium and copper, are at an interesting juncture. While both have had a strong run since ...

17/08/26

Sandoz

The Q2/H1 results surpassed expectations, again driven by the Biosimilars growth engine, as Generics posted muted growth. Also, the management ...

17/08/26

SYMRISE IS BUILT TO LAST, BUT BOUGHT TOO HIGH (ADD; +13% UPSIDE)

Symrise (ADD; Germany) is the smallest of the four Flavours & Fragrances majors and the one that bought its way to diversification. The shares are up ...

17/08/26

AP Moller-Maersk

The Q2 2026 results were above expectations. In Ocean, the group benefited from solid volume growth and a strong increase in freight rates, supported ...

15/08/26

TomTom

We take a more cautious view on TomTom as continued revenue declines are now compounded by profitability pressure. While FY26 guidance remains at ~3% ...

14/08/26

Talanx

Talanx reported strong 2Q26 results, particularly at the net profit level, supported by better-than-expected net financial income. Positive momentum ...

14/08/26

Bayer

The Q2 results exceeded consensus estimates, driven by a healthy showing from Crop Science, whereas the growth for the other two businesses was ...

14/08/26

Amundi

We have upgraded our 2026 EPS estimate, as Amundi delivered a very strong first half and is well positioned to continue this trajectory in the second ...

14/08/26

ACS

Following ACS’s H1 2026 results, we have raised our DCF-derived fair value. Turner is the main driver: sales rose 22.7% FX-adjusted, margins expanded ...

14/08/26

thyssenkrupp

As we have done for peers (at least in the Steel Europe segment), we have revised upwards our forecast earnings after the release of last quarter’s ...

14/08/26

NOVONESIS: A SECOND LOOK IS ALWAYS WARRANTED (ADD, 13% UPSIDE)

Since we last teased this name on 3 January 2025 — arguing there was little incremental upside left after a strong run and a post-merger valuation ...

14/08/26

Adyen

Consistent with the lower interim growth, we have cut the EV/EBIT multiple applied in our NAV from 35x to 30× 2026e EBIT, a multiple capitalises the ...

14/08/26

Deutsche EuroShop

Deutsche Euroshop’s assets continue to prove resilient amidst a rather sluggish consumer environment in Germany. NAV was bolstered by a few positive ...

14/08/26

thyssenkrupp

thyssenkrupp’s Q3 FY25/26 results were positive, with revenues of €8.8bn (+8%) slightly ahead of consensus and adjusted EBIT of €183m broadly in ...

13/08/26

D/s Norden

The Tanker segment was again a solid contributor to group EBIT in Q2 2026, thanks to high spot rates and gains on the sale of vessels. Conversely, ...

13/08/26

Adyen

Adyen delivered a strong H1, with volumes and net revenue marginally ahead of consensus. The shares still jumped 12% on a guidance range lifted to ...

13/08/26

PolyPeptide

PolyPeptide released its already-known results, with no surprises. There was strong operational performance, with guidance raised for FY26. The focus ...

13/08/26

Ottobock

Ottobock continues to deliver, with a strong set of results in 1H26. Core revenues grew by +7.7% (organic +6.7%), largely supported by a strong EMEA ...

13/08/26

Sanofi

The Q2 results surpassed expectations, backed by the unrelenting growth of Dupixent and the impressive uptake of some newly launched medicines. ...

13/08/26

Jungheinrich Pref.

We are increasing our FY26 estimates, reflecting better visibility for H2 and stronger-than-expected automation penetration within the Group’s sales ...

13/08/26

Swissquote Group Holding

Swissquote’s H1-26 was marred by a 66% crypto income collapse (low volatility plus a CHF5m inventory negative MTM effect), stalling revenue growth at ...

13/08/26

Entain

Entain delivered a strong H1, with UK&I online NGR up 13% and broad-based international growth demonstrating resilient customer demand despite higher ...

13/08/26

Helleniq Energy

We raise our 2026 benchmark EPS to €2.34 (from €1.54, c.+52%) and our 2027 EPS to €1.50 (from €1.34, c.+12%). The 2026 upgrade reflects an ...

13/08/26

ARE UMICORE’S METALS LOSING THEIR SHINE? (REDUCE, 0% UPSIDE)

Umicore (Reduce, Belgium) has been a money maker for investors, albeit at a cost to their blood pressure levels. Since we last teased the company ...

13/08/26

Shelly Group SE

Shelly published good profitability and cash flow figures for Q2 and reiterated its guidance. The group more than reassured again on margins and ...

13/08/26

Antofagasta

Even though Antofagasta’s H1 results were strong, markets are disappointed with copper guidance downgrade. While extreme weather events in Chile ...

13/08/26

HelloFresh

Q2 did not resolve the primary debate. Existing customers are responding positively to the Refresh initiative, with increased order rates and average ...

13/08/26

AutoStore

AutoStore delivered a major Q2 beat, with revenue and adjusted EBITDA materially ahead of expectations, and order intake reaching a record $217.6m, ...

13/08/26

Orsted

Clean read beats the optics. Reported EBITDA fell 4%, but that reflects last year’s partnership base effect; underlying earnings rose 8% to DKK ...

13/08/26

NEMETSCHEK GROUP

We are incorporating HCSS into our estimates. On the top line, the impact is almost immediate, contributing more than 500 bps to growth in 2026. By ...

13/08/26

Husqvarna

The new target price is derived from the update of our model. The share price decreased year-to-date in line with the Consumer Durables sector ...

13/08/26

CEWE

Solid 2Q26 results, distorted by one-offs – FY26E outlook confirmed

12/08/26

FCC

Our rating remains Add, but the value may take time to emerge. With a free float of around 10%, FCC is effectively controlled by the Slim and ...

12/08/26

Hannover Rueck

Hannover Re published solid 2Q26 results, slightly ahead of consensus. The FY26 net income target of above €2.7bn was reaffirmed and looks well ...

12/08/26

Bilfinger

Bilfinger’s Q2 revenue grew by 7% to €1.45bn and EBITA by 4% to €77m, both slightly ahead of expectations, but the underlying picture weakened. The ...

12/08/26

Rexel

We have increased the North America EV/Sales multiple to 0.8x and 0.6x for the US and Canada, respectively (vs. 0.7x and 0.5x earlier), reflecting ...

12/08/26

Vestas Wind Systems

Vestas raised its 2026 EBIT (before special items) margin target from 6-8% to 7-9%, backed by improved profitability in the Onshore and Offshore ...

12/08/26

Brenntag

Brenntag delivered a strong Q2, with operating EBITDA of €463m, supported by favourable chemical pricing, improved commercial execution and €41m of ...

12/08/26

Vestas Wind Systems

Vestas’ Q2 results were positive on all fronts, and profits were significantly above expectations, driven by improved profitability in the project ...

12/08/26

Demant

Demant reported better-than-expected Q2 results, with robust top-line growth across all segments. Profitability rose by double digits in H1, and ...

12/08/26

TUI Group

TUI moderately missed this quarter. The damage lies in the Markets + Airlines business where management chose to protect the price by closely ...

12/08/26

K+S

K+S reported a strong set of numbers for Q2 2026, largely driven by volumes. EBITDA gained significantly from the higher volumes and prices, although ...

12/08/26

Sampo

Sampo released a good set of Q2 26 results, showing accelerating top-line growth driven by the Private UK and Nordic Commercial segments. ...

12/08/26

Swatch

Following 18 months of consecutive slowdown in the luxury watch market, Swatch’s profitability deteriorated sharply last year, reaching its lowest ...

12/08/26

AstraZeneca , GSK plc

With the Astra-BMS merger idea likely being shelved after apprehensions raised by various analysts/investors, we re-float the idea of an Astra-GSK ...

12/08/26

Jenoptik

Jenoptik delivered a strong H1 26. Semiconductors and advanced manufacturing remained the key growth engines, while biophotonics benefited from ...

12/08/26

SONOVA’S HEARING AIDS FINDS ITS TUNE AGAIN (BUY; 27% UPSIDE)

Over the past few years, hearing aid firms have disappointed the shareholders who have supported them, resulting in a heavy price being paid. ...

12/08/26

Bechtle

Bechtle’s results remain solid and consistent with the guidance issued last July. Growth momentum is strong, but it is largely driven by the ...

12/08/26

Neste

We have raised our 2026 benchmark EPS to €2.23 (from €1.18, c.+90%), while leaving 2027 and 2028 broadly unchanged at €1.71 and €1.75 (from €1.76 and ...

12/08/26

Quadient

We adopt a more cautious stance on Quadient, as the slower Mail recovery, owing to lower equipment demand and transactional volumes, is outweighing ...

Download a sample

RESEARCH

515 European Large Caps

35 Senior Analysts