Research

519 European Large Caps

37 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

19/02/26

Centrica

Centrica reported disappointing FY25 results, with adjusted EPS of 11.2 (consensus 11.8) and adjusted operating profit of £814m (consensus £874m). ...

19/02/26

Zurich Insurance Group

Zurich reported solid FY25 results, with double-digit increases in operating profit and net income, driven by all three businesses. In P&C, ...

19/02/26

Besi

BESI reported strong Q4 ‘25 results, with a sharp step-up in revenue, profitability and orders. The quarter confirms that advanced packaging demand ...

19/02/26

Krones

Krones reached guidance for FY25 on each figures, despite missing consensus on order intake and revenue. Operational execution remains strong, and ...

19/02/26

Renault

Renault’s FY25 results met expectations despite FX headwinds, weak LCV sales, competitive pressures, a higher BEV mix, and an unfavourable geographic ...

19/02/26

Air France-KLM

AFKLM delivered consensus-beating 2025 results with a record operating profit, primarily driven by strategic capacity discipline, successful ...

19/02/26

Nexans

Nexans saw strong 4Q momentum: Transmission grew by +40% YoY and Connect by +11% YoY, while Grid disappointed at +3.5% YoY. Adj. EBITDA was in line, ...

19/02/26

DATACENTERS

State of the investment thesis

19/02/26

Euronext NV

Euronext’s Q4 results delivered a solid 10% revenue growth, fuelled by Capital Markets and the ATHEX consolidation. However, an opex miss (+14% yoy), ...

19/02/26

FDJ United

FDJ reported weak Q4 25 revenue, ~5% below market expectations amid tax and regulatory headwinds. FY 26 guidance remains muted; however, investors ...

19/02/26

Airbus Group

Airbus delivered a solid FY25 in line with guidance, but the investment case weakens meaningfully at the margin as 2026 guidance falls well short of ...

19/02/26

Randstad

The reduction of the target price is derived from the downward revision of our EPS expectations and DCF valuation (see the respective comments). The ...

19/02/26

Pernod Ricard

Pernod Ricard reported a 5.9% organic decline in H1 2026, slightly below expectations, primarily due to weak consumer sentiment in China and ...

19/02/26

Nestlé

Despite the company delivering results largely in line with expectations, with top-line organic growth at 3.5% compared to the consensus forecast of ...

19/02/26

Repsol

Production was broadly stable in Q4 at 544 kboe/d (vs 551 kboe/d QoQ), offering limited volume leverage, with lower liquids partly offset by equity ...

19/02/26

CEMENTIR’S WHITE CEMENT GETS GREENER AT LOW CAPITAL COST (ADD; 31% UPSIDE)

Of note: Cementir has been tracked by AlphaValue as part of a sponsored research contract since 2019. Cement is nobody’s instinctive climate ...

19/02/26

Rio Tinto

2025 was another strong year for Rio. While H2 was somewhat softer in margin terms compared to H1, results in aggregate were healthy. Turnaround in ...

19/02/26

Tenaris

The group reported earnings for FY25 that exceeded consensus expectations, following a conservative outlook issued in Q3. The short-term forecast for ...

19/02/26

Nordea

We upgraded our EPS projections after having integrated 2025 EPS. Following Nordea’s CMD presentation (2026-2030 strategic period), and its Q4 ...

19/02/26

Orange

Orange reported strong Q4 results, meeting expectations. Organic cash flow which was projected at a minimum of €3.6bn achieved €3.65bn, an 8.3% ...

19/02/26

Enel

Enel will host its CMD 2026 strategy update next Monday. Several elements lead us to believe the stock currently offers an appealing entry point, ...

19/02/26

M6-metropole Television

Our EPS for 2025 was significantly revised positively, as M6 substantially outperformed the video advertising market, which was quite unexpected. We ...

19/02/26

Eramet

Eramet reported extremely weak results for 2025. Even though Q4 sales dynamics were better, the overall erosion of 2025 earnings/cashflows prompted a ...

18/02/26

Covivio

Organic growth is slowing overall, yet it remains robustly supported by the German residential sector. Portfolio rotation also bolsters recurring ...

18/02/26

We have lowered our 2025 and 2026 EPS, mainly driven by a lower EBIT profile following BRENT, and softer refining assumptions. Group EBIT now stands ...

18/02/26

Puig Brand SA

Puig delivered a stronger-than-expected Q4 25, lifting FY25 results above expectations on the back of exceptional makeup growth and better resilience ...

18/02/26

Bayer

After Bayer announced that it will settle most of the Roundup (glyphosate; herbicide) related class action suits (alleging Non-Hodgkin’s lymphoma, a ...

18/02/26

Carrefour

Carrefour outlined its Carrefour 2030 strategy, focusing on France, Spain, and Brazil, with emphasis on price competitiveness, fresh food, franchise ...

18/02/26

Heineken

We have revised our projections upward for EBITDA in both FY26 and FY27, leading to an EBITDA average upward revision. For FY26, the updated outlook ...

18/02/26

FLSmidth & Co

Following the preliminary results on 5 February and the issuance of the FY26 guidance, FLSmidth reported its FY25 figures, which slightly exceeded ...

18/02/26

Glencore

Thanks to a strong rebound in H2, after H1 results missed expectations, Glencore reported healthy 2025 results. There were positives in both Mining ...

18/02/26

Melia Hotels International

Meliá is currently navigating a cross-regional valuation tug-of-war. On one hand, its Cuban operations have deteriorated from a structural drag into ...

18/02/26

BAE Systems

BAE delivered what it promised in FY25. Results came in broadly in line with expectations and slightly ahead of management’s own guidance. Cash ...

18/02/26

Genmab

Genmab’s full-year 2025 results showed both sales and adjusted operating profit falling short of market expectations. Despite this, double-digit ...

18/02/26

EFG International

The bank’s solid operational performance was overshadowed by a significant legal provision related to a money laundering scandal. Although core ...

18/02/26

CURRYS SOLID STRATEGIC DELIVERY IMPRESSES (ADD; 12% UPDSIDE)

Currys (ADD; UK) has emerged as one of the most compelling recovery stories in European retail. The share price has more than doubled since we last ...

18/02/26

TELCOS’ UNWARRANTED BOUNCE

Last October, we mocked the resurgence of Telcos as a knee-jerk by AI doubters. We were wrong, as the sector picked up fresh energy from February ...

18/02/26

Emeis

Emeis delivered a robust operational recovery in 2025, characterised by EBITDAR growth that exceeded management guidance and a further strengthened ...

18/02/26

Quadient

We adopt a more cautious stance on Quadient, as AI-related developments drive sector-wide multiple compression, and prompt a reassessment of ...

18/02/26

AlphaBlunt!

SANOFI

A Surprising Tactical Error by the Board

18/02/26

Vicat

Vicat’s results are solid, but the engine is uneven: the group is being carried by Egypt, Turkey and Brazil, while its two core profit pools, France ...

18/02/26

Castellum

“Leasing, leasing, and leasing” is the mantra of the new management team. The portfolio’s value declined in Q4 25 due to pressures from medium-term ...

18/02/26

M6-metropole Television

M6 reported mixed FY25 results with good resilience in advertising despite the difficult political environment, but missed on profitability due to a ...

17/02/26

Icade

Icade anticipates FFO bottoming in 2026, thus suggesting a notable improvement in Residential Development contributions. However, Property ...

17/02/26

Carrefour

Carrefour reported mixed Q4 and FY2025 results. Like-for-like sales met expectations, while recurring operating income slightly missed consensus. ...

17/02/26

Mercialys

Organic growth at the topline level persists, but it is insufficient to ensure robust FFO per share growth in FY 26. In this context, cash dividends ...

17/02/26

Antofagasta

Even after ‘record’ and extraordinary 2025 operating results, markets are disappointed, with Antofagasta’s shares falling c.7%. While the results in ...

17/02/26

NN Group

NN Group reported strong FY25 results, with a better-than-anticipated Operating Capital Generation (OCG) of €2,089m, up 9%. The operating result also ...

17/02/26

DKSH

DKSH’s FY25 result has been well received, with the share price rising ~7% on strong core EBIT growth. Sales and EBIT growth at CER exceeded ...

17/02/26

NN Group

NN Group reported solid FY25 results, with operating capital generation significantly above expectations, although partly supported by non-recurring ...

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RESEARCH

519 European Large Caps

37 Senior Analysts