Research

534 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

13/01/26

Pluxee

We have materially lowered our target price while maintaining a constructive long-term outlook. This downward revision mainly reflects the recent ...

13/01/26

Prada

We have removed Hermès from our peer group for the comparison-based valuation. This adjustment mechanically reduces our target price. While Hermès ...

13/01/26

Oils

Having captured Maduro, Trump is attempting to reframe Venezuela as a strategic oil-controlled nation rather than a sanctioned pariah, seeking ...

13/01/26

Lindt & Sprüngli

Lindt’s ad hoc report reveals top-line results surpassing expectations. The negative volume impact was offset by price increases on its products. ...

13/01/26

Whitbread

Q3 revenue met expectations, noting the expected reduction in UK food and beverage sales as a result of the transformation plan and the strong ...

13/01/26

NEXITY, BETTER BUY GERMAN? (SELL; 28% DOWNSIDE)

Nexity (SELL ; France), the leading French company in residential development, holds a c.12% share of the addressable market. Over the past five ...

13/01/26

TIME TO BOOK DEFENCE PROFITS?

The AlphaValue coverage of Aerospace & Defence was bound to become defence driven as we suggested … 2 years ago. It happened. Still the sector is ...

13/01/26

Generali

The battle for power at the helm of Generali could take yet another turn, following press reports that UniCredit has discussed the potential ...

13/01/26

Unicredit

Taking over Delfin’s stakes in MPS and Generali would allow UCG to become the new Italian “godfather”, thereby meeting the expectations of the ...

13/01/26

Suedzucker

Suedzucker’s results exceeded consensus expectations for sales and EBITDA but fell short on EBIT due to higher-than-expected restructuring and ...

13/01/26

Steyr Motors AG

Steyr Motors has announced a five-year framework agreement to export a minimum of 750 engines, ensuring €30m in revenue, with potential additional ...

13/01/26

Orsted

Yesterday evening, Judge Lamberth issued a preliminary injunction lifting the stop-work order effective since 22 December. This ruling represents a ...

13/01/26

Bechtle

We have slightly adjusted our EPS forecasts following the pre-close call. This adjustment primarily aims to better align our assumptions with the ...

12/01/26

Société Générale

We have upgraded our EPS projections across our forecasting horizon (2025-2027). For 2025 (9% positive revision), this comes on the back of much ...

12/01/26

NORDEX FACES CAPITAL ALLOCATION QUANDARY (REDUCE; -8% DOWNSIDE)

If we were to look up the winners of 2025 in the AV universe, Nordex (REDUCE ; Germany) would be the 5th name from the top, in a list that also ...

12/01/26

TomTom

We take a more optimistic view on TomTom’s outlook and valuation following a series of contract wins / announcements recently. This relates to the ...

12/01/26

Barclays

Trump’s proposed 10% interest rate cap would severely impact Barclays’ U.S. Consumer Bank by slashing net interest income and forcing an exit from ...

12/01/26

Jungfraubahn Holding

Positive visitor figures for FY25, new mid-term targets and & CMD feedback

09/01/26

Sainsbury

Sainsbury’s Q3 FY25-26 performance was in line with expectations, with resilient grocery-led growth offsetting weaker non-food trends. Improved ...

09/01/26

CD Projekt

On December 29, 2025, CD Projekt announced the sale of 100% in its subsidiary GOG Sp. z.o.o – according to various sources, the platform with a focus ...

09/01/26

NORSK’S ENERGY IS STILL WORTH ITS WEIGHT IN GOLD (BUY; 36% UPSIDE)

2026 is off to a crazy start, as US’ attack on Venezuela has further fueled markets’ dash for (precious) metals – which was also last year’s theme. ...

09/01/26

Hikma Pharmaceuticals

Hikma, over the years, has struggled to create shareholder wealth, perhaps because of its inability (until now) to develop biosimilars on its own. ...

09/01/26

Metals & Mining

Rio-Glencore are again discussing a mega-merger. This isn’t surprising and has been a long-endorsed expectation at AlphaValue. While the rationale ...

08/01/26

Tesco

Tesco delivered positive but moderating like-for-like sales growth over Q3 and Christmas, missing expectations and raising near-term demand concerns. ...

08/01/26

HELLENIQ ENERGY’S SUPERIOR DIESEL CAPTURE IS TIME-BOUND (ADD; 13% UPSIDE)

Helleniq Energy (ADD ; Greece) operates three highly complex refineries in Greece (total capacity of ~425 kb/d) with a strong distillate-oriented ...

08/01/26

Sodexo

Sodexo’s Q1 organic growth aligned with expectations but was hindered by ongoing weakness in the core North American market and significant currency ...

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 rose by +77%, including an +11% increase over the past twelve ...

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 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 ...

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 ...

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RESEARCH

534 European Large Caps

36 Senior Analysts