Research

519 European Large Caps

35 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

23/10/26

Hermes International

Hermès’s Q3 26 sales missed consensus expectations, with growth slowing from Q2. Leather Goods remained resilient, but softer traffic weighed on ...

23/10/26

Bolloré

Bolloré reported very strong Q3 results on its remaining operational assets while Compagnie de l’Odet continued to strengthen its grip over Bolloré. ...

23/10/26

Fortum

We have raised our 2027E EPS and onwards to reflect the full consolidation of Elmera into Consumer Solutions. Fortum settled its tender at NOK 47 per ...

23/10/26

Seb

Seb reported mixed sales in Q3 2026, with resilient Consumer organic sales offset by a sharp decline in Professional. The operating margin from ...

23/10/26

Saab

Saab delivered a solid Q3, with order intake 20% above consensus and organic sales growth of 30.6%, although EBIT remained in line. Surveillance’s ...

23/10/26

L'Oréal

L’Oréal’s Q3 26 sales growth accelerated to 7.7%, exceeding consensus expectations and outpacing the global beauty market. Professional haircare, ...

23/10/26

Munich RE

As in 2Q26, Munich Re has released preliminary 3Q26 results, which came in ahead of both our expectations and consensus, and has raised its FY26 net ...

23/10/26

Barclays

As announced in our post-release comments, we have made minor changes to our forecasts. However, the limited upgrade we have made to our 2027 ...

23/10/26

Vinci

Vinci delivered its strongest quarter of 2026, with revenue up 4.9% to €20.4bn, around 2% above consensus, as international growth offset continued ...

23/10/26

London Stock Exchange Group

LSEG delivered strong Q3-26 results, with organic growth of 9% driven by Markets (+12.5%) and accelerating subscription business (+6.5%). Management ...

23/10/26

Valeo

Valeo’s Q3 sales were modestly below company-collected consensus, driven by OEM sales, which underperformed production by a wider margin than in H1. ...

23/10/26

Evolution AB

Evolution’s Q3’26 results showed signs of recovery, with revenue up 4% at constant currency and RNG outperforming. North America and Latin America ...

23/10/26

Norsk Hydro

Even though Norsk’s Q3 results were strong in aggregate – led by Primary Metal – they missed street expectations. Also, all other divisions faced ...

23/10/26

Safran

Safran delivered broadly in-line Q3 revenue, with strong Equipment & Defence performance offsetting softer Propulsion. While the sharp slowdown in ...

23/10/26

Groupe ADP

ADP’s nine-month revenue was in line with expectations, while the reduction in 2026 EBITDA guidance had already been announced on 15 October. The ...

23/10/26

Sartorius Stedim Biotech

SSB delivered an in-line Q3 26, with revenue and underlying EBITDA in line with consensus. Consumables continued to lead growth, while equipment grew ...

23/10/26

ENI

Production is growing as planned projects ramp up, while refineries returning from maintenance are capturing strong margins. Eni has approved the ...

23/10/26

H&M’S RECOVERY RUNS SHORT OF DEMAND (REDUCE, 7% UPSIDE)

H&M’s (REDUCE; 7% UPSIDE) margin repair is real; its sales recovery is not. Tighter purchasing and cost discipline are paying off, as flagged in our ...

23/10/26

PAIR TRADES WORTH A LOOK

Eyes are on Q3 earnings releases. Ours are on a trio of pair trades which seem to have legs. The first is a way to retain exposure to infra, a sector ...

23/10/26

Unibail-Rodamco-Westfield

URW identifies “continued operating momentum” and remains very confident in its 2026 outlook. We do not detect any note of caution from management ...

23/10/26

SGS

SGS’ Q3 revenues were modestly above expectations, led by a solid contribution from scope and stable organic growth. The beat, however, was largely ...

23/10/26

Rexel

Rexel delivered a strong Q3’26 sales beat, with same-day organic growth of 11.4% vs. 6.6% consensus, led by North America and triple-digit growth in ...

23/10/26

Holmen

The quarterly release has resulted in an earnings downgrade (see ‘EPS’ section), and the premium for peer-based metrics being reduced to 15% (vs. 25% ...

23/10/26

Intercontinental Hotels Group

IHG keeps delivering solid results with a broad-based Q3 RevPAR beat, record development activity, and confidence in FY26 consensus. Beyond the beat, ...

23/10/26

Warehouses De Pauw

Q3 26 communications remain focused on the strategic tie-up with ARGAN, slated for 2027. WDP’s economic performance continues to hold up well, even ...

23/10/26

Nexity

Nexity reports anemic bookings for Q3 26. The company has announced adjustment measures, though these remain short on detail for the time being. ...

23/10/26

Tessenderlo Group

We have integrated the new consensus figures of FMC to determine the result from equity associates after the catastrophic Q3 results and the guidance ...

23/10/26

SAP

After a solid third quarter across all indicators, we are making minor adjustments to our estimates. We are raising our organic revenue by ...

23/10/26

Rexel

Rexel delivered a strong Q3’26 sales beat, with same-day organic growth of 11.4% vs. 6.6% consensus, driven by North America and robust data-centre ...

23/10/26

Sika

Sika delivered a positive Q3, beating sales and EBITDA consensus by 1.4% and 2.5%, respectively. Strong EMEA momentum and market share gains ...

23/10/26

Sodexo

Sodexo’s FY26 results came in ahead of company consensus and of our forecasts. Organic growth reached +2.0%, lifted by a stronger-than-expected Q4 at ...

23/10/26

AccorHotels

Accor reported solid figures with group RevPAR up +4.9%, ahead of expectations. The beat was entirely price-driven and concentrated in Luxury & ...

23/10/26

Krones

We downgrade Krones from Buy to Add, as our lower earnings estimates and DCF reduce the stock’s valuation upside below the level required to support ...

22/10/26

Besi

BE Semiconductor Industries (BESI) delivered a strong Q3, with revenue up 114% YoY to €283m and orders up 96% to €343m, reflecting robust demand for ...

22/10/26

Qiagen

After a failed bid by Thermo Fisher and persistent rumours in recent years, Qiagen shareholders now have a second opportunity. Although shareholder ...

22/10/26

Swedbank

Swedbank’s Q3 pretax beat relied on a one-off Entercard provision release, while revenue missed due to softer NII growth and weaker trading. NII and ...

22/10/26

Nestlé

Nestlé delivered a strong Q3, with volume growth well ahead of expectations, while pricing continued to moderate. Emerging markets remained the main ...

22/10/26

Sartorius

Sartorius reported a strong Q3 26, with revenue (+3.0%) and underlying EBITDA (+4.1%) comfortably ahead of consensus. Operational growth accelerated ...

22/10/26

Nexans

Nexans’ Q3 revenue release slightly surpassed expectations, primarily driven by strong growth in PWR-Connect and PWR-Grid, even as PWR-Transmission ...

22/10/26

Roche Holding

The Q3 sales were ahead of the street’s expectations, driven by healthy growth across both segments. The beat, though, received support from a ...

22/10/26

Nokia

Nokia delivered strong Q3 results, with sales up 9% and a comparable operating margin expanding 220bp to 11.7%, driven by accelerating AI and cloud ...

22/10/26

Kuehne + Nagel

K+N reported strong Q3 results, propelled by volume growth in both Sea and Air. Yields also increased across both Sea and Air, owing to higher ...

22/10/26

Ipsen

Ipsen reported a robust Q3, resulting in an upgraded 2026 guidance. While we may revise our estimates upwards, we do not anticipate a significant ...

22/10/26

Kerry Group

Kerry’s Q3 provides further evidence that its growth engine is gaining traction despite subdued end markets. Volumes accelerated across all regions, ...

22/10/26

Yara International

Yara’s Q3 2026 revenue growth was entirely price-driven. Higher gas costs outweighed price gains and squeezed earnings. Management responded with ...

22/10/26

Wendel

Wendel’s Q3 update was mixed, with NAV up 5.1% QoQ to €167 per share, largely supported by recovering market multiples rather than underlying value ...

22/10/26

Rentokil Initial

Rentokil Initial’s Q3’26 organic revenue growth of 3.4% was in line with expectations, with FY26 profit guidance reiterated. Improving contract ...

22/10/26

Skandinaviska Enskilda Bank

SEB’s Q3 missed consensus, with PBT 6% below expectations due to weak trading results after Q3 rates volatility, and slightly soft NII and fees ...

22/10/26

Atlas Copco

Atlas Copco’s Q326 results came broadly in line with consensus, with revenues up 15% (+11% organically) and order intake up 29% (+25% organically), ...

22/10/26

Schindler

Schindler’s Q3 results surpassed expectations across the board and delivered a clear acceleration in revenue growth, which had plagued H1 2026, ...

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RESEARCH

519 European Large Caps

35 Senior Analysts