Research

460 European Large Caps

31 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

26/02/20

WOLTERS KLUWER

Wolters Kluwer reported solid FY19 results in line or slightly above expectations. Sound organic revenue growth at +4%, driven by digital & services ...

26/02/20

ICADE

Following Covivio, Gecina, SFL… Icade reported a nice set of FY 19 figures. Positive revaluations slowed in the City of Paris in H2 19 (1.3% vs. 3.1% ...

26/02/20

PSA-GROUP

PSA delivered superb numbers in a year that was marked by falling volumes in nearly all the regions it is active in. However, an improved product mix ...

25/02/20

COVESTRO

We have looked again at our estimates, taking into account the reported 2019 figures and applying our cautious expectations to our 2020 and 2021 ...

25/02/20

NESTLE

The points to have in mind following the FY results: 1) OSG growth has been pushed out by 1-2 years mainly due to the deconsolidation of Skin Health, ...

25/02/20

GENMAB

For FY20, revenue is expected to be lower than in FY19 as the majority of the sales milestone related to Darzalex was realised in FY19. Also, as R&D ...

25/02/20

TELEPERFORMANCE

After the release of the FY19 results, we have revisited our forecasts. FY19 EPS was higher than expected, since operating results were actually some ...

25/02/20

MEGGITT

Meggitt reported FY19 results that were slightly better than anticipated, but a couple of headwinds are expected for 2020, which may last, turning to ...

25/02/20

IDEA KICKER

Over the last three years, double-digit organic growth and accelerated acquired growth have helped nearly treble LVMH’s (Add, France) market cap. ...

25/02/20

REXEL

Higher than expected EPS is largely attributable to the lower non-operating expenses and tax charge.

25/02/20

HELLENIC PETROLEUM

As we have lowered our refining margins’ estimates, we now expect $9bbl from $12/bbl for 2020 and $11.5/bbl from $12/bbl for 2021. This is justified ...

25/02/20

ICADE

As a result of minor changes, our target price is broadly unchanged. This leads to maintaining our negative recommendation on Icade.

25/02/20

AUTOGRILL

We have integrated the FY19 preliminary revenue, which is higher than our previous estimate. Noting the spread of Coronavirus outside Asia, we have ...

25/02/20

ANGLO AMERICAN

In 2019, Anglo was fortunate that material price tailwinds for iron ore and palladium drove their respective divisional margins to highs – 43.3% and ...

25/02/20

TELEFONICA DEUTSCHLAND

No major change after the integration of the 2019 annual release and the deployment of the 2022 accounts. Note, underlying revenues rose by 1.2% yoy ...

25/02/20

SWISS RE

We have downgraded our profit forecasts for Swiss Re not only due to the very disappointing profit development for 2019. In fact the company has ...

25/02/20

SARAS

We cut our refining margins’ estimates on the back of the weak demand since the beginning of the year. With the Coronavirus disrupting seaborne ...

25/02/20

TRUCKS

Heavy truck and bus registrations, on a combined basis, started to fall by double-digits in July last year (-19% in the last month). The January ...

25/02/20

TUI GROUP

We believe the adverse impact from the Coronavirus outbreak in Italy on TUI Group’s FY20e revenue shouldn’t be ignored, as Italy is one of the “top ...

24/02/20

VALEO

Except for calculating the SOTP (see comment below), we have not changed our valuation metrics. Simultaneously, we have marginally reduced our profit ...

24/02/20

IDEA KICKER

Back in April 2018, when we last teased on Erste Bank (Add, Austria), it was trading at a Scandi-like P/Book multiple. The Austrian bank serving ...

24/02/20

BANK OF IRELAND

The second half of the year enjoyed a decent tangible book value increase supported by FX moves. On the negative side, the top-line trends showed ...

24/02/20

ERAMET

Our target price goes down substantially, after we cut forecasts (mainly on manganese prices) and integrated a €300m capital increase to account for ...

24/02/20

PEARSON

Our target price is cut by 3.5% to 658p after we updated our model in the aftermath of the FY19 results (please refer to our 21 February 2020 ...

24/02/20

BHP GROUP

Yet again, iron ore emerged as a key driver of BHP’s profitability, all thanks to supportive prices. Although copper also fared reasonably well, it ...

24/02/20

DEUTSCHE TELEKOM

A ruling in favour of the merger of T-Mobile US and Sprint and solid Q4 results have raised DT’s stock price in these last two weeks. We remain at ...

24/02/20

NOKIA

We have rolled our forecasts toward 2022. We have lowered our growth assumption for 2020 (to +1.7% vs +5% previously) following the revised ...

24/02/20

REMY COINTREAU

We, once again, have negatively revised our FY20 and H1 FY21 expectations to reflect better the Coronavirus impact which looks now to be more ...

24/02/20

TENARIS

We have fine-tuned our numbers after the release of the FY19 results. The main change though relates to the integration of Ipsco in the US, a deal ...

24/02/20

ROYAL BAM

Very weak results and basically a year without a dividend. Bottom line: this company can be profitable, but it needs to get better at tendering

24/02/20

DAIMLER

Daimler has released its 2019 annual report with detailed footnotes and the reconciliation of pension provisions. These numbers are not much ...

24/02/20

ELEKTA

Sales missed expectations in Q3 due to the delay in installations of linacs in the US. Order intake was also weak with the US being the main drag. ...

23/02/20

VALLOUREC

Our target price goes down after we revisited our numbers and also included the new €800m issue due in Q2 20 (we had previously bet on a €600m ...

21/02/20

LVMH

We have integrated the published FY19 figures. Although we agree that it is difficult to assess the full impact of the Coronavirus at this stage, we ...

21/02/20

ACCORHOTELS

Accor released no surprises in the FY19 results. The numbers look very good but maybe the group should make an effort to boost its like-for-like ...

21/02/20

EDP

EDP released FY19 results. EBITDA increased by 12%, to €3.7bn, beating the consensus and our expectations. This increase was mainly driven by the ...

21/02/20

SOPRA STERIA GROUP

Sopra Steria met expectations in 2019 in terms of organic revenue growth (+6.5%) and operating margin on business activity (+0.5pt to 8% of revenue). ...

21/02/20

ASTRAZENECA

AstraZeneca’s Q4 results were disappointing, both from a sales growth and profitability perspective. While Oncology and CVRM (to some extent) remain ...

21/02/20

SMITH & NEPHEW

Smith & Nephew reported good Q4/FY 19 numbers – trumping estimates. Q4/FY 19 sales were up 5.6%/4.4% on an underlying basis – driven by broad-based ...

21/02/20

IDEA KICKER

Exor (Add, Italy)(i.e. the Agnelli family) has been successful in splitting-up two of its holdings. It started in 2010, when then-called Fiat was ...

21/02/20

ALLIANZ

• Net profit attributable to shareholders increased by 6% to €7.9bn • RoE was 13.6% in 2019 despite a 21% increase in shareholders’ funds to €74bn • ...

21/02/20

PEARSON

Pearson confirmed its recent FY19 estimates, reporting in line figures (flat underlying revenue growth, adjusted OP: £581m, adjusted EPS: 57.8p). ...

21/02/20

TELEPERFORMANCE

FY19 slightly better than our numbers The outlook for FY20 is conservative as usual, albeit positive No clear impact of the 2019-nCoV so far We do ...

21/02/20

HAMMERSON

Hammerson has disposed of new assets in the UK at a price 22% below their June 2019 book value, or a yield of 8.7% from the buyer’s side. The crisis ...

21/02/20

PARIS AÉROPORT

ADP has announced the acquisition of a 49% stake in GRM Airport, for an EV/EBITDA multiple between 16x and 21x. We view this deal as constructive for ...

21/02/20

SWISS RE

We have updated our 2019 figures after the release of the disappointing and weak preliminary profit for 2019. We will review our forecasts for 2020 ...

21/02/20

GENMAB

FY19 ended on a high as sales and operating profit exceeded management’s pre-set targets – driven by royalties and the sales milestone of Darzalex. ...

21/02/20

VALEO

While Valeo’s revenue and EBITDA numbers were very much in line with our projections, all other profit numbers were lower. Management blames a ...

20/02/20

WACKER CHEMIE

In a manager’s training (?) book there is usually a chapter on how a manager should behave in an ‘emergency’ situation. It looks to us as if Wacker’s ...

20/02/20

FRESENIUS

We have not become more enthusiastic, but the inclusion of FMC’s better than expected performance has caused the increase in the EPS. The moderate ...

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06/02/20

EUROPEAN EQUITIES FAST TRACK FEB 2020

nCoV 2019 Minsky moment potential?

02/02/20

EUROPEAN BANKS

Happier New Year

14/11/19

STRATEGY H1 2020

Cyclicals’ spring or a liquidity tragedy?

11/10/19

NETWORK VENDORS & SATELLITE OPERATORS

5G: players overview

15/09/19

EUROPEAN BANKS

ECB’s Last Shot?

08/01/19

STRATEGY H1 2019

DOWNGRADES

06/12/18

NATIXIS

Time to offload the banking licence

04/10/18

A BANK'S CASH FLOW STATEMENT

Remove it or amend it!

29/06/18

EUROPEAN GAMBLING OPERATORS

A consolidation game

21/06/18

STRATEGY H2 2018

Near term: Rosy & Trumped Stock Selections: 11 Intriguing businesses & business models

18/05/18

FOOD & BEVERAGES

Has Food & Beverages lost its shine?

02/05/18

AEROSPACE & DEFENCE AND AIRLINES

Is current production output really meeting demand ?

28/03/18

THE CASE FOR A PAC-MAN STLYE OFFENSIVE

Letter to the board of directors of Sika and to Saint-Gobain’s shareholders

22/03/18

EUROPEAN BANKS

Reflation Trade and Other Myths

08/02/18

POWER UTILITIES

Stock Picking in European Power Utilities

12/12/17

STRATEGY – H1-2018

Death of the Ltd company? From Ownership to Smart Contract

12/12/17

EUROPEAN MEDTECH

A correction is imminent

29/11/17

OIL & GAS

Ahead of the OPEC meeting

23/11/17

METALS & MINING

Debunked: nickel in batteries

09/11/17

POWER UTILITIES

Still opportunities ahead

RESEARCH

460 European Large Caps

31 Senior Analysts