Research

536 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

23/12/25

Siemens Energy

We are raising our target price by 11%, driven by a 12% increase in our DCF valuation and a 22% increase in our NAV per share. These changes are ...

23/12/25

CROSSJECT, A STING LESS CALL OPTION (BUY; +240 %)

Of note: Crossject has been tracked by AlphaValue as part of a sponsored research contract since 2015 We started to track Crossject (BUY ; France) ...

23/12/25

AI OR FINANCIALS RISK? FINANCIAL

Hope for the best has come to define 2025. The worst never showed up and we at AlphaValue were wrong to prepare for it. The vanity of Trump moves, ...

23/12/25

BHP Group

Even though recent news of another failed Anglo American bid has raised some serious question marks around the firm’s strategic priorities and the ...

23/12/25

LEG Immobilien

The key element of our target price lies in the evaluation of GAV/NAV parameters within the framework of a SOTP.

23/12/25

Orsted

Ørsted said the Bureau of Ocean Energy Management (BOEM) ordered Revolution Wind and Sunrise Wind to suspend all offshore activities on the outer ...

22/12/25

TAG Immobilien

Our different approach to recurring profit does not significantly change the economic value of TAG Immobilien, and the target price remains close to ...

22/12/25

EDP , Engie , Iberdrola , Orsted , RWE

Trump suspends leases for five East Coast offshore wind projects over radar interference concerns, sparking a sharp sell-off and freezing sector ...

22/12/25

SIKA CAN ONLY BOUNCE BACK (ADD; 11% UPSIDE)

SIKA (ADD ; Switzerland), a celebrated leader in construction chemicals and building materials, has seen its share price shed roughly 65% over the ...

22/12/25

ArcelorMittal

We have fine-tuned our estimates (only for the current year) after talking to management. We have revised downwards a number of assumptions for Q4 ...

22/12/25

thyssenkrupp

We have integrated the final FY24/25 accounts (closing September 2025). The apparent EPS difference for FY25 (published) and FY26/27 (forecasts) is ...

19/12/25

Merck

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 ...

19/12/25

WÄRTSILÄ DONS SIEMENS ENERGY’S SHOES (ADD; 15% UPSIDE)

Wärtsilä (ADD ; Finland) essentially manufactures giant engines for two applications: to propel vessels (Marine: 47.4% of Group sales), and to ...

19/12/25

AI DOUBTS HAVE YET TO METASTASIZE

As fundamental analysts with a clear preference for FCF, AlphaValue has always been sceptical about the mushrooming of unfinanced but OpenAI centred ...

19/12/25

Eramet

Our estimates have been slashed materially as extreme market headwinds have taken a toll on Eramet’s expected earnings generation capabilities – for ...

19/12/25

Wärtsilä

We believe that Wärtsilä deserves a valuation premium given that AI capex could help to reveal the superiority of engines over turbines. In addition, ...

19/12/25

HORNBACH Holding

Soft 3Q results but full year guidance on FY25/26E confirmed

18/12/25

EVN

Update to our EPS following FY24/25 results: Our 2026 EPS have been revised down mostly to reflect the STRABAG contract for the sale of the ...

18/12/25

Schweiter Technologies

Burdens for FY25 from weak markets and one-off effects – Downgrade to Reduce with new TP of CHF 229

18/12/25

Currys

Currys delivered a stronger-than-expected H1 FY25/26, with broad-based earnings growth and strong free cash flow. UK&I gained market share despite ...

18/12/25

Equinor

We have revised our EPS forecasts lower following updates to our commodity price assumptions. Brent is now assumed at $70.95/bbl in 2025 (from ...

18/12/25

Avolta

Avolta has secured the duty-free concession at Shanghai Pudong Airport T1 and S1, becoming the first international operator to enter mainland China’s ...

18/12/25

ENEL RESTRUCTURING NOW COMPLETE, SHAREHOLDERS’ TURN (ADD; 30% UPSIDE)

Since our last Enel teaser in October 2024, Enel (ADD; Italy) has been one of the top performers in the European utilities space. This strong ...

18/12/25

WHEN FERRARI MEETS HERMES

It is no longer provocative to compare Ferrari to Hermes and wonder what makes hyper-luxury tick. Of late, Ferrari (€61bn market cap ) has lost its ...

18/12/25

EVN

Operating performance was in line with expectations, with positive volume and pricing effects. At net income level, this was offset by weaker ...

18/12/25

Storebrand

Storebrand has presented a convincing strategic plan at its CMD. While the group’s growth drivers are expected to remain broadly unchanged, we were ...

17/12/25

Ferrari

The cadence of F80 deliveries will have a meaningful impact on upcoming results; however, we do not believe this calls into question the group’s ...

17/12/25

Suedzucker

We have updated our model to incorporate the company’s FY26/27E expectations, which continue to highlight challenges in the sugar market. As a ...

17/12/25

ENTAIN – REGULATORY OVERHANG AND A MISPRICED TURNAROUND (BUY; 27% UPDSIDE)

When we last highlighted Entain (BUY ; UK) around 14 months ago, our optimism was driven by its operational recovery and strong organic growth, with ...

17/12/25

TRANSPORT SECTOR LATE OR LAST RUSH?

The one striking development in the annual race between sectors, is not Banks or Aerospace Defence. It is about the small and motley Transport ...

17/12/25

Aerospace-Defence

Defence budgets are no longer the question. Execution is. The market treats NATO targets as a revenue forecast. That is a mistake. Europe will spend ...

17/12/25

Colruyt

Colruyt reported mixed H1 FY25/26 results, with slightly stronger sales but weaker profitability due to high competitive pressure and rising wage ...

17/12/25

Oils

Europe is cautiously revisiting Libya as a post-Russia energy security lever, seeking opportunistic access to ultra-low-cost barrels to ease ...

17/12/25

Bayer

Since Bayer’s shares have already surged 87% ytd, recovering to their highest levels in the last two years, we do not foresee a material upside ...

17/12/25

UNIQA Insurance Group AG

Uniqa’s recent CME conveyed a strong sense of optimism, and rightly so in our view. Beyond the formal upgrade of the FY28 targets, the key takeaways ...

17/12/25

UNIQA Insurance Group AG

Following Uniqa’s Capital Markets Event, we have reviewed our assumptions and are revising our SOTP valuation upwards. This reflects not only our ...

16/12/25

Banks

We apologise for the potentially politically incorrect nature of our analysis, but we view the EU’s plan to use Russian assets less as direct ...

16/12/25

Danieli & Co

Despite a remarkable share price performance ytd (+113%), we feel that the stock still has upside: actually, the valuation ratios (4.8x FY25e, 4x ...

16/12/25

DANONE’S HEALTH FLAVOUR PAYS OFF HANSOMELY (REDUCE; 4% UPSIDE)

Danone (REDUCE ; France), a global leader in the Food -Diversified sector, is well placed to capitalise on the growing move toward healthier diets, ...

16/12/25

LUXURY AT CHRISTMAS PRICES

We have looked (again) at long term valuation trends for European listed Luxury. Over the last 20 years the sector has about doubled in PE terms, ...

16/12/25

Glencore

After a rough start to the year, Glencore has been in a sweet-spot since bottoming out in April 2025. To begin with, Copper (c.25% of gross assets) ...

16/12/25

Entain

We adopt a more conservative stance on Entain’s medium- to long-term outlook, reflecting (a) the company’s absence from the lucrative ...

15/12/25

Sika

Our target price is up, as we reiterate our Add recommendation and continue to see upside potential once construction markets gradually recover from ...

15/12/25

Acciona

Our 2026 EPS has been revised down to reflect today’s announced disposal, whereby ACCIONA Energía reached an agreement with Mexico Infrastructure ...

15/12/25

ITM Power

We have rolled over our model to the next year and updated our EPS estimates. The change in EPS 2024 reflects the actual performance for that year, ...

15/12/25

UNITED INTERNET DRIVEN BY TELEFONICA (ADD; 19% UPSIDE)

UI (ADD; Germany)’s stock experienced a significant recovery in 2025, doubling to €29 by mid-October. It is, however, crucial to compare its ...

15/12/25

SCA

Market sentiment has been brutal for SCA, whose shares have now slumped below its five-year lows. This is very harsh for a firm that reported a 9M 25 ...

15/12/25

Qiagen

We have revised our estimates upwards to account for enhanced profitability, despite the effects of tariffs and foreign exchange headwinds. This ...

15/12/25

HBM Healthcare Investments

Swixx transaction reinforces NAV momentum and capital optionality

15/12/25

Schweiter Technologies

FY25 profit warning will result in a 5-6% correction to the sales consensus and EBITDA of approx. CHF 70mn will be slightly below the previous year

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RESEARCH

536 European Large Caps

36 Senior Analysts