Research

550 European Large Caps

39 Senior Analysts

COVERAGE

ANALYST REPORTS
STRATEGY REVIEWS

Download a sample

19/09/25

Salzgitter

Salzgitter delays later stages of its SALCOS® program – Additional funds for stage one

18/09/25

Ferguson

For FY25, the increase in EPS is driven by stronger than expected results in both revenue and adjusted EBIT. Organic sales growth was primarily ...

18/09/25

STEADY BEKAERT WILL WEATHER ITS END MARKETS SLOWDOWN

Since our last teaser two and a half years ago, Bekaert (REDUCE ; Belgium)’s share price has had a volatile ride. Riding the wave of enthusiasm ...

18/09/25

SHEIN STEAM ROLLER WILL NOT BE STOPPED

Western consumers are addicted to Shein/Temu’s ridiculously low prices. A monthly fashion full garb renewal for less €10, is too tempting: too bad if ...

18/09/25

Orsted

We adjust our TP to allow for the massive (DKK60bn) rights issue. After dilution, we stick to a Buy on Ørsted, as we believe this substantial capital ...

18/09/25

Suedzucker

We have revised our model to reflect the increase in sugar inventories in Brazil during August, which came in above expectations and is driving ...

18/09/25

Krones AG

CMD 2025: Important innovations presented at drinktec – Confirmation of targets for 2025 and 2028 – Temporarily slower growth expected for 2026

17/09/25

Bolloré

Bolloré published mixed H1 25 results following the deconsolidation of Vivendi. The group continued to buy back its shares at a good pace, thus ...

17/09/25

Novo Nordisk

The massive collapse in Novo Nordisk’s share price over the last 15 months, due to competitive concerns, pricing pressure and a few other factors, ...

17/09/25

EUTELSAT’S LEO CALL OPTION IS BACK-STOPPED BY THE FRENCH TAXPAYER (ADD; 16% UPSIDE)

EUTELSAT (BUY, France) has finally revealed its OneWeb card under the new CEO Jean-François Fallacher. Ever since acquiring OneWeb in 2023, the ...

17/09/25

Ferguson

Ferguson’s Q4 FY25 results surpassed expectations, with revenue rising 6.9% yoy in Q4. The non-residential business led growth, especially in the US. ...

16/09/25

Eutelsat Communications

We have taken into account the upcoming recapitalization for the company of €1.35 bn. The initial reserve capital increase of €716 million, at a ...

16/09/25

thyssenkrupp

A strategic buyer enters the scene: thyssenkrupp has received a non-binding bid for its steel division from Jindal Steel International

16/09/25

UBISOFT STILL FACES EXECUTION ISSUES (REDUCE; 11% UPSIDE)

Compared to the STOXX 600 (+9.1% YTD) and its main peers Electronic Arts (+17.8%), Take-Two Interactive (+33.8%), and CD Projekt (SELL ; Poland) ...

16/09/25

DEFENCE MATTERS MORE THAN AEROSPACE

16/09/25

Kering

Kering shareholders approved the appointment of Luca de Meo as CEO with 98.97% backing on September 9. The following day, the group amended its ...

16/09/25

Rexel

Our estimates have been trimmed as a result of the moderation of organic growth in recent quarters, which include volume-related challenges ...

16/09/25

OIL SERVICES

Deepwater Crosscurrents

15/09/25

AutoStore

We adopt a more optimistic outlook on AutoStore following a strong performance in Q2 FY25, which has helped alleviate several of our earlier ...

15/09/25

Asseco Poland

Last week, we had a call with Asseco Poland’s (ACP) team, during which we discussed, in particular, the cash flow implications of Sapiens’ M&A ...

15/09/25

Tullow Oil

We have incorporated Tullow Oil’s lackluster H1 results into our model, and rebased the production volume to 40kboepd, 39.5kboepd and 38.9kboepd over ...

15/09/25

OUTOKUMPU STILL IN COST CONTROL MODE (ADD; +22%)

OUTOKUMPU (ADD ; Finland) has survived the end of the last decade after what looked like a near-death experience. Since that 2021 recovery, the ...

12/09/25

Sopra Steria Group

Following a recent update from the company, our EPS forecasts for 2025 and 2026 have been revised downwards. For 2025, Sopra Steria continues to ...

12/09/25

DiaSorin

DiaSorin appears to be making significant progress in the testing space. The launch of speciality tests, introduction of the Plex platform, and ...

12/09/25

ANGLO (-TECK) ENTERS THE COPPER HEAVY-WEIGHT LEAGUE (ADD; 14% UPSIDE)

Earlier this week, Anglo American (ADD ; UK), the UK diversified (though copper-heavy; c.50% of gross assets) mining giant convinced Teck Resources ...

12/09/25

V8 + PHEV = AUTOS’ OXYGEN (FOR NOW)

The new boss of Stellantis said it bluntly: place a V8 into a truck and it flies from showrooms. So RAM has resurrected its big engines for its Maga ...

12/09/25

Siltronic AG

There was a change of analyst for the coverage of Slitronic AG. We have now revised our figures for the company and incorporated the latest Q2 ...

11/09/25

Holcim

We further recalibrated our NAV by aligning it with Holcim’s more granular information and guidance about perimeter changes, stripping out activities ...

11/09/25

Orsted

Equinor Chairman J.E.Reinhardsen said yesterday that Equinor has an “open mind” regarding the structure of its partnership with Ørsted A/S, including ...

11/09/25

PIVOTAL GENERALI HAS STRONG FUNDAMENTALS TOO (ADD; 16% UPSIDE)

Generali (ADD; Italy) plays a pivotal role in the Italian financial system and sits at the centre of manoeuvres that have shaken the country’s ...

11/09/25

Puig Brand SA

Puig delivered reassuring profitability in H1, supported by the strong rebound in makeup. Fragrance was weighed down by softer demand and higher A&P ...

10/09/25

Aurubis

Execution time – Downgrade to Add

10/09/25

Unilever

TMICC conducted its inaugural CMD ahead of the planned demerger from Unilever and NewCo’s public listing in mid-November. The internal separation was ...

10/09/25

Inditex

Inditex reported a slightly below-consensus H1 25 performance, but the new Autumn Winter collections have been very well received, with the top line ...

10/09/25

Sacyr

Sacyr runs on fairly thin margins, so even a small movement in operating profit can cause a large percentage swing at the net profit line. That’s why ...

10/09/25

BURBERRY WAITING FOR THE FOG TO CLEAR (ADD; 19% UPSIDE)

The sequential slowdown in aspirational luxury demand across all key regions led to an operating loss, suspension of the dividend, and the unexpected ...

10/09/25

Baloise Holding

Despite a muted topline, Baloise reported a sharp increase in profit in 1H25, driven by the non-life business. Looking ahead, the company confirmed a ...

09/09/25

Vossloh

Given the growth potential in the coming years, we no longer consider the 20% discount on multiples justified. Consequently, we have removed it.

09/09/25

Temenos

Unexpected CEO departure causes uncertainty

09/09/25

KLEPIERRE REVERTS TO ITS HIGHS (SELL; 23% DOWNSIDE)

Klépierre‘s (SELL ; France) €18bn assets (Group share) sit in leading European Shopping Malls. 35% are in France, 8% in Scandinavia, 27% in Italy, ...

09/09/25

Reinsurance

Like every September, executives from across the insurance and reinsurance industry are gathering in Monte Carlo to discuss industry trends, pricing ...

09/09/25

Metals & Mining

Copper market consolidation is again underway, with Anglo American convincing Teck Resources to join forces. This is an interesting move by two firms ...

08/09/25

VAT Group

We have updated our model after the change of coverage from the previous analyst. We have incorporated the latest Q2 figures and also re-eveluated ...

08/09/25

SWISSQUOTE: SCALING ALL-WEATHER FINTECH AT A PREMIUM (SELL; 20% DOWNSIDE)

In our last teaser on Swissquote (SELL ; Switzerland), we explained how Swissquote’s naturally hedged business, backed by a growing and resilient ...

08/09/25

MFE-MediaForEurope

MFE now owns c.75% of ProSieben. Consequently, MFE will assume full control of ProSieben and consolidate it into its financial statements. The MFE ...

08/09/25

Swiss Prime Site AG

A solid play but for us, there are even better alternatives

08/09/25

PSP Swiss Property

The low-risk quality play in the Swiss real estate sector

08/09/25

ProSiebenSat.1 Media

MFE now owns c.75% of ProSieben. Consequently, MFE will assume full control of ProSieben and consolidate it into its financial statements. We ...

05/09/25

Asseco Poland

In H1 25, Asseco Poland’s results were 1-10.6% above PAP consensus on EBITDA, EBIT, and net income level. The backlog on a like-for-like basis is 10% ...

05/09/25

Bastide Le Confort Medical

Bastide reported FY24/25 revenue in line with guidance and our forecast. The more technical business activities remain the primary driver of organic ...

Download a sample

30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

550 European Large Caps

39 Senior Analysts