Research

513 European Large Caps

33 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

17/06/26

LANXESS

The lower EPS forecast reflects a more cautious view on 2026. We have cut our FY2026 and FY2027 EBITDA estimates by ~4% and ~3%, respectively, to ...

17/06/26

Henkel

EPS remained broadly unchanged, as the benefits from improved pricing were largely offset by lower assumed contributions from M&A activities and ...

17/06/26

Siegfried

Our target price is reduced to CHF94 (from CHF97) on the back of a lower sales base. We have also adjusted forward years’ growth, slightly increasing ...

17/06/26

ING Group

We have upgraded our 2026 and 2027 EPS projections (+25% for both years vs our previous respective estimates). Our positive revision stems mainly ...

17/06/26

Belimo

Our target price increases as we have revised upward our assumptions regarding AI-related capital expenditures, particularly in the US, where data ...

17/06/26

THE STUDIOS TAKEOVER IS THE ONLY VIABLE HORIZON FOR ITV (SELL; 13% DOWNSIDE)

In our last teaser, we focused on the laborious digital transition of ITV (SELL; UK), facing increasing competition from major US global streaming ...

17/06/26

DEFENCE SUDDENLY COMPETITIVE

Only two years ago European defence incumbents were expected to sail smoothly into a powerful upcycle of military spending. Then the Ukraine surfaced ...

17/06/26

Securitas

The 2030 strategy confirms the group’s long-term trajectory. It focuses on a continuing move to high-value services, supported by technology, risk ...

17/06/26

Worldline

Reverse stock split 40/1 mechanically increases our EPS by reducing the share count. There was no change in underlying estimates.

17/06/26

BMW

Following BMW’s profit warning, we have reduced our FY26 estimates to reflect weaker-than-expected performance in China and the Asia-Pacific region. ...

17/06/26

Colruyt

Colruyt’s FY25/26 results matched expectations with €465m EBIT, but severe Belgian competition and Sunday trading drove a 50bp market share loss to ...

16/06/26

Telecom Italia

The 21,357,258,195 existing TIM ordinary shares were grouped into 2,135,725,819 newly issued TIM ordinary shares on June 15th

16/06/26

OILS

The deal is done. The market has moved on.

16/06/26

Metals & Mining

After an ecstatic start to 2026, precious metals had a brutal reality check. Even Iran war risks failed to revive sentiment. To be fair, such ...

16/06/26

RÉMY COINTREAU: A COSTLY MOAT IN THE CELLAR (REDUCE; +5% UPSIDE)

Rémy (REDUCE; France) is not yet a clean turnaround story. It is a 300-year-old inventory model being tested by new drinking habits. After an almost ...

16/06/26

Shell

We have lowered our benchmark EPS for 2026, 2027 and 2028, driven by the reduced Brent deck flowing through to upstream realised liquids prices.

16/06/26

Sainsbury

For FY2025/26, EPS was adversely impacted by significant operating cost inflation, continued investment in customer value initiatives, and a ...

16/06/26

Redcare Pharmacy

Redcare accelerates growth, improves profitability and raises its guidance

16/06/26

Galp Energia

We have raised our adjusted EPS for 2026-28 to €1.73 / €1.53 / €1.47 (from €1.62 / €1.49 / €1.44). The lower Brent deck (87/72/65 $/bbl vs 95/80/75) ...

15/06/26

PolyPeptide

The target price is upgraded on the back of higher margins in 2026. The EBITDA margin is lifted from 15.4% to 17.9% for the full year (guidance is ...

15/06/26

Equinor

We have decreased adjusted EPS for 2026, 2027 and 2028, driven by the lower Brent deck flowing through to upstream realised liquids prices.

15/06/26

Aker BP

We have decreased our adjusted EPS for 2026, 2027 and 2028, driven by the lower Brent deck flowing through to upstream realised liquids prices.

15/06/26

DWS HOOVERS UP RETAIL SAVINGS (ADD; 18% UPSIDE)

DWS (ADD; Germany) is one of the leading retail asset managers in Europe (with a record €1,085bn in AuM at the end of 2025, reaching €1,093bn by the ...

15/06/26

Eramet

Orion consortium is believed to have expressed interest in (partly) buying out Duval’s controlling stake in Eramet. This is finally some good news, ...

12/06/26

We have revised downward adjusted EPS for 2027 and 2028, driven by the lower Brent deck flowing through to upstream realised prices.

12/06/26

NORDEN: DRY BULK UPSIDE REMAINS OPTIONAL (ADD; 9% UPSIDE)

Norden (ADD; Denmark) operates a hybrid, asset-light shipping model combining vessel ownership with short-term market exposure across dry bulk and ...

12/06/26

Adyen

Adyen’s acquisition reflects its ambition to gain market share and become one of the leaders in the payment sector, following Stripe’s moves. This is ...

11/06/26

KBC Groep

We have upgraded our 2026-2027 projections for KBC (+17% for against our previous projections for 2026 and +9% against our previous projections for ...

11/06/26

AUTOMOTIVES

Navigating the Automotive Sector’s Structural Transformation

11/06/26

JERONIMO MARTINS COMBINES STRENGTH AND GROWTH (BUY; 38% UPSIDE)

We last teased Jeronimo Martins (Buy, Portugal) seven months ago, when the Biedronka owner was grappling with negative volumes and intense margin ...

11/06/26

PLATEAUING BANKS

Over the last 12 months, European Banks have outperformed the Stoxx600 by c. 20%. Ytd they have performed in line with the market. Banks look like ...

10/06/26

D/s Norden

The change of target price reflects the update to our 2026 estimates. The share price has significantly outperformed the transport sector ...

10/06/26

TUMBLING HANDLING SYSTEMS

The global planet needs ever more handling systems. Investors will have none of it. The collapse of the handling systems sector speaks volume about ...

10/06/26

WERELDHAVE, ANOTHER PROPERTY RESILIENCE TEST (SELL; -32% DOWNSIDE)

Wereldhave (SELL; Netherlands), a retail property specialist, holds €2.4bn in assets: €1bn each in Belgium and the Netherlands, €0.2bn in Luxembourg, ...

09/06/26

Indra

The modest change of the target price is derived from the model update which includes an increase in the NAV. The share price has outperformed the ...

09/06/26

Remy Cointreau

We have updated our model to incorporate the FY25/26 results. Sales came in at EUR 935.3m, broadly in line with our previous estimate of EUR 938m. ...

09/06/26

Repsol

We have revised our adjusted EPS, with FY25 lowered on softer Downstream delivery: weaker refining and chemicals margins compounded by an ...

09/06/26

Worldline

Our EPS have been very modestly adjusted down in 2027 and 2028, essentially to take into account the impact of change in consolidation scope. Our ...

09/06/26

Car Manufacturers

European passenger car registrations rose significantly in April 2026, driven by growth in the BEV segment, boosted by more affordable models and ...

09/06/26

OILS

Hormuz rewrites freight geography

09/06/26

TotalEnergies

We have revised adjusted EPS upward, driven by the higher Brent and TTF deck feeding through to realised prices and gas margins, on top of resilient ...

09/06/26

SCHNEIDER’S WHERE NARRATIVE AND VALUATION MAKE THE MOST SENSE (REDUCE; 7% UPSIDE)

Despite matching Stoxx 600’s returns, Schneider Electric ( REDUCE; France ) has underperformed its two largest peers in the Electricals ...

09/06/26

MEDIA SOTTO VOCE

Media like Software has been pilloried by AI buffs. This disastrous moment seems to have found a floor since last March. The going is hesitant and ...

09/06/26

Lonza Group

Our estimates for 2026-2027 have been revised downward following the reclassification of Capsules & Health Ingredients (CHI) as discontinued ...

09/06/26

Ferguson

We have updated our financial model to reflect Ferguson’s change in fiscal year-end from 31 July to 31 December. Following a five-month transition ...

08/06/26

Deutsche Lufthansa

For 2025, the below-expectation EBIT (€1.9bn vs. €2.0bn est.) driven by in-line revenue and higher-than-expected operating expenses was offset by ...

08/06/26

GTT

2025 EPS dipped slightly due to a non-recurring operating loss of -€48.7M related to the Elogen refocusing and an EBITDA of €541.8M, lower than ...

08/06/26

RATIONAL IS MORE THAN OVEN COOKING (Add; +11% UPSIDE)

Rational (ADD; Germany) is widely regarded as one of Europe’s highest-quality capital goods companies. The group is the global leader in professional ...

08/06/26

Bachem

Anticipated sales are now even more skewed toward 2H, with HSD growth expected in 1H. We also record a CHF15m decrease in Building K sales in 2026, ...

08/06/26

Banca Monte Dei Paschi Siena , Intesa Sanpaolo

The concomitance between ISPs’ belated interest in MB and the governance crisis at the top of BMPS regarding the future of Generali’s stake, combined ...

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RESEARCH

513 European Large Caps

33 Senior Analysts