Research

547 European Large Caps

39 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

22/07/25

Norsk Hydro

Norsk’s Q2 results came ahead of street expectations. While there was a stark sequential moderation, it was largely due to unsustainable upstream ...

22/07/25

Jungheinrich AG

Sale of the Russian subsidiary results in a loss of around EUR 120mn – Preview for 2Q25: Solid order intake, expected EBIT margin of 8.2%

22/07/25

Wereldhave

The tone remains positive, with Wereldhave maintaining its focus on the P&L statement rather than the balance sheet. Rental base turnover remains ...

22/07/25

Compass

Compass Group’s robust Q3, driven by North America, supports an upgraded full-year outlook. The €1.5bn Vermaat acquisition strengthens its European ...

22/07/25

Givaudan

More mixed results, but we confidence in absolute FY25E EBITDA expectations

22/07/25

Lindt & Sprüngli

Weak 1H volumes lead to lower than expected profits – Outlook modified

22/07/25

ALSO Holding AG

1H25 first take: Solid operating momentum – Full-year and mid-term targets confirmed

22/07/25

NEMETSCHEK GROUP

2Q25 preview: Solid growth momentum expected – Profitability still burdened by the fading out extraordinary, non-recurring effect

22/07/25

Atlas Copco

The group reported disappointing results for Q2/H125. Currency headwinds significantly contributed to this outcome, but organic growth has not ...

21/07/25

Getinge

Getinge’s Q2 2025 profit exceeded estimates. Organic sales increased by 4.1%, and order intake rose by 4.4%, despite nominal declines due to currency ...

21/07/25

Ryanair

Ryanair’s Q1 profit more than doubled yoy and surpassed consensus, driven by a favourable Easter calendar and strong fuel hedging. This, combined ...

21/07/25

Burberry

Burberry delivered an encouraging start to the year, with Q1 sales outperforming expectations across all regions. It continued to benefit from the ...

21/07/25

Husqvarna

Q2 2025 was better than expected, driven by strong demand for robotic mowers and watering products, which supported operating margin improvement. ...

21/07/25

Danske Bank

Danske Bank delivered solid Q2 results, broadly in line with expectations. Revenue was stable year-on-year, with resilient NII offsetting weaker fee ...

21/07/25

SIEMENS ENERGY’S BLISTERING OUTPERFORMANCE SUMS UP ENERGY CRAVING (ADD; 15% UPSIDE)

What a difference a year makes. A month into 2024, Siemens Energy’s share price (ADD; Germany) had only begun finding its way back after the dual ...

21/07/25

Covivio

Covivio’s communication maintains a positive tone. The NAV per share rose by 0.7% from December 2024 to June 2025, factoring in the dividend payment ...

21/07/25

Wärtsilä

Wärtsilä’s Q2 2025 results showed solid growth, with net sales up 11% and order intake up 18%, driven by equipment—not services—contrary to strategic ...

21/07/25

Heidelberger Druckmaschinen AG

1Q25/26E: Weaker order intake but upswing in sales and strong progress in profitability – FY25/26 guidance will be confirmed

21/07/25

Vivendi

We have updated our NAV to take into account a higher probability of a fine being imposed by the European Commission regarding the gun-jumping ...

18/07/25

Vivendi

The European Commission has just sent its “Statement of Objections” to Vivendi in its gun-jumping case related to the Lagardère takeover. We think ...

18/07/25

Electrolux

In Q2 2025, the performance was resilient in North America but more challenging in Europe. Price increases and cost efficiency supported margins ...

18/07/25

Essity

Essity’s Q2 net sales/EBITA missed consensus by 0.9%/5.1%, respectively. Net sales reached SEK 34.19 billion, reflecting a 1.9% organic increase. ...

18/07/25

Nokian Renkaat

Nokian’s Q2 sales fell short of expectations, but profitability exceeded forecasts, driven by a robust performance in the passenger car tyre ...

18/07/25

Swatch

Swatch posted another worse-than-expected H1, with both sales and operating profit falling well short of consensus and our expectations. The group ...

18/07/25

Aker BP

We have incorporated Aker BP’s subdued H1 results into our model and revised our Brent price assumptions in the macro deck to $71/bbl for FY25, ...

18/07/25

Schindler

Schindler’s Q2 results posted a beat on orders and profits, while revenues missed expectations. Order and revenue growth were once again driven by ...

18/07/25

Volvo

Volvo reported resilient Q2 results, with sales slightly below expectations due to lower volumes and currency headwinds. Earnings exceeded ...

18/07/25

NORMA Group

2Q25E: Sequential improvement in sales and profitability but still yoy decline – FY25 guidance will likely be confirmed despite FX headwinds

18/07/25

UPM’S QUALITY HAS NO TAKERS FOR NOW (BUY; 54% UPSIDE)

Just when it seemed that forest monetisation news would finally help revive the AV Paper & Packaging sector’s fortunes, the sector is back in the ...

18/07/25

Boliden

After a strong Q1, Boliden’s operating recovery momentum has hit a roadblock. Although the Q2 top-line was resilient, thanks to acquired assets, FX ...

18/07/25

Puig Brand SA

Puig posted a solid H1 2025 with 7.6% lfl growth, as Q2 sales accelerated to 7.7% lfl. Fragrance growth moderated from the high Q1 base, but this was ...

18/07/25

Kone

Kone reported a miss on Q2 orders with revenues and adjusted EBIT broadly in line with expectations. Order growth continued to be supported by ...

18/07/25

Evolution AB

Evolution reported a strong Q2 2025, with revenues increasing by 3.1% YoY(8.8%cc), driven by Live Casino (3.6%). Notably, continued momentum in North ...

18/07/25

Bolloré , Vivendi

The AMF just announced that Bolloré should buy Vivendi in the next six months, a scenario we anticipated could occur with a high likelihood. This ...

18/07/25

Telenor

Telenor reported strong Q2 results, with a c.2% revenue increase and an 8.3% growth in EBITDA. Capex decreased also significantly by 10.5% in H1. The ...

18/07/25

Telia

Telia reported strong Q2 results, with a modest c.1% yoy revenue increase but a significant EBITDAaL growth of c.6%, aligning with expectations. This ...

18/07/25

Non-Food Retail

Positive trigger for online pharmacies: The decision of the Federal Bureau of Justice confirms the ECJ ruling

18/07/25

HBM Healthcare Investments

Currency volatility fogging the view

18/07/25

Jungheinrich AG

Jungheinrich’s surprising profit warning sounds more dramatic than it is in reality – Transformation program targeting EUR 100mn cost savings

18/07/25

Deutsche Beteiligungs AG

Lower FY25 financial forecast as challenging economic conditions persist

17/07/25

Ocado Group PLC

Ocado reported a stronger-than-expected H1 FY25, with revenue up 13.2% YoY and adjusted EBITDA rising 76.5% to £91.8m. The Technology segment led the ...

17/07/25

Nordea

Nordea delivered strong Q2 results with a sector-leading 16.2% RoE, driven by an exceptionally low cost of risk. While revenue slightly missed and ...

17/07/25

Publicis

Publicis reported strong Q2 2025, with organic net revenue growth above expectations and broad-based momentum across regions. Net new billings were ...

17/07/25

Sonova Holding

The reported FY2024-25 numbers fell short of our expectations due to higher-than-anticipated operating and other financial expenses. In the near ...

17/07/25

DKSH

DKSH’s H1 FY25 performance came in below market expectations, with both sales and adjusted EBIT missing slightly, and FCF falling ~24% short of ...

17/07/25

Virbac

The Q2 sales growth, despite being impacted by adverse FX movements, impressed the markets. Both the segments contributed healthily to the quarterly ...

17/07/25

Swedbank

Swedbank posted strong results, beating consensus and improving profitability. Despite pressure from high NII sensitivity, accelerating lending ...

17/07/25

ABB

ABB reported a strong set of results, with orders supported by good underlying demand momentum and revenues by strong execution. There were no ...

17/07/25

WDP WALKS VACANCIES BUT FOR HOW LONG? (SELL; 20% DOWNSIDE)

WDP’s €8bn portfolio (SELL; Belgium), largely rooted in logistics hubs across Belgium, the Netherlands and Romania (a hefty 90% of total GAV), has ...

17/07/25

Novartis

Q2 results were somewhat ahead of expectations, supported by healthy momentum across focus areas. Management also raised its full-year profitability ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

547 European Large Caps

39 Senior Analysts