Research

550 European Large Caps

38 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

30/09/25

Davide Campari-Milano

Recent data shows that Italian exports to the US fell by 21.2% yoy in August 2025. In light of this, we have revised our outlook for Campari, as the ...

30/09/25

ADP’S PAX DO SPEND BUT EARNINGS VANISH (ADD; 25% UPSIDE)

Listening to ADP (ADD; France)’s earnings calls can be baffling for concession investors. Management spends as much time talking about “premium ...

30/09/25

COPPER & STEEL BRASSY BANDS

Demand for metals is tariffed away by the US, CBAM-constrained in Europe and faced with global Trump-originating unknowns, but equity investors want ...

30/09/25

Sartorius Stedim Biotech

We have trimmed our estimates and target price to reflect the still persistent weakness in the Equipment business. However, with nearly 80% of ...

30/09/25

Solvay

The improvement in our target is primarily driven by the increase in earnings. The peer valuation has been especially impacted due to our new ...

30/09/25

Sartorius

Despite the hit to our near-term earnings estimates, our intrinsic valuations are relatively buffered by our belief that the underlying structural ...

30/09/25

HORNBACH Holding

A weaker 2Q25/26: Higher sales but lower profit – But outlook confirmed

29/09/25

Richemont

We have adjusted downward our top-line and bottom-line forecasts ahead of the H1 publication. The encouraging start to the financial year has set a ...

29/09/25

Genmab

Genmab is strategically acquiring Merus to expand its late-stage portfolio with head and neck cancer treatments, addressing anticipated declines in ...

29/09/25

Alten

Heavily anticipated in July, the bottom line has fundamentally deteriorated, and the macroeconomic context offers little prospect of a notable ...

29/09/25

DRÄGER’S EXECUTION IS ON POINT (BUY, 38% UPSIDE)

At the start of summer 2024, our optimism on Drägerwerk (BUY; Germany) was underpinned by its irrefutable product quality, supported by a strong R&D ...

29/09/25

Danieli & Co

Danieli reported results for FY24/25 (ending June 2025) that exceeded consensus expectations, particularly at the EBITDA and EBIT levels. The ...

29/09/25

Alten

Despite the downward revision of our target price, we maintain a positive stance on the stock, albeit in a more moderate way (Add vs. Buy), given a ...

26/09/25

Exor

Exor posts a modest NAV uptick, yet the lift owes more to share buybacks than portfolio strength. Liquidity is at record levels, but the path ahead ...

26/09/25

LANXESS

Lanxess experienced an adrenaline rush among investors following the announcement of Envalior’s sale, with the stock price surging ~8% on Sep 23, ...

26/09/25

Symrise

Reiterating our Buy recommendation, confirmed by intact fundamentals

26/09/25

Non-Food Retail

14th Baader Investment Conference – Highlights from presentations and meetings

26/09/25

Elecnor

So far, this Spanish firm’s investment case had largely hinged on its ability to offer green energy solutions, and was somewhat restrained by its ...

26/09/25

CONSOLIDATING ALFA LAVAL’S EXECUTION ADDS TO ITS PROVERBIAL RESILIENCE (REDUCE; 10% UPSIDE)

After two years of solid share price performance (2023 and 2024), Alfa Laval (REDUCE ; Sweden), a global leader in Heat Transfer (30-35% market ...

26/09/25

Real Estate

Improving fundamentals and some growth ideas but sentiment is still in wait-and-see mode

26/09/25

Metals & Mining

14th Baader Investment Conference – Highlights from presentations and meetings

26/09/25

Rheinmetall

Rheinmetall is setting sail into the naval arena with the acquisition of Naval Vessels Lürssen (NVL), a deal that cements its all-domain defence ...

26/09/25

Rexel

Even though Rexel could continue facing medium-term restraint due to political uncertainties in France (18% of group sales; second-biggest market) ...

25/09/25

Hennes & Mauritz

We have integrated the better-than-expected profitability in Q3 25 and raised our operating profit forecasts from Q4 25 onwards. The improvement in ...

25/09/25

Quadient

Quadient’s H1 2025 results fell short of expectations, as the continued decline in the Mail business was somewhat offset by a healthy performance in ...

25/09/25

Shell

We have incorporated Shell’s weaker-than-expected H1 results into our model and revised our Brent price assumptions in the macro deck to $71/bbl for ...

25/09/25

Real Estate

14th Baader Investment Conference – Highlights from presentations and meetings – Other Real Estate

25/09/25

Hennes & Mauritz

H&M delivered Q3 25 results with sales broadly in line with consensus but profitability significantly ahead of expectations. The improvement in ...

25/09/25

Real Estate

14th Baader Investment Conference – Highlights from presentations – Commercial Real Estate

25/09/25

Amplifon

We have revised our target price downward, as outlined in the EPS section, and removed the 20% valuation premium from the peer-based valuation due to ...

25/09/25

Mitchells & Butlers

M&B’s Q4 FY25 LFL sales growth of 3.1% YoY was slightly below expectations but aligned with market consensus, driven by resilient food sales and ...

25/09/25

Real Estate

14th Baader Investment Conference – Highlights from presentations and meetings – Residential Real Estate

25/09/25

FERGUSON TOO MAY SURF THE AI INFRA BOOM (REDUCE, 8% UPSIDE)

We took a bullish stance on Ferguson (Reduce; UK) around nine months ago. Our conviction was based on the view that the worst was already behind for ...

25/09/25

Helleniq Energy

We have updated our model following Helleniq Energy’s resilient H1 2025 results. In refining, the HP system benchmark margin printed at $5.7/bbl in ...

25/09/25

Capital Goods

14th Baader Investment Conference – Highlights from presentations and meetings

25/09/25

Banca Monte Dei Paschi Siena

We are initiating coverage of BMPS with an Add recommendation. BMPS has just completed its acquisition of Mediobanca, having secured 86% of the ...

25/09/25

Iberdrola

During its annual CMD, Iberdrola unveiled its 2025-28 plan, backed by €58bn in gross investments (€50bn net of partnerships). Unsurprisingly, ...

25/09/25

Software

14th Baader Investment Conference – Highlights from presentations and meetings

25/09/25

KWS SAAT SE & Co. KGaA

Dividend raised by 25% & outlook offering slight upside to our estimates

24/09/25

Dürr

Guidance for 2025 confirmed – Limited sales growth opportunities for 2026 but attractive mid-term growth and margin improvement potentials

24/09/25

GRIFOLS’ HEROICS AGAINST THE ODDS (BUY; 33% UPSIDE)

When we last pushed the Spanish blood plasma giant Grifols’ (BUY ; Spain) investment case in May 2024, investor confidence was close to its nadir, as ...

24/09/25

Emeis

Emeis has announced a strategic partnership to create a dedicated healthcare real estate company. This new entity will remain under Emeis’s full ...

24/09/25

Tecnicas Reunidas

We now apply differentiated premiums to Técnicas Reunidas to reflect its unique positioning. Unlike peers (Saipem, SBM Offshore, Technip Energies, ...

23/09/25

TUI Group

TUI confirms its FY25 guidance, bolstered by a strong summer performance. Winter 2025/26 has commenced resiliently, with FX and fuel exposures ...

23/09/25

Kingfisher

Kingfisher’s H1 FY25/26 results surpassed expectations. During Q2, the group revenue increased 0.9% yoy (+130bp vs consensus). For H1, the adjusted ...

23/09/25

C+ AFRICAN DIVIDENDS QUESTIONED (BUY; 49% UPSIDE)

The Canal+ (BUY ; France) group was thrown into the LSE water following Vivendi’s (BUY ; France) split into four entities last December. That IPO had ...

23/09/25

HOUSEHOLDS DEPRESSED FOR LONGER

With rates down, holding ASML clearly makes more sense than Reckitt. However, the 15% gain of ASML (+€41bn to €311bn) over the week to 19-09 led us ...

23/09/25

Experian

After a decent close to 2024 (i.e. March-end FY25), management guidance for 2025 seemed overambitious, given the macro environment, especially ...

23/09/25

UmweltBank

The company has completed its capital increase with a ratio of 7:1 and increased its number of shares by €5.2m to €41.3m. We have therefore adjusted ...

23/09/25

Orsted

Our NAV has been revised upwards to reflect improved output expectations from Revolution Wind, which we estimate should generate approximately ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

550 European Large Caps

38 Senior Analysts