Research

542 European Large Caps

40 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

16/05/25

Drägerwerk AG & Co KGaA

The 2024 EPS benefitted from some one-off tailwinds, in addition to the good cost control. Hence, while the EPS was significantly above estimates, it ...

16/05/25

Acciona

Acciona Energia delivered a robust performance in the first quarter, defying expectations with solid results. The company reported a load factor of ...

16/05/25

Atos

Atos has unveiled ambitious financial targets for 2028, alongside a new strategic plan aimed at reigniting organic growth, restoring operating ...

16/05/25

Ocado Group PLC

Taking a more conservative estimate of the technology business!

16/05/25

Aegon

Aegon reported slightly weaker-than-expected Operating Capital Generation (OCG) in Q1 2025, primarily due to adverse mortality experience in the US. ...

16/05/25

ERG

ERG and other European renewable operators faced a challenging start to the year due to a significant lack of wind. Load factors dropped by 5 points ...

16/05/25

STM FACES MARGINS, GOVERNANCE AND VALUATION RISKS (ADD; 6% UPSIDE)

STMicroelectronics (Add; Netherlands) posted Q1 25 results largely in line with consensus expectations. The book-to-bill ratio being above 1 for both ...

16/05/25

INFRA SURGE

Infrastructure stocks are doing fine and surprisingly so as they have accelerated well above their long term trend. The chart speaks for itself. The ...

16/05/25

Eutelsat Communications

The Eutelsat Group’s Q3 24/25 revenue and EBITDA were in line with estimates. The ongoing geopolitical tensions and satellite connectivity becoming a ...

16/05/25

Bastide Le Confort Medical

Bastide’s Q3 revenue extended the positive trend, thanks to the continued strong growth in specialised activities and the recovery in the Homecare ...

16/05/25

Stora Enso

All in all, Stora’s turnaround prospects remain intact. Besides improving earnings dynamics (also aided by the cost savings programme), and in spite ...

16/05/25

Swiss Re

• Insurance revenue decreased by 11% to $10.4bn for Q1 25, compared to Q1 24. • The investment result rose by 11% to $1.3bn for Q1 25 due to equity ...

16/05/25

Avolta

Avolta’s Q1 results were slightly above market expectations, with headwinds in North America more than offset by other regions. The company ...

16/05/25

Siemens Healthineers

We have removed Palantir, a software company with real-time, AI-driven decisions capabilities, from the peer group list due to its elevated ...

15/05/25

National Grid

National Grid reported a solid underlying performance with operating profit up by 12% to £5,357m. The group also provided solid guidance for FY25/26 ...

15/05/25

KBC Groep

KBC delivered a strong Q1, beating consensus on higher fee income and lower provisions, with most metrics tracking 2025 guidance except costs. The ...

15/05/25

Merck

Merck’s decision to provide detailed FY guidance was overshadowed by the significant impact of US President Trump’s actions. Consequently, ...

15/05/25

Buzzi

In early 2025, Buzzi — a cement maker with deep Italian roots and global reach — saw sales climb 8.7%, but nearly all of that came from adding Brazil ...

15/05/25

Sanofi

Sanofi’s share price is down c.15% since its March 2025 highs, largely owing to the US tariff and drug pricing uncertainty within the sector, ...

15/05/25

RWE

RWE’s adjusted EBITDA fell 24% yoy, impacted by weak performance in Offshore Wind, Flexible Generation, and Supply & Trading, partially offset by ...

15/05/25

Suedzucker

Despite a significant yoy decline, Südzucker exceeded profitability expectations. However, the outlook remains uncertain due to rising competitive ...

15/05/25

Sage

Sage posted a strong H1 2025, with organic revenue growth in line and an operating margin improvement above expectations. All regions contributed to ...

15/05/25

Amplifon

Our target price has been adjusted downward due to factors outlined in the EPS section. Additionally, we have reduced the valuation premium on the ...

15/05/25

Itv

ITV has just published rather good Q1 results superficially, but in our opinion, it mostly relies on unsustainable drivers linked to the studios ...

15/05/25

Aryzta

CMD fully confirms Aryzta’s still cheap, GARP-stock positioning

15/05/25

Siemens

Siemens posted a solid set of results with orders up HSD, albeit with muted growth in DI and SI. Revenues grew by MSD on good backlog execution and ...

15/05/25

Experian

Experian reported FY24/25 results in line with expectations, with 7% organic revenue growth and 11% EBIT growth. North America led, offsetting weaker ...

15/05/25

Euronext NV

Euronext delivered a strong Q1, with revenue and pre-tax profit exceeding expectations, driven by elevated market volatility and robust trading ...

15/05/25

FLSmidth & Co

Q125: confirming the relevance of its strategy

15/05/25

Vallourec

The Q125 results aligned with the February outlook, which anticipates a similar Q2 and improved volumes and prices in H2. Considering the subdued oil ...

15/05/25

MFE’S ITALIAN SUCCESS MAY NOT STOP LINEAR TV ROT (ADD; +12% UPSIDE)

Just over a year ago, upon releasing its 2023 accounts, MFE (Add; Italy) reported a strong start to 2024, notably with a robust recovery in its ...

15/05/25

AUTOS DANCE TO THE TRUMP TUNE WHILE CHINA MATTERS

By late January 2025, we predicted a storm for car shares. Indeed Trump’s tariffs helped to significantly instill more fear in the sector. Then Trump ...

15/05/25

Engie

The first quarter was marked by strong disparities among the new business units, with positive effects on infrastructure networks offsetting a ...

15/05/25

TUI Group

TUI reported a consensus-beating Q2. FY targets are reiterated, with summer bookings showing some weakness but improving. Achieving the FY underlying ...

15/05/25

Eurazeo

Eurazeo opened 2025 with strong momentum across its core pillars: fundraising surged, AUM grew, and asset rotation picked up pace. The sharp rebound ...

15/05/25

Pirelli

Pirelli reported robust Q1 results, surpassing expectations across all key metrics, driven by a favourable product mix, highlighting effective ...

15/05/25

Allianz

• Insurance revenues were up by 7% to €25.0bn for Q1 25. • Operating profit increased by 6% to €4.2bn for Q1 25 versus Q1 24. • Net profit ...

15/05/25

Bilfinger

As Bilfinger’s CFO joked, the boat rocked, but it didn’t sink — Bilfinger started 2025 on solid ground, delivering higher revenue, stronger margins, ...

15/05/25

ProSiebenSat.1 Media

ProSieben’s Q1 performance was very disappointing with advertising revenues declining by 5% yoy. This is particularly concerning, as there is no sign ...

15/05/25

Deutsche Telekom

DT’stock is expected to align with TMUS’s performance on the Nasdaq, showing minimal reaction to the Q1 “European” publication, which met our ...

15/05/25

Talanx

• Insurance revenues were up by 5% to €12.4bn for Q1 25. • Insurance service expenses increased by 11% to €11.0bn for Q1 25 compared to Q1 24. • Net ...

15/05/25

HBM Healthcare Investments

Return to profit in a tough environment, CHF 18.5mn net result

15/05/25

Siemens

Siemens’ Q2 figures surpassed the company-compiled consensus expectations across the board. Orders benefited from larger orders in MO and good demand ...

15/05/25

CECONOMY

Solid 2Q24/25 with good adj. EBIT progress – FY24/25E guidance confirmed

15/05/25

TAG Immobilien AG

Solid operating results in Germany and Poland – LTV closer to the target

15/05/25

ACS

ACS Group, a Spanish-based global infrastructure and construction giant, posted a strong first quarter in 2025, powered by rapid expansion in ...

15/05/25

thyssenkrupp

Sales in-line with consensus. Weak operating profit. Outlook confirmed. Focus on costs and portfolio management

15/05/25

Deutsche EuroShop AG

Operating performance in 1Q as expected – DPS proposal of EUR 1, at least

14/05/25

Hera

The first quarter was in line with expectations for Hera, with stable EBITDA year-on-year at €418m. This reflects strong growth in the Water, ...

14/05/25

E.on

We have updated our model following the release of Q1 2025 results. Our EPS are now aligned with the upper end of the guidance provided by E.ON for ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

542 European Large Caps

40 Senior Analysts