Research

519 European Large Caps

37 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

18/03/26

Gn Store Nord

We have revised our earnings estimates downward due to ongoing business weaknesses and persistent macroeconomic challenges, which continue to weigh ...

18/03/26

Smith & Nephew

While medium-to-long-term targets appear credible – which also reflect in the upside on fundamental valuation metrics (i.e. DCF and NAV), the ...

18/03/26

Talanx

Talanx has released its final FY25 results. As a reminder, the preliminary results had already been published in February, while Hannover Re reported ...

18/03/26

Verbund

Verbund’s FY25 print was slightly below expectations, with EBITDA at €2.7bn versus €2.8bn consensus, dragged down by weak hydro. The upside remains ...

18/03/26

Brenntag

The change in the target price is due to a change in the analyst covering the stock, complemented by the usage of systematic intrinsic and peer-based ...

18/03/26

TAG Immobilien

TAG Immobilien released good results, exceeding the targets previously raised in November. The company has confirmed its guidance for 2026 and ...

18/03/26

Atos

We are revising our EPS forecasts for 2026 and 2027 to reflect a more cautious stance, despite the confidence expressed by management. The top-line ...

18/03/26

Mayr-Melnhof Karton

Mayr-Melnhof reported mixed Q4 results. Divisional dynamics were like rest of 2025 i.e. Packaging continued to do well and helped limit impact of ...

18/03/26

OCADO OR THE SURVIVAL OF THE LEANEST (ADD; 22% UPDSIDE)

It takes a series of systemic missteps to cede 90% of market value in four years. Ocado (Add, The UK) is the poster child for this erosion. For ...

18/03/26

CONCRETE GRAVITY

We presumably were not alone in being flabbergasted by the outperformance of European Building Materials stocks up to late 2025. The sector PE peaked ...

18/03/26

Bolloré

Bolloré completed a calm 2025 year but announced a surprising €4.2bn exceptional dividend. However, Compagnie de l’Odet will redistribute 2/3 of that ...

18/03/26

Fraport

Fraport’s 2025 results bring the investment case back to execution. With earnings improving, free cash flow back in positive territory and the first ...

18/03/26

HelloFresh

HelloFresh released its FY2025 results, reporting revenue below consensus expectations, although profitability improved. The company focused on ...

18/03/26

Semperit

Encouraging earnings improvements in 2H25 – Strong FY26E guidance

18/03/26

Nordex SE

We are raising our target price by c.40% with major resets to our DCF and NAV, driven by structural changes in both the top and bottom line in the ...

17/03/26

Interroll

We reduce our target price to better reflect current market conditions and a more cautious outlook given the challenges ahead. That said, we continue ...

17/03/26

AlphaBlunt!

Wendel, Eurazeo, Tikehau

Liquidation

17/03/26

Orsted

No Equinor representative will be appointed at Ørsted’s next AGM despite its 10% stake, signalling that hopes of closer collaboration are fading.

17/03/26

Software

The Amazon case seems to act as a strategic ‘lock’ on proprietary data, sending a strong positive signal to the Software sector. By curbing ...

17/03/26

Imerys

Reported EPS declined due to non-cash accounting adjustments that do not impact the company’s underlying cash generation or operating performance.

17/03/26

Viridien

Group revenues reach $1,131M in 2026 (vs $1,159M) and $1,169M in 2027, with a mix shift favouring higher-margin Geoscience ($462M in 2026, growing to ...

17/03/26

Chemicals

The Middle East crisis has disrupted sulphur and methanol markets, leading to tighter supply and rising global prices. While Europe has limited ...

17/03/26

Travis Perkins

TPK’s FY25 results exceeded expectations, headlined by a significant free cash flow beat and a return to a pre-lease net cash position. While ...

17/03/26

ERG

Our EPS estimates have been revised down following ERG’s 2026 guidance, which points to EBITDA of €520m–€590m, below our previous €616m forecast (now ...

17/03/26

Ocado Group PLC

We have reversed our previous stance from November 2025 regarding a potential £500m equity issuance. This shift is driven by £279m in unforeseen cash ...

17/03/26

TP’S NEW NAME COMES WITH NEW MEN (REDUCE; 10% UPSIDE)

It would be a major understatement to say that Teleperformance’s (REDUCE; France) stock market performance has disappointed investors. From the ...

17/03/26

Allegro.eu

The Q4 25 results of Allegro Group were 1.9%-36.2% above the PAP consensus on EBITDA, EBIT and net income level, while the full year 2025 was in line ...

17/03/26

Instone Real Estate

Q4 25 revenue was disappointing; however, the 2026 outlook aligns with expectations. As a reminder, there may be some volatility from one quarter to ...

17/03/26

Hannover Rueck

Hannover Re’s 4Q25 results demonstrate the group’s ability to navigate a more challenging P&C market, with continued strong top-line growth and ...

17/03/26

UBS

As UBS is delivering operationally, and the integration of Credit Suisse is nearing completion in 2026, we have raised our forecasts for 2026 and ...

17/03/26

Vestas Wind Systems

Despite the revisions to our DCF and NAV per share, our target price increases only modestly. This is driven by the removal of the premium in the ...

16/03/26

Eurazeo

We have revised downwards our estimates for 2025 on the net income provided by Eurazeo (the only element of the income statement provided in the ...

16/03/26

D’Ieteren Group

Our change in recommendation from Add to Buy mainly stems from the significant increase in the 2025 dividend, of 25% to €2 per share, when we had ...

16/03/26

Ubisoft Entertainment

After the meeting with Ubisoft’s IR on March 12, we have adjusted our forecasts for personnel expenses, which we believe will decline from EUR 1.45bn ...

16/03/26

Ubisoft Entertainment

On 12 March, we met with Ubisoft’s Alexandre Enjalbert. In general, the meeting once again confirmed our view that the company’s franchises have huge ...

16/03/26

Amplifon

Amplifon has announced the acquisition of GN Store Nord’s hearing business, marking a shift towards a backward integration strategy, which deviates ...

16/03/26

EMMI BEYOND ALPINE PASTURES (ADD; 13% UPSIDE)

Emmi (ADD; Switzerland), a leading Swiss player in the dairy sector, has had no choice but to grow by acquisitions, including beyond milk products. ...

16/03/26

K+S

K+S’s Q4 2025 results were a mixed bag. However, the following ~17% share price surge likely reflects investor optimism around potential supply ...

16/03/26

Prada

Prada reported FY25 results with pro-forma revenue slightly below consensus. The Prada brand stabilised towards the year-end, while Miu Miu remained ...

16/03/26

Worldline

The drop in share price is a mere adjustment to the new number of shares following the capital icrease launched on March 13th. We will fine tune the ...

16/03/26

UNIQA Insurance Group AG

We have incorporated Uniqa’s recently published FY25 results into our model and reviewed our assumptions for subsequent years. The FY25 net result ...

16/03/26

JC Decaux

We have increased our margin forecasts over the short-term (FY26/28) after the release of the FY25 results. If we still believe that topline growth ...

16/03/26

UNIQA Insurance Group AG

UNIQA reported strong results for FY25, although Q4 trends were more mixed – partly due to exceptional items and a prudent reserving approach in an ...

13/03/26

Schindler

Our opinion on Schindler changes from Reduce to Add as we roll over our model to 2028, and the modest change in our target price results in a ...

13/03/26

Zalando

Zalando’s strong year-end performance and a clearer roadmap for FY26 and FY28 have restored investor confidence, previously shaken by concerns over ...

13/03/26

Geberit

All in all, we reduce our target price by -12.1% following the revision of our NAV and DCF valuations, reflecting continued market uncertainty and a ...

13/03/26

Carl Zeiss Meditec

In addition to a downward revision to our estimates, we have also incorporated a 30% discount to peer-based valuation metrics to account for business ...

13/03/26

NOKIA TOO IS AI FUELED (REDUCE; 3% UPSIDE)

The last time we wrote about Nokia (REDUCE, Finland), we focused on its cost optimisation strategy (here). We had an upside of more than 20% back ...

13/03/26

GBL

GBL posted good Q4 25 results with a slight increase in NAV, partly driven by private assets despite their mixed operational performance. We welcome ...

13/03/26

BMW

BMW reported mixed FY25 results, impacted by tariff and FX headwinds, and a weak performance in China. While BMW is optimistic about stabilising its ...

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24/02/26

AlphaBlunt!

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RESEARCH

519 European Large Caps

37 Senior Analysts