Research

519 European Large Caps

37 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

17/02/26

L'Oréal

L’Oréal delivered FY25 results broadly in line with the top-line but ahead on margins. Strong execution in Dermatological Beauty, Professional ...

17/02/26

Intercontinental Hotels Group

IHG exceeded expectations with strong full-year results, underpinned by 4.7% net system growth with record-breaking openings. Despite softening in ...

17/02/26

Indra

Indra’s potential acquisition of Escribano Mechanical & Engineering (EM&E), while strategically coherent, remains unresolved amid significant ...

17/02/26

Kerry Group

Kerry Group’s organic growth fell short of expectations, missing consensus by 60bps, due to a challenging market and a deflationary year, anticipated ...

17/02/26

SOPRA STERIA’S GROWTH IN REVERSE (ADD; 25% UPSIDE)

Since our last Idea Kicker, Sopra Steria’s (ADD; France) environment has been profoundly disrupted. The group is undergoing a major transition phase, ...

17/02/26

BHP Group

H1 results, even though in-line with expectations, were exceptional and strong reflection of BHP’s well-performing Copper and Iron Ore divisions. ...

17/02/26

Itv

We have cut our DCF based on our view that the release of Seedance 2.0 model is indicating that video generating models are improving fast and could ...

17/02/26

Outokumpu

After a poor showing in FY25, particularly in Q4, we have slightly cut our short term estimates for the Finnish group. Even if it will benefit (as ...

16/02/26

Temenos

The change in the target price is due to a change in the analyst covering the stock, complemented by the application of our systematic intrinsic and ...

16/02/26

Koninklijke Philips NV

The target price benefits from higher earnings expectations, along with a 20% premium added to the peer-based valuation. This reflects the firm’s ...

16/02/26

Sopra Steria Group

Our adjustment of EPS forecasts reflects increased caution regarding the mid-term profitability trajectory. While Sopra Steria demonstrates relative ...

16/02/26

Metso Corporation

Not cheap, even if we may have been a bit conservative.

16/02/26

Swisscom

Following the annual release, we have included the 2028 estimates and revised the EPS downward, due to an adjustment in the D&A of the Italian ...

16/02/26

M6-metropole Television

We have reduced our EPS for 2025 following the poor results of TF1 in Q4 25, which notably showed a sharp drop in revenue in TV broadcasting. We have ...

16/02/26

Banco De Sabadell

We have updated our model following the release of the group’s full-year results. This has translated into earnings downgrades in 2026, driven by ...

16/02/26

Sandoz

While we have raised our target price, the upside in Sandoz remains limited. Sandoz’s shares are valued at a massive premium to most of its listed ...

16/02/26

TF1

Our Target price is cut following the negative revisions to our estimates, impacting our DCF and NAV, and the PE metric. This negative revision was ...

16/02/26

TALANX’ PRIMARY INSURANCE VALUE NOW WELL DISCOUNTED (ADD; 24% UPSIDE)

The Talanx (ADD ; Germany) share price has had a strong run over the past couple of years, doubling from €60 to more than €120 last summer. Over ...

16/02/26

TotalEnergies

We increase our NAV following updated assumptions, reflecting higher production levels in line with guidance. The revision incorporates improved ...

16/02/26

Currys

We are turning more constructive on Currys, following a stronger-than-expected performance during the peak trading period. The outperformance was ...

16/02/26

KBC Groep

KBC delivered a strong Q4 beat, with pre-tax income up 26% yoy driven by accelerating NII and robust insurance revenue. FY-25 RoE hit 15% amid ...

16/02/26

South32

Thanks to various price tailwinds and operational normality, South32 reported healthy H1 results. In effect, the firm’s overall operations are ...

16/02/26

Volkswagen

The revision to our DCF/NAV valuation is primarily driven by an upward adjustment to FY25 FCF, now expected at approximately €6bn (vs. broadly flat ...

14/02/26

Rentokil Initial

Terminix turnaround on track

14/02/26

Outokumpu

The group reported disappointing results for FY25, with a weaker-than-expected Q4. Outokumpu remains the weakest performer in our stainless steel ...

13/02/26

ADYEN

Entry point or shift in paradigm ?

13/02/26

Temenos

Change in coverage

13/02/26

Exor

We have updated our estimates following the recent preliminary results announced by Stellantis. As a reminder, since Exor’s reclassification as an ...

13/02/26

Anheuser-Busch Inbev

We have updated our model following the FY25 results, incorporating above market expectations results. As a result, we have revised our sales and ...

13/02/26

NatWest

We have updated our model following the release of the group’s full-year results and the announcement of the acquisition of Evelyn Partners. As ...

13/02/26

Hermes International

Hermès delivered another outstanding year, with both top-line and profitability exceeding consensus and our expectations. Growth was broad-based ...

13/02/26

Safran

Safran’s release goes beyond a clean annual delivery. The key message is structural: management has materially upgraded its medium-term ambitions, ...

13/02/26

Siemens Energy

The revisions to our DCF and NAV per share result in a c.6% increase in the target price of the group. While our recommendation has turned cautious ...

13/02/26

Deutsche Boerse

Deutsche Boerse delivered solid Q4 results, with 7% growth in net revenue (ex-treasury) driven by Software and Securities Services. Key highlights ...

13/02/26

NatWest

The group posted a strong set of quarterly results. The updated 2026 guidance is in line with consensus expectations. On the other hand, the 2028 ...

13/02/26

Eutelsat Communications

Eutelsat delivered H1 FY2025-26 results in line with expectations, confirming full-year objectives. The key positive development was the successful ...

13/02/26

NOVO NORDISK

What is Novo really up against?

13/02/26

Metso Corporation

The group reported satisfactory results for FY25. However, the outlook appears conservative considering the current mining environment, bolstered by ...

13/02/26

Ubisoft Entertainment

On 12 February, Ubisoft released its Q3 2025/26 figures, which came in slightly above the revised guidance for net bookings of EUR 330m. However, ...

13/02/26

Capgemini

Capgemini reassures with growth coming in above expectations. The strong rebound observed in Q4, driven by the consolidation of WNS and the return to ...

13/02/26

THE WIND IS BEGINNING TO CHANGE FOR GETINGE (BUY; 39% UPSIDE)

Dominant positioning for critical medical equipment (such as ventilators and heart-lung machines) in hospitals’ operating rooms, with two-thirds ...

13/02/26

Norsk Hydro

2025 ended on a strong note, with Norsk’s Q4 results coming ahead of street expectations and the firm announcing a sizeable 2025 dividend increase. ...

13/02/26

RELX Group

Our NAV is impacted mainly by the reduction of EV/Sales multiples applied to value the different divisions, due to the current sell-off in the ...

13/02/26

Semperit

On FY25E, we increase our sales and earnings projections but we are more cautious regarding group’s EBITDA progression in FYs 26E and 27E

13/02/26

Michelin

Michelin reported mixed FY25 results, surpassing revised guidance despite headwind from volume declines, particularly in SR2/3, as well as FX and ...

13/02/26

Santander

We have updated our forecasts following the release of the group’s fourth quarter-results, and the announcement of the acquisition of Webster. We ...

13/02/26

Commerzbank

The sharp decrease in the target price is attributable to our peer-based valuations. As the group’s profitability has now largely normalised, we have ...

13/02/26

Leonteq AG

Leonteq reported a CHF34m net loss due to low volatility and margin pressure. Despite the headline miss, operational “repairs” are complete: costs ...

13/02/26

TF1

TF1 just announced FY25 results slightly below expectations with a difficult Q4 in broadcasting and no improvement is expected for 2026. Overall, ...

12/02/26

Carl Zeiss Meditec

CZM reported weak Q1 results, with challenges in both ophthalmology and microsurgery. Profitability declined significantly due to FX headwinds, an ...

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RESEARCH

519 European Large Caps

37 Senior Analysts