Research

536 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

18/12/25

Avolta

Avolta has secured the duty-free concession at Shanghai Pudong Airport T1 and S1, becoming the first international operator to enter mainland China’s ...

18/12/25

ENEL RESTRUCTURING NOW COMPLETE, SHAREHOLDERS’ TURN (ADD; 30% UPSIDE)

Since our last Enel teaser in October 2024, Enel (ADD; Italy) has been one of the top performers in the European utilities space. This strong ...

18/12/25

WHEN FERRARI MEETS HERMES

It is no longer provocative to compare Ferrari to Hermes and wonder what makes hyper-luxury tick. Of late, Ferrari (€61bn market cap ) has lost its ...

18/12/25

EVN

Operating performance was in line with expectations, with positive volume and pricing effects. At net income level, this was offset by weaker ...

18/12/25

Storebrand

Storebrand has presented a convincing strategic plan at its CMD. While the group’s growth drivers are expected to remain broadly unchanged, we were ...

17/12/25

Ferrari

The cadence of F80 deliveries will have a meaningful impact on upcoming results; however, we do not believe this calls into question the group’s ...

17/12/25

Suedzucker

We have updated our model to incorporate the company’s FY26/27E expectations, which continue to highlight challenges in the sugar market. As a ...

17/12/25

ENTAIN – REGULATORY OVERHANG AND A MISPRICED TURNAROUND (BUY; 27% UPDSIDE)

When we last highlighted Entain (BUY ; UK) around 14 months ago, our optimism was driven by its operational recovery and strong organic growth, with ...

17/12/25

TRANSPORT SECTOR LATE OR LAST RUSH?

The one striking development in the annual race between sectors, is not Banks or Aerospace Defence. It is about the small and motley Transport ...

17/12/25

Aerospace-Defence

Defence budgets are no longer the question. Execution is. The market treats NATO targets as a revenue forecast. That is a mistake. Europe will spend ...

17/12/25

Colruyt

Colruyt reported mixed H1 FY25/26 results, with slightly stronger sales but weaker profitability due to high competitive pressure and rising wage ...

17/12/25

Oils

Europe is cautiously revisiting Libya as a post-Russia energy security lever, seeking opportunistic access to ultra-low-cost barrels to ease ...

17/12/25

Bayer

Since Bayer’s shares have already surged 87% ytd, recovering to their highest levels in the last two years, we do not foresee a material upside ...

17/12/25

UNIQA Insurance Group AG

Uniqa’s recent CME conveyed a strong sense of optimism, and rightly so in our view. Beyond the formal upgrade of the FY28 targets, the key takeaways ...

17/12/25

UNIQA Insurance Group AG

Following Uniqa’s Capital Markets Event, we have reviewed our assumptions and are revising our SOTP valuation upwards. This reflects not only our ...

16/12/25

Banks

We apologise for the potentially politically incorrect nature of our analysis, but we view the EU’s plan to use Russian assets less as direct ...

16/12/25

Danieli & Co

Despite a remarkable share price performance ytd (+113%), we feel that the stock still has upside: actually, the valuation ratios (4.8x FY25e, 4x ...

16/12/25

DANONE’S HEALTH FLAVOUR PAYS OFF HANSOMELY (REDUCE; 4% UPSIDE)

Danone (REDUCE ; France), a global leader in the Food -Diversified sector, is well placed to capitalise on the growing move toward healthier diets, ...

16/12/25

LUXURY AT CHRISTMAS PRICES

We have looked (again) at long term valuation trends for European listed Luxury. Over the last 20 years the sector has about doubled in PE terms, ...

16/12/25

Glencore

After a rough start to the year, Glencore has been in a sweet-spot since bottoming out in April 2025. To begin with, Copper (c.25% of gross assets) ...

16/12/25

Entain

We adopt a more conservative stance on Entain’s medium- to long-term outlook, reflecting (a) the company’s absence from the lucrative ...

15/12/25

Sika

Our target price is up, as we reiterate our Add recommendation and continue to see upside potential once construction markets gradually recover from ...

15/12/25

Acciona

Our 2026 EPS has been revised down to reflect today’s announced disposal, whereby ACCIONA Energía reached an agreement with Mexico Infrastructure ...

15/12/25

ITM Power

We have rolled over our model to the next year and updated our EPS estimates. The change in EPS 2024 reflects the actual performance for that year, ...

15/12/25

UNITED INTERNET DRIVEN BY TELEFONICA (ADD; 19% UPSIDE)

UI (ADD; Germany)’s stock experienced a significant recovery in 2025, doubling to €29 by mid-October. It is, however, crucial to compare its ...

15/12/25

SCA

Market sentiment has been brutal for SCA, whose shares have now slumped below its five-year lows. This is very harsh for a firm that reported a 9M 25 ...

15/12/25

Qiagen

We have revised our estimates upwards to account for enhanced profitability, despite the effects of tariffs and foreign exchange headwinds. This ...

15/12/25

HBM Healthcare Investments

Swixx transaction reinforces NAV momentum and capital optionality

15/12/25

Schweiter Technologies

FY25 profit warning will result in a 5-6% correction to the sales consensus and EBITDA of approx. CHF 70mn will be slightly below the previous year

12/12/25

Deutsche EuroShop

We have refined the estimates and revised the initial EPS slightly upwards, notably to take into account the cancellation of shares recently decided ...

12/12/25

Deutsche EuroShop AG

Change in coverage

12/12/25

HUGO BOSS

Our comparison-based valuation has been significantly affected by the near-term earnings slump, as it is computed on an eighteen month forward ...

12/12/25

Instone Real Estate

EPS figures have been refined to reflect Instone’s latest guidance. Expressed in euros, the deviations from net profit are not substantial compared ...

12/12/25

OVER FINANCED SWEDBANK LEADS THE SWEDISH WOLF PACK (REDUCE; 0% UPSIDE)

In our previous paper on Swedbank (REDUCE ; Sweden) in July 2024, we viewed Swedbank as essentially a value play in the Swedish banks pack, as the ...

12/12/25

IT SERVICES & AI, AN UNGAINLY TANGO

The blunt question is whether IT Services have a post AI future. From a distance, the likely answer is No as there is nothing that AI cannot do that ...

12/12/25

Anglo American

After shareholders’ recent approval, Anglo American-Teck Resources combination is one big step closer to becoming a reality next year. While there ...

12/12/25

All for One Group

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 ...

12/12/25

Holmen

Despite increased sector-level activity with regard to partial monetisation of well-appreciated forest assets, markets have been rather worried about ...

11/12/25

All for One Group

Change in coverage

11/12/25

Reckitt Benckiser Group

On the back of stronger-than-expected like-for-like sales growth and margin improvement, though partly offset by FX headwinds, our estimates have ...

11/12/25

Mayr-Melnhof Karton

Despite all the doom and gloom around packaging markets – also evident in AV peers’ results, Mayr-Melnhof Karton (MMK) is busy streamlining / ...

11/12/25

Entain

We have incorporated the impact of the recently announced budget, resulting in a decline of c.16% in our DCF valuation and c.14% in NAV. ...

11/12/25

TESSENDERLO IS NOT FOR THE FAINT HEARTED (BUY; 46% UPSIDE)

Since our last teaser, written right after the reverse takeover of Picanol by Tessenderlo (BUY ; Belgium) in early 2023, the performance of the ...

11/12/25

F&B STUCK BETWEEN SUGAR AND VICE

An opinion piece in the 10-12-2025 FT, Weight-loss drugs are bringing a new commercial reality, is making a convincing case that Food & Beverages ...

11/12/25

Helvetia Baloise Holding

Various conflicting technical adjustments allow for a change in intrinsic value computations and the first steps of the Baloise consolidation in ...

10/12/25

KION Group

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 ...

10/12/25

ARTEMIS’ PUMA EXIT PATH IS CHINESE (ADD; 20% UPSIDE)

PUMA’s (ADD ; Germany) share price has been in free fall since the departure of Bjørn Gulden, who built a strong track record reinvigorating modern ...

10/12/25

Publicis

The target price adjustment is due to the removal of IPG from the peer group, following the delisting from the stock market on 28 November 2025.

10/12/25

Wpp

The target price adjustment is due to the removal of IPG from the peer group, following the delisting from the stock market on 28 November 2025.

09/12/25

Michelin

Despite our lower near-term expectations for Michelin, we remain positive on the company’s long-term equity story, supported by strong fundamentals. ...

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RESEARCH

536 European Large Caps

36 Senior Analysts