Research

534 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

16/01/26

Orsted

Our EPS 2026 has been positively impacted by the resumption of works on Revolution Wind, ordered by a federal judge on Monday 12 January. We had ...

16/01/26

ALSO Holding AG

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 ...

16/01/26

TOMTOM’S TURNAROUND GAINS MOMENTUM (ADD; 30% UPDSIDE)

When we last teased on TomTom (Add, The Netherlands) around 18 months ago, our optimism centred on Orbis Maps, its cloud-native digital mapping ...

16/01/26

Oils

Rather than betting on a single outcome, our framework spans the full range of political scenarios. Regime change is not our base case, but if it ...

15/01/26

Mitchells & Butlers

M&B delivered a slightly better-than-expected Q1 FY24/25, with LFL sales rising 4.5% YoY, supported by strong festive trading across both food and ...

15/01/26

ALSO Holding AG

Change in coverage

15/01/26

Santander

We have fine tuned our valuation following the share price rally over the last six months. This has translated into a 19% increase in our target ...

15/01/26

DIASORIN’S INNOVATION RIPE FOR HARVEST

In late-2024, when we last teased the story of DiaSorin (BUY; Italy), a family-owned in-vitro diagnostic company specialising in immunodiagnostics ...

15/01/26

BANKS ARE TOO BIG FOR EUROPEAN INDICES

The AlphaValue coverage universe weighted €13Tn (averaged over the year) in 2024. That figure increased by €700bn in 2025 (average annual market). ...

15/01/26

Lloyds Banking Group

The increase in the SOTP derives from slightly improved earning projections (driven by a 5bp reduction in the cost of risk to 25bp), combined with ...

15/01/26

Richemont

Richemont delivered another consensus-beating performance in Q3 25/26, with group sales up 11% at cFx, driven by continued strength in Jewellery ...

14/01/26

Carrefour

We concluded the pre-close call with Carrefour’s Investor Relations team earlier today. Q4 trading softened in France, with Circana data indicating ...

14/01/26

TESCO’S BRACING FOR SHAKY TIMES (ADD; 12% UPDSIDE)

We turned bullish on Tesco (ADD ; UK) two years ago, arguing that the worst was behind the UK’s largest grocer (c.29% market share). Management had ...

14/01/26

FOOD RETAIL SUFFERS A NASTY KNEE-JERK

Investors in European grocers suffered from Tesco and Sainsbury commenting about tepid UK demand over the last few weeks. Both stocks lost about 6%, ...

14/01/26

RWE , Scottish & Southern Energy

The UK has released the results of Offshore Wind AR7, awarding a record 8.4 GW of new capacity across 12 projects, representing an estimated £23.5–26 ...

14/01/26

Jeronimo Martins

Jeronimo Martins delivered mixed Q4 FY25 results, with group LFL growth slightly ahead of expectations but softer performance at Biedronka. We see no ...

14/01/26

Pearson

Pearson announced an FY25 trading update in line with strong performance in Assessments and Enterprise Learning & Skills, supported by the ...

14/01/26

BRAIN Biotech AG

Cost discipline helps, but delivery still falls short

13/01/26

Pluxee

We have materially lowered our target price while maintaining a constructive long-term outlook. This downward revision mainly reflects the recent ...

13/01/26

Prada

We have removed Hermès from our peer group for the comparison-based valuation. This adjustment mechanically reduces our target price. While Hermès ...

13/01/26

Oils

Having captured Maduro, Trump is attempting to reframe Venezuela as a strategic oil-controlled nation rather than a sanctioned pariah, seeking ...

13/01/26

Lindt & Sprüngli

Lindt’s ad hoc report reveals top-line results surpassing expectations. The negative volume impact was offset by price increases on its products. ...

13/01/26

Whitbread

Q3 revenue met expectations, noting the expected reduction in UK food and beverage sales as a result of the transformation plan and the strong ...

13/01/26

NEXITY, BETTER BUY GERMAN? (SELL; 28% DOWNSIDE)

Nexity (SELL ; France), the leading French company in residential development, holds a c.12% share of the addressable market. Over the past five ...

13/01/26

TIME TO BOOK DEFENCE PROFITS?

The AlphaValue coverage of Aerospace & Defence was bound to become defence driven as we suggested … 2 years ago. It happened. Still the sector is ...

13/01/26

Generali

The battle for power at the helm of Generali could take yet another turn, following press reports that UniCredit has discussed the potential ...

13/01/26

Unicredit

Taking over Delfin’s stakes in MPS and Generali would allow UCG to become the new Italian “godfather”, thereby meeting the expectations of the ...

13/01/26

Suedzucker

Suedzucker’s results exceeded consensus expectations for sales and EBITDA but fell short on EBIT due to higher-than-expected restructuring and ...

13/01/26

Steyr Motors AG

Steyr Motors has announced a five-year framework agreement to export a minimum of 750 engines, ensuring €30m in revenue, with potential additional ...

13/01/26

Orsted

Yesterday evening, Judge Lamberth issued a preliminary injunction lifting the stop-work order effective since 22 December. This ruling represents a ...

13/01/26

Bechtle

We have slightly adjusted our EPS forecasts following the pre-close call. This adjustment primarily aims to better align our assumptions with the ...

12/01/26

Société Générale

We have upgraded our EPS projections across our forecasting horizon (2025-2027). For 2025 (9% positive revision), this comes on the back of much ...

12/01/26

NORDEX FACES CAPITAL ALLOCATION QUANDARY (REDUCE; -8% DOWNSIDE)

If we were to look up the winners of 2025 in the AV universe, Nordex (REDUCE ; Germany) would be the 5th name from the top, in a list that also ...

12/01/26

TomTom

We take a more optimistic view on TomTom’s outlook and valuation following a series of contract wins / announcements recently. This relates to the ...

12/01/26

Jungfraubahn Holding

Positive visitor figures for FY25, new mid-term targets and & CMD feedback

09/01/26

CD Projekt

On December 29, 2025, CD Projekt announced the sale of 100% in its subsidiary GOG Sp. z.o.o – according to various sources, the platform with a focus ...

09/01/26

NORSK’S ENERGY IS STILL WORTH ITS WEIGHT IN GOLD (BUY; 36% UPSIDE)

2026 is off to a crazy start, as US’ attack on Venezuela has further fueled markets’ dash for (precious) metals – which was also last year’s theme. ...

09/01/26

Hikma Pharmaceuticals

Hikma, over the years, has struggled to create shareholder wealth, perhaps because of its inability (until now) to develop biosimilars on its own. ...

08/01/26

HELLENIQ ENERGY’S SUPERIOR DIESEL CAPTURE IS TIME-BOUND (ADD; 13% UPSIDE)

Helleniq Energy (ADD ; Greece) operates three highly complex refineries in Greece (total capacity of ~425 kb/d) with a strong distillate-oriented ...

07/01/26

SECURITAS DELIVERED AND NEEDS FURTHER GROWTH (REDUCE, 10% UPSIDE)

Since our last Idea Kicker (10 March 2022), Securitas’ (REDUCE ; Sweden) share price rose by +77%, including an +11% increase over the past twelve ...

07/01/26

SEMIS (AND METALS) RUN THE EARLY 2026 SHOW

Looking at the best performing decile of the AlphaValue coverage over the last 5 trading days to 05-01-2026 shows remarkable performance of Semi ...

07/01/26

Securitas

The change in the target price reflects the update of the peer group used for comparison-based valuation. We have added Prosegur Compania de ...

07/01/26

Siltronic AG

We have decided to categorise Siltronics in the semicoductor industry, changing it from the earlier categorisation of industries related to ...

07/01/26

Redcare Pharmacy

Prel. sales FY25 nearly met guidance and market consensus expectations

07/01/26

EssilorLuxottica

Yesterday, Meta announced a delay in the international rollout of the Ray-Ban display smart glasses. The market reacted positively to this news, on ...

07/01/26

Pirelli

While the underlying business fundamentals remain unchanged, the higher share count dilutes per-share value, explaining the observed drop in our ...

06/01/26

RATIONAL

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 ...

06/01/26

Helleniq Energy

Lower expected sales volumes in Q1 2026 following the temporary shutdown of one refinery. Assumptions now reflect a reduction in refining sales ...

06/01/26

WORKTECH CHAMPION EDENRED TIES UP MORE CAPITAL (BUY; 62% UPSIDE)

Benefitting from elevated inflation and interest rates, which support higher issuance volumes and float income, Edenred (BUY ; France) reached an ...

06/01/26

TomTom

We have taken a fresh view on TomTom and upgraded our EPS estimates, incorporating cost savings from the organisational realignment. This is ...

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RESEARCH

534 European Large Caps

36 Senior Analysts