Research

543 European Large Caps

40 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

30/04/25

Fortum

We have raised our target price by 7%, from €16.4 to €17.6, following the upward revisions to our estimates. We also note that CEO Markus Rauramo has ...

30/04/25

Casino

The Q1 FY25 performance of Casino was a mixed bag – lfl sales were in line, EBITDA was slightly below, but FCF was stronger than our expectations. ...

30/04/25

Porsche AG

Following Porsche’s profit warning, we have revised down our estimates to the low end of the updated guidance, which has weighed on our FY25 EPS ...

30/04/25

ACS

We have lowered our EPS estimates for ACS as our previous net income projections were above the company’s bottom-line guidance. Given ACS’s ...

30/04/25

A1 Telekom Austria Group

Q1 revenues met expectations, while EBITDA before restructuring surpassed expectations, increasing by c.8% yoy. The 2025 outlook remains unchanged; ...

30/04/25

ANDRITZ

1Q25: Surprisingly strong order intake – Lower sales but stable EBITA margin – Outlook for FY25 and confident targets for FY27 confirmed

30/04/25

Wacker Chemie

1Q25 7% below consensus expectations, run-rate below lower guidance end

30/04/25

Fielmann Group

Strong 1Q25 results – Group’s FY25E outlook exceeds expectations

30/04/25

CompuGroup Medical

1Q25 first take: Below our expectations, mainly in terms of profitability – Full-year targets confirmed

30/04/25

FUCHS

Results below consensus – A weaker 2Q25E would put guidance at risk

30/04/25

NEMETSCHEK GROUP

1Q25 first take: Strong underlying operating momentum – A one-time, non-operating effect weighs on profitability – Full-year targets confirmed

30/04/25

KION Group

1Q25 with higher order intake compared to 1Q24 – Lower sales and adj. EBIT do not come as a surprise – EUR 47mn net loss due to restructuring

30/04/25

Alzchem Group AG

Specialty Chemicals as expected, weaker B&I, still on track for guidance

30/04/25

SoftwareOne

Securing more than 80% of Crayon’s share capital – 90% acceptance level threshold waived – Final extension of the offer period announced

30/04/25

Mayr-Melnhof Karton

In still tough markets, MMK has done well to sustain its recovery momentum. Division-wise, Packaging continues to lead from the front, but there are ...

30/04/25

SSAB

The Swedish steelmaker reported satisfactory results for Q125, with anticipated volume growth and improved pricing in the US, benefiting the group ...

29/04/25

Bolloré

Bolloré had a slow start to the year, which should be largely offset by the consensus-beating results unveiled by UMG. Bolloré also communicated that ...

29/04/25

BP’s Q1 2025 results showed operational resilience in upstream and refining, but weakness in Gas & Low Carbon and trading led to a c.10% earnings ...

29/04/25

AstraZeneca

Q1 profits exceeded the street’s expectations, supported by a healthy performance across segments. However, the management maintained its full-year ...

29/04/25

Swedbank

Swedbank delivered a strong Q1, leading Nordic peers with a cost base beat and net provision releases, highlighting robust asset quality and ...

29/04/25

Renault

The decrease in our FY25 EPS estimate stems from the recent announcement that Nissan expects to report significant losses in the Q4 ending March ...

29/04/25

Alfa Laval

Alfa Laval reported a miss on Q1 orders but exceeded profit expectations. Revenues met expectations, supported by good invoicing. Orders were ...

29/04/25

Deutsche Lufthansa

Lufthansa’s Q1 adjusted EBIT met expectations, despite a larger-than-expected loss in the Passenger Airlines segment. This was offset by strong ...

29/04/25

Capgemini

Capgemini delivered a resilient and better-than-expected Q1 2025, with a decrease in organic revenue broadly in line with the trend seen in Q4 2024, ...

29/04/25

EdenRed

The Brazilian government plans to replace meal vouchers with direct PIX transfers, the country’s instant payment system. This poses a threat to the ...

29/04/25

NXP

NXP reported Q1 25 revenues in line with expectations, while the Q2 outlook was slightly better. The automotive and industrial market is growing, as ...

29/04/25

Norsk Hydro

2025 has begun on a strong note for Norsk Hydro. Despite macro uncertainties, the results were supported by extremely strong upstream operations – ...

29/04/25

Neste

Neste’s Q1 2025 results highlight continued margin pressure, with a €40m net loss and negative free cash flow, despite sequential EBITDA recovery. ...

29/04/25

Carlsberg

The company missed expectations, mainly due to the “San Miguel effect” contributing to the organic decline. Moreover, the performance across the ...

29/04/25

Travis Perkins

Travis Perkins’ Q1 FY25 trading performance was in line with our expectations. The group’s lfl sales declined 2.1% yoy, as the strength of the ...

29/04/25

BBVA

The group posted stronger-than-expected first-quarter results driven by Spanish operations. The management did not reiterate its 2025 net profit ...

29/04/25

Porsche AG

Porsche’s Q1 results surpassed expectations despite a decline in volume. This was offset by a significant profit warning due to weak performance in ...

29/04/25

Rexel

Rexel reported Q1 2025 sales of €4.83bn, slightly below expectations, with 1.4% same-day growth primarily driven by North America. Supplier price ...

29/04/25

Deutsche Boerse

• Net revenues increased by 6% to €1.51bn for Q1 25, compared to Q1 24. • EBITDA was up by 4% to €912m for Q1 25, compared to Q1 24. • Net profit ...

29/04/25

Puig Brand SA

Puig reported an encouraging start to the year, outperforming the global beauty market. The ongoing softness in the premium makeup segment was fully ...

29/04/25

Entain

Entain reported a strong Q1 2025, with group NGR up 8%, rising to 11% when including its share of BetMGM. This was driven by a robust 10% growth in ...

29/04/25

Imerys

During Q1 2025, Imerys managed a small organic sales increase, but the overall picture was rather negative. Revenue, profits, and margins all fell ...

29/04/25

Generali

While Generali has not publicly stated whether it intends to tender its Banca Generali shares to Mediobanca’s offer, we believe it is the most likely ...

29/04/25

HelloFresh

HelloFresh delivered better-than-expected results, sending a positive signal to the market regarding the progress of its efficiency programme. The ...

29/04/25

Skandinaviska Enskilda Bank

SEB delivered a solid Q1 beat, driven by resilient fee and trading income and better-than-feared NII, though loan loss provisions surprised ...

29/04/25

Deutsche Bank

• Net revenues rose by 10% to €8.5bn for Q1 25, compared to Q1 24. • Total expenses were down by 2% to €5.2bn for Q1 25, compared to Q1 24. • Profit ...

29/04/25

Hsbc

The group posted stronger, albeit not repeatable, quarterly profits. The management reiterated its short- and long-term guidance despite heightened ...

29/04/25

ESSITY’S RESILIENCE IS NOT PRICED IN (ADD; 18% UPSIDE)

Essity (Add; Sweden), an attractive Health and Hygiene play, has further sharpened its ‘Health’ focus in recent years, resulting in reduced ...

29/04/25

CEMENT OVERPLAYS RECONSTRUCTION HOPES

Year after year AlphaValue has preferred the Sikas to the Holcims. That has made sense with capital light, external growth-oriented construction ...

29/04/25

Novartis

Q1 results exceeded consensus, aided by strong performances across focus areas. Consequently, the management raised its full-year outlook. While the ...

29/04/25

Electrolux

Electrolux posted strong organic sales growth in Q1 2025, driven by North America and Latin America. Operating income turned positive but came in ...

29/04/25

M6-metropole Television

M6 delivered below-consensus Q1 results, with new OPEX continuing to eat into margins. The guidance for Q2 is not bright on the advertising side, ...

29/04/25

Schneider Electric

Schneider Electric’s revenues slightly missed the consensus estimates due to weak demand in Residential markets across key geographies. This led to a ...

29/04/25

CRH

We have lowered our estimates to the lower end of the company’s guidance. While we expect the direct impact of US tariffs on CRH to be limited given ...

29/04/25

IAG (International Airlines Group)

The major power outage in Spain and Portugal on 28 April caused significant transportation and infrastructure problems. Flight volume at Spanish ...

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RESEARCH

543 European Large Caps

40 Senior Analysts