Research

550 European Large Caps

40 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

13/06/25

EURONEXT IS A EU FINANCIAL CORNERSTONE (REDUCE, -7% DOWNSIDE)

In our previous teaser on Euronext (Reduce; Netherlands), we acknowledged how Euronext succeeded to fill the valuation gap with Deutsche Boerse (Add; ...

13/06/25

FCC

FCC, the Spanish infrastructure group, has finally published its 2024 annual report. This was a big year of change for the company. In November, FCC ...

13/06/25

Ubisoft Entertainment

Following the soft FY24/25 results and underwhelming FY25/26 guidance, we have adjusted our estimates. Given the expected flat year-on-year net ...

13/06/25

Aker BP

We have revised our Brent crude forecasts to reflect an embedded war risk premium, as current developments suggest the onset of a prolonged and ...

12/06/25

Besi

Given the strong market in the deployment of AI technologies in data centres, and accelerated adoption of 2.5D and 3D chiplet-based, wafer-level ...

12/06/25

thyssenkrupp

Rise of the TP to EUR 12.50 despite a lot of uncertainties

12/06/25

OIL & GAZ

Barrels Are Plentiful—So Are Missiles

12/06/25

Tesco

Tesco’s Q1 FY25/26 trading performance was stronger than market expectations. The group’s revenue grew 4.6% yoy, with positive momentum and market ...

12/06/25

Airbus Group , Rolls-Royce , Safran

Boeing has suffered its first fatal crash involving the 787-8 Dreamliner since the aircraft’s entry into service in 2011, injecting fresh uncertainty ...

12/06/25

Air France-KLM , Deutsche Lufthansa , easyJet , IAG (International Airlines Group) , Ryanair , TUI Group , Wizz Air Holding

This morning’s Air India 787-8 crash, the model’s first major accident since its introduction in 2011, is poised to heighten grounding concerns for ...

12/06/25

Unicredit

The CEO remains highly confident in the company’s cash flow generation over the next two and a half years. He is prepared to withdraw the offer on ...

12/06/25

PRYSMIAN’S ACQUIRED GROWTH ENTERS DIGESTION PHASE (ADD, 16% UPSIDE)

Since our last teaser, the stock has risen by 72.2%. While the share price remained largely flat for much of 2023, it experienced strong and steady ...

12/06/25

PHARMAS COME BACK (POSSIBLY)

Only a month ago we were lamenting the weakness of Pharmas, the second larget sector by market cap.  The tide may have turned, strangely as part ...

12/06/25

Clariane

Total gross assets increased from €7.99bn to €8.38bn. This growth is primarily driven by upwardly-revised multiples and stronger 5 year average ...

12/06/25

Nokian Renkaat

Following the announcement of a vague FY25 guidance and an underwhelming Q1 2025, marked by lower-than-expected profitability in the passenger car ...

11/06/25

Heidelberger Druckmaschinen AG

Agreed personnel cost reductions support strong EBITDA margin improvement – Target price raised to EUR 2.00

11/06/25

Inditex

Inditex reported its Q1 25 performance, which was broadly in line with consensus expectations, with a greater impact of currency on the top-line but ...

11/06/25

Faes Farma

Faes Farma made a good move to acquire the Italian ophthalmology firm SIFI, whose enterprise value is c.20% of Faes’ market cap. This deal would not ...

11/06/25

Demant

Demant has announced the acquisition of a German hearing aids retailer. This deal will position Demant as the largest and second-largest hearing aids ...

11/06/25

LBG’S COMPLACENT VALUATION (REDUCE, -10% DOWNSIDE)

As shown in the chart below, LBG’s (REDUCE; UK) stock has strongly overperformed the market over the past year, with a marked acceleration since the ...

11/06/25

TIME FOR LUXURY & PAPER?

A sector review of ytd performance would show that the money was on Aerospace Defence and Financials. Pain was to be experienced with Consumer ...

10/06/25

Elekta

Due to the weaker performance in China and the US, which together account for over 35% of sales, we have revised our estimates downwards. However, we ...

10/06/25

SEB GOES NOWHERE (BUY, 67% UPSIDE)

Over the last 5 years Seb SA (Buy; France) has gone nowhere compared with the competition and notably next to SharkNinja, the daredevil of the ...

10/06/25

Henkel

Having integrated the latest figures and given the deterioration in the economic backdrop, we have adopted a more cautious stance. We expect consumer ...

10/06/25

Bayer

A pest threatens the 2025 potato harvest with failure rates of up to 70%. We believe the driest spring on record has contributed to this. In the ...

10/06/25

Dassault Systèmes

We have slightly adjusted our 2025E IFRS EPS forecast, factoring in the recent USD/EUR fluctuations and increased investment in staff and technology ...

10/06/25

Luxury

After acquiring high-value properties in Milan and NYC, Kering has been divesting prime real estate assets, such as those in Paris, for several ...

10/06/25

Wizz Air Holding

Wizz Air’s 2024 (i.e. FY25 ending March 2025) actual results were significantly impacted by the GTF engine grounding and inspection issues, with ...

09/06/25

Retail - Property

After acquiring high-value properties in Milan and NYC, Kering has been divesting prime real estate assets, such as those in Paris, for several ...

09/06/25

LOGITECH’S RETURN TO GROWTH COINCIDES WITH TARIFF TANTRUMS (REDUCE; 1% UPSIDE)

Having posted a c.38% return in 2023, Logitech’s (REDUCE; Switzerland) share price then staged a protracted recovery from its steep post-pandemic ...

09/06/25

Seb

Our 2025 estimates now include the Q1 figures. For the full year, Seb is guiding for c.+5% organic sales growth and an increase in the operating ...

09/06/25

Haier Smart Home - D shares

Despite the ongoing soft consumer environment in China and the uncertain macroeconomic context in the Western world, HSH has continued to benefit ...

09/06/25

En+

After witnessing a noticeable turnaround in 2024, EN+ remains on a steady recovery path driven by both its Aluminium (dependent on Rusal) and all ...

06/06/25

Novo Nordisk

While a more cautious approach to our estimates has resulted in c.11% reduction in the target price, we still see Novo as a good investment ...

06/06/25

Tullow Oil

We have incorporated Tullow Oil’s FY24 results, rebasing our FY25–27 estimates. With the legacy hedges fully rolled off in May 2024, the accounted ...

06/06/25

Wise

Following its trading update a couple of months ago, Wise has now reported full-year results showing a 17.5% increase in net profit and an underlying ...

06/06/25

Richemont

Richemont closed FY24-25 with a stronger-than-expected performance despite the market headwinds. The Jewellery Maisons demonstrated strong resilience ...

06/06/25

Wise

We have incorporated Wise’s FY25 results into our model and updated our forecasts accordingly. In FY25, the company delivered an underlying profit ...

06/06/25

Genmab

After incorporating our 2027 projections with double-digit top-line growth due to the upcoming product launches, we have reduced our long-term sales ...

06/06/25

LEADERSHIP VACUUM WEIGHS ON COLOPLAST (BUY; 46% UPSIDE)

At the outset, and at a risk of repeating ourselves, Coloplast (BUY; Denmark) is a top-tier MedTech play. A fact validated by a top quartile position ...

06/06/25

A POSTIVE DANISH INFLEXION

As a tiny country fighting for its place on the planet, Denmark has always been an interesting anchor to review market trends.  The following ...

06/06/25

Jungfraubahn Holding

Strong start of the year (ahead of our forecasts) confirmed by the CEO

06/06/25

Wizz Air Holding

Wizz Air shares collapsed by as much as 28% after its FY25 results showed a freefall in EBIT and a tax-boosted bottom line. While the airline reached ...

06/06/25

Generali

With just days to go before Mediobanca’s AGM, the battle for influence is heating up. For Generali’s shareholders, we believe the key questions are: ...

06/06/25

Fresenius Medical Care

We have updated our estimates, incorporating the latest figures. We now anticipate increased profitability, driven by the enhanced effectiveness of ...

05/06/25

Burckhardt Compression

Burckhardt Compression reported strong FY24 results, though a change in revenue recognition affects comparability. Despite management’s efforts to ...

05/06/25

Rusal

After witnessing a noticeable turnaround in 2024, Rusal remains on a steady recovery path – largely driven by its core aluminium operations. ...

05/06/25

ALLEGRO’S MACRO TAILWIND NOT YET FULLY PRICED-IN (BUY; 33% UPSIDE):

So far this year, Allegro (Buy, Poland) has reversed its previous underperformance compared to most of AlphaValue’s e-commerce peers. With a YTD ...

05/06/25

Mediobanca

The trench warfare around MB to prevent it from exiting Generali has intensified. MPS’s desperation to solve its critical size issue by merging with ...

05/06/25

Continental

The reduction in our FY25 EPS estimate reflects the ongoing trade tensions which we expect to weigh on global vehicle production in FY25, ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

550 European Large Caps

40 Senior Analysts