Research

518 European Large Caps

37 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

03/03/26

AXA

AXA delivered a strong set of FY25 results, with resilient top-line growth and margins, despite a more competitive environment in P&C Commercial ...

03/03/26

AXA

We have incorporated AXA’s recently published FY25 results into our model and revised our assumptions for FY26 and the following years. In 2025, AXA ...

03/03/26

Galp Energia

Q4 came broadly in line, with Group EBITDA at €619m (vs €911m QoQ, -32%), impacted by the major planned turnaround at Sines, while Upstream remained ...

03/03/26

Emeis

Given the company’s more tangible operational normalisation and earlier-than-expected exit from the accelerated safeguard plan, incorporating ...

03/03/26

Stellantis

Stellantis reported weak FY25 results following a reset of its EV strategy, recording €22bn in charges. We remain sceptical about the revised ...

03/03/26

Tecnicas Reunidas

Results improved compared to 2024, with revenue of €6,466m (+45% YoY) and EBIT of €291m (+61% YoY), driven by strong execution in Natural Gas ...

03/03/26

VAT Group

VAT Group reported solid FY25 sales (+14% YoY) and free cash flow (CHF 230m) with a resilient 30% EBITDA margin despite FX headwinds. Orders were ...

03/03/26

OILS

Still time to buy into Oil

03/03/26

Beiersdorf

Beiersdorf closed FY25 with a top line broadly in line with consensus and slightly better margin expansion, supported by continued double-digit Derma ...

03/03/26

Alten

We are lowering our EPS forecasts (-7.3% in 2026 and -7.4% in 2027) to reflect a more normalised tax charge and the residual impact of 2025 ...

03/03/26

Thales

Thales delivered a high-quality FY25 performance, beating expectations on revenues, margins and especially cash generation. Defence momentum remains ...

03/03/26

Kuehne + Nagel

K+N’s Q4 EBIT was notably below the consensus as the restructuring costs were higher than expected. Air Logistics volumes continued to grow well, ...

03/03/26

Bank of Ireland

We have updated our model following the release of the group’s second-half results. As announced in our post-release comments, this has translated ...

03/03/26

Bank of Ireland

The group posted a good set of results. The new business plan is articulated around accelerated loan book expansion, net interest margins, and above ...

03/03/26

QUADIENT’S DIGITAL PIVOT NOT QUITE BOUGHT YET (BUY; 51% UPSIDE)

As highlighted in July 2023 teaser, our optimism about Quadient (BUY; France) was centred on the turnaround from its ‘Back to Growth’ plan, aimed at ...

03/03/26

Ses

SES reported a transitional FY25 following the consolidation of Intelsat, with acquisition-driven growth but softer underlying profitability due to ...

03/03/26

OPAP

OPAP reported Q4 25 results below expectations, with weakness in lottery and betting offsetting solid VLT and iGaming growth, while higher payroll ...

03/03/26

Svenska Handelsbanken

We have updated our EPS projections after having integrated 2025 earnings into our figures. We have downgraded both our 2026 (-11% vs our initial ...

03/03/26

Erste Group

We have updated our model following the release of the group’s fourth quarter results. As announced in our post-release comments, this has translated ...

03/03/26

Hotels & Motels

Accor appears to be the most relevant hotel operator in our coverage to the ongoing Middle East conflicts. This stems from its higher regional room ...

03/03/26

Bucher Industries

Bucher Industries beats EBIT expectations, with strong results at Emhart and Municipal offsetting weakness at Kuhn. The group provided detailed ...

03/03/26

Smith & Nephew

S&N delivered a healthy Q4 and broadly in-line FY25 performance, supported by recovery in Orthopaedics, strong Sports Medicine momentum, and ...

02/03/26

dormakaba

While our DCF increases on improved mid- to long-term assumptions, our peer-based valuation declines, as we have removed the premium previously ...

02/03/26

Teleperformance

Despite the very decent valuation (5x EBITDA) and high yield (c.9% currently), our opinion turns negative after a new downward revision of our ...

02/03/26

Melia Hotels International

Melia delivered stronger-than-expected 2025 results, noting strong resort/premium room sales, gains in Spain and buoyant network expansion. A healthy ...

02/03/26

MERCEDES’ LUXURY TRAP (REDUCE; -6% DOWNSIDE)

Our last teaser on Mercedes-Benz Group (REDUCE; Germany), published on 02/06/2025, focused on assessing whether the stock represented a value ...

02/03/26

Barclays

Beyond the immediate write-off, the MFS bankruptcy raises questions about the quality of Barclays’ management of its bridging loan exposure. The ...

02/03/26

BKW AG

TP reduced to CHF 159 after guidance adjustment – Add

02/03/26

Saint-Gobain

Saint-Gobain’s FY 2025 was in line with expectations, with margins holding firm and cash generation remaining strong. Yet beneath the stable surface, ...

02/03/26

Aryzta

Aryzta’s FY25 revenue slightly missed consensus expectations. Management continues to prioritise cost efficiency through the Excellence programme and ...

02/03/26

Acerinox

We have only fine-tuned our forecasts after the release of the FY25 numbers. Our estimates are broadly unchanged. Concerning FY25 as such, the ...

02/03/26

Informa

Informa’s exposure to the Gulf was a strong growth driver, but the erratic iranian attacks on the region should affect activities. We thus expect a ...

02/03/26

Swiss Re

We have adopted a more optimistic scenario for FY26 and the subsequent years following Swiss Re’s 4Q25 results. In particular, we have revised our ...

28/02/26

Acerinox

Acerinox reported expected results for FY25, except for a significant inventory adjustment in Q4. Profitability remains pressured due to sluggish ...

28/02/26

Vallourec

The group reported results in line with expectations and confirmed the payment of an extraordinary dividend announced in January. Looking ahead, the ...

27/02/26

Pirelli

Pirelli reported strong FY25 results, driven by a favourable price mix from its premium strategy and an effective efficiency programme. Free cash ...

27/02/26

EDP

With Recurring EBITDA up just 1% YoY after 2024 adjustments, including OW impairments (-€147 m), EDP delivered a mixed performance. The Group is ...

27/02/26

Grifols

The Q4 results were ahead of consensus, but a lack of 2026 sales guidance casts doubt over Grifols’ ability to deliver on its 2029 sales and ...

27/02/26

Swiss Re

While Swiss Re’s 4Q25 net income declined 32% y/y, this was largely expected, reflecting the impacts of the reserve review in L&H, as well as added ...

27/02/26

bioMerieux

bioMerieux’s Q4 sales met expectations, with top-line growth driven by both segments. Management fulfilled its 2025 commitments and provided 2026 ...

27/02/26

BASF SE

BASF’s Q4 2025 sales declined due to pricing pressure despite positive volumes, with Chemicals being most affected by oversupply. Materials saw ...

27/02/26

Flutter Entertainment

Q4/FY25 missed consensus and recently downgraded guidance (Nov 2025), with softer US momentum and weaker cash flow offsetting strong iGaming growth ...

27/02/26

Acciona

Acciona delivered a record performance in FY25, reporting consolidated EBITDA of €3,211m — well above its €2,700-€3,000m target range. The ...

27/02/26

Ackermans & van Haaren

Ackermans & van Haaren delivered record FY-2025 results, comfortably beating expectations and confirming the strength of its core engines. DEME and ...

27/02/26

Holcim

Holcim met its own guidance in 2025 despite a challenging macro backdrop and meaningful foreign exchange headwinds, delivering on growth, margin and ...

27/02/26

Amadeus IT Group

Amadeus delivered a solid Q4 2025, supported by volume growth across all divisions and higher revenue per passenger boarded in Air IT Solutions and ...

27/02/26

Pearson

Pearson delivered disappointing profitability figures due to an £87m product impairment that we do not view as problematic and which actually hides ...

27/02/26

Fugro

FY25 was clearly weak, hit by the offshore wind reset and delayed oil & gas spending. Revenue fell −16.1% YoY to €1,848m, with Marine at €1,437m ...

27/02/26

Getlink

Eleven percent of LeShuttle passenger vehicles now travel with a pet on board, and the company is carrying twice as many dogs as before Covid. It is ...

27/02/26

Wizz Air Holding

Indigo Partners LLC seeks to reduce its direct stake from 23.9% to 14.2% via an accelerated bookbuild sale with a c.3% discount to yesterday’s close ...

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24/02/26

AlphaBlunt!

DASSAULT SYSTEMES

At last!

RESEARCH

518 European Large Caps

37 Senior Analysts