Research

537 European Large Caps

36 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

04/12/25

Casino

We have incorporated the impact of the new restructuring plan announced by Casino, which is expected to be completed by Q2 2026. The key elements of ...

03/12/25

Adecco

Adecco offers levers for improvement, with expected progress on growth and margins across all divisions and additional upside from cost actions and ...

03/12/25

Adecco

We have adjusted our 2025E EPS to reflect Q3 results, which exceeded our expectations. In Q4, organic revenue is expected to grow broadly in line ...

03/12/25

Elior

We removed Compass from the peer group because its unparalleled multiples significantly inflated our market capitalisation-weighted average peer ...

03/12/25

Eurazeo

Our target price is impacted by a negative change in our DCF and NAV, as we increased the discount to NAV from 25% to 40% from the reported value of ...

03/12/25

Quadient

Quadient’s Q3 2025 revenue missed expectations, as Mail segment weakness due to both the renewal-cycle trough and ongoing secular decline, continued ...

03/12/25

Infineon

We have incorporated the FY 25 figures into our model and updated our estimates from FY 26 to FY 28. As a result, most of the growth that we expected ...

03/12/25

Inditex

Inditex reported another consensus-beating third quarter with clear top-line acceleration and strong margin generation, both ahead of consensus and ...

03/12/25

Repsol

The increase in refining margins (from 6 to 7.9 in 2025, from 5.5 to 7 in 2026, and from 5 to 6 in 2027) drives earnings higher, despite EBITDA ...

03/12/25

BARCLAYS’ LARGELY PRICED PROFITABILITY RECOVERY (ADD; 9% UPSIDE)

Overall, Barclays (ADD ; UK) offers a more resilient and predictable investment case than in previous years, but with a more moderate upside ...

03/12/25

INFRASTRUCTURE SHINES ON

About 18 months ago we stressed the fact that European listed concession & construction firms were very respectable and convincing companies that ...

03/12/25

Demant

Despite challenges that have reduced our target price, Demant still presents a significant upside. The company is poised to benefit from: 1) new ...

03/12/25

FDJ United

We have adopted a more conservative outlook for FDJ United to reflect the following factors – 1) tax and regulatory headwinds continue to weigh on ...

03/12/25

Airbus Group

Airbus has entered a turbulent patch, hit first by a large-scale software recall and then by a widening fuselage-panel issue now affecting hundreds ...

03/12/25

Bilfinger

During its Investors Day, Bilfinger laid out an ambitious new financial roadmap through 2030, targeting annual revenue growth of 8–10% and an EBITDA ...

02/12/25

Adyen

We have adjusted our target price to take into consideration our new assessment of growth going forward.

02/12/25

FERRARI

Strong buy and hold recommendation

02/12/25

Barclays , Hsbc , Lloyds Banking Group , NatWest , Santander , Standard Chartered

NWG has become the least cyclical UK bank, ahead of LLOY, following continued de-risking and an increase in cyclicality at LLOY. BARC and STAN, ...

02/12/25

ATOS MANAGEMENT ROLLED UP ITS SLEEVES (BUY; 104% UPSIDE)

Atos (BUY ; France), long regarded as the fallen angel of French tech, may finally be on a path to redemption. Since the financial restructuring ...

02/12/25

MFE-MediaForEurope

Following the publication of the Q3 results, we have consolidated ProSieben for 2026-27. ProSieben, now 75% owned, will be included in MFE’s accounts ...

02/12/25

AlphaBlunt!

ALSTOM

Size Without Leadership

02/12/25

Travis Perkins

The earnings decline is driven by three key factors: 1. Weaker specialist merchant performance – including BSS, CCF, Keyline, and TF Solutions – ...

01/12/25

Nexans

We have also removed the premium applied to the Dividend Yield valuation, as we no longer consider it justified.

01/12/25

Elior

Our discussion with Elior’s CFO provided clearer visibility on the pacing of the ongoing transformation and outlined detailed initiatives towards a ...

01/12/25

Allgeier SE

Taking into account the divestment of Allgeier’s IT-managed-services branch, we acknowledge the temporary mechanical impact on EPS. However, this ...

01/12/25

AMS OSRAM REWARD WILL TEST YOUR PATIENCE (BUY; 54% UPSIDE)

The last time we wrote about ams OSRAM (BUY; Austria) in April 2025, we concluded that the company’s turnaround story was going well and it was a ...

01/12/25

Bechtle

We maintain a positive view on Bechtle, although the upside potential is now more limited. Our €50 target price reflects this constructive stance, ...

01/12/25

Bic

The earnings decline stems from two main factors: 1. Weak performance in North America, driven by a softer-than-expected US recovery and a ...

28/11/25

Indra

The strong revision of the target price reflects updated estimates, primarily driven by scope effects, as well as NAV and DCF assumptions (see ...

28/11/25

Mitchells & Butlers

M&B delivered FY25 results slightly ahead of expectations, with pricing-driven revenue growth, market share gains, and improved margins despite cost ...

28/11/25

Bolloré , Vivendi

Unsurprisingly, the French Supreme Court cancelled the judgement of the Paris Appeal Court but asked the Paris Appeal Court to judge again if Bolloré ...

28/11/25

Eutelsat Communications

We have incorporated the updated calculations regarding the total number of shares after the rights issue announced on November 25. Given that the ...

28/11/25

BACK-TO-OIL FUGRO FOR THE BETTER (ADD; 13% UPSIDE)

Fugro (ADD ; Netherlands) is a global leader in Geo-data services, active across offshore wind and Oil & Gas, from site characterisation and ...

28/11/25

CONCRETE DREAMS

Over the last 5 trading days, the Building Materials sector has led the European sector performance. This is a testament to the new speculative pull ...

28/11/25

NOVO NORDISK

Novo’s investors losing more weight than its patients

28/11/25

Sonae

Following the release of the more detailed 9M report, we have improved our EPS for 2025, mainly due to lower depreciation costs expected for 2025 ...

27/11/25

CD Projekt

Following record 9M 25 results, which on EBIT and net income level almost reached our full-year 2025 forecasts, we have increased of revenue ...

27/11/25

Gaming - Gambling

The UK’s tax hikes target online gambling while largely ex. retail and horseracing. Office for Budget Responsibility forecasts a 1/3rd drop in gaming ...

27/11/25

Sage

This slight adjustment to our DCF once again allows us to reaffirm our positive view on Sage. We remain convinced that the group is far from having ...

27/11/25

CD Projekt

In Q3 25, CD Projekt’s results were 14.8%-20.9% above PAP consensus on all levels. The main reason was a successful release of CP2077 – the game has ...

27/11/25

Banks

Everyone knows the saying, “Buy on the sound of cannons, sell on the sound of the bugle.” Unfortunately, the US considers that Ukraine has lost the ...

27/11/25

Landis+Gyr Group AG

We have updated our peer group by removing SFS and Bossard and adding Itron. This revised set of peers aligns with the company’s forthcoming U.S. ...

27/11/25

KILLJOY: WHY OWNING FCC FEELS SO UNSATISFYING (ADD; 21,%UPSIDE)

Once known for pouring cement and building condos, in 2024 FCC (ADD; Spain) refocused on the two things no city can function without: taking out the ...

27/11/25

Sonova Holding

We have lowered our target price to reflect the business challenges outlined in the EPS section. Additionally, we have adjusted the peer-based ...

27/11/25

Lindt & Sprüngli

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 ...

26/11/25

KINGFISHER’S FRENCH DRAG IS REDUCED (ADD, 19% UPSIDE)

Kingfisher (ADD ; UK) has been struggling for over a decade, with successive CEOs unable to halt the structural decline in France, which now accounts ...

26/11/25

Amadeus IT Group

There is a minor change in the target price following the fine-tuning of our model. Excluding the negative currency effects, the group continues to ...

25/11/25

Julius Baer

Julius Baer’s interim statement to October describes a healthy progression when it comes to asset gathering (+8% to CHF520bn), balance sheet strength ...

25/11/25

Forvia

The reduction in our FY25 EPS estimate is driven by two factors. First, we now include a €136m non-cash financial asset charge related to Symbio, the ...

25/11/25

ACKERMANS & VAN HAAREN

How Ackermans turns discipline into returns

Download a sample

RESEARCH

537 European Large Caps

36 Senior Analysts