Research

513 European Large Caps

35 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

04/08/26

Zalando

Zalando’s Q2 results fell slightly below consensus expectations in both revenue and profitability. The core B2C segment was impacted by reduced ...

04/08/26

ams OSRAM

ams OSRAM delivered another strong quarter, with Q2 revenue of EUR 805 million and adjusted EBITDA at the high end of guidance. The core ...

04/08/26

LEG Immobilien

LEG reported a mixed second quarter: resilient rental growth was offset by temporary pressure on cash earnings due to capex timing and higher ...

04/08/26

Travis Perkins

Travis Perkins’ H1 FY26 results were mixed, with Q2 Merchanting sales stabilising and adjusted operating profit beating consensus by around 11%, ...

04/08/26

SANOFI’S NEW LEADERSHIP NEEDS TO MOVE MOUNTAINS (ADD; 30% UPSIDE)

Imagine a restaurant having to serve its customers by ordering outside food. We cannot resist drawing parallels between this hypothetical scenario ...

04/08/26

Hsbc

The group posted a good set of results driven by strong top-line momentum, whereas the group continued to enjoy cost savings and benign asset quality ...

04/08/26

Sopra Steria Group

The rally that followed the publication of Q1 2026 results has been powerful, reinforcing our core investment thesis: Sopra Steria is one of Europe’s ...

04/08/26

Deutsche Lufthansa

Lufthansa’s Q2 earnings fell well short of consensus, as surging fuel costs and April strike disruptions overwhelmed solid passenger demand. ...

04/08/26

Nexity

It still seems too early for us to adopt a positive stance: the end market continues to contract and remains vulnerable to a host of factors, ...

04/08/26

Colonial SFL

Our target price benefits from the improved dividend outlook initiated by management. However, the payout ratio remains close to 100%, leaving ...

03/08/26

Publicis

The target price is revised slightly upwards following the update of our model (see EPS and DCF comments). The stock has outperformed the media ...

03/08/26

Emeis

Our TP has been cut slightly, reflecting an update to the model (net debt, and updated market parameters), with no change to the operational ...

03/08/26

Aalberts

The main change versus our previous view is the speed and visibility of the Semicon recovery. We had expected improvement to come through more ...

03/08/26

PUMA

PUMA delivered a modestly better than expected Q2, with sales and profitability ahead of consensus expectations, highlighting an encouraging ...

03/08/26

TF1

According to Reuters, TF1 is reportedly considering the sale of its studio arm to focus on the streaming business for a potentially slightly ...

03/08/26

CRH

CRH lost several weeks of work due to storms across the southern US in May and June, but still delivered record Q2 earnings. Revenue rose 6% to ...

03/08/26

Beiersdorf

Beiersdorf unexpectedly released its H1 figures alongside a downgrade to FY26 guidance. Q2 organic sales declined by 2.3%, while H1 profitability ...

03/08/26

Technip Energies

The 2026 EPS is revised downward, essentially through the mechanical effects of margins, taxation and the share count, rather than of revenue. ...

03/08/26

Forvia

Forvia’s H1 results exceeded expectations, though the beat was of low quality. Forvia outperformed in Europe and the Americas, while performance in ...

03/08/26

Umicore

Umicore posted strong results for H1 2026, driven by market share gains in Catalysis and a metals rally in Q1. However, we see a repeat of H1 in the ...

03/08/26

Imerys

Imerys’ H1 looks better at first sight, but the recovery is thin. Reported EBITDA improved and Q2 showed a stronger margin, yet the wholly-owned ...

03/08/26

RWE + AMPRION, BACK TO GRID AND CONSOLIDATION? (ADD; 14% UPSIDE)

RWE (Add ; Germany) has been the best-performing EU large-cap utility since early 2025, up c.60% over the past twelve months. A massive U-turn, ...

03/08/26

H1 EARNINGS DRIVE STOXX600... AND VOLATILITY

Extreme volatility continues and while the week ending July 31 ended in positive territory, the swings for stocks and indices were significant. The ...

03/08/26

AstraZeneca

Astra’s media-reported merger/acquisition talks with Bristol Myers Squibb (BMS) entail worries for Astra’s shareholders – considerable overlapping ...

03/08/26

Alten

We are reinstating Alten with an Add rating following a slight adjustment to our model to incorporate the information communicated during the trading ...

03/08/26

EssilorLuxottica

Smart glasses development continues to erode margins. We will take a more conservative view of the company and revise our long-term margin ...

03/08/26

Saint-Gobain

Saint-Gobain’s H1 numbers went backwards, but the second quarter was much stronger than the half-year average. Sales, EBITDA, operating margin and ...

03/08/26

Unibail-Rodamco-Westfield

Scaling back the scope of operations has enabled a gradual reduction in risk through debt reduction. However, this risk reduction is far from ...

03/08/26

Unicredit

We have updated our forecasts following the release of the group’s second quarter results. We have also decided to raise UCG’s stake in CBK from 27% ...

03/08/26

Outokumpu

We have downgraded our earnings forecasts after the release of a rather disappointing set of results for H126. If profitability is on the rise, ...

03/08/26

AGEAS

We have reviewed our assumptions for Ageas ahead of the 1H26 results scheduled for 27 August, leading to an upgrade of our net operating result and ...

03/08/26

Nordex SE

We are upgrading Nordex from Reduce to Add on the back of a structural reset in our profitability estimates for the forecast period (2026-28). We had ...

03/08/26

Teleperformance

We have only fine-tuned our estimates, with no material impact on valuation. That said, we have also reduced the discount to peers in the comparable ...

02/08/26

DiaSorin

DiaSorin’s Q2 profitability surpassed expectations. Despite weak respiratory sales and challenges in China, revenue grew by mid-single digits. All ...

31/07/26

Siemens Healthineers

Siemens Healthineers’ Q3 sales slightly missed expectations, though profitability met forecasts. The Precision Therapy and Imaging segments reported ...

31/07/26

Stellantis

Stellantis reported revenue in line with expectations but fell short on profitability metrics, including AOI, net income, and adjusted EPS, all below ...

31/07/26

ERG

H1 adjusted EBITDA rose 9% to €295m, but the momentum faded: after a 17% Q1, Q2 EBITDA was up just 1% as the wind resource normalised, curtailment ...

31/07/26

FUCHS Pref.

Fuchs reported strong Q2 numbers, supported by positive pricing and market share gains – likely temporary. Growth in sales and earnings was recorded ...

31/07/26

Clariant

Clariant reported strong Q2 results, with outperformance across segments against street estimates. The performance was led primarily by pricing on a ...

31/07/26

Crédit Agricole

CASA delivered reassuring Q2 results, beating the consensus by 6% and rebounding from a weak Q1. Revenue growth re-accelerated to +7% yoy (constant ...

31/07/26

L'Oréal

L’Oréal delivered a solid H1 26. Q2 sales beat consensus, driven by Professional Products and Dermatological Beauty, while L’Oréal Luxe grew 4.7% ...

31/07/26

BMW

BMW reported Q2 2026 results, with group EBT, net income, and EPS surpassing consensus expectations. This outperformance is mainly attributed to a ...

31/07/26

Vicat

Vicat reported a strong first half and raised its 2026 guidance. Revenue rose 8.0% to €2.04bn, despite a €69m currency headwind, while EBITDA ...

31/07/26

AXA

AXA delivered solid 1H26 results, slightly ahead of consensus. Strong profitability in P&C — with further prudence building — and a sharp recovery in ...

31/07/26

Rentokil Initial

We take a more conservative stance on Rentokil, reflecting continued weakness in its North America (NA) Pest Control business (c.60% of group ...

31/07/26

Acciona

ACCIONA delivered an in-line H1, supported by strong Infrastructure and Nordex performance and resilient international energy prices. Infrastructure ...

31/07/26

Interroll

Interroll delivered a positive first half, with stronger sales and resilient order intake supported by improving demand in EMEA and Asia, as well as ...

31/07/26

Sacyr

Sacyr increased H1 revenue by 9.0% to €2.44bn and EBITDA by 9.4% to €708m, but the 157% rise in attributable profit to €78m gives the wrong ...

31/07/26

Leonardo

Leonardo delivered a strong H1, with order intake, margins, and cash conversion all improving. Defence Electronics remained the main earnings engine, ...

31/07/26

Fugro

Fugro’s first half shows genuine operating progress: revenue and adjusted EBITDA both rise, and cost cuts flow through to a wider EBIT margin. ...

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RESEARCH

513 European Large Caps

35 Senior Analysts