Research

520 European Large Caps

34 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

18/09/26

Allegro.eu

Our EPS estimates for 2026-27 slightly increase following an increase of our EBITDA forecast for 2026, in-line with Allegro’s updated guidance, as ...

18/09/26

STMICRO’S AI EXPOSURE AND LEGACY RECOVERY AS CHERRY ON TOP

STMicroelectronics (BUY, Netherlands) equity story has transformed from one of Automotive semiconductors and Industrial Microcontrollers to one of a ...

18/09/26

OH CANADA, WELCOME TO EUROPE?

Canada’s possible elevation to the EU’s first “Associate Member” opens a fresh chapter in transatlantic economics — this time between consenting ...

18/09/26

Aker BP

We raise our 2026 reference EPS to USD 4.46 from USD 3.29, and our 2027 estimate to USD 3.77 from USD 3.10. The main driver is the price deck: we ...

18/09/26

Nornickel

2026 is proving to be a long-awaited inflection point for Nornickel, and a validation of AlphaValue’s long held thesis on the Russian mining giant’s ...

18/09/26

Bolloré

Our NAV is beneffiting from the announced €2bn dividends to be received in the coming days, triggered by the €2.5bn dividend announced by the ...

18/09/26

Thales

Thales combines one of Europe’s strongest defence-electronics franchises with several new growth levers. HexaForce and ZODIAC reinforce its position ...

17/09/26

Wendel

We have revised down our earnings forecasts following H1 2026, mainly reflecting lower EBITDA assumptions across the forecast period. Our previous ...

17/09/26

Bilfinger

Just five weeks after reaffirming its outlook, Bilfinger cut FY26 adjusted EBITA guidance by 22%, reported EBITA by approximately 45% and free cash ...

17/09/26

Wizz Air Holding

The Investor Day does not try to sell a new narrative; it is simply trading a growth story for a normalisation one. The war, the grounding, and the ...

17/09/26

Bolloré

Thanks to the account @LuchesiPhilippe flagging the documents on X, we might have found the main reason behind the exceptional €4.2bn dividend ...

17/09/26

Allegro.eu

For H1 26, Allegro delivered an excellent set of results and a very strong operating cash flow. The company’s investments in AI are showing the first ...

17/09/26

Next

Next has again raised its FY26/27 profit guidance following a stronger than expected H1, supported by accelerating international sales and additional ...

17/09/26

Ipsen

Although our estimates have increased by double digits, the target price has been raised at a lower rate due to Ipsen’s near- and mid-term risks. ...

17/09/26

OILS VS. SEMIS

Both Oils and Semiconductors are the best performers ytd (+50% and +60% respectively), and share having kick-started a new bout of inflation, planet ...

17/09/26

INDRA IN CASH PRINTING MODE (REDUCE, -7% DOWNSIDE)

Indra’s (Spain, Reduce) share price has clearly outperformed the Aerospace & Defence sector year-to-date (+28% vs +5%). Following the implementation ...

17/09/26

Bolloré

Bolloré published mixed results with good top-line and operating profit figures, but a bottom-line suffering from lower contributions from ...

16/09/26

Glencore

Amid the growing Radiant World vs. Glencore controversies and the resultant lawsuit – which may dampen near-term sentiment, but also open a buy on ...

16/09/26

RIO’s TIMELY DRIFT AWAY FROM IRON ORE (ADD, 22% UPSIDE)

Mining is having another blockbuster year. The sector is up c.33% ytd vs. c.10% for the AlphaValue universe. Much of that has come from Iran war ...

16/09/26

2026 EARNINGS REVISIONS … REVIEWED

Reading European equities earnings dynamic, i.e. revisions, remains a brain torturing exercise for anyone wondering where the 2026 earnings growth at ...

15/09/26

GSK plc

At a time when Novartis and AstraZeneca nurse a run of late-stage R&D setbacks, GSK’s recent clinical trial successes for oncology candidates, ...

15/09/26

AXA

AXA has unveiled its strategic plan for the 2027-29 period. While the targets did not include any major surprises, management’s reaffirmed confidence ...

15/09/26

UPM-Kymmene

While Fortum’s recent long-term power purchase agreement with Google doesn’t directly benefit UPM, it does set a very positive tone for the Finnish ...

15/09/26

OILS

Oil Supply Disaster

15/09/26

Puig Brand SA

Puig has agreed to acquire the remaining 50% stake in ISDIN for €1.2bn, taking full ownership of the dermocosmetics brand. The group will pay €900m ...

15/09/26

FERRARI-EXOR-HERMES

One may contemplate two obvious Long-Shorts when looking at Ferrari The first is against its parent company, Exor. The second is against THE other ...

15/09/26

ENGIE, OFF THE NUCLEAR HOOK? (BUY; 46% UPSIDE)

ENGIE has been one of the best performers across our utilities coverage since the 2022 energy crisis, and more strikingly, the run accelerated ...

15/09/26

Rio Tinto

Rio is at an interesting juncture; wherein various diversity initiatives should help the group better navigate rapidly evolving markets and ...

15/09/26

Indra

The increase in the target price is derived from the update of our estimates. We like the stock, but the valuation is demanding, with our NAV ...

14/09/26

ASTA Energy Solutions AG

Strong outlook – Add – New TP of EUR 69 (prev.: EUR 65)

14/09/26

HALEON’S RE-RATING IS ONE LEG SHORT (BUY; 33% UPSIDE)

Since its July 2022 listing, Haleon (BUY; UK) has delivered a total return of just under 20%. Unexciting, but not for want of progress. Assembled ...

14/09/26

OIL UP + YIELDS UP = EQUITIES DOWN

Equity markets ended lower on the week ending September 11 as the renewed surge in energy prices revived inflation concerns and pushed bond yields ...

14/09/26

EdenRed , Pluxee

From bad to worse, the sector has jumped from one regulatory headwind to another during the last couple of years. Now that Edenred is roughly 50% up ...

14/09/26

Pluxee

We keep a Buy on Pluxee as Brazilian PAT is priced in and, unlike Edenred, there is no antitrust file. However, we remain cautious on the turnaround, ...

14/09/26

EdenRed

We upgrade our recommendation on Edenred from Reduce to Add as we believe most of the regulatory constraints are behind. Our €35 TP rests on a ...

14/09/26

DIGI SPAIN TELECOM, S.A.

We are initiating coverage on DIGI Spain, Europe’s fastest-growing telecom operator, with an Add recommendation. The investment case is supported by ...

12/09/26

Hermes International

Our revisions do not reflect any deterioration in Hermès’ business excellence or competitive positioning. We continue to believe that Hermès should ...

11/09/26

ENERGY HEIST

We deluded ourselves with the idea that Iran + Russia + Bab eL Mandeb + refining capacity shortages would be sorted before Christmas by an act of God ...

11/09/26

COLOPLAST’S CHRONIC STRENGTH OUTWEIGHS ITS ACUTE PAIN (BUY, 50% UPSIDE)

MedTech sector momentum has finally turned constructive in recent weeks, a welcome change after a multi-year stretch of post-covid destocking, supply ...

11/09/26

Novartis

The recent R&D setbacks in cardiovascular and neuroscience areas have prompted us to revise our target price downwards. In the process, we have also ...

10/09/26

CD Projekt

With unchanged EPS estimates for 2026-28, our NAV-based fair value of CD Projekt goes down slightly due to lower peer group median P/E ratios for ...

10/09/26

UCB

After an incredible 184% share price run from November 2023 to February 2026, UCB’s shares have lost c.28% of their value. This is largely because of ...

10/09/26

European Utilities

Europe’s empty tanks, how to trade a winter with no safety net?

10/09/26

Richemont

Richemont has clarified its long-term succession structure by appointing Anton Rupert as non-executive co-deputy chairman. While this reduces ...

10/09/26

sino AG

sino AG has published good results again for Q3 26 (April-June 2026), underpinned by strong trading activity and commercial gains on the back of a ...

10/09/26

HEALTHIER COLRUYT IN A CUL-DE-SAC (ADD; 12% UPSIDE)

Colruyt (Add, Belgium) is a cash-generative business stuck in a difficult landscape. We were not in awe of this Belgian food-retail leader when we ...

10/09/26

AI SENTIMENT STILL STRONG

There is no shortage of articulated opinions about whether there will be life after AI, let alone whether there will be financial markets left if and ...

10/09/26

Currys

Currys delivered a strong Q1 FY2026/27 performance, with group like-for-like sales up 7% yoy. Both UK&I and Nordics performed ahead of street ...

10/09/26

D’Ieteren Group

D’Ieteren posted in-line H1 26 results, benefiting from lower financial charges, notably while D’Ieteren Automotive continues to sink. The group ...

10/09/26

Fortum

We have updated our estimates for the Loviisa PPA. With no price disclosed, we reverse-engineered it from management’s guidance of a c.1.4pp uplift ...

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RESEARCH

520 European Large Caps

34 Senior Analysts