Research

519 European Large Caps

35 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

02/11/26

Ryanair

Ryanair’s Q2 FY27 results came in broadly in line with consensus, as a 6% traffic increase was offset by lower fares and the doubling of unhedged jet ...

02/11/26

Forvia

Forvia returned to market outperformance in Q3 after two quarters of lagging global production, with Electronics and Clarion driving topline growth ...

02/11/26

adidas

Following its preliminary announcement and guidance upgrade, Adidas detailed Q3 results showing double-digit growth across all markets except Europe. ...

02/11/26

BBVA

As announced in our post-release comments, we have upgraded our forecasts, driven by stronger top line momentum. Hence, we have upgraded our revenue ...

02/11/26

Acerinox

Acerinox delivered solid Q3 2026 results, with EBITDA and net profit significantly higher year-on-year and slightly above market expectations, ...

02/11/26

Eutelsat Communications

Following the Q1 FY2026-27 revenue release, we have trimmed our sales and EBITDA forecasts, mainly to reflect a steeper-than-expected decline in ...

02/11/26

Caixabank

As announced in our post-release comments, we have made minor changes to our forecasts. The marginal change of our 2026 forecasts has translated into ...

02/11/26

SKAN, STAND BY FOR NOW (REDUCE, -3% DOWNSIDE)

Too hot to step in Exactly 12 months ago, SKAN (REDUCE; -3% DOWNSIDE) (Reduce, Switzerland) issued a profit warning citing multiple project delays, ...

02/11/26

WHEN THAT AI DAM BREAKS, EUROPE SITS DOWN RIVER

Over the week to 30-10-2026, European equities had a positive week with the Stoxx600 gaining 1.7%, despite a difficult Friday (-0.4%). Corporate ...

02/11/26

FUCHS Pref.

Fuchs reported a strong but price-led Q3 2026, a shift from volume-led Q2 2026. EBIT recorded its all-time high as supply constraints pushed prices. ...

02/11/26

Scor

We are upgrading our FY26 net profit forecast following SCOR’s 3Q26 results, which showed strong performances in both Property & Casualty (P&C) and ...

02/11/26

Scor

SCOR reported strong 3Q26 results, ahead of expectations, with robust underlying profitability in Property & Casualty and resilient earnings in Life ...

02/11/26

Alstom

Alstom’s preliminary H1 results dealt a significant blow to remaining hopes of a revival under the new CEO. Execution issues on the Coradia Max ...

02/11/26

Metals & Mining

Glencore plans to tweak the terms of its CEO’s compensation, such that he can exercise his long-term share rewards quickly – if there’s a takeover ...

02/11/26

Emeis

emeis keeps delivering: +6% organic growth over nine months, group occupancy above 90% for the first time. The disposal plan is done with over €1.1bn ...

02/11/26

KION Group

We remain positive on the name and expect KION to reverse the trend in its EMEA business. The group has the right products and a proven track record ...

30/10/26

AstraZeneca

Investors hailed the Q3 profitability beat and the announcement of a cost savings initiative. The generic erosion of some CVRM medicines was ...

30/10/26

PUMA

PUMA’s Q3 sales declined 6.3% cFx, broadly in line with consensus, as APAC growth partly offset sharp contractions in EMEA and North America. ...

30/10/26

Stora Enso

Despite tough markets, Stora has sustained its recovery momentum (underway since early-2026), with Q3 operating profit also c.8% ahead of street ...

30/10/26

Erste Group

The group posted a good set of results, in line with its FY 2026 reaffirmed guidance, and solidifying management’s 2030 ambitions. In our view, this ...

30/10/26

Production reached 2.220mboe/d (+0.9 % QoQ), with better upstream reliability and refinery availability. A refining indicator margin of $46.7/bbl and ...

30/10/26

Sanofi

The Q3 beat was impressive and a guidance upgrade to boot cheered up investors. As usual, the all-important immunology medicine Dupixent remained a ...

30/10/26

Food Retail

Ahold Delhaize is acquiring Tesco’s Czech and Slovak businesses at 7.2x LTM EBITDA, a full price in our view, although synergies could bring the ...

30/10/26

DEFENCE HITS A GERMAN WALL

It took two years after Russia invaded Ukraine for European Aerospace & Defence (A&D) valuations to double, and two more for them to double again. ...

30/10/26

EXOR: TOO CHEAP TO IGNORE, TOO HARD TO TRUST? (BUY, 67% UPSIDE)

Since our last teaser on Ferrari’s parent company Exor (BUY; Netherlands) in July 2025, the holding has continued to simplify its portfolio, selling ...

30/10/26

NatWest

Management confirmed its 2026 guidance, confirming the quarterly miss was meaningless. More importantly, it confirmed its 2028 RoTE guidance, which ...

30/10/26

Boliden

Q3 was exceptional for Boliden, with profit metrics >20% ahead of street expectations. This is impressive considering that Garpenberg operations ...

30/10/26

Amplifon

Amplifon’s Q3 sales met expectations, while adjusted EBITDA missed. All regions recorded growth. Profitability improved, but full-year guidance ...

30/10/26

Wpp

WPP delivered mixed organic net revenue in Q3 2026, with WPP Media returning to slight growth and WPP Creative remaining under pressure. Client ...

30/10/26

ASM International

We have updated our model after Q3 26 results and the new guidance given by the company for the FY 27 revenue outlook. ASM International is in a very ...

30/10/26

Crédit Agricole

CASA’s Q3 was broadly in line: revenue at +7.5% yoy pro forma (LCL +17%, Large Customers +9%), +5pp jaws and net income of €2bn (+8% stated), helped ...

30/10/26

IMI

IMI’s Q3 revenues grew slightly, supported by DD growth in Life Technology, which offset some weakness in Automation. All five divisions except PA ...

30/10/26

Capgemini

Capgemini continues to deliver a solid performance. Growth remains firmly on track, supported by strong momentum in its key end markets and by ...

30/10/26

Caixabank

The quarterly operating performance was in line with expectations thanks to stronger wealth and insurance momentum. Management upgraded its FY 2026 ...

30/10/26

CRH

CRH delivered a weak Q3, cutting full-year guidance as higher energy costs squeezed US margins. Adjusted EBITDA was 2.5% below expectations despite a ...

30/10/26

Adyen

The drop in our DCF valuation follows Adyen’s withdrawal of its 2028 EBITDA margin target and the cut to its 2026 EBITDA margin guidance. ...

30/10/26

Prysmian

We are upgrading our opinion from Sell to Reduce. This upgrade is underpinned by a reset in our revenue and profitability forecasts that better align ...

29/10/26

thyssenkrupp

Today’s changes account for the free distribution of 49% of accelis (formerly « tk Material Services”) to existing shareholders on 28 October. The ...

29/10/26

INFRA DIP

European infra stocks (European by headquarters, at least) danced merrily to the AI capex tune, only to be shown off the floor last August when ...

29/10/26

ELECNOR: A BETTER BUSINESS AT A FULLER PRICE (REDUCE, -8% DOWNSIDE)

When we last teased Elecnor (ADD; Spain) c.20 months ago, the case centred on the Enerfin disposal and balance-sheet improvement. Concerns remained ...

29/10/26

dormakaba

The increase in our NAV primarily reflects the upward revision to our earnings estimates following the Q1 2026/27 trading update. ...

29/10/26

OC Oerlikon

Higher expected margins for 2026, along with higher revenues (we now expect c. 5% growth), lead to stronger EPS growth in 2026 and 2027.

29/10/26

Genmab

After increasing both our DCF and NAV estimates by >20% (discussed in the respective sections), we maintain a Reduce recommendation with c.2% ...

29/10/26

Redcare Pharmacy

Strong 3Q26, meeting consensus expectations – Guidance 2026E confirmed

28/10/26

GTT

2026 EBIT falls to €469m from €510m: revenue (€762m vs €780m) and EBITDA (€500m vs €530m) no longer sit at the top of the guidance after a Q3 hit by ...

28/10/26

Electrolux

The change in the target price reflects the update of our model (see our EPS, NAV and DCF comments), which still points to upside, with the share ...

28/10/26

Elecnor

We have taken a fresh view on the stock and expanded the peer set to include VINCI, Eiffage, ACS, HOCHTIEF and Royal BAM, reflecting their exposure ...

28/10/26

IHG PLAYS EVERY CARD BUT ONE (REDUCE, -6% DOWNSIDE)

When we last teased on IHG (REDUCE; -6% DOWNSIDE) in early 2024, we called it a five-star valuation for five-star execution, and saw no catalyst ...

28/10/26

EssilorLuxottica

The change in our NAV calculation reflects a change of analyst covering the stock. Our NAV/SOTP valuation is now based on a new breakdown separating ...

28/10/26

Fortum

We have reduced our 2026 EPS by 10% to €0.92, reflecting lower nuclear volumes following the latest guidance cut to c.23.0 TWh, a softer achieved ...

Download a sample

RESEARCH

519 European Large Caps

35 Senior Analysts