Research

549 European Large Caps

39 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

03/09/25

Helvetia Holding

Helvetia’s 1H results were below expectations at the top-line level, but profitability was better than expected, driven by Non-Life. Importantly, the ...

03/09/25

UNDERASSESSED PEARSON’S ASSESSEMENT PROWESS (BUY; 36% UPSIDE)

In our previous teaser in early 2024, we focused on the impact of generative AI on the Higher Education segment, which was the hottest topic at the ...

03/09/25

BLEAK MEDTECH FUTURE

Medtechs are going nowhere. The post Covid darlings are no longer much in demand. This is made obvious in the following performance chart. Trumpian ...

03/09/25

DATAGROUP SE

Well on track to achieve the full-year targets post 9M24/25

03/09/25

Romande Energie

Improved results momentum but still unsustainable ROICs

02/09/25

Buzzi

Earnings forecasts for 2025–2026 have been trimmed after H1 confirmed margin pressure in mature markets and FX erosion in Brazil and Mexico. While ...

02/09/25

Fortum

Our 2025 EPS has been affected by weaker market and hedge prices, alongside record-low hydro output and a 2.2 TWh drop in nuclear generation in Q2, ...

02/09/25

YARA FACES SUPPLY GLUT AHEAD (ADD, 6% UPSIDE)

We last commented on Yara (ADD ; Norway) around 13 months ago, taking a positive stance on the global fertilizer manufacturer, largely backed by the ...

02/09/25

Wärtsilä

We have increased our Sales growth in Marine by 150 bps as we underestimated the resilience of the ferry and cruise vessel segments. In EBIT, we ...

02/09/25

Casino

While Casino remains a high-risk investment, given its ongoing market share losses in France and intensified competition in the convenience/proximity ...

02/09/25

Hal Trust

Hal Trust reported a good first half at all levels, driven by the strong performance of its listed assets, primarily Technip Energies, SBM Offshore, ...

02/09/25

Partners Group

1H25 figures beat expectations on stronger than expected performance fees

02/09/25

Tessenderlo Group

Despite a slight increase in our EBITDA projection, our EPS for 2025 suffered from the strong negative FX impact on non-hedged intercompany loans ...

02/09/25

Romande Energie

Better-than-feared 1H25 results driven by the Energy Solutions division

02/09/25

Nestlé

Autumn approaches (again) and Nestlé changes the CEO once more

01/09/25

Diageo

We have updated our DCF valuation to reflect slightly stronger than expected FY24/25 EBITDA of USD 7,422m (+15% vs. forecast), resulting in modest ...

01/09/25

Legal & General Group

Legal & General’s 1H25 results came in ahead of expectations at the operating profit level. Management reiterated both its FY25 and medium-term ...

01/09/25

Legal & General Group

We have incorporated the 1H25 results into our model and revised our forecasts accordingly. In 1H25, operating profit was slightly ahead of ...

01/09/25

Fortum

In addition to weaker market and hedge prices, Fortum reported record-low hydro output and nuclear generation down 2.2 TWh in Q2, after already ...

01/09/25

Centrica

Our model has been updated to include the acquisition of Grain LNG in H2 2025. We have revised down our 2025 and 2026 EPS forecasts following the H1 ...

01/09/25

NÜRNBERGER Beteiligungs AG

• Gross premiums were down by 4% to €1.87bn for H1 25, compared to H1 24. • Claims declined by 8% to €1.24bn for H1 25. • Disposal gains contributed ...

01/09/25

Kering

Despite a better than feared operating profit in the first half and ongoing opex reduction, the group now expects the EBIT margin in H2 25 to decline ...

01/09/25

BMW’S NEUE KLASSE IS NO CHINA FIX (REDUCE; -4% DOWNSIDE)

In the past two years, BMW (REDUCE ; Germany) has broadly tracked the sector, peaking in April 2024 after strong FY23 results supported by resilient ...

01/09/25

Eiffage

Eiffage posted a strong first half of 2025, with growth across all its divisions and a clear acceleration of its European diversification strategy. ...

01/09/25

Orsted

Equinor said it will take up its full allocation in Ørsted’s rights issue to preserve its 10% stake. With the Danish state already committed to its ...

01/09/25

Electrolux

The change of the target price reflects updated EPS estimates, DCF and peer-based valuations. Year-to-date, the share price has decreased by -38%, ...

01/09/25

Teleperformance

We have revised our valuation of Teleperformance downward, incorporating all available information from the FY24 report and recent communications. ...

29/08/25

CD Projekt

After H1 25, we have decided to reduce our revenue and profit estimates for 2025-26. However, following the successful release of the The Witcher 4 ...

29/08/25

Sbm Offshore

We have incorporated SBM Offshore’s H1 results into our model. For FY24, our directional revenue is $5.04bn, in line with the company’s updated ...

29/08/25

Ackermans & van Haaren

Ackermans & van Haaren started 2025 on a high note, showing that its diversified portfolio can deliver when it counts. Marine Engineering, Private ...

29/08/25

Compagnie Financière Tradition

Increased target price following strong 1H25 results

29/08/25

ANDRITZ

Roadshow feedback: Full commitment on FY27 targets of EUR 9-10bn sales and >9% adj. EBIT margin – Intensified M&A activity

29/08/25

Orsted

According to Ørsted’s latest figures, total capex for the Revolution Wind project (704 MW) is around DKK 40bn ($6.24bn). With a 50% ownership stake, ...

29/08/25

TAG Immobilien AG

Refinancing of portfolio acquisition in Poland already completed – Add

29/08/25

Alcon

Despite being a dominant player in the ophthalmology space, Alcon has been reeling under the pressure of slower than expected market growth this ...

29/08/25

AALBERTS REMAINS A PUZZLE MISSING ITS CENTRE (ADD; 10% UPSIDE)

Aalberts (ADD; Netherlands) does a bit of everything. The company operates across three segments and offers around fourteen product lines in ...

29/08/25

DRINKING AGAIN

AlphaValue is pleased to see that the smallish Spirits sector is looking up, at last. Fear seemed to bottom out in early July when the Trumpian ...

29/08/25

CD Projekt

In H1 25, CD Projekt’s results were 1%-9% above PAP consensus on all levels. In the period from January to July 2025, the peak monthly average number ...

29/08/25

Car Manufacturers

European passenger car registrations increased in July 2025, primarily due to strong growth in electrified vehicles, especially PHEVs and BEVs, while ...

29/08/25

Yara International

For 2025, the upgrade to EPS stems from the factors below: 1. The largest contributor to the increase – update to the impact of FX on financial ...

29/08/25

Aalberts

We adjusted our NAV assumptions to better reflect Aalberts’ weaker fundamentals. For Building and Industry, we aligned the earnings base with our ...

29/08/25

Jungfraubahn Holding

Good underlying 1H results. CMD in January with new targets?

29/08/25

Saipem

We have lowered our order intake assumptions by $1bn over FY25–27 to $13.5bn, $12.5bn, and $11.5bn, respectively, reflecting the relatively modest ...

28/08/25

Elekta

While Q1 profitability exceeded expectations, investors were disappointed by the weak Q2 outlook due to expected underperformance in the US and ...

28/08/25

Pernod Ricard

Pernod Ricard reported stronger-than-expected profits despite an organic decline in recurring operations. Challenges are anticipated in H1 26, ...

28/08/25

OMV

We have incorporated OMV’s H1 results into our model and revised our Brent price assumptions in the macro deck to $71/bbl for FY25, $70/bbl for FY26 ...

28/08/25

Banco De Sabadell

As announced in our post-release comments, we have upgraded our earnings forecasts, driven by reduced cost and loan impairment projections. Last but ...

28/08/25

AF-KLM: FROM SPLIT COUPLE TO GROWING A FAMILY (SELL; -13% DOWNSIDE)

The recent acquisition of a majority stake in SAS in early July has sent Air France-KLM’s (SELL ; France) stock price soaring, yielding an impressive ...

28/08/25

PEAK BANKS?

The French political instability has triggered a wave of profit taking on European Banks. Here is the score for the 3 days of trading to the 27-08 ...

28/08/25

South32

While South32’s FY25 results were much better than FY24, the improvements fell short of expectations. The bulk of the uptick was led by ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

549 European Large Caps

39 Senior Analysts