Research

513 European Large Caps

34 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

01/06/26

Atos

Despite the refinancing of the 1L (first-lien term loan, i.e. the senior secured debt at the top of the capital structure put in place as part of the ...

01/06/26

UNIQA Insurance Group AG

UNIQA released a strong set of 1Q26 results, with net profit up 7.5% y/y despite reserve strengthening and adverse exceptionals during the quarter. ...

01/06/26

UNIQA Insurance Group AG

UNIQA delivered a strong 1Q26 performance across all three divisions, with the main positive surprise coming from Property & Casualty, where volume ...

01/06/26

SANDOZ’S ESCAPE VELOCITY DESERVES OVATION (REDUCE; 13% UPSIDE)

At a time when a lot of Big Pharmas are losing sleep because of looming patent expirations over the next five years, the likes of Sandoz (REDUCE; ...

01/06/26

Eramet

In recent days, Eramet has made various announcements regarding its new CFO appointment, partial restart of operations in Senegal, and shareholders ...

01/06/26

Capgemini

The upward revision of more than 10% in earnings per share (EPS) for fiscal years 2027 and 2028 reflects the mechanical incorporation of the ...

30/05/26

Sandoz

With Sandoz being a pioneer and amongst the handful of firms with true biosimilar development capability, manufacturing expertise in complex ...

29/05/26

Electrolux

The new target price includes the impact of the rights issue. Beyond the strengthening of the balance sheet, this capital increase supports a broader ...

29/05/26

En+

Besides an interesting energy market dynamic (details in ‘EPS’ section), any return of Russian metals to the Western markets could be a big re-rating ...

29/05/26

Elekta

Elekta’s Q4 results revealed an adjusted EBIT exceeding expectations, although sales fell short. The company offered qualitative guidance for ...

29/05/26

Capgemini

On May 27, Capgemini presented its roadmap and mid-term vision, positioning itself as a key player benefiting from the “agentification” of the ...

29/05/26

EQUINOR, EUROPE’S GAS ANCHOR PRICED AS JUST ANOTHER BRENT PROXY (ADD; 23% UPSIDE)

Equinor (ADD; Norway) is Norway’s dominant energy group, operating close to 70% of production on the Norwegian continental shelf (NCS) and active ...

29/05/26

Helleniq Energy

We have increased our NAV following updated assumptions on the upstream segment. The revision incorporates the addition of Helleniq’s 30% stake in ...

29/05/26

CD Projekt

In Q1 26, CD Projekt’s results exceeded consensus estimates by 3.4-11.9%. The announced new expansion for The Witcher III, called “Songs of the Past” ...

29/05/26

Bolloré , Vivendi

Vivendi is up 7% after BFM revealed that the AMF presented last week to the Paris Appeal Court an internal email from Bolloré, dated from 2017, ...

29/05/26

Ocado Group PLC

Ocado has partnered with Asda to deploy its Smart Platform across UK online grocery operations from 2027. The deal supports Asda’s turnaround efforts ...

29/05/26

RWE

RWE could raise its stake in Amprion GmbH, the German TSO, above 40% through the acquisition of AEBG’s 16.5% holding, according to Handelsblatt. On ...

28/05/26

CTS Eventim

CTS Eventim has just released outstanding Q1 figures, well above consensus, and reiterated its outlook for 2026. We thus expect a positive reaction ...

28/05/26

Johnson Matthey

H2 2025/26 remained a mixed bag for JMAT, with weak demand and metal losses weighing on Clean Air and PGM Services. EBIT remained dependent on cost ...

28/05/26

Aroundtown

Our target price has been revised downwards to reflect our outlook for interest rate markets. Aroundtown is one of the most leveraged property ...

28/05/26

Semiconductor Picks

NXP – STM – Infineon

28/05/26

Asseco Poland

Asseco Poland’s Q1 26 results were 3%-23% above PAP consensus on EBITDA, EBIT and net income level. Compared to our estimates, they outperformed ...

28/05/26

Faes Farma

Backed by life cycle management of some of its key products, expansion into LatAm, a rebound of the animal healthcare business, and the recent ...

28/05/26

EVN

While our expectations for generation were already relatively conservative, and broadly in line for the Networks segment, reported margins in the ...

28/05/26

CELLNEX IS LESS FOCUSED ON ITS DEBTORS, FOR THE BEST (BUY; 44% UPSIDE)

From summer 2021 to the end of 2022, Cellnex’s stock lost half its value due to rising interest rates, and has since fluctuated between €25 and €35, ...

28/05/26

CRAZY SEMIS

After a 19% gain over the last 5 trading days (to 27-05) and an 85% gain ytd (AV coverage universe), Semis are a Sell with a 32% downside, while the ...

28/05/26

Amundi

We have downgraded our 2027 EPS projections on Amundi as we have maintained our cautious market scenario, seeing the difficult macro weighing on ...

28/05/26

Commerzbank

As announced in our post-release comments, we have upgraded our forecasts to align them with the group’s updated guidance : 2026 and 2027 net profits ...

28/05/26

EVN

EVN reported mixed results but reaffirmed FY25/26 net profit guidance of €430–480m. EBITDA rose 8% yoy to €553m, supported by resilient network ...

28/05/26

Erste Group

We have upgraded our SOTP as we found it too conservative when compared to the other valuation approaches we use. Our updated SOTP captures longer ...

28/05/26

Banco De Sabadell

We have adjusted the share count following yesterday’s extra dividend payment (related to the disposal of TSB), translating into reduced EPS and ...

28/05/26

Norsk Hydro

Even though there have been growing expectations of US-Iran peace talk success, the stress for energy markets (a key input for aluminium-making) and ...

28/05/26

Scottish & Southern Energy

FY25/26 earnings were broadly in line, with adjusted EPS of 153p (-5% yoy; cons 148p) and AOP down 8% to £2.2bn. Performance reflected weaker wind ...

28/05/26

Galenica

Despite brewing market risks, Galenica reported strong sales for the first four months of 2026. Segment-wise, there were varying positives across ...

28/05/26

Beiersdorf

The softer near-term outlook for both revenue growth and profitability has negatively affected our peer comparison valuation. In addition, we have ...

28/05/26

ASTA Energy Solutions AG

Strong 1Q26 results. Outlook on FY26E confirmed

28/05/26

D’Ieteren Group

D’Ieteren has just released modest Q1 results at group level, once again hampered by its automotive distribution business despite an easier ...

28/05/26

Ubisoft Entertainment

Our updated EPS figures reflect the 2025/26 results, which came in significantly below our estimates due to tax differences, as well as Ubisoft’s new ...

27/05/26

AkzoNobel

Akzo Nobel rejected a €13bn bid from Nippon Paint and Sherwin-Williams, despite the offer implying a 39% premium to its share price. Positive ...

27/05/26

Aroundtown

Change in coverage

27/05/26

ABN Amro

We have upgraded our 2026 (37% upgrade) and 2027 EPS projections (25% upgrade) for ABN Amro, as we revised positively our view on ABN’s 2028 ...

27/05/26

Ryanair

We have removed Air France-KLM and Lufthansa from our peer list, as their scale and underperformance weighed on our market cap-based average ...

27/05/26

Warehouse Automation

Growth is structural, not equal.

27/05/26

Casino

We have updated our financial model to reflect severe equity dilution stemming from Casino’s ongoing court-supervised conciliation. We initially ...

27/05/26

BHP REMAINS THE ULTIMATE SECTOR GIANT/PROXY (REDUCE; 3% UPSIDE)

AV Metals & Mining has been on a tear since early 2025 – despite the brief initial jolt of US tariffs (+78% vs. +23% for STOXX600). ...

27/05/26

Crédit Agricole

CASA’s workshop upgraded LCL’s 2025-2028 financial targets, lifting revenue CAGR ambitions to 5% (driven by 6% NII CAGR and 5% fee CAGR) while ...

27/05/26

BHP Group

BHP has had a phenomenal re-rating since early 2025. While the firm’s copper and iron ore market focus – where price tailwinds have also been ...

27/05/26

Ipsen

Our target price has been revised upwards, driven by multiple Phase III readouts anticipated in 2026, expansion of the late-stage pipeline, and the ...

27/05/26

easyJet

Near-term profitability is poised to remain under pressure, considering the company’s capacity reallocation toward shorter-haul, lower-margin ...

26/05/26

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RESEARCH

513 European Large Caps

34 Senior Analysts