Research

539 European Large Caps

37 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

01/11/25

Linde plc

Linde released a decent set of results for Q325. Of margins have help up, it is worth mentioning that the topline growth makes it impossible to ...

31/10/25

Stellantis

Stellantis reported solid Q3 results, returning to revenue growth after seven quarters of decline. Growth was driven by volume, mix, and pricing, ...

31/10/25

TF1

We integrated the updated guidance for the EBIT adjusted margin from c.12.6% to 10.5%-11.5% at the group level. We are now thus forecasting a lower ...

31/10/25

Saint-Gobain

Saint-Gobain’s Q3 paints a mixed picture. On paper, the group delivered underlying operational growth of 1.3% in local currencies, suggesting the ...

31/10/25

Sopra Steria Group

The recent share price decline, mainly linked to the announcement of CEO C. Malargé’s departure (-8.75% following the announcement), adds to already ...

31/10/25

Adyen

Q3 revenues came in better than expected, but the company guided for a reduced range of growth for 2026. Yet several items underscore the ...

31/10/25

Leonteq AG

We upgraded our target price for Leonteq, accounting for better prospects across 2025-2027, mostly helped by stronger cost-efficiency and a more ...

31/10/25

Raiffeisen Bank International

We use the quality Q3 earnings to adjust our valuation models, allowing for lower costs and dropping negative items in relation to Russia

31/10/25

Krones

The change in the target price is due to a change in the analyst covering the stock, complemented by the usage of systematic intrinsic and peer-based ...

31/10/25

Volkswagen

Volkswagen’s Q3 results were subdued, impacted by adjustments from the Porsche profit warning and delays in its EV platform. These adjustments were ...

31/10/25

Imerys

Imerys’ third-quarter update reflected both market headwinds and strategic discipline. Revenue for the first nine months of 2025 slipped 0.7% ...

31/10/25

Melia Hotels International

Meliá delivered peer-outperforming and consensus-beating summer results, primarily supported by its leading exposure to the resilient Spanish market. ...

31/10/25

Vossloh

Vossloh reported a strong Q3 beat across the board, with orders surging 26.8%. Despite US headwinds in Core Components, overall growth was solid. The ...

31/10/25

Novo Nordisk

Novo has locked horns with Pfizer by proposing to acquire obesity-focused Metsera, after Pfizer had made an offer in September 2025. Metsera’s ...

31/10/25

TotalEnergies

TotalEnergies delivered a solid Q3 2025 performance, in line with expectations, showing strong cash generation despite a softer hydrocarbon price ...

31/10/25

Intesa Sanpaolo

The group posted another strong quarter, in line with expectations. The quarter showed stable KPIs, enabling the management to confirm its FY 25 net ...

31/10/25

Wacker Chemie

Wacker delivered mixed Q3 2025 results as weak demand and prices – partly a consequence of Chinese oversupply – weighed on sales. While EBITDA beat ...

31/10/25

Casino

Casino’s Q3 FY25 results were broadly in line with expectations, with profit outperforming on improved margins and cash flow. Management met key debt ...

31/10/25

KPN HAS SUPERIOR MONEY PRINTING CREDENTIALS (ADD; 11% UPSIDE)

Since the end of 2021 and the hike in interest rates to address inflation, followed by their gradual decline over the past two years, KPN (ADD; ...

31/10/25

Remy Cointreau

We have revised our estimates after the downward guidance update and the profit warning. Therefore, key adjustments to our assumptions include: i) a ...

31/10/25

Avolta

Avolta’s Q3 results slightly missed consensus expectations. While growth was robust across all regions, North America continued to experience some ...

31/10/25

Caixabank

The group posted another strong set of results, characterised by stable margins, strong business momentum, and benign asset quality trends. The ...

31/10/25

Drägerwerk AG & Co KGaA

Drägerwerk’s delivered solid Q3 2025 numbers. Revenue rose 10.1% to €833 million, driving a substantial 370bps EBIT margin expansion to 6.8%. This, ...

31/10/25

Neste

Neste beat expectations, driven by stronger Renewable Products and solid refining margins. Comparable EBITDA was €531m (vs €471m cons), supported by ...

31/10/25

Repsol

Repsol delivered results above our expectations (on margins), driven by a sharp rebound in industrial (refining) and resilient commercial ...

31/10/25

Bechtle

The change in the target price is due to a change in the analyst covering the stock, complemented by the usage of systematic intrinsic and peer-based ...

31/10/25

Raiffeisen Bank International

RBI’s solid Q3 earnings delivery stems from continuing solid CEE activity. The unwinding of the Russian unit eats into management time.

31/10/25

Branicks Group

Branicks initiated the process to conclude a control and profit transfer agreement with VIB Vermögen AG

31/10/25

AXA

Despite a headline figure coming in above consensus expectations, we believe investors are likely to be disappointed by AXA’s Q3 activity indicators, ...

30/10/25

Haleon

Haleon’s Q3 sales aligned with expectations, driven by growth in Oral Health, VMS, Pain Relief, and Digestive Health. This was partially offset by ...

30/10/25

Crédit Agricole

CASA posted solid Q3 results, with a 6% net income beat mainly from the €245m Banco BPM revaluation and CACEIS minority buyout, while operating ...

30/10/25

TF1

TF1 delivered good Q3 results but downgraded its guidance for FY25 against the backdrop of economic uncertainty triggered by tax fears for corporates ...

30/10/25

Indra

Q3 2025 was a moderate quarter in terms of organic growth and EBIT margin progression. Conversely, the group reinforced its visibility through strong ...

30/10/25

Car Manufacturers

European passenger car registrations surged in September 2025, marking the highest increase in the past year. Growth was driven by BEVs and PHEVs, ...

30/10/25

Société Générale

SocGen delivered a strong Q3 with a 17% net income beat driven by MIRBFS resilience, strong cost discipline, and lower provisions, pushing ROTE above ...

30/10/25

HelloFresh

The company is delivering reassuring results despite a slight miss. The increase in average order value suggests a more inelastic customer base. ...

30/10/25

Deutsche Lufthansa

Lufthansa reported Q3 earnings in line with anticipations and reaffirmed its FY guidance, bolstered by a favourable booking outlook and initial ...

30/10/25

Wpp

WPP reported broad-based declines in Q3 2025, with organic revenue down across all major markets and most sectors, except India and healthcare. Net ...

30/10/25

Clariant

Clariant’s Q3 results remained soft on the back of industry-wide macroeconomic weakness. However, improved pricing and mix, along with cost-side ...

30/10/25

Galenica

Galenica’s YTD 2025 sales reached CHF 2,999.7 million, growing by 4.7%. This growth was driven by strong tailwinds from prescription drugs, ...

30/10/25

PUMA

Puma’s Q3 25 results confirmed a deep reset phase, with both the top line and margin continuing their downward trend. The operational clean-up, ...

30/10/25

DSM-Firmenich

DSM has fallen short of expectations, delivering organic revenue growth at 2%, while the consensus was expecting 50bps more. Despite this, the EBITDA ...

30/10/25

Mercedes-Benz Group

Mercedes reported subdued Q3 results, affected by reduced volumes, tariffs, FX, and pricing. However, results exceeded expectations, boosted by ...

30/10/25

Eutelsat Communications

We have updated our model with FY 24-25 actual figures. As the company is going through a transition process, the revenue growth which we expected to ...

30/10/25

Anheuser-Busch Inbev

AB InBev, like its peers, is experiencing a decline in volume due to a soft market environment and adverse weather conditions in key regions, such as ...

30/10/25

Technip Energies

Technip Energies delivered a stable operational quarter versus Q3 2024. However, the clear weakness lies in commercial momentum: order intake fell ...

30/10/25

Pluxee

The FY25 results slightly exceeded consensus but fell short of our projections, with a better-than-expected recurring EBITDA margin and cash ...

30/10/25

Banco Comercial Portugues

The third-quarter results came in above expectations, driven by stronger revenues and a lower tax rate. On the other hand, the net interest margin ...

30/10/25

Electrolux

Electrolux delivered satisfactory Q3 2025 results despite a difficult market environment. Organic growth and operating margin improvement were driven ...

30/10/25

Sandoz

While Q3 sales fell marginally short of the street’s expectations, a healthily growing high-margin Biosimilars segment led to the 2025 profitability ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

539 European Large Caps

37 Senior Analysts