Research

513 European Large Caps

33 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

19/06/26

OMV

We have revised adjusted EPS upward, driven by a stronger commodity deck. Brent rises to $87/72/65 per bbl in 2026-28e (from $62/63/66) and TTF gas ...

19/06/26

Saint-Gobain

Saint-Gobain’s recent performance has seen better days, hurt by unusually calm weather in North America. However, the worst is now behind it, claimed ...

19/06/26

ARE CASTELLUM'S “SIMPLE MATHEMATICS” DEFINED BY AKELIUS?

Castellum AB (REDUCE; Sweden) is a Scandinavian property company primarily focused on office and commercial assets in Sweden, comprising 59% of its ...

19/06/26

J D Wetherspoon

We have reduced FY2025/26 and FY2026/27 adjusted EPS estimates by c.12%, primarily to reflect substantial increases in operating costs, particularly ...

19/06/26

Partners Group

The target price is cut by 6.5%, after further cuts to forecast AuM, as a result of industry wide gating. The near term earnings dynamic warrants a ...

19/06/26

Hera

Our target price has been mechanically reduced following the removal of Enel from the peer group, which was no longer fully justified given its scale ...

19/06/26

Adyen

Following Adyen’s press release this week on Adyen Agentic, and its recent announcement regarding the Orb acquisition, we are renewing our buy ...

19/06/26

IAG (International Airlines Group)

While FY 25 revenue came in in line with our expectations, the profitability was slightly better than expected. In addition, the strong cash ...

19/06/26

PHARMA

Evaluating Pharma’s Defences

19/06/26

Kardex

We have incorporated the recent profit warning and revised down our assumptions accordingly. Our FY26 EBIT estimate is reduced by approximately 22%, ...

19/06/26

Mercedes-Benz Group

The China Passenger Car Association (CPCA) has significantly lowered its FY26 passenger car registration forecast over recent months, moving from ...

18/06/26

Air Liquide

The adjustment of our numbers stems from the free share attribution ( as happens every second year). For all shareholders: 1 free share for 10 ...

18/06/26

Outokumpu

We have adjusted our numbers on the basis of the detailed FY25 report, with a small impact on subsequent years.

18/06/26

Tenaris

We have integrated the FY25 report data. The main change vs our previous version is the number of shares, after the amount spent on buybacks ...

18/06/26

Jungheinrich Pref.

We have revised down our revenue and earnings assumptions, as we expect Jungheinrich to face a challenging 2026. Competitive pressure within the core ...

18/06/26

Tesco

Tesco delivered a slightly softer-than-expected Q1, primarily reflecting a tough comparison against last year’s weather- and competitor ...

18/06/26

ACCIONA, A VERTICALLY INTEGRATED PLAYER OR AN INFRA INVESTMENT PLAY? (REDUCE; 1% UPSIDE)

With consolidated EBITDA now split roughly c.35% to Acciona Energía, c.32% to Infrastructure & Construction, c.30% to Nordex (REDUCE; Germany) ...

18/06/26

INSURANCE REMAINS EXCELLENT TO HAVE

Ytd the Insurance sector has clearly lost the mojo that came to define the sector over the last 2 years. Within the Insurance universe, it is ...

18/06/26

Wolters Kluwer

We have slightly cut our DCF-derived target price after the publication of a study in Nature Medicine ...

18/06/26

Informa , Wolters Kluwer

Informa surprised on the upside on both academic research and Live B2B Events, probably benefiting from an AI boost. This performance is notable ...

17/06/26

LANXESS

The lower EPS forecast reflects a more cautious view on 2026. We have cut our FY2026 and FY2027 EBITDA estimates by ~4% and ~3%, respectively, to ...

17/06/26

Henkel

EPS remained broadly unchanged, as the benefits from improved pricing were largely offset by lower assumed contributions from M&A activities and ...

17/06/26

Siegfried

Our target price is reduced to CHF94 (from CHF97) on the back of a lower sales base. We have also adjusted forward years’ growth, slightly increasing ...

17/06/26

ING Group

We have upgraded our 2026 and 2027 EPS projections (+25% for both years vs our previous respective estimates). Our positive revision stems mainly ...

17/06/26

Belimo

Our target price increases as we have revised upward our assumptions regarding AI-related capital expenditures, particularly in the US, where data ...

17/06/26

DEFENCE SUDDENLY COMPETITIVE

Only two years ago European defence incumbents were expected to sail smoothly into a powerful upcycle of military spending. Then the Ukraine surfaced ...

17/06/26

THE STUDIOS TAKEOVER IS THE ONLY VIABLE HORIZON FOR ITV (SELL; 13% DOWNSIDE)

In our last teaser, we focused on the laborious digital transition of ITV (SELL; UK), facing increasing competition from major US global streaming ...

17/06/26

Securitas

The 2030 strategy confirms the group’s long-term trajectory. It focuses on a continuing move to high-value services, supported by technology, risk ...

17/06/26

Worldline

Reverse stock split 40/1 mechanically increases our EPS by reducing the share count. There was no change in underlying estimates.

17/06/26

BMW

Following BMW’s profit warning, we have reduced our FY26 estimates to reflect weaker-than-expected performance in China and the Asia-Pacific region. ...

17/06/26

Colruyt

Colruyt’s FY25/26 results matched expectations with €465m EBIT, but severe Belgian competition and Sunday trading drove a 50bp market share loss to ...

16/06/26

Telecom Italia

The 21,357,258,195 existing TIM ordinary shares were grouped into 2,135,725,819 newly issued TIM ordinary shares on June 15th

16/06/26

OILS

The deal is done. The market has moved on.

16/06/26

Metals & Mining

After an ecstatic start to 2026, precious metals had a brutal reality check. Even Iran war risks failed to revive sentiment. To be fair, such ...

16/06/26

RÉMY COINTREAU: A COSTLY MOAT IN THE CELLAR (REDUCE; +5% UPSIDE)

Rémy (REDUCE; France) is not yet a clean turnaround story. It is a 300-year-old inventory model being tested by new drinking habits. After an almost ...

16/06/26

Shell

We have lowered our benchmark EPS for 2026, 2027 and 2028, driven by the reduced Brent deck flowing through to upstream realised liquids prices.

16/06/26

Sainsbury

For FY2025/26, EPS was adversely impacted by significant operating cost inflation, continued investment in customer value initiatives, and a ...

16/06/26

Redcare Pharmacy

Redcare accelerates growth, improves profitability and raises its guidance

16/06/26

Galp Energia

We have raised our adjusted EPS for 2026-28 to €1.73 / €1.53 / €1.47 (from €1.62 / €1.49 / €1.44). The lower Brent deck (87/72/65 $/bbl vs 95/80/75) ...

15/06/26

PolyPeptide

The target price is upgraded on the back of higher margins in 2026. The EBITDA margin is lifted from 15.4% to 17.9% for the full year (guidance is ...

15/06/26

Equinor

We have decreased adjusted EPS for 2026, 2027 and 2028, driven by the lower Brent deck flowing through to upstream realised liquids prices.

15/06/26

Aker BP

We have decreased our adjusted EPS for 2026, 2027 and 2028, driven by the lower Brent deck flowing through to upstream realised liquids prices.

15/06/26

DWS HOOVERS UP RETAIL SAVINGS (ADD; 18% UPSIDE)

DWS (ADD; Germany) is one of the leading retail asset managers in Europe (with a record €1,085bn in AuM at the end of 2025, reaching €1,093bn by the ...

15/06/26

Eramet

Orion consortium is believed to have expressed interest in (partly) buying out Duval’s controlling stake in Eramet. This is finally some good news, ...

12/06/26

We have revised downward adjusted EPS for 2027 and 2028, driven by the lower Brent deck flowing through to upstream realised prices.

12/06/26

NORDEN: DRY BULK UPSIDE REMAINS OPTIONAL (ADD; 9% UPSIDE)

Norden (ADD; Denmark) operates a hybrid, asset-light shipping model combining vessel ownership with short-term market exposure across dry bulk and ...

12/06/26

Adyen

Adyen’s acquisition reflects its ambition to gain market share and become one of the leaders in the payment sector, following Stripe’s moves. This is ...

11/06/26

KBC Groep

We have upgraded our 2026-2027 projections for KBC (+17% for against our previous projections for 2026 and +9% against our previous projections for ...

11/06/26

AUTOMOTIVES

Navigating the Automotive Sector’s Structural Transformation

11/06/26

JERONIMO MARTINS COMBINES STRENGTH AND GROWTH (BUY; 38% UPSIDE)

We last teased Jeronimo Martins (Buy, Portugal) seven months ago, when the Biedronka owner was grappling with negative volumes and intense margin ...

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RESEARCH

513 European Large Caps

33 Senior Analysts