Research

548 European Large Caps

40 Senior Analysts

COVERAGE

ANALYST REPORTS
STRATEGY REVIEWS

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11/07/25

Fielmann Group

We increase our FY25E-27E projections – New TP of EUR 67

11/07/25

Storebrand

We have raised our forecasts for Storebrand following the release of stronger-than-expected 2Q25 results. The main positive surprise came from the ...

11/07/25

bioMerieux

Given the numerous new product launches, high adoption of existing products, increased presence in point-of-care testing and robust balance sheet, we ...

11/07/25

Yara International

Our increased optimism for our 2025 projections arises from the minimal impact of the global conflict on gas futures and current prices. We had ...

11/07/25

DnB

DNB posted a Q2 miss on consensus for the top line and loan loss provisions, despite being of good quality overall (above 15% RoE). Management ...

11/07/25

AHOLD HITS A VALUATION CEILING (REDUCE, 10% UPSIDE)

Ahold Delhaize (AD) (REDUCE; Netherlands) remains a high-quality operator, known for its consistent execution, clear strategic focus and disciplined ...

11/07/25

Dürr

Sale of environmental technology entity for EUR 385mn EV – Challenging 2Q25E but FY25 guidance still achievable

11/07/25

ANDRITZ

2Q25E: Lively order intake but sales and EBITA likely below 2Q24 due to lower P&P revenues and FX effects – No change in outlook expected

11/07/25

Storebrand

Storebrand delivered strong 2Q25 results, beating expectations. The result before amortisation and write-downs reached NOK 1,427m, 15% ahead of ...

11/07/25

EMS-CHEMIE

Strong profit figures despite FX headwind, due to favorable mix effect

10/07/25

BMW

We now have a more bullish view on BMW in that we expect a much lower impact from tariffs. An alleviation of tariffs between the EU and the U.S. ...

10/07/25

Johnson Matthey

The EPS forecast for 2025/26 has been adversely affected by the assumption of higher interest rates, as some costs may not be tax-deductible. In the ...

10/07/25

Barry Callebaut

More short-term pressure than anticipated

10/07/25

Teleperformance

The capital markets day held in New York at the end of June did not change the mitigated perception of the market concerning the group’s prospects ...

10/07/25

BESI’S PACKAGING TO THE CHIP INDUSTRY’S RESCUE (REDUCE ; 4% UPSIDE)

BESI (REDUCE; Netherlands) had a cautious start to FY 25 when it reported its Q1 results. The inventory correction in its mature Automotive and ...

10/07/25

REINSURERS

Of late Reinsurers have lost out to their primary cousins (see performance chart). The talk is that reinsurance prices (‘treaties’) are no longer ...

10/07/25

DATA CENTERS

Opportunities in the global Datacentre build out

10/07/25

AlphaBlunt!

BUREAU VERITAS

Leap 28 II

10/07/25

Bechtle

2Q25 preview: We expect another soft quarter particularly in terms of profitability – Operating momentum should improve from 2H25 on

10/07/25

Suedzucker

Suedzucker’s results have fallen short of expectations, prompting the company to reassure the market regarding future prospects. It has identified ...

10/07/25

Fielmann Group

Strong 1H25 results – FY25E guidance confirmed – Convincing 2030 targets

10/07/25

Barry Callebaut

Bleak short-term results with a lowered guidance but on a now lower cocoa future price level the mid-term future seems secured and less risky

10/07/25

IT Services

Solid PC shipment momentum continued in 2Q25

09/07/25

ARM Holdings plc

We have revisited our long-term assumptions and the increase in our target price is due to the higher long-term EBITDA growth rate we now factor into ...

09/07/25

SAGE, A QUALITY STOCK BUT WITH LIMITED UPSIDE (REDUCE; 6% UPSIDE)

Our Idea Kicker from 29 May 2024 flagged a tactical entry point for Sage (REDUCE; UK) – and the stock subsequently delivered. The sharp rally in ...

09/07/25

ERP SLIPS LOWER, INEVITABLY

European equities are clearly not enjoying the same magnitude of inflows from retail investors as the US is currently experiencing, but the Stoxx600 ...

09/07/25

Arkema

We have integrated the latest figures and adopted a more cautious outlook for 2025, as the chemicals sector remains challenged. The anticipated ...

09/07/25

Lonza Group

After integrating the latest figures, we have refined our profitability expectations for the coming years. Given the robust business model, we ...

09/07/25

Umicore

Umicore has raised its full-year guidance following a stronger-than-expected first half, with adjusted EBITDA now projected at €790-840m in FY 2025, ...

09/07/25

Siemens Energy

We have upgraded our rating on Siemens Energy from Sell to Add. This upgrade has been driven by the strong order momentum seen in the recent quarters ...

08/07/25

Industrivärden

We have updated our model to account for the latest positive change in the value of the financial assets of c.SEK 20bn following the recent rebound ...

08/07/25

Kinnevik Investment

We have updated our model to take into account the latest change in fair value notably, which amounted to SEK 655m in the Q2 25 and thus increased ...

08/07/25

Industrivärden

Industrivärden suffered relatively in Q2 due to its high exposure to cyclical assets and vulnerability to tariffs due to the capital goods exposure, ...

08/07/25

VIVENDI, A DEEPLY DISCOUNTED UMG PROXY ON STEROIDS (BUY; 71% UPSIDE)

Vivendi (Buy; France) has been transformed overnight into an almost pure financial holding company following the spin-off of its former entities ...

08/07/25

LUXURY KNEE JERK OR GENUINE BOTTOMING OUT?

Has Luxury stopped the rot? The €640bn sector rebounded last week against the Stoxx600. Over the last 2 years the sector has lost c.40% relative to ...

08/07/25

Kinnevik Investment

Kinnevik published good results in Q2 25, driven by fundamentals and seized some opportunities in a lower valuation environment. The performance was ...

08/07/25

UPM-Kymmene

Metsä’s (not covered; Finland) profit warning – expecting an operating loss in Q2 25 – may have set the tone for soft Q2 results. This warning was ...

08/07/25

Aryzta

Challenging environment with impacts similar to peers

08/07/25

Non-Food Retail

Consumer sentiment in Germany showed no clear trend in June but retail sales growth slightly returns

07/07/25

Airlines

French ATC strikes, even by a minority, create significant ripple effects across European aviation. This is largely due to France’s central airspace ...

07/07/25

Sage

The downward revision of our 2025E and 2026E EPS estimates primarily reflects an update to our net financial result assumptions. In May 2025, Sage ...

07/07/25

EXECUTION CAN SPARK A RECOVERY AT SARTORIUS (BUY; 30% UPSIDE)

Sartorius (BUY; Germany), a historically pristine business, has fallen off its perch. Following the big and expensive bet on Polyplus, Sartorius ...

04/07/25

Remy Cointreau

We have updated our model following the final Chinese decision on import tariffs for Cognac and Champagne. Previously, a 38.1% anti-dumping duty was ...

04/07/25

Bastide Le Confort Medical

We’ve updated our forecasts to reflect the latest asset disposals, including Baywater (expected to generate €60m revenue in FY24/25 ending June ...

04/07/25

Air France-KLM

Air France-KLM is set to raise its stake in SAS from 19.9% to 60.5%, aiming to strengthen its Scandinavian and long-haul network and boost its ...

04/07/25

Valeo

Following Valeo’s H1 pre-close call, we have adopted a slightly more positive view on the company, supported by several factors. First, S&P Mobility ...

04/07/25

PAY FOR FERRARI, THE REST COMES FOR FREE (BUY; +55% UPSIDE)

Among Europe’s holding companies, Exor (BUY; Netherlands) is one of the rare, truly active stewards of capital: unafraid to rotate its portfolio, ...

04/07/25

United Utilities

EPS spiked after 2024 because UU is entering a new 5-year regulatory period (AMP8) during which it is allowed to charge more for its services. This ...

04/07/25

ams OSRAM

Our increase in DCF mainly comes from reducing our capex expectations from around 10% of sales in FY 25 to 8%, which results in free cash flow ...

04/07/25

Sika

1H25E EBITDA might slightly miss (current) consensus expectations by 2% – FY25E EBITDA might have to revise 4% downwards as well

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

548 European Large Caps

40 Senior Analysts