Research

540 European Large Caps

37 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

04/11/25

GTT

The adjustment follows the refinement of earnings expectations post-guidance update, reflecting stronger execution and incremental contribution from ...

04/11/25

Burckhardt Compression

Burckhardt Compression remains a strong company with a significant market share in certain specific applications. However, due to the embedded risk ...

04/11/25

UBS

The target price is trimmed by about 8% as a result of a change in peer metrics, which now include HSBC with wealth management operations in the same ...

04/11/25

Orsted

Ørsted will sell a 50% stake in its UK 2.9 GW Hornsea 3 offshore wind farm to US private equity group Apollo. The project, Ørsted’s largest under ...

04/11/25

Wereldhave

The CEO’s message is still positive, yet topline growth is landing in Q3 25. Guidance has been clarified, indicating that FFO per share will reach ...

04/11/25

GTT

GTT delivered another excellent Q3, combining steady operational performance with disciplined growth. Revenue reached €211m in Q3 (+8% QoQ). The core ...

04/11/25

EdenRed

Edenred’s share price saw a decline of up to 10% after the CMD publication, likely due to market scepticism regarding near-term execution and the ...

04/11/25

Telefonica

The group released its Q3 results this morning and is concurrently hosting its CMD. The Q3 results meet expectations, with a 0.4% increase in revenue ...

04/11/25

AIB Group

AIB released its third-quarter interim management statement, pointing to better net interest income resilience and benign asset quality trends, ...

04/11/25

NORMA Group

3Q25: Results suffered from an overall subdued macro environment but – the already adjusted – FY25E guidance was confirmed

04/11/25

Antofagasta

Markets’ obsession with Antofagasta as a quality red metal proxy has continued – the Chilean miner’s shares are up c.76% (in ytd terms) vs. a c.20% ...

03/11/25

BioNTech

BioNTech reported mixed Q3 results. Sales significantly exceeded market expectations, but the operating loss was higher than anticipated. The 2025 ...

03/11/25

Nexans

When we look at the sales numbers, this appears to be a very strong quarter, but given that Nexans uses the POC revenue recognition method, it means ...

03/11/25

Prysmian

Tariffs have had a minor impact on the Grid division (which is expected to cease), but there are strong tailwinds in North American operations, and ...

03/11/25

Bossard

Key Points: Organic Growth: Investors question whether the 5% annual target is achievable. We think it is. Tariffs: Import tariffs affect a third of ...

03/11/25

Asseco Poland

After our call with the IR team prior to Q3 results, we expect strong financials for ACP for Jul-Sep 2025, and given that Q4 is apparently also doing ...

03/11/25

GBL

Our EPS for 2025 and 2026 suffered from the integration of Imerys model update following Q2 results, which came in below our analyst expectations. ...

03/11/25

Danske Bank

Danske posted solid Q3 results, with stable NII, accelerating fee income and controlled costs, while provisions surprised positively via a ...

03/11/25

Ryanair

Ryanair’s H1 results aligned with consensus expectations. The interim dividend was below our forecast, but we anticipate a recovery at year-end. FY ...

03/11/25

Nokian Renkaat

Nokian reported a solid Q3, although results were below expectations. The robust performance of the passenger car division offset the weaker truck ...

03/11/25

BUCHER’S REBOUND HINGES ON EUROPEAN AGRO ORDERS (REDUCE; 8% UPSIDE)

Bucher Industries (REDUCE; Switzerland) five divisions: Kuhn Group (specialised agricultural machinery), Bucher Municipal (municipal vehicles), ...

03/11/25

Landis+Gyr Group AG

Despite a significant drop in revenue in H1, due to a very strong comparison base, the company is well positioned to benefit from its focus on the ...

03/11/25

Mapfre

Despite a significant increase in net profit, Mapfre’s 3Q25 results fell short of consensus, mainly due to weaker results in Iberia and extraordinary ...

03/11/25

Puig Brand SA

Puig delivered an impressive Q3 25, beating expectations with extraordinary momentum in makeup and solid progress in Asia. The group raised its FY25 ...

03/11/25

FUCHS Pref.

Fuchs’ Q3 2025 results, although muted, came in line with street expectations. Sales were supported by strong performance in Asia and the Americas. ...

03/11/25

Acerinox

As was the case for Finnish peer Outokumpu, we have substantially cut our forecasts for FY25/26 after the release of the Q325 results. More ...

03/11/25

Orange

Orange announced the buyout of MasOrange minorities.The price paid seems to be a well-negotiated price, slightly below recent estimates. ...

03/11/25

Phoenix Mecano

Despite a significant drop in incoming orders and sales, the EBIT is growing thanks to a very strong performance in industrial divisions.

03/11/25

Givaudan

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 ...

03/11/25

GBL

GBL has announced a (less surprising) portfolio simplification with significant monetisation of its indirect private capital assets (GBL Capital). ...

03/11/25

Scor

Scor reported a 3Q25 net profit of €217m, ahead of consensus expectations (€203m). However, the underlying performance was weaker than anticipated in ...

03/11/25

Scor

We have revised our estimates following SCOR’s 3Q25 results. While the quarterly net profit came in slightly above our expectations, the underlying ...

03/11/25

Acerinox

Acerinox reported weak Q325 results, as anticipated following Q2. Despite this, the company remains the sector’s top performer in earnings, largely ...

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 ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

540 European Large Caps

37 Senior Analysts