Research

463 European Large Caps

30 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

17/06/19

REMY COINTREAU

The group has roughly delivered a full-year of quality. We specifically note operating profit up by +11.3%, allowing the company to reach its FY20 ...

17/06/19

EASYJET

Lufthansa’s profit warning has confirmed our concern on the challenging European airline industry conditions in the near term, especially the ...

17/06/19

IAG (INTERNATIONAL AIRLINES GROUP)

Lufthansa’s profit warning has confirmed our concern on the challenging European airline industry conditions in the near term, especially the ...

17/06/19

AIR FRANCE-KLM

Lufthansa’s profit warning has confirmed our concern on the challenging European airline industry conditions in the near term (continuing low average ...

17/06/19

IDEA KICKER

Oerlikon’s (Buy, Switzerland) share price development has been a mess since early 2018, notably due to macro concerns. These were not offset by the ...

17/06/19

CAR MANUFACTURERS

The world’s single largest car market continues to collapse fast. Registrations fell by another 17% to 1.56m in the last month which brought the ytd ...

17/06/19

DEUTSCHE LUFTHANSA

Lufthansa’s profit warning has forced us to lower our profit projections not only for the current year but also for the following years. In addition ...

17/06/19

DEUTSCHE LUFTHANSA

Based on the above, Lufthansa will not reach its previous EBIT guidance and a €340m income tax provision will reduce net earnings further.

17/06/19

VOLKSWAGEN

VW’s management has shown a rather unconvincing direction concerning the listing of the trucks division (i.e. Scania plus MAN and the minority stake ...

14/06/19

RYANAIR

We have incorporated the year to March 2019 figures. We have integrated the €700m share buy-back. Our EPS has therefore been slightly impacted by ...

14/06/19

SOCIÉTÉ GÉNÉRALE

We have not only revised downwards our EPS by division but also we have reduced the multiples by operating division. We have increased the cost of ...

14/06/19

BANKS

The Blockchain’s latest invention, namely stable-coins, have attracted several comments notably on the disruption risk for the banking industry. We ...

14/06/19

IDEA KICKER

Not much seems to have happened since we last put Sandvik (Add, Sweden) on the shelf as a daily teaser 18 months ago (“Sandvik lives on ...

14/06/19

TESCO

Q1 lfl performance was softer than our expectations. Unfavourable weather and weak non-food sales (general merchandise and clothing) in the UK were ...

14/06/19

NOKIAN RENKAAT

Nokian Renkaat sells all passenger car tyres to the replacement market in Russia, Scandinavia, Central Europe and parts of North America. As the ...

14/06/19

RICHEMONT

The strong closing of FY18 has allowed for the upgrade in growth forecasts. The recovery in specialist watchmakers and the wholesale business was ...

14/06/19

VOLKSWAGEN

Whereas truck deliveries continued increasing in May, van and passenger car deliveries were down. Total deliveries fell by 3.6% to 919k in the last ...

14/06/19

HAL TRUST

HAL Trust’s 2018 and 2019 EPS were pulled down by the decreased income from equity-accounted associates, amounting to €-42m in 2018 and €89m in 2019, ...

14/06/19

PRYSMIAN

We have revised our numbers on the back of the FY18 report, but we have also revisited all our model assumptions, leading to a cut in EPS forecasts ...

13/06/19

IDEA KICKER

The ECB’s reflationary strategy has failed to deliver raising scepticism amongst investors about Spanish regional banks’ business plans, notably ...

13/06/19

VALUATION WISE

For a sector supposedly a victim of trimmed world GDP growth expectations, European Chemicals are holding up their turn quite well. Over the last ...

13/06/19

THALES

We have adjusted our target price on the back of the updated guidance for FY19 that now accounts for the Gemalto integration. Our DCF is impacted ...

13/06/19

AXA

We have adjusted our target price after: i) the update of the total number of shares comprising the share capital of the insurer (2,424 million by ...

13/06/19

CD PROJEKT

While keeping our estimates unchanged, we have adjusted our NAV-based valuation due to the higher median P/Es of CDR’s peers. Our current ...

13/06/19

FLSMIDTH & CO

We have revised our numbers on the back of the FY18 report, but we have also revisited all our model assumptions, leading to a cut in EPS forecasts ...

12/06/19

BRITISH LAND CO

There are no huge changes in our EPSs structure (more or less recurring profit, excluding asset valuation movements). We have just adjusted the ...

12/06/19

GLENCORE

While our expectation of moderating coal earnings remains unchanged, the near term is also expected to be mired by global growth-induced price ...

12/06/19

IDEA KICKER

Despite a +25% share price performance year-to-date, simply the best one within the European publisher sector, Informa (Buy, UK), a supplier of ...

12/06/19

VALUATION WISE

The 5-year relative performance of the Transport sector (11 companies, €120bn market cap) shows that the sector is at a 5-year low. It has been on a ...

12/06/19

LAND SECURITIES GROUP

The target price is broadly unchanged. The investment case sticks to short-term issues. British consumers’ confidence is pretty stable and the shift ...

11/06/19

IDEA KICKER

Auto manufacturers are squeezed by low demand and price pressure … and so are the component producers. Valeo’s share price has been hit ...

11/06/19

MEDIASET

Following the annoucement of the creation of a new holding company, MFE (Media For Europe), into which will be merged the Italian and Spanish assets ...

11/06/19

HEIDELBERGER DRUCKMASCHINEN

Not only has the company released a very cautious guidance in early May, but also the CFO decided in late May to take a sabbatical. The former has ...

10/06/19

BEKAERT

We have revised our numbers on the back of the FY18 report, but we have also revisited all our model assumptions, leading to a cut in EPS forecasts ...

10/06/19

IDEA KICKER

For the past many years, aluminium has been an exception amongst base metals, thanks to material capacity cuts (in 2013-14) and sustained growth in ...

10/06/19

VALUATION WISE

Two months ago we entertained the idea that a handful of banks (nine in all, list below), which then shared a strong positive share momentum, would ...

10/06/19

CONTINENTAL

As we have started covering Hella, we have included this company in the group of peers. Simultaneously, we have terminated the coverage of ...

09/06/19

PIRELLI

As we have started covering Hella, we have included this company in the group of peers. Simultaneously, we have terminated the coverage of ...

09/06/19

NOKIAN RENKAAT

As we have started covering Hella, we have included this company in the group of peers. Simultaneously, we have terminated the coverage of ...

07/06/19

IDEA KICKER

For the past many years, aluminium has been an exception amongst base metals, thanks to material capacity cuts (in 2013-14) and sustained growth in ...

07/06/19

VALUATION WISE

Two months ago we entertained the idea that a handful of banks (nine in all, list below), which then shared a strong positive share momentum, would ...

07/06/19

NORSK HYDRO

Taking into account a weak start to the year, although Q1 19 profitability was somewhat better vs. Q4 18, our earnings estimates have been revised ...

07/06/19

AUTOGRILL

Autogrill’s unbeatable leader position in the very profitable North America market, the accelerating developments in Northern Europe and Asia, along ...

06/06/19

M6-METROPOLE TELEVISION

The change in the target price derives from the comparison-based valuation. We have reduced the premium from 25% to 15% on the EV/EBITDA and P/E ...

06/06/19

VOESTALPINE

The implementation of the company’s final 2018/19 accounts and our new projections for the next three years have not changed our target price ...

06/06/19

IDEA KICKER

Hera (Add, Italy), a domestically-focused multi utility, has largely completed a round of regional concentration. We anticipate the investment ...

06/06/19

VALUATION WISE

Exor (Buy, Italy), the decision maker for FCA (Add, Netherlands) strategy, must know something that it has yet to share with the market for suddenly ...

05/06/19

NATIXIS

Following the sale of the SFS division at the end of March 2019 and especially the payment of the special dividend on 31 May as a direct consequence ...

05/06/19

MICHELIN

As we have started covering Hella, we have included this company in the group of peers. Simultaneously, we terminated the coverage of ElringKlinger ...

05/06/19

FAURECIA

As we have started covering Hella, we have included this company in the group of peers. Simultaneously, we terminated the coverage of ElringKlinger ...

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08/01/19

STRATEGY H1 2019

DOWNGRADES

06/12/18

NATIXIS

Time to offload the banking licence

04/10/18

A BANK'S CASH FLOW STATEMENT

Remove it or amend it!

29/06/18

EUROPEAN GAMBLING OPERATORS

A consolidation game

21/06/18

STRATEGY H2 2018

Near term: Rosy & Trumped Stock Selections: 11 Intriguing businesses & business models

18/05/18

FOOD & BEVERAGES

Has Food & Beverages lost its shine?

02/05/18

AEROSPACE & DEFENCE AND AIRLINES

Is current production output really meeting demand ?

28/03/18

THE CASE FOR A PAC-MAN STLYE OFFENSIVE

Letter to the board of directors of Sika and to Saint-Gobain’s shareholders

22/03/18

EUROPEAN BANKS

Reflation Trade and Other Myths

08/02/18

POWER UTILITIES

Stock Picking in European Power Utilities

12/12/17

STRATEGY – H1-2018

Death of the Ltd company? From Ownership to Smart Contract

12/12/17

EUROPEAN MEDTECH

A correction is imminent

29/11/17

OIL & GAS

Ahead of the OPEC meeting

23/11/17

METALS & MINING

Debunked: nickel in batteries

09/11/17

POWER UTILITIES

Still opportunities ahead

24/10/17

METALS & MINING

A preferred vehicle for mavericks

27/09/17

PHARMA

Tough times ahead

07/07/17

OIL & GAS

Permian working at $45/bbl

05/07/17

AIRLINES

Changing Times

27/06/17

SAINT-GOBAIN: WHAT A MESS!

What does the opportunity cost of Sika say about Saint-Gobain’s governance?

RESEARCH

463 European Large Caps

30 Senior Analysts