Research

513 European Large Caps

34 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

17/07/26

Husqvarna

Husqvarna delivered a resilient Q2 2026 performance despite challenging market conditions, with weak European gardening demand weighing on organic ...

17/07/26

Volvo

Volvo’s Q2 results exceeded expectations, driven by strong performance in the truck division attributed to increased volumes, a robust service ...

17/07/26

Fraport

We have lowered our 2026 traffic assumption for Fraport after the weak first half, with Frankfurt now expected to be broadly flat at 63.2m passengers ...

17/07/26

Elekta

We have revised our earnings estimates downwards and applied a 20% discount to peer-based valuation metrics to account for business challenges. ...

17/07/26

DKSH

DKSH’s H1 ‘26 results were a mixed bag, with sales and EPS ahead of market expectations, but Core EBIT was below consensus due to Consumer Goods ...

17/07/26

Sandvik

Results aligned with revenue expectations, with a marginally improved operating profit. However, reported EBIT fell short due to recurring ...

17/07/26

Yara International

Q2 2026 underperformed due to lower deliveries and nitrate margins (Asia). Volumes seem deferred rather than lost. While European buying has picked ...

17/07/26

Georg Fischer

GF delivered 5.7% organic growth in H1 2026, supported by strong momentum in Industry and Infrastructure, while margin conversion remained below ...

17/07/26

Epiroc

The company reported revenue and EBIT approximately 2% below expectations, though the shortfall appears immaterial. Order intake met forecasts, and ...

17/07/26

Swedbank

Swedbank’s Q2 total income beat consensus at SEK18.1bn, driven by strong fee and trading results. However, PBT was dragged down by accelerating opex ...

17/07/26

Getinge

Getinge delivered a solid Q2 26, beating consensus on both sales and adjusted EBITA. ACT returned to positive sales growth after a weak Q1; order ...

17/07/26

HUSQVARNA, AN INVESTOR BACKED CALL OPTION (BUY, 78% UPSIDE)

Husqvarna’s share price (Buy, Sweden) experienced a significant de-rating since its 2022 peak. The stock is currently trading close to a 10-year low, ...

17/07/26

OILS OR METALS? METALS

Metals & Mining are again in ‘risk-on’ mode as the renewed closure of Hormuz has relaunched speculative positioning on commodity type assets. The ...

17/07/26

Burberry

Burberry reported a healthy start to FY27, with Q1 comparable retail sales up 5%, broadly in line with consensus. Strong local demand in the Americas ...

17/07/26

Jenoptik

We have slightly increased our revenue growth projections for FY 26 and FY 27 as Jenoptik is the main supplier for ASML machines, and ASML has ...

17/07/26

Partners Group

Partners Group released its AuM at the close of H1 ($186bn), with new money ($16bn) in line with its own late 2025 expectations. In other words, its ...

17/07/26

Telia

Telia’s Q2 results met expectations, supported by the ongoing restructuring plan and the completion of fibre deployment in Sweden. The 2026 outlook ...

17/07/26

Georg Fischer

Georg Fischer reported its H1 2026 results, with Flow Solutions revenue slightly ahead of consensus (+3.2%), while comparable EBITDA and EBIT were ...

16/07/26

Sodexo

Sodexo’s new CEO held a convincing investor day, detailing the path to 2030, with organic growth and operating margin both set to exceed 5%. Focus ...

16/07/26

Sodexo

While we have upgraded DCF which now points to a substantial upside, we have maintained at this stage the discount to peers on other valuation ...

16/07/26

Publicis

Publicis delivered strong organic net revenue growth in Q2 2026, driven by Connected Media and Intelligent Creativity, which represent 87% of net ...

16/07/26

Aerospace & Defence

The End of Europe’s Defence Dream?

16/07/26

Nordea

Nordea delivered a strong Q2 PBT beat (+3% vs consensus) driven by non-NII revenues, notably fees (+11% YoY). Crucially, NII returned to sequential ...

16/07/26

ABB

ABB reported another strong quarter of orders, backed by structural demand across key end-markets, notably data centres. Revenue growth was primarily ...

16/07/26

Med Tech

China plans to implement VBP for capital equipment, which may pressure MedTech firms’ margins in the region. Additionally, the renewed US-Iran ...

16/07/26

Experian

Experian delivered an in-line Q1 FY26/27, with 7% organic revenue growth supported by resilient B2B demand, while temporary data breach contract ...

16/07/26

Ocado Group PLC

Ocado’s H1 FY2026 results were mixed, with weaker underlying Technology Solutions performance offset by reiterated FY2026 guidance, cash flow ...

16/07/26

Essity

Q2 26 results were modestly reassuring, with volume growth continuing for the second consecutive quarter across three of the four divisions. However, ...

16/07/26

Atlas Copco

Atlas Copco reported robust Q2 26 results, with order intake exceeding forecasts due to strong demand in the Vacuum segment, particularly from the ...

16/07/26

FROM XAVIER, WITH TELCO LOVE

By snatching 16.2% of Vodafone from a willing seller, Emirati e&, against a €5.1bn cheque, Xavier Niel, a French telco tycoon, has in one fell ...

16/07/26

ANHEUSER-BUSCH INBEV : FLAT BEER STILL POURS CASH (ADD; +25% UPSIDE)

Our December 2024 teaser argued that ABI (Add ; Belgium) could return to positive momentum. The rebound has since materialised, with the shares up ...

16/07/26

Investor

Investor confirmed the good start of the year, with good operational development across the board, despite MedTech companies still suffering from ...

16/07/26

Svenska Handelsbanken

Handelsbanken’s Q2 results missed consensus expectations, with total income 4% below estimates and NII flat qoq as margin pressures offset modest ...

16/07/26

Telenor

Q2 results fell short of expectations, with service revenue declining by 0.7% yoy, impacted by ongoing revenue pressure in the Nordics and a ...

16/07/26

Bossard

We have increased our sales forecast as we expect a rebound in industrial activity in H2, supported by improving PMI indicators and encouraging ...

16/07/26

ABB

ABB posted a strong beat on orders, underpinned by triple-digit growth in data centres along with solid double-digit growth in the short-cycle ...

16/07/26

Tele2

Tele2 reported solid Q2 results, with EBITDAaL increasing by 4% yoy, aligning with our expectations. This growth was primarily driven by stringent ...

15/07/26

BASF SE

BASF reported mixed preliminary Q2 2026 results. Sales and EBITDA exceeded consensus, supported by stronger pricing and volumes, while reported net ...

15/07/26

Skandinaviska Enskilda Bank

SEB delivered a high-quality Q2 beat, with PBT 9% above consensus driving RoE to 15.7%. Performance was supported by a sequential NII recovery (+4% ...

15/07/26

Storebrand

Storebrand reported another set of strong results in 2Q26. The insurance division continued to surprise positively despite heightened market ...

15/07/26

TomTom

TomTom reported Q226 results in line with market expectations. However, the stock fell c.13% as revenues declined for a third consecutive quarter and ...

15/07/26

ASML

ASML delivered a stronger-than-expected second quarter for 2026, driven by robust demand across advanced logic and memory customers. Revenue exceeded ...

15/07/26

Nel

Nel posted another difficult set of results with subdued revenue growth and higher EBITDA losses. This quarter saw Nel secure few orders in PEM, ...

15/07/26

Kone-TKE

Risky despite perfect execution

15/07/26

Puig Brand SA

We have integrated the FY25 figures. The stronger than expected resilience of the Fragrance business and the encouraging recovery in Makeup ...

15/07/26

VAT Group

Following ASML’s Q2 26 results which gave a robust end market outlook for wafer fab equipment, we are increasing revenue growth projections for VAT ...

15/07/26

ASML

We have updated our model following outstanding Q2 26 results, which came well above our expectations. As ASML has also increased its revenue ...

15/07/26

HSBC’S IDEAL PROFILE FOR THE COMING WORLD (REDUCE; -9% DOWNSIDE)

Leaving aside Mediobanca (Reduce ; Italy), which is currently the subject of a delisting offer by MPS (Reduce ; Italy), HSBC (Reduce ; UK) has posted ...

15/07/26

CONCENTRATED CAPITAL GOOD BETS

Capital Goods is the largest sector within the AlphaValue coverage with 52 issuers. It has nominally performed well, with a YTD 17% gain, even after ...

15/07/26

ASM International

Following the outstanding ASML Q2 results, we have increased our estimates for revenue growth for ASM International as a read across, as we think ...

Download a sample

RESEARCH

513 European Large Caps

34 Senior Analysts