Equity Analysis

No miracles at Alstom

How can Alstom shake off the structural discount on its equity?

Adecco sinks to ten-year lows

This morning, quarterly results from the Swiss staffing giant were largely snubbed by investors.

FLSmidth & Co: Q126: a tick soft, but improvement expected going forward.

Significant newsFLSmidth's Q126 results aligned with revenue expectations, though profitability slightly underperformed forecasts. The company upheld its full-year guidance. Organic order intake...

Vallourec: Q126: fine. The outlook is ok despite the Middle-East

Significant newsVallourec delivered slightly better-than-expected Q1 results, with EBITDA above Guidance and consensus, supported by resilient margins, solid pricing and cost control. Cash generation...

Kao Sells Steady, Earns Better

Kao Corporation has done the hard work quietly. The business is healthier than its share price suggests. But are investors convinced?

Saudi Ground Services Squeezed Profits not Saved by Growing Passenger Numbers

Saudi Arabia's aggressive Vision 2030 aviation push is flooding domestic runways with record passenger traffic, although ground operators are finding that hyper-growth does not guarantee easy profits....

Eurazeo: Strong Q1 for Eurazeo's asset management business

Earnings/Sales releases Eurazeo delivered a strong quarter on the asset management side with good Fundraising, AUM growth, and an increase in management fees. The highlight was the Fundraising in...

Komatsu's Boom Faces a Hard Reality Check

Komatsu's growth story was built on large scale, although this strategy is now colliding with a cycle that no longer rewards volume over resilience. As pricing power fades and costs rise, the question...

RWE: Q1 ‘26: Weak Supply & Trading, but losses less severe than feared

Earnings/sales releasesRWE reported Q1 2026 results broadly in line with expectations, with adj. EBITDA up 25% YoY to €1.6bn, driven by strong Offshore Wind performance and a one-off gain in...

Eutelsat Communications: Leo momentum offsets structural video weakness; balance sheet stabilized, execution remains critical

Significant news Eutelsat delivered a Q3 FY25/26 performance broadly in line with expectations, supported by accelerating growth in connectivity services and strong momentum from Low Earth Orbit ...

Coloplast: Core franchises steady, but Kerecis is a drag

Earnings/Sales releases Coloplast's Q2 results were a direct confirmation of the April preliminary release — no surprises. The core Chronic Care and Interventional Urology franchises delivered...

Knaus Tabbert: Solid Q1 results, FY26 guidance confirmed, buy recommendation reiterated

Earnings/Sales releases Knaus Tabbert's Q1 results validate the company's new strategic direction and operational improvements. Sales experienced a slight decline due to normalising inventory...

Bayer: An assuring quarter towards gradual transformation

Earnings/Sales releasesThe Q1 26 Profitability was ahead of expectations , though sales were largely in line with consensus. While Crop Science and Consumer Health performed healthily, the pharma...

IMI: Decent organic print to start the year, 2026 targets confirmed

Earnings/Sales releases IMI kicked off 2026 with group Organic Growth at the midpoint of its MSD Organic Growth guidance. The growth in Automation was slightly above that of Life Technology, with all...

Munich RE: 1Q26 results: Mixed picture as pricing headwinds mount

Earnings/Sales releases Munich RE's 1Q26 results presented a familiar picture for the reinsurance sector: strong earnings growth — partly flattered by a benign large Losses environment — against...

Carl Zeiss Meditec: Q2 sales met expectations, while defined targets provided some near-term relief

Earnings/Sales releases CZM reported Q2 operational performance, with sales aligning with market expectations. Weakness continued in Q2, primarily due to a decline in the Ophthalmology segment....

Siemens Energy: Structural demand unfazed; expect new mid-term targets with Q4 results

Earnings/Sales releases Siemens Energy confirmed its preliminary figures and updated FY26 targets. There was strong demand in GS and GT, notably from the United States, leading to a record order...

TAG Immobilien: Poland firing, Germany steady: growth story intact

LATESTTAG Immobilien delivered a solid Q1, with strong FFO I growth driven primarily by continued expansion in Poland and resilient rental performance in Germany. The Polish platform remains the key...

GEA Group: 1Q26: Farms break out; we remain cautious

Earnings/Sales releases While management argues that Iran should have a limited impact, we believe the strong order intake in Q1 is likely the result of Pre-ordering. We therefore expect a slowdown...