Analysis: Stocks

Should you buy Primark before the breakup?

This week's results from Associated British Foods weren't great, but I think the food and retail conglomerate is an attractive medium term bet nonetheless....

Global Health Passes the Health Check But Challenges Remain

Investors seem stuck in the waiting room even as Global Health keeps adding capacity and filling beds.

Gold's Rally Hoists Triple Flag Despite Production Hurdles

Convincing the market that Triple Flag can translate higher metal prices into sustained earnings seems to be a tough task.

Verbund: 3Q26 runs dry, but 2027 hedges and a court challenge offer upside

Significant news A brutal Q3 for Verbund, with 9M 26 EBITDA down 29% YoY to €1,498.5m . The hydro coefficient slumped to 0.61, the weakest water supply in c.100 years, forcing costly buybacks of...

Flutter Entertainment: Q3'26: A tough quarter, followed by another downgrade

Earnings/Sales releasesFlutter delivered a weak Q3'26, with revenue and adjusted EBITDA missing consensus by 3% and 13%, respectively, prompting a second FY26 guidance cut. While US customer trends...

JC Decaux: Q326: a nice trading statement

Earnings/Sales releasesJC Decaux delivered strong Q3 2026 results, with organic revenue growth of 6.6%, exceeding the 5% guidance. Digital and programmatic revenues were key growth drivers, while...

Continental: Strong EMEA Carries Q3 Beat; Raw-Material Headwind Lands in Q4

Earnings/Sales releases Continental delivered a strong Q3, with sales broadly in line with consensus and adjusted EBIT and margin clearly above consensus across all three tyre regions. Adjusted FCF...

Solvay: Middle East disruptions weigh on earnings

Earnings/Sales releases Middle East disruption weighed on the quarter. Earnings fell as Jubail stayed idle and soda ash demand softened; pass-through pricing lagged cost inflation, and high European...

Sampo: Sampo: solid 3Q26, FY26 guidance upgraded

Earnings/Sales releases Sampo has released good 3Q26 results, with a slight acceleration in Gross Written Premiums growth at constant FX and a 0.3pp y/y improvement in the combined ratio. For the...

Sacyr: 9M 2026: The cash flow machine slows

Earnings/Sales releases Sacyr reported 9M revenue growth of 11% and EBITDA growth of 9%, but operating cash flow increased only 4.5%, with cash conversion falling to 84% from 88%. Reported net profit...

Thales: Euronaval reinforces our investment thesis

LatestOur visit to EURONAVAL reinforced our positive view on Thales, particularly its ability to capture growing value from naval rearmament. With equipment accounting for c.20% of a typical naval...

Fraport: Q3 2026: Terminal 3 weighs on earnings

Earnings/Sales releasesFraport reported Q3 EBITDA 4% above consensus, but the entire beat came from €30m of one-offs. Underlying growth remains concentrated in international airports, while...

Marks & Spencer: Food strength offsets a slower Fashion margin recovery

Earnings/Sales releases M&S delivered H1 FY26/27 sales and adjusted PBT above consensus, supported by continued Food outperformance and a recovery in fashion revenue. However, fashion profitability...

BMW: BMW Books the Pain in Q4; FY26 Auto Margin Cut to Zero

Earnings/Sales releases BMW reported Q3 2026 group revenue and automotive EBIT above consensus, but group EBIT missed and automotive FCF swung to an outflow versus an expected inflow, as destocking...

Siltronic AG: Stronger wafer demand drives sequential recovery, but pricing improvement remains limited

Earnings/Sales releases Siltronic reported a stronger Q3 2026, with sales increasing 10.5% q-o-q to €355m, driven by higher wafer volumes. EBITDA rose to €81m, with the margin improving to 22.9%,...

Heidelberg Materials: Q3: Hungary explains most of the beat

Earnings/Sales releases Heidelberg Materials reported Q3 revenue and RCO 3.5% and 3.6% above consensus, confirmed FY26 guidance and announced another €300m of cost savings. However, the quality of...

Demant: A good Q3, a successful launch and a market rebound

Earnings/Sales releasesFollowing preliminary figures reported last month, Demant has released its Q3 report. As announced in Q3, hearing aids benefited from strong initial uptake of Oticon Reveal....

Novo Nordisk: Oral Wegovy proves mettle, now next generation should complement

Earnings/Sales releases The weight-loss Wegovy pill drove the Q3 beat, while most key drugs suffered from pricing and competitive pressures. With the previous outlook being overly conservative, the...

Melia Hotels International: Q3 confirmed healthy operating momentum

Earnings/Sales releases Meliá closed a transitional quarter, with revenues up 7.7% and EBITDA ex-capital gains up 4.1%. Underlying demand held up, with lfl RevPAR up 7.5%, yet reported performance...