Equity Analysis

Belimo: Strong year, softer guidance

Earnings/Sales Releases Belimo delivered FY25 sales and EBIT levels, broadly in line with expectations. Growth continues to be driven by data centres and energy-efficient retrofit solutions,...

Walmart Flirts with its Peaks

A happy run for Walmart, which published its annual results late last week and reported revenue of $713 billion over the past 12 months.

Volvo Joins the Electrification Race Alongside Daimler and Traton

The strategic partnership between AB Volvo and Geely - and the latter's entry into the former's share capital in 2017 - was without doubt the best thing that could have happened to the truck, bus and...

SSR Mining Inc. Ends 2025 with a Shiny Finish

Precious metals carried the Canadian mining industry on its back in 2025. Even with a key mine out of commission, the company managed to flip a brutal 2024 loss into a record-breaking profit. Of...

Lenovo's Record Quarter Powers AI Ambition

Lenovo Group Limited's transformation from hardware titan to AI-powered solutions provider is gathering pace, yet the journey has left shares trailing and margins under strain. A record pipeline and...

Budget Saudi Races Past Regional Slowdown

Across a global market still grappling with cautious recovery and ongoing supply-chain pressures, United International Transportation Company stands out through its scale, market leadership, and...

Air Liquide: More growth needed, but “advance plan” targets reached

Earnings/Sales Releases The group released expected figures for FY25 and provided a margin outlook for FY27, targeting a 100bps increase compared to FY26, which is also expected to see a similar...

Dior to carry LVMH this year?

With over 75 maisons, LVMH can look like a conglomerate that is hard to decipher. In reality, value creation is highly concentrated in a handful of brands that generate most of the profits.

Food retail – from price wars to platform wars

Latest Food retail is undergoing a structural shift from a volume-driven distribution model to a data-enabled platform model. US leaders such as Walmart demonstrate that retail media and membership...

CNH: Challenging FY25; soft FY26 guidance reflects agriculture downcycle trough

Earnings/Sales Releases CNH reported modest FY25 results, slightly exceeding expectations, primarily due to a stronger-than-expected Q4, which benefited from a low comparative base. Agricultural...

Group ADP: FY 2025: Momentum meets the regulator

Significant news Groupe ADP delivered a stronger-than-expected 2025, but the real test lies ahead. Operational momentum now faces mounting pressure as the regulator questions the framework...

Anglo American: Mixed results in an otherwise exciting 2025

Earnings/Sales releases Despite all the excitement in Copper markets and positives associated with Teck Resources merger, red metal-driven Anglo American’s 2025 results were a mixed bag. While...

Umicore: Umicore pressured from soft auto demand and metals hedging

Earnings/Sales releases Umicore reported broadly flat YoY sales, in line with consensus. We expect a flattish sales growth into FY26 ex. metals exposure, as we anticipate weakness in automotive...

Sika: Resilient execution in a muted market

Earnings/Sales releases Sika delivered FY25 results rather in line with expectations in terms of Ebitda and margins, while cash generation remained resilient despite a challenging construction...

Moncler: Strong identity in a challenging climate

Earnings/Sales releases Moncler closed FY 25 on a very strong note, delivering a clear Q4 acceleration across both brands despite a demanding comparable base. Asia led the rebound, driven by China and...

Klépierre: Start 2026 with usual cautiousness

Earnings/Sales releases The FY 25 guidance initially projected near-stable FFO, with a 5% increase ultimately achieved. The 2026 guidance also anticipates near-stable performance, indicating a slight...

Segro: 2026: another good year ahead

Earnings/Sales Releases Market rent increases slowed in 2025 across all of Segro's regions. Despite this, Segro capitalised on the rent differential during relettings, maintaining strong organic...

GTT: Solid performances and visibility drive our GTT upgrade

Earnings/Sales releases 2025 results are solid, with revenue at €803m and Ebitda at €542m , lifting margin to 67.5% , driven by execution of the 2022 order peak. LNG carriers remain the core...

Danone: Danone FY25: Business as usual, guidance intact

Earnings/Sales releases Danone reported an organic growth of 4.5%, marginally exceeding the 4.4% consensus. Recent infant formula recalls in Europe and the Middle East adversely affected sentiment,...