Equity Analysis

At the foot of Mount Fuji, three champions carry Takaichi's ambition

After her victory in this month's general election, Sanae Takaichi has set out a Japan Growth Strategy targeting 17 priority sectors: AI, semiconductors, energy, health, critical materials. Against...

ServiceNow: Upward Trend Cut Short

The brutal correction in the software publisher sector has brought ServiceNow's valuation back to about 30x its EBITDA.

Sagility Health: All-Clear at the Doctor's

The US healthcare landscape is defined by an aging population, a rise in chronic illnesses, and a shift towards tech-driven patient care. Sagility Health is capitalizing on the chaos by leveraging AI...

G Mining Ventures Corp has Struck (Real) Gold

Gold has unofficially become Canada's heavy hitter. With global markets in a tailspin and prices wildly hitting new heights, Canadian miner G Mining Ventures Corp has made the most out of the chaos....

Eramet: Disastrous 2025 prompts sweeping corrective actions

EARNINGS/SALES RELEASESEramet reported extremely weak results for 2025. Even though Q4 sales dynamics were better, the overall erosion of 2025 earnings/cashflows prompted a suspension of dividends for...

Covivio: Risk-on strategy and asset rotation pay off in FY 25

Earnings/Sales releases Organic growth is slowing overall, yet it remains robustly supported by the German residential sector. Portfolio rotation also bolsters recurring EPS, which is expected to...

Puig Brand SA: Strong finish, measured outlook

Earnings/Sales releases Puig delivered a stronger-than-expected Q4 25, lifting FY25 results above expectations on the back of exceptional makeup growth and better resilience in fragrance. Despite an...

FLSmidth & Co: Up and running

Earnings/Sales releases Following the preliminary results on 5 February and the issuance of the FY26 Guidance, FLSmidth reported its FY25 figures, which slightly exceeded consensus at the operating...

Melia Hotels International: Cuban connectivity collapse vs. Spanish yield alpha

Latest Meliá is currently navigating a cross-regional valuation tug-of-war. On one hand, its Cuban operations have deteriorated from a structural drag into an acute operational paralysis following a...

Glencore: Very strong H2 recovery ensured a healthy 2025

Earnings/Sales ReleasesThanks to a strong rebound in H2, after H1 results missed expectations, Glencore reported healthy 2025 results. There were positives in both Mining and Trading. However,...

BAE Systems: FY25: Execution holds, backlog at record high

Earnings/Sales releases BAE delivered what it promised in FY25. Results came in broadly in line with expectations and slightly ahead of management's own guidance. Cash generation was strong, and the...

Genmab: 2025 miss and cautious 2026 targets erode investor confidence

Earnings/Sales releases Genmab's full-year 2025 results showed both sales and adjusted operating profit falling short of market expectations. Despite this, double-digit sales growth was driven by...

EFG International: Shadows from the past tarnish the results

Earnings/Sales releases The bank's solid operational performance was overshadowed by a significant legal provision related to a money laundering scandal. Although core activities remained resilient,...

WPP collapses onto its foundations

A changing of the guard has been sealed at the former global advertising leader, which is slowly fading into history after leaving London's FTSE 100 index last December.

Emeis: Operational beat and deleveraging milestones tempered by cautious 2026 guidance

Earnings/sales releases Emeis delivered a robust operational recovery in 2025, characterised by EBITDAR growth that exceeded management guidance and a further strengthened balance sheet, followed by...

Havas surprises the market

Since its independent listing and its separation from Vivendi, two major issues have weighed on Havas' stock valuation.

Vicat: FY 2025: Stability rather than acceleration

Significant news Vicat's results are solid, but the engine is uneven: the group is being carried by Egypt, Turkey and Brazil, while its two core profit pools, France and the US, are still waiting for...

M6-metropole Television: A resilient end of year overshadowed by Stephane Plaza impairment

Earnings/Sales releases M6 reported mixed FY25 results with good resilience in Advertising despite the difficult political environment, but missed on profitability due to a €35m impairment on the...

Castellum: "Leasing, leasing and leasing"

Earnings/Sales releases “Leasing, leasing, and leasing” is the mantra of the new management team. The portfolio’s value declined in Q4 25 due to pressures from medium-term rent and vacancy...