Equity Analysis

Michelin: Challenging FY25 and cautious FY26 outlook offset by strong shareholder returns

Earnings/Sales Releases Michelin reported mixed FY25 results, surpassing revised guidance despite headwind from volume declines, particularly in SR2/3, as well as FX and tariff headwinds. Following...

Mesoblast Leads Global Regenerative Therapy Expansion

Mesoblast has matured into a regenerative-medicine leader, leveraging FDA-approved Ryoncil® and dual MSC platforms to meet aging-population demand, while solidifying commercial infrastructure,...

Xtep International Holdings Hits the High Road

China's intensifying fitness craze is reshaping the landscape, propelling the company into a lucrative but complex era of transition. By aggressively overhauling retail spaces and doubling down on a...

Nahdi Medical Dispenses Dose of Growth

Nahdi Medical Company's share story feels conflicted: momentum in retail and healthcare expansion contrasts with a recent pullback in its stock price. Still, resilience shines through steady...

Leonteq AG: FY-25: Foundations Secured Despite FY-25 Loss

Earnings/Sales releases Leonteq reported a CHF34m Net Loss due to low Volatility and margin pressure. Despite the headline miss, operational “repairs” are complete: costs beat guidance, regulatory...

TF1: TF1 outperforms a dropping market in Q4 25

Earnings/Sales releases TF1 just announced FY25 results slightly below expectations with a difficult Q4 in broadcasting and no improvement is expected for 2026. Overall, these results should lead to...

Carl Zeiss Meditec: Weak start to FY2025-26, tough times ahead

Earnings/Sales releases CZM reported weak Q1 results, with challenges in both ophthalmology and microsurgery. Profitability declined significantly due to FX headwinds, an unfavourable product mix, and...

Mapfre: 4Q25: LatAm drag contained, yet limited room for further upside

Earnings/Sales releases Mapfre’s 4Q25 results were broadly in line with our expectations at the group level. Q4 net profit was impacted by adverse developments in Latin America, as previously...

Thyssenkrupp: Q125/26: on track…more time needed in the transformation process

Earnings/Sales releases The group reported results for Q1 25/26, slightly exceeding consensus expectations, primarily due to improved performance in Steel Europe. The Restructuring and transformation...

Adyen: Excessive share price drop after H2 results offers an attractive entry point

Latest 2025 results showed a significant increase in profitability. However, the 2026 Guidance was disappointing. The sales Guidance for 2026 aligned with AlphaValue's expectations but was...

Datwyler: 2H25: Solid H2, but FY26 outlook is already priced in

earnings/sales releases The company successfully delivered in H2. However, consensus expectations are already high, and we believe automotive challenges will continue to weigh on growth in...

British American Tobacco: Robust combustibles, modern oral growth

Earnings/Sales releases The 2025 results came in slightly ahead of expectations, supported by a strong positive price/mix in combustibles, particularly in the US, and by continued growth in new...

Anheuser-Busch Inbev: Q4 25: Laying the foundation for FY26 growth

Earnings/Sales releases AB InBev exceeded consensus expectations for Q4 25, reporting a volume decline of 1.5%, which was better than the anticipated 2.7% decline. Additionally, revenue surpassed...

AEP: data centre boom lifts profits

American Electric Power posted quarterly results that exceeded market expectations, while confirming its medium- and long-term growth outlook as US electricity demand accelerates sharply. ...

TotalEnergies: Balanced Growth with Robust Shareholder Returns

Significant news Q4 was broadly in line, as stronger downstream earnings offset a >$5/b QoQ Brent decline. Refining & Chemicals captured higher European margins , while E&P NOI fell to $1.8bn due to...

Nornickel: 2025 was a long-awaited inflection point

Earnings/Sales releases After a long wait, it seems that Nornickel is on course for a lasting turnaround. Although operations never really came under extreme pressure – even in tough markets,...

Legrand: Poised for more growth in 2026, but valuations already reflect the same

Earnings/Sales releases Legrand's 2025 results were broadly in line with revenues and profits. Revenue growth continued to be supported by strong demand in datacentres, which will also be a key...

Rexel: North America leads the pack

Earnings/Sales Releases Rexel reported Q4 2025 sales in line with market expectations. The group's organic growth was supported by solid volumes and improved pricing. North America remains the primary...

Ipsen: Markets applaud strong finish to 2025 and better-than-expected 2026 outlook

Earnings/Sales releasesIpsen concluded 2025 with sales and profitability exceeding expectations, driven by growth across all therapeutic areas. The 2026 Guidance surpassed consensus expectations,...