Equity Analysis

Siemens: Orders echo demand sentiment; confirmed targets priced in; new €6bn buyback announced

Earnings/Sales releases Siemens posted a notable beat on orders, largely driven by strong demand in Datacenters alongside improving momentum in Automation. Revenues and profits were slightly below...

TUI Group: Resilient core demand defies external volatility

Earnings/Sales releases TUI concluded Q2 with stable revenue and a reduced underlying EBIT loss, successfully absorbing several one-off negative impacts. While the company noted a shift towards...

LEG Immobilien: Rents climb as interest rate uncertainty persists

Earnings/Sales releases LEG delivered a solid Q1 with strong rental-driven growth and clear operating leverage, but cash earnings remain temporarily constrained by capex phasing. While the group...

H Lundbeck: Strong Q1, but long-term growth uncertainty hovers over valuation

Earnings/Sales releases The Q1 performance exceeded consensus, but with the aid of one-off gains. Growth continued to be driven by Vyepti, Rexulti and the Abilify franchise. The management raised its...

ABN Amro: Q1: Cost-driven beat points to costs guidance upgrade

Earnings/Sales releases ABN’s Q1 pre-tax income beat consensus by 22%, fuelled by a massive cost beat that lowered 2026 opex guidance to €5.5bn. Fee income jumped 20% via HAL consolidation and...

Jenoptik: Jenoptik Q1 2026: Semiconductor momentum drives margin expansion

Earnings/Sales releases Jenoptik delivered a strong start to FY2026, with Q1 results highlighting accelerating demand in semiconductor equipment markets and improving profitability across core...

Merck: An upgrade in Q1 signals high confidence

Earnings/sales releasesThe Q1 26 results were ahead of expectations; however, certain one-off elements in Life Science and electronics supported the overall performance. Still, momentum in Life...

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...