Equity Analysis

Melia Hotels International: Melia eyes steady 2026 growth; minimal ME risks

Earnings/Sales releases Melia delivered stronger-than-expected 2025 results, noting strong resort/premium room sales, gains in Spain and buoyant network expansion. A healthy debt profile and a...

Saint-Gobain: FY 2025: Let's wait for H2 2026, apparently

Earnings/Sales releases Saint-Gobain's FY 2025 was in line with expectations, with margins holding firm and cash generation remaining strong. Yet beneath the stable surface, volumes stayed soft and...

Back against the ropes, BASF shores up its foundations and bets on China

The German chemicals giant published its annual results last Friday. At the same time, it subtly urged its disgruntled shareholders to be a little more patient.

Aryzta: Excellence program and deleveraging provide visibility

Earnings/Sales releases Aryzta’s FY25 revenue slightly missed consensus expectations. Management continues to prioritise cost efficiency through the Excellence programme and is progressing with...

Haier Smart Home Pivots to Premium

Between a frozen US housing market, and a cooling Chinese property sector Haier Smart Home managed to find its own rhythm. By swapping traditional sales tactics for a focus on smart ecosystems and...

Elecon Turns Orders Despite Compressed Margins

Elecon Engineering Company Limited's stock has cooled even as execution stayed steady, setting up an intriguing disconnect. Core earnings held up, with momentum anchored by a resurgent material...

Acerinox: All eyes on the EU measures

Significant news Acerinox reported expected results for FY25, except for a significant inventory adjustment in Q4. Profitability remains pressured due to sluggish demand and high import levels....

Vallourec: A little more patience needed, with yield in support

Earnings/Sales releases The group reported results in line with expectations and confirmed the payment of an extraordinary dividend announced in January. Looking ahead, the year is expected to be...

EDP: FY25 : Slim growth with mixed results across divisions

Earnings/Sales releases With Recurring EBITDA up just 1% YoY after 2024 adjustments, including OW impairments , EDP delivered a mixed performance. The Group is stepping up investment in Iberian...

Grifols: Decent end to 2025, but suspicions rise over future execution abilities

Earnings/Sales releases The Q4 results were ahead of consensus, but a lack of 2026 Sales Guidance casts doubt over Grifols' ability to deliver on its 2029 sales and profitability outlook . Even the...

Swiss Re: 4Q25: Reassured delivery, enhanced returns

Earnings/Sales releases While Swiss Re's 4Q25 net income declined 32% y/y, this was largely expected, reflecting the impacts of the Reserve review in L&H, as well as added prudence in P&C during an...

BioMerieux: 2025 promise delivered; 2026 targets in sight

Earnings/Sales releases Biomérieux's Q4 sales met expectations, with top-line growth driven by both segments. Management fulfilled its 2025 commitments and provided 2026 targets aligned with the GO28...

BASF SE: Global oversupply weighs on earnings

Earnings/Sales Releases BASF's Q4 2025 sales declined due to pricing pressure despite positive volumes, with Chemicals being most affected by oversupply. Materials saw modest volume growth but weak...

Flutter Entertainment: Quality of growth in question

Earnings/sales releases Q4/FY25 missed consensus and recently downgraded guidance , with softer US momentum and weaker cash flow offsetting strong iGaming growth and elevated NFL margins....

Acciona: FY25: Acciona beats targets on Nordex strength and active deleveraging

Earnings/Sales releases Acciona delivered a record performance in FY25, reporting consolidated EBITDA of €3,211m — well above its €2,700-€3,000m target range. The outperformance was primarily...

Ackermans & van Haaren: Compounding machine delivers again

Earnings/Sales releases Ackermans & van Haaren delivered record FY-2025 results, comfortably beating expectations and confirming the strength of its core engines. DEME and Private Banking once again...

Amadeus IT Group: Robust results, positive outlook

Amadeus delivered a solid Q4 2025, supported by volume growth across all divisions and higher revenue per passenger boarded in Air IT Solutions and per booking in Air Distribution, while Ebitda and...

Pearson: Good FY25 operational performance hidden by an impairment

Earnings/Sales releases Pearson delivered disappointing profitability figures due to an £87m product impairment that we do not view as problematic and which actually hides good underlying...

Fugro: Renewables collapse drives weak FY25 and cash deterioration

Earnings/Sales Releases FY25 was clearly weak, hit by the Offshore wind reset and Delayed oil & gas spending. Revenue fell -16.1% YoY to €1,848m, with Marine at €1,437m and Land at €411m ,...