Equity Analysis

Heineken: FY25 slight top-line beat, significant workforce cuts announced

Earnings/Sales releases Heineken reported FY 25 results, slightly exceeding market expectations with a 1.6% Organic Growth compared to the anticipated 1.1%. This growth was driven by an increase in...

Dassault Systèmes: Even with low expectations, Dassault still finds a way to miss.

Earnings/Sales releases Dassault Systèmes disappoints once again. Although flat growth in 2025 was expected, the market was looking for an immediate return to sector standards . Management justifies...

Aker BP: Q4 was a transition quarter ahead of the ramp-up of major projects

Earnings/Sales Releases Results came in below expectations, weighed down by USD 944m in impairments despite solid production of 411 mboepd . Operating cash flow reached USD 1.6bn, insufficient to...

Commerzbank: Below consensus guidance

Earnings/Sales releases The group posted a good set of quarterly results, enabling the management to upgrade its net profit objectives for the next three years and to confirm its aggressive capital...

Dassault Systèmes still stuck in a bog

Twice in 2024, MarketScreener voiced strong reservations about the strategic course set by Dassault Systèmes.

Eureka Forbes: Diverse Purifier Push Drives Upside

Eureka Forbes Limited is navigating a curious gap between its steady operational progress and a share price that still lags, offering an interesting narrative for retail investors. The company's...

Resolute Mining Limited has Gold to Thank for its Gilded Payday

The company hit the jackpot in 2025. While production volumes cooled as the Mako Mine transitioned to stockpiles and Syama underwent upgrades, soaring gold prices turned a potential output slump into...

Gecina: Dividends will provide a steady income stream

Significant news Gecina asserts its readiness for a new growth cycle. However, we believe the commencement of this cycle is not imminent, as the end market continues to deteriorate. Despite this,...

AstraZeneca: Bright 2026 outlook a key takeaway

Earnings/Sales releases Even though Q4 25 operating profitability missed the street's expectations, Astra met its full-year CER guidance. The Q4 performance was largely driven by cancer, respiratory,...

TUI Group: Strong cruises countered by Markets+Airlines (temporary?) booking softness

Earnings/Sales releases TUI's Q1 results delivered a halved net loss that outperformed consensus, driven by an appealing performance in Cruises and reduced losses in Markets+Airlines. However, the...

Neste: Good Q4 performance, with capex and turnarounds in focus for 2026

Earnings/Sales releases After a Q4 marked by elevated Margins, the contribution from Oil Products is expected to decline, reflecting lower 2026 volumes linked to the Porvoo turnaround. Renewable...

Kering: Early traction, stronger footing

Earnings/Sales releases Kering FY25 results came slightly ahead of expectations, with clear sequential improvement in Q4 across brands and regions. Sales are not yet back to growth, but all major...

BP: Balance sheet improves, equity returns paused ahead of new CEO

Earnings/Sales releases BP delivered disappointing Q4 results. Operational execution remained solid, with upstream production at 2.34 mboe/d and refining availability high at 96%, while balance sheet...

Banca Monte Dei Paschi Siena: Waiting for the new business plan

Earnings/Sales releases The fourth quarter results were largely in line with expectations on a standalone basis. Unfortunately, we will have to wait for the release of the group's new business plan,...

Koninklijke Philips NV: Strong 2025 finish and profit outlook surprise drive market confidence

Earnings/sales releases Philips' Q4 results exceeded expectations, with comparable sales growth driven by strong performance in Personal Health and healthy contributions from Connected Care and...

AMS Osram: Q4 '25 results — Deleveraging and digital Photonics pivot accelerates

Earnings/Sales releases AMS Osram delivered a strong Q4, beating the top end of guidance on revenue and adjusted EBITDA, supported by an exceptionally strong aftermarket Lamps business. The company...

Barclays: 2028 objectives above expectations

Earnings/Sales releases The group posted a good set of quarterly results and disclosed its new business plan, articulated around strong top-line momentum, ongoing efficiency gains, and stable cost of...

Société Générale: Q4: Sharp Jaws and Upgraded Ambitions

Earnings/Sales releases SocGen outperformed expectations with a 1.4bn net result, fuelled by a recovering French Retail division and a 7pp jaws effect from aggressive Cost-cutting. Despite weaker...

BP tightens its belt as strategy shifts back to basics

BP's latest results tell a story of retrenchment rather than resurgence. The oil major met profit expectations for the final quarter of 2025, but it also pulled the plug on its long-running share...