Equity Analysis

SSAB: FY25: OK. Looking forward: a rather conservative stance in our view

Earnings/sales releases The FY25 results aligned with both market and our expectations. The challenging environment, particularly in Europe, was anticipated. Although the group typically refrains from...

LVMH: Confidence fades on thin visibility

Earnings/Sales releases LVMH delivered FY25 slightly above consensus, with Q4 supported by a rebound in jewellery and strong momentum at Sephora. Europe ended marginally below expectations, while the...

Lonza Group: Ended 2025 on a high note

Earnings/Sales releases Lonza's full-year 2025 CDMO performance surpassed management's guidance. Top-line growth was driven by strong double-digit increases in Integrated Biologics and Advanced...

Logitech International: Solid profit delivery continues, but balanced risk-reward still warrants patience

Earnings/Sales releases Logitech's Q3 results were above the company guidance and the Visible Alpha consensus. Sales growth was broad-based with good growth across Logitech's key categories....

Is Boeing Finally Turning the Page?

The plane maker and its shareholders indeed hope so after FY 2025 when Boeing posted 34% revenue growth.

Wacker Chemie: Weak demand and low utilization rates weigh on earnings

Latest Wacker’s preliminary FY25 results remain uninspiring, with earnings falling short of already conservative market expectations. While sales remained broadly in line with market consensus,...

German contractor Friedrich Vorwerk surfs the hydrogen wave

In a highly competitive sector, Friedrich Vorwerk stands out for its fully integrated vertical model, a specialized energy and turnkey services offering, and cutting-edge hydrogen expertise.

Hyliion: from disillusionment to a thermodynamic revolution?

Still seen as one of the many fallen angels of the 2020 SPAC wave, Texas-based Hyliion has executed a radical strategic pivot, abandoning its roots in trucking to reinvent itself as a key player in...

Fresnillo: Silver's industry leader facing a new cycle

Fresnillo, the world's largest primary silver producer, ended 2025 with steady operations but softer underlying momentum. Gold output beat the top end of its guidance, while silver volumes held...

Groupe Dynamite is Tailored for Success

The Canadian company has found a winning formula. By targeting affluent Gen Z and Millennial shoppers, the retailer has achieved unprecedented financial results. But how long will this 300% stock...

Medibank: Market Leadership in Health Insurance

Medibank Private Limited is steering Australia's private health insurance recovery, riding global sector tailwinds as insurers embrace digital care and facing domestic expectations for value-led...

Seria's Resilient Performance Impresses Investors

Seria blends stylish essentials with rapid inventory turns, logistics upgrades, and a disciplined expansion, fueling resilient performance while management's refreshed guidance points to continued...

Getinge misses Q4 as margins hold

Getinge posted a softer Q4 with net sales and adjusted EBITA below expectations and Order momentum easing, notably in Life sciences, amid FX headwinds and tariff impact. Yet full-year margins, mix,...

Atlas Copco shows order-intake uptick, valuation elevated

Atlas Copco's FY25 print met expectations despite currency headwinds and margin pressure, with a tentative Q4 improvement in order intake. After a recent share price rebound, the stock still screens...

Is Consolidated Edison a dividend aristocrat with feet of clay?

Consolidated Edison posts its 51st consecutive year of dividend growth.

Sage reiterates guidance as cloud momentum builds

Sage starts the year with double-digit organic revenue growth, stronger cloud adoption and rising subscriptions, reaffirming full-year targets while noting early but limited AI Monetization. Strength...

Dr. Martens: Iconic Brand, Uneven Reboot

Dr. Martens, the Northamptonshire bootmaker whose air-cushioned soles and yellow stitching have been cultural staples since the 1960s, is attempting to reconcile its storied past with a more...

Spinneys is Carving its Place in the Luxury Grocery Space

Spinney is capitalizing on a booming ultra-wealthy demography in the UAE and Saudi Arabia. Now, it is entering newer turfs like Kuwait and the Philippines, with its chic grocerants model. Will it be...

MCX Shines as Earnings Surge Amid Metals Boom

Multi Commodity Exchange of India Limited is surfing a new wave of momentum as its broader revenue mix and healthier profits start catching attention. As trading volumes thicken and product...