Equity Analysis

KBC Groep: Q1: Robust NII buffers trading volatility and geopolitical provisioning

Earnings/Sales releases KBC’s Q1 delivered strong top-line growth , powered by an 18% NII beat and a 217bp NIM. However, pre-tax profit missed consensus following trading losses and a €75m...

Pbb Deutsche Pfandbriefbank: Confirmed back to black, but headwinds remain

Earnings/Sales releases The first-quarter results showed almost break-even Profitability and steady execution of the Strategic transformation. While the accelerated De-Risking of the US portfolio is...

Shelly Group SE: Shelly shreds off fears with strong Q1 26 release

Earnings/Sales releases Shelly published good profitability and cash flow figures for the start of the year and confirmed its guidance. The group reassured both on margins, with transportation costs...

Market Applauds Vodafone's Restructuring

The British telecom giant continues to overhaul its portfolio through a series of strategic divestments and acquisitions.

Outokumpu: Q126: in line but we may upgrade our numbers.

Earnings/Sales releases Outokumpu's Q126 results indicate improved Profitability despite still weak margins. Sales decreased by 4.8%, while adjusted Ebitda up, slightly below expectations but...

Thyssenkrupp: Q2-H1 25/26: expected and FY guidance confirmed.

Earnings/Sales releases ThyssenKrupp's Q2-H1 25/26 results aligned with consensus expectations. Revenues decreased by 6%, while order intake increased by 32% . Adjusted EBIT rose significantly to...

PSP Swiss Property: PSP Swiss Property: Valuations keep rising, but rental growth is plateauing

Latest PSP continues to deliver resilient performance, supported by its prime portfolio and strong positioning in core Swiss office markets. However, Q1 confirms a low-growth environment, with limited...

Hal Trust: Mixed Q1 '26 release for Hal

Earnings/Sales releases Hal's momentum continues in Q1-26 on the NAV front, with 7% qoq growth, but this was mainly driven by listed assets. On the unlisted assets side, the operational performance...

Banca Monte Dei Paschi Siena: Confirmed guidance

Earnings/Sales releases The group posted a good set of results, whereas the situation at Mediobanca is said to have stabilised. Asset quality trends are not expected to be impacted by the...

Salzgitter: Q1: OK. EU and Aurubis in support.

Earnings/Sales releases The set of numbers released for Q126 was in line with the preliminary results communicated in mid-April. The group is still massively supported by the share of earnings...

Torex Gold is Riding a Wave but for How Long?

Torex Gold Resources Inc. is cashing in on its Mexican expansion just as geopolitics has baked a stress tax into gold prices. However, with stock trading at a deep discount, will this record-breaking...

LTIMindtree Bets on Reinvention Amid Skepticism

Rebranding the company rarely fixes structural stagnation. The company is trying anyway, leaning into AI rhetoric while investors question whether growth quality can match ambition....

China Telecom is Gaining Users but Losing the Margin War

China Telecom Corporation Limited is at a crossroads of state-backed ambition and financial strain. Its share price has marked time, core profits are under visible pressure and the cloud-and-AI pivot...

Evolution, priced for doubt

The Swedish developer of gambling software for online casino operators just reported quarterly revenue down 1.5%. On a constant-currency basis, sales grew 6.8% and EBITDA margin held at 65.4%. The...

Uniper richly valued on the eve of its reprivatization

Brought to its knees by the German-Russian divorce, then rescued in the midst of a collapse by the Federal State, the German energy giant has reached a new crossroads.

Bytes adjusts to harder code

Bytes Technology has not gone off course, but its latest results show a business losing some of its former glide. The software reseller still converts profit into cash with enviable efficiency, yet...

Qiagen: Turbulence, not trajectory change

Earnings/Sales releases Qiagen released its full Q1 2026 results following a preliminary report in late April. The year began weakly due to declines in Diagnostic Solutions and PCR/Nucleic Acid...

Swiss Re: 1Q26 results: strong earnings, softening market

Earnings/Sales ReleasesSwiss Re's 1Q26 results painted a mixed picture. The net result was particularly strong at USD1.5bn, significantly exceeding consensus and running well ahead of the USD 4.5bn...

March European Registrations Up Sharply, BEVs and Chinese OEMs Drive Growth

Latest European passenger car registrations increased in March 2026. Renault returned to growth, Stellantis sustained positive momentum, and Tesla strengthened its BEV leadership through an aggressive...