Equity Analysis

Pirelli: Solid Q1, EPS beat, FY26 sales guidance raised

Significant newsPirelli reported strong Q1 26 results, driven by a favourable price mix from its premium strategy and an effective efficiency programme. Net income surpassed expectations due to...

Lonza Group: Q1 commentary in line; 2026 guidance reaffirmed

Earnings/Sales releases Lonza's management provided a positive Q1 update, aligning with its guidance and reaffirming full-year projections. Although operational figures were not disclosed, key...

Commerzbank: Committed to meeting UCG's standards by itself

Earnings/Sales releases The first quarter beat is not sustainable as it was driven by a counterintuitive reduction in the cost of risk. The group’s upgraded 2026 and 2028 objectives assume the...

Record Backlogs Can't Mask Shrinking Margins at Hammond Power Solutions

For years, Hammond Power Solutions has chosen growth and reinvestment over margin protection and balance-sheet tidying. Investors are still waiting for proof that all this scale eventually converts...

Henkel: Focus remains on an innovative portfolio

Earnings/Sales releases Henkel's Q1 2026 Organic Growth exceeded street expectations, supported by both volume and pricing, with strong contributions from APAC and IMEA. Within segments, Electronics...

Ashok Leyland Gears Up to Growth

Ashok Leyland Limited is firing on all cylinders - record revenues, defence orders exploding, and market share gains across every segment. However, the stock's decline from its peak tells a different...

Landis+Gyr Group AG: FY25: Above expectations, solid outlook

Earnings/Sales releases We think that the FY26 guidance might be difficult to reach if there are delays, but this would only be due to lumpiness. However, over the FY26–28 period, all contracts will...

Smith & Nephew: Shoulder strength cannot mask persistent knee weakness

Earnings/sales releases S&N reported Q1 26 revenue of $1,501m with underlying growth of 3.1%, which was marginally below consensus expectations. Sports Medicine & ENT led the divisional performance...

Rheinmetall: Execution engine stalls

Earnings/Sales releasesRheinmetall’s flawless equity story faces a reality check. While the €73bn backlog reassures on paper, Q1 exposed multi-front execution hurdles. The core Weapons &...

Scor: 1Q26 results: Strong performance amid competitive headwinds

Earnings/Sales releases In an environment characterised by increased pricing pressure in P&C, Scor published a good set of results across both business lines, with strong capital generation partly...

GBL: GBL Q1 2026: Private momentum offsets listed drag

Earnings/Sales releases GBL delivered a mixed Q1 2025 with limited NAV growth on the direct assets side, but good operational performance. We continue to like the new assets recently acquired, which...

Stora Enso: Sizeable Q1 profit beat, but forests remain the key

Earnings/Sales releases In tough markets, Stora's Q1 operating profit came well ahead of street expectations . While this was a positive, broader challenges in pulp-packaging markets cannot be ignored...

Sampo: 1Q26 results: Strong margins offset softer premium growth

Earnings/Sales releases Sampo reported a good set of 1Q26 results, despite a slowdown in top-line growth and a weak financial result, impacted by unrealised losses mainly related to NOBA. Management...

LANXESS: Investors unconvinced by the Asia story?

Earnings/Sales releases Lanxess reported weaker than expected Q1 2026 results, primarily driven by lower pricing. Specialty Additives outperformed due to stronger volumes, while Advanced...

AP Moller-Maersk: Resilient Q1, uncertain outlook

Earnings/Sales releases Q1 2026 earnings were less impacted by the conflict in the Middle East than expected, with limited effects in Ocean and no impact in Logistics & Services and Terminals. Group...

Gn Store Nord: Weak start to 2026 amid persistent enterprise challenges

Earnings/Sales releases GN's Q1 performance did not meet market expectations, with the top line affected by weak results in Enterprise and a slight decline in Gaming. Profitability also suffered....

Engie: Q1-26: UKPN transaction closed two months early; Belgian nuclear negotiations ongoing

Earnings/Sales releasesResults were broadly in line, with EBITDA down 6% YoY to €4.6bn, mainly reflecting the expected normalisation in B2B & EM after the expiry of high-margin crisis-era...

Shell: Shell Q1 2026: strong headline, trading-driven, Q2 outlook materially weaker

Earnings/Sales releasesShell delivered a good Q1 2026, with Adjusted Earnings of $6.9bn more than doubling sequentially, but the read deserves nuancing. Performance was largely carried by Trading and...

Jungheinrich Pref.: Automation progressing, but ITS recovery remains the challenge

Earnings/Sales releases Jungheinrich reported a weak Q1, with margins significantly below prior-year levels due to pricing pressure, lower utilisation, and one-off effects in ITS. While order intake...