Equities Analysis

Metso Corporation: FY25 OK. A (too?) modest guidance

Earnings/sales releases The group reported satisfactory results for FY25. However, the Outlook appears conservative considering the current Mining environment, bolstered by high metal prices. Given...

Ubisoft Entertainment: Solid fiscal Q3, but the implied Q4 guidance could be too optimistic

Earnings/Sales releasesOn 12 February, Ubisoft released its Q3 2025/26 figures, which came in slightly above the revised guidance for Net Bookings of EUR 330m. However, given the fact that only two...

Norsk Hydro: Q4 beat and major dividend increase, but markets need more reassurance

Earnings/Sales Releases 2025 ended on a strong note, with Norsk’s Q4 results coming ahead of street expectations and the firm announcing a sizeable 2025 dividend increase. While the firm’s shares...

Capgemini: 2025 success secured: Full speed ahead toward 2026 execution

Earnings/Sales releases Capgemini reassures with Growth coming in above expectations. The strong rebound observed in Q4, driven by the consolidation of WNS and the return to positive organic Growth,...

Airbnb posts underwhelming results

For the short-term rental specialist, FY 2025 delivered revenue growth in line with the previous year, confirming a marked slowdown in its expansion.

Michelin: Challenging FY25 and cautious FY26 outlook offset by strong shareholder returns

Earnings/Sales Releases Michelin reported mixed FY25 results, surpassing revised guidance despite headwind from volume declines, particularly in SR2/3, as well as FX and tariff headwinds. Following...

Mesoblast Leads Global Regenerative Therapy Expansion

Mesoblast has matured into a regenerative-medicine leader, leveraging FDA-approved Ryoncil® and dual MSC platforms to meet aging-population demand, while solidifying commercial infrastructure,...

Xtep International Holdings Hits the High Road

China's intensifying fitness craze is reshaping the landscape, propelling the company into a lucrative but complex era of transition. By aggressively overhauling retail spaces and doubling down on a...

Nahdi Medical Dispenses Dose of Growth

Nahdi Medical Company's share story feels conflicted: momentum in retail and healthcare expansion contrasts with a recent pullback in its stock price. Still, resilience shines through steady...

Leonteq AG: FY-25: Foundations Secured Despite FY-25 Loss

Earnings/Sales releases Leonteq reported a CHF34m Net Loss due to low Volatility and margin pressure. Despite the headline miss, operational “repairs” are complete: costs beat guidance, regulatory...

TF1: TF1 outperforms a dropping market in Q4 25

Earnings/Sales releases TF1 just announced FY25 results slightly below expectations with a difficult Q4 in broadcasting and no improvement is expected for 2026. Overall, these results should lead to...

Carl Zeiss Meditec: Weak start to FY2025-26, tough times ahead

Earnings/Sales releases CZM reported weak Q1 results, with challenges in both ophthalmology and microsurgery. Profitability declined significantly due to FX headwinds, an unfavourable product mix, and...

Mapfre: 4Q25: LatAm drag contained, yet limited room for further upside

Earnings/Sales releases Mapfre’s 4Q25 results were broadly in line with our expectations at the group level. Q4 net profit was impacted by adverse developments in Latin America, as previously...

Thyssenkrupp: Q125/26: on track…more time needed in the transformation process

Earnings/Sales releases The group reported results for Q1 25/26, slightly exceeding consensus expectations, primarily due to improved performance in Steel Europe. The Restructuring and transformation...

Adyen: Excessive share price drop after H2 results offers an attractive entry point

Latest 2025 results showed a significant increase in profitability. However, the 2026 Guidance was disappointing. The sales Guidance for 2026 aligned with AlphaValue's expectations but was...

Datwyler: 2H25: Solid H2, but FY26 outlook is already priced in

earnings/sales releases The company successfully delivered in H2. However, consensus expectations are already high, and we believe automotive challenges will continue to weigh on growth in...

British American Tobacco: Robust combustibles, modern oral growth

Earnings/Sales releases The 2025 results came in slightly ahead of expectations, supported by a strong positive price/mix in combustibles, particularly in the US, and by continued growth in new...

Anheuser-Busch Inbev: Q4 25: Laying the foundation for FY26 growth

Earnings/Sales releases AB InBev exceeded consensus expectations for Q4 25, reporting a volume decline of 1.5%, which was better than the anticipated 2.7% decline. Additionally, revenue surpassed...

AEP: data centre boom lifts profits

American Electric Power posted quarterly results that exceeded market expectations, while confirming its medium- and long-term growth outlook as US electricity demand accelerates sharply. ...