Equity Analysis

Galp Energia: Solid beat on Bacalhau and refining, guidance surprisingly left unchanged

Significant news Galp delivered a clean Q1 26 beat with RCA Ebitda at €943m , driven by Bacalhau ramp-up at the top end of guidance, refining margins doubling to $14.8/bbl, oil realisations at...

Forvia catches its breath

The divestment of its automotive interiors business to Apollo is welcome news for Forvia. Having long struggled under financial strain, the group has now successfully offset its short-term refinancing...

SCA: A weak start to 2026, but it's a screaming opportunity

EARNINGS/SALES RELEASES2026 started on weak note for SCA, with Q1 results also missing street expectations. While Forest continued to be a solid contributor, and Energy benefited from both higher...

Five years of stagnation for Indutrade shares, despite maintaining its operational pace

Once, nothing seemed capable of halting the impressive forward march of these few Swedish serial acquirers and their well-oiled operating models.

Coal India Steams Ahead amid Market Headwinds

Coal India Limited continues to navigate a complex landscape. Despite facing challenging market dynamics that are squeezing profitability and production volumes, the giant pursues bold...

Meitu's AI Bet Pays Off with Paying Subscribers

Meitu Inc.'s transformation from a photo-editing company to an AI-powered productivity platform is gaining a lot of traction in international markets. While subscribers multiply and merchants flock to...

CNRL Strikes Gold Amidst Energy Chaos

Between global skirmishes and a flood of US supply, prices have been bouncing around. Local heavyweights are shifting into overdrive to fill the world's thirst for fuel. Leading the pack is the...

Electrolux: Reliance on Midea in North America

Earnings/Sales releases Electrolux reported very disappointing Q1 2026 results, largely below expectations. Operating losses in North America widened, driven by weaker demand, lower volumes, and...

Yara International: Prices drive the fertilizer story

Earnings/Sales ReleasesYara's Q1 2026 results were primarily driven by pricing, supported by the Iran war, with only a modest contribution from volumes. The Price rally, combined with Supply...

Kuehne + Nagel: Cost savings help lift EBIT amid unchanged underlying demand; 2026 target narrowed

Earnings/Sales releases K+N's Q2 EBIT surpassed expectations, even as sales were weaker than anticipated. Group EBIT was boosted by benefits from the recent cost savings programme amid a mercurial but...

ENI: Solid Q1 and +90% Buyback on a Lasting Iran Shock

Significant news ENI had a good Q1: pro-forma EBIT at €3.54bn , E&P +20% QoQ on volume/mix and better oil realisations, with GGP and Enilive also higher. The –4% YoY is mechanical . The real...

Unibail-Rodamco-Westfield: No slowdown in consumption

Earnings/Sales releases In Q1 26, Organic Growth continued to decelerate. However, consumer spending in URW shopping centres increased during the same period, with no specific indication of a...

INFICON: Semiconductor momentum drives guidance upgrade

Earnings/Sales releases Inficon delivered a strong Q1 2026, with sales rising 14.4% YoY to USD 181 million, driven primarily by robust semiconductor demand and continued strength in General Vacuum....

Holcim: Q1: Reported figures weighted by FX scope

Significant news Holcim reported Q1 2026 net sales of CHF 3,520m and recurring EBIT of CHF 431m, with Organic Growth of 3.9% and 8.3% respectively, both tracking comfortably within the full-year...

Warehouses De Pauw: Still offensive

Earnings/Sales releases WDP is progressing with its rollout at a steady pace. The company has not identified any specific challenges for the upcoming quarters and maintains its FY 26...

AccorHotels: Middle East vulnerability beneath the surface of RevPAR resilience

Earnings/sales releases Accor's Q1 revenue slightly trailed consensus, yet maintained resilient RevPAR growth despite a full month of disruption from Middle East unrest. However, as geopolitical...

Solid organic growth, profit rebound

Earnings/Sales releases Seb delivered a solid Q1 2026 in a challenging environment, with stronger-than-expected Organic Growth and Profitability. The Consumer segment remained the main driver,...

Castellum: Organically declining in Q1 26

Earnings/Sales Releases Organic decline was 2% in Q1 26, primarily driven by an increase in the vacancy ratio. Management continues to actively manage the portfolio. Fact Organic revenue declined...

Adyen: Acquisition of Talon.one: An unexpected deal that reinforces Adyen's unique positioning

SIGNIFICANT NEWSAdyen announced the acquisition of Talon.one, a leading player in advanced loyalty and promotion management, for EUR750m in cash. This acquisition, the first in Adyen’s long history...