Equities Analysis

Scor: 4Q25 results reinforce the case for a gradual rerating

Earnings/Sales releases Scor's 4Q25 results came in above expectations, with strong underlying trends in both business lines and robust capital generation. The outlook is supportive. In L&H, while...

Bilfinger: FY 2025: Cash flow size matters

Significant news Bilfinger’s full-year results for 2025 exceeded expectations in ways that merit closer examination. Free cash flow surged 75% to €330 million, the cash conversion rate reached...

Symrise: Strong base entering 2026, volume to drive the next leg

Earnings/Sales releases Symrise reported a robust FY2025 performance and is strengthening its foundations as demand gradually normalises. Through the ONE SYM transformation programme, the group is...

Bayer: Q4 beat, but FX may play spoilsport to 2026 outlook

Earnings/Sales releases The Q4 results exceeded expectations, with Crop Science being a key top-line driver. Adjusted EBITDA declined for all three divisions. While the 2026 outlook at CER was largely...

Dassault Aviation: Europe talks sovereignty; Dassault already builds it

Earnings/Sales releases Dassault delivered a clean beat. Volumes are up. Margins hold. Cash piles up. The story is simple: Rafale sells. In today’s world, countries want control over their defence....

Clariane: Solid deleveraging achieved; sustainable earnings recovery still needed

Earnings/Sales releases We appreciate Clariane’s stronger-than-expected deleveraging and consider the 2026 targets easily achievable. However, the thin but consensus-beating 2025 net profit of...

Forvia: Resilient FY25 in a Tough Environment; Ambitious 2028 Targets Unveiled at CMD

Earnings/Sales releases Forvia reported strong FY25 results despite a challenging environment and significant FX headwinds, though it continued to underperform the global market. The net loss was...

Bucher Industries: FY25: End markets remain weak

Earnings/sales releases Bucher Industries foresees a modest 2026 recovery: Kuhn drives growth, Municipal is resilient, Hydraulics is fragile, Emhart is weak, Specials are mixed. We do not expect a...

AIB Group: Stronger net interest income resilience

Earnings/sales releases The group released a good set of interim results, showing controlled net interest margin attrition, strong cost control, and benign Asset quality trends. The updated 2026...

A Final Return to Reality at Kuehne + Nagel

After a decade of very modest growth, the Swiss logistics group benefited from an extraordinary acceleration during the pandemic.

Top-of-the-class valuation for Sandoz

A standout year on the stockmarket for the Swiss generics specialist, whose share price has risen by a huge 67% over the past 12 months.

Richemont, the Cartier era

As gold hits record highs, is the Swiss group benefiting from, or being squeezed by, the surge in raw materials? That amounts to asking how much pricing power a group increasingly exposed to jewellery...

Air Products & Chemicals, Inc. : Industrial Gas Leader Betting on Hydrogen

Founded in 1940 by Leonard P. Pool, who pioneered the idea of producing industrial gases directly at customer sites rather than transporting them long distances, Air Products and Chemicals is today a...

Beazley's profits fall as insurance cycle cools

Specialist insurer Beazley has spent the past few years enjoying one of the most profitable periods in its history. But its latest annual results suggest that the favourable conditions which lifted...

Wesdome Rides Gold's Historic Rally

Wesdome Gold Mines Ltd. is riding the golden wave with impressive vigor. The Canadian producer has delivered stellar financial returns, driven by surging gold prices and robust production from its...

Laopu Gold is on a Gilt Trip

China's luxury tier is experiencing a gold rush. Central to this movement is Laopu Gold Co., Ltd., which specializes in 'value-preserving luxury' that blends cultural heritage with financial security....

EssilorLuxottica and Meta: Is the romance starting to crack?

Six years of collaboration, seven million pairs of glasses sold, and a 10-year extension signed in 2024. On paper, the alliance between Meta and Essilor Luxottica is an unprecedented industrial...

Middle East tensions intensify pessimism in chemicals

Latest The Middle East conflict has driven oil and gas prices higher, pressuring chemical companies through elevated feedstock and energy costs. Upstream and commoditised segments face margin...

AXA: FY25 results: Quality earnings in a tougher market backdrop

Earnings/Sales releases AXA delivered a strong set of FY25 results, with resilient top-line growth and margins, despite a more competitive environment in P&C Commercial lines. The quality of earnings...