Analysis: Stocks

Iberdrola: H1 26: RAB Compounding Accelerate, Now with Finland

Earnings/Sales releases Iberdrola's H1 2026 confirms the networks-led thesis. Reported net profit rose 22% to €4.34bn, the Mexican thermal disposal gains earmarked for yesterday's Caruna...

AkzoNobel: No surprises in Q2 from Akzo

Earnings/Sales releases Akzo's Q2 2026 sales saw positive pricing more than offsetting volume and mix declines. Deco volumes remain subject to consumer confidence, explaining a Q2 decline and,...

Santander: Confirmed guidance

Earnings/Sales releases The second quarter results, which were impacted by the first consolidation of TSB, were largely in line with expectations, thus enabling the management to confirm its guidance...

EFG International: Navigating Margin Pressure

Earnings/Sales releases EFG's first semester results show resilient underlying growth, supported by record AuM and a stronger capital position. The key point to watch going forward is margin...

SSAB: Q226: strong improvement yoy…as expected.

Earnings/Sales releases SSAB's Q2 26 results met expectations, with a 20% yoy increase in EBITDA driven by stronger prices and volumes. However, Q3 is expected to weaken due to SEASONALITY,...

Kone: Solid order growth unable to shake concerns from the TKE deal

Earnings/Sales releases Kone’s Q2 results delivered a strong beat on orders resulting from strong demand in Modernisation along with decent growth in New Equipment. Revenues met expectations and...

AI Is Opening Doors for Tech Mahindra but Can Growth Keep Accelerating?

Strong deal momentum supports Tech Mahindra's improving performance, but limited upside expectations highlight a cautious market view.

J D Wetherspoon: Decent Q4 sales, but another profit warning

Earnings/sales releases JD Wetherspoon’s Q4 pre-close update was mixed, with lfl sales growing 4.0% yoy and YTD growth at 4.2% yoy. However, management warned that FY25/26 profit will be below...

Switch 2 Launch Powers Nintendo Revenue but Markets on Hold

Investors are actively questioning the price of global expansion for Nintendo Co., Ltd.

Icade: Low point still expected in 2026

Earnings/Sales releases Despite the general environment and end markets that remain unfavorable for both office and residential development in France, Icade reiterates its FY 2026 guidance and its...

Virbac: Impressive execution in Q2; we smell a guidance upgrade in Q3

Earnings/Sales releasesThe Q2 sales growth was supported by a healthy showing across both segments. The management now expects full-year growth to be at the upper end of the guidance range....

Bossard: 1H26: Growth appears structural rather than one-off

Earnings/Sales releases Despite an uncertain macroeconomic backdrop, Bossard has delivered strong growth by capitalising on several high-growth sectors, notably semiconductors, data centres,...

Swatch: Sales recover, profits still lag

Earnings/Sales releases Swatch delivered a stronger than expected H1 sales performance, with revenue up 8.5% at cFx, comfortably ahead of expectations, driven by broad-based acceleration across...

Alfa Laval: Q2 orders raise execution certainty and support the narrative at current valuation

Earnings/Sales releases Alfa Laval posted a strong beat on orders as all three business units witnessed solid demand from their respective structural drivers . Revenues met expectations, but adjusted...

Boliden: Mixed Q2 results, but buying the weakness is recommended

Earnings/sales releasesQ2 results were a mixed bag. While this was first full quarter witnessing Garpenberg disruption impact, there were other challenges like higher costs, persistent smelting market...

Lindt & Sprüngli: Pricing weathered the storm; volumes must follow

Earnings/Sales releases Lindt's half-year results highlight the brand's strength while revealing the limitations of a price-driven model. Robust pricing safeguarded growth and margins; however,...

Schindler: Another weak revenue print offers an entry point for patient investors

Earnings/Sales releases Schindler’s Q2 orders slightly surpassed expectations, even as revenues missed them due to timing effects. Modernisation remained the mainstay for growth across orders and...

Novartis: Navigating well through the patent cliff

Earnings/Sales releasesThe Q2 results exceeded expectations, aided by the strong performance of cancer and neuroscience medicines, healthy growth in immunology offerings, and FX tailwinds. Massive...

Wärtsilä: 1H26: Energy equipment order intake up 120%

Earnings/Sales releases Wärtsilä has secured strong orders for off-grid data centre solutions. The focus now shifts to execution. From a valuation perspective, we see a significant discount compared...