Equity Analysis

Amplifon: Q4 miss rattles market's faith in delivering on next year's targets

Earnings/Sales releases Amplifon reported another quarterly performance miss, with both sales and profitability falling short of the company-compiled consensus. Although the firm showed modest revenue...

Itv: Mixed FY25 results not saved by any M&A updates

Earnings/sales releases ITV released mixed FY25 figures and mentioned that it is still in discussions with Sky for the sale of its broadcasting arm. However, the guidance for 2026 is a bit more...

Adidas: Outlook fails to convince

Earnings/Sales releases Adidas confirmed the Q4 25 and FY25 results announced at the end of January. The margin progression and solid momentum across Performance and Lifestyle categories sent...

Duolingo suddenly brought back to earth

A perfect storm for Duolingo, which has wiped out 4/5 of its market capitalisation in nine months.

Temenos: Temenos: rewriting the future after strong 2025

Latest Temenos is turning the page: the February 25 CMD not only validated the recovery achieved in 2025 but also allowed for an upward revision of the 2028 outlook. By providing a concrete response...

Scor at a crossroads

Left in a sorry state by its previous chief executive, Denis Kessler, Scor has had little opportunity to cash in on the providential backdrop in the reinsurance sector in recent years.

WH Group Beefs Up the Bottomline

WH Group-the big name behind breakfast meats-is proving that one can thrive in an uncertain environment. By trimming the fat in America and getting creative with snacks in Asia, they managed to...

Perpetual Strengthens Position as Global Manager

Perpetual is undergoing a significant strategic evolution, strengthening its global footprint while streamlining its operations. Through disciplined simplification, focused investment capabilities,...

TBO Tek Acquisition Powers Strong Quarter Growth

TBO Tek Limited's travel technology platform continues bridging global tourism markets. While the stock stumbled on profit-taking, the company's strategic acquisition and surging hotel bookings paint...

Davide Campari-Milano: Margins expand while reinforcing core brand focus

Earnings/Sales releases Despite 2025 top-line results aligning with consensus, Campari exceeded profitability expectations. Management remains focused on strategic brands, particularly Aperol, with...

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...

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.