Equity Analysis

Cannon fire, bugle call

In a duopoly on its domestic retail banking market alongside fellow Irish lender AIB, Bank of Ireland found itself in a privileged position after its main foreign rivals exited and interest rates...

Fresnillo strikes gold and silver, but for how long?

Boom times in precious metals have delivered a windfall for the world's largest primary silver producer and Mexico's biggest gold miner. The harder question is what happens next.

Smith & Nephew: Solid Q4 but FY26 outlook clouds near-term visibility

Earnings/Sales releases S&N delivered a healthy Q4 and broadly in-line FY25 performance, supported by recovery in Orthopaedics, strong sports medicine momentum, and continued cash flow strength....

Trican's Low-Carbon Strategy Delivers High Returns

Trican Well Service Ltd. enters 2026 as a standout performer in a challenging oilfield-services landscape, combining robust financial momentum, strategic acquisitions and low-emission technology...

Aussie Broadband has the Bandwidth to Flex Big

While most Australian households were tightening their belts in 2025, on the contrary, Aussie Broadband Limited decided to loosen its purse strings. Faced with stubborn inflation, the telco company...

Sai Life Sciences Rides India's Pharma Boom

Sai Life Sciences Limited's story reads like a steady climb powered by sharp execution and a clear sense of direction. With investor enthusiasm building alongside the company's consistent performance,...

HP Completely Ignored by Investors Despite a Solid Operational Track Record

Separated from HP Enterprise and listed as a standalone company for exactly ten years, the maker of computers, IT equipment and consumables may be the cheapest listed company in the entire US market.

Melia Hotels International: Melia eyes steady 2026 growth; minimal ME risks

Earnings/Sales releases Melia delivered stronger-than-expected 2025 results, noting strong resort/premium room sales, gains in Spain and buoyant network expansion. A healthy debt profile and a...

Saint-Gobain: FY 2025: Let's wait for H2 2026, apparently

Earnings/Sales releases Saint-Gobain's FY 2025 was in line with expectations, with margins holding firm and cash generation remaining strong. Yet beneath the stable surface, volumes stayed soft and...

Back against the ropes, BASF shores up its foundations and bets on China

The German chemicals giant published its annual results last Friday. At the same time, it subtly urged its disgruntled shareholders to be a little more patient.

Aryzta: Excellence program and deleveraging provide visibility

Earnings/Sales releases Aryzta’s FY25 revenue slightly missed consensus expectations. Management continues to prioritise cost efficiency through the Excellence programme and is progressing with...

Haier Smart Home Pivots to Premium

Between a frozen US housing market, and a cooling Chinese property sector Haier Smart Home managed to find its own rhythm. By swapping traditional sales tactics for a focus on smart ecosystems and...

Elecon Turns Orders Despite Compressed Margins

Elecon Engineering Company Limited's stock has cooled even as execution stayed steady, setting up an intriguing disconnect. Core earnings held up, with momentum anchored by a resurgent material...

Acerinox: All eyes on the EU measures

Significant news Acerinox reported expected results for FY25, except for a significant inventory adjustment in Q4. Profitability remains pressured due to sluggish demand and high import levels....

Vallourec: A little more patience needed, with yield in support

Earnings/Sales releases The group reported results in line with expectations and confirmed the payment of an extraordinary dividend announced in January. Looking ahead, the year is expected to be...

EDP: FY25 : Slim growth with mixed results across divisions

Earnings/Sales releases With Recurring EBITDA up just 1% YoY after 2024 adjustments, including OW impairments , EDP delivered a mixed performance. The Group is stepping up investment in Iberian...

Grifols: Decent end to 2025, but suspicions rise over future execution abilities

Earnings/Sales releases The Q4 results were ahead of consensus, but a lack of 2026 Sales Guidance casts doubt over Grifols' ability to deliver on its 2029 sales and profitability outlook . Even the...

Swiss Re: 4Q25: Reassured delivery, enhanced returns

Earnings/Sales releases While Swiss Re's 4Q25 net income declined 32% y/y, this was largely expected, reflecting the impacts of the Reserve review in L&H, as well as added prudence in P&C during an...

BioMerieux: 2025 promise delivered; 2026 targets in sight

Earnings/Sales releases Biomérieux's Q4 sales met expectations, with top-line growth driven by both segments. Management fulfilled its 2025 commitments and provided 2026 targets aligned with the GO28...