Equities Analysis

Beyond Ormuz (II). B&H Opportunity: Residential.

Significant news We are publishing a series of thematic commentaries on European Real Estate. Our comprehensive review covers sectors such as Retail, Offices, German Residential, Logistics, and...

Beyond Ormuz (I). Framework.

Significant news We are publishing a series of thematic commentaries on European Real Estate. Our comprehensive review covers sectors such as Retail, Offices, German residential, Logistics, and...

INFICON: Strong Semiconductor Tailwinds Offset by Temporary Margin Headwinds

Earnings/Sales releases Inficon achieved record revenue of $673.7 million despite a challenging macroeconomic environment characterised by trade disputes, currency headwinds, and operational...

Partners Group: Great strategy, solid 2025, no traction among investors

Significant newsTwo weeks ago, Partners Group 2025 released earnings that were good to very good. However, the markets did not care. We stick to our opinion that the 6% yield is too good to miss...

Kingfisher: Solid execution offsets mixed backdrop

Earnings/Sales Releases Kingfisher delivered a broadly in-line Q4 and FY25/26 performance, with modest LFL growth driven by volume and strong execution in the UK, partly offset by continued weakness...

Securitas reaps the rewards of favorable currency tailwinds

Weighed on by the Swedish krona exchange rate, which appreciated significantly in 2025, the Swedish security services group reported a 4.2% decline in FY 2025.

Mixue Group's Growth Driven by Global Expansion

Mixue Group has rapidly evolved into a global beverage powerhouse. By blending ultra-affordable products with a fast-moving franchise network, and a tightly integrated supply chain, they have...

Varun Beverages Sustains Top-to-Bottom-Line Momentum

Varun Beverages Limited delivered steady revenue momentum and robust profit growth amid challenging weather patterns over FY 25. As India's beverage market expands through premiumization and a broader...

A courtesy stake between Berkshire Hathaway and Tokio Marine

Tokio Marine shares saw a strong session on the Tokyo Stock Exchange after the Japanese insurer announced yesterday that it was welcoming Berkshire Hathaway into its capital.

DiaSorin: Lackluster 2026 guidance and execution uncertainty spook investors

Earnings/Sales releases DiaSorin's full-year results aligned with expectations. Sales growth was primarily driven by Immunodiagnostics, with Molecular Diagnostics and Licensed Technologies showing...

SGL Carbon SE: FY25: Foundation for Future Growth

Earnings/Sales releasesThe company faced several challenges over the past year, operating in a difficult market environment across its segments, most notably in Graphite Solutions, which is still...

Salzgitter: FY25 results. Two keywords: tariffs…and war

Earnings/Sales releases The group released an expected set of results for FY25 . The outlook for the current year is unchanged even if management commented in the call on the uncertainties brought...

Fuchs cements its status as a dividend aristocrat

A year of stability for the German lubricant specialist, which released its fiscal year 2025 results last Friday.

Kinross Gold Mines Profit

Canada is currently sitting right in the golden seat. The country has capitalized on this gold rally, cementing its status as a top global producer. Leading the charge is Kinross Gold Corporation,...

Talabat Delivers Multi-Vertical Success

Talabat Holding plc has emerged as a central force in the region's digital-services economy, shaping consumer expectations through a unified platform that streamlines on-demand convenience,...

Hitachi Charges Ahead, Digitally and Decisively

Hitachi Ltd. is surfing a powerful transformation wave, with its stock soaring on the back of robust operational momentum and strategic clarity. The company's Inspire 2027 vision-anchored by its...

McCormick senses an opportunity at Unilever, but the landscape has shifted

The proposed sale of Unilever's food division to American giant McCormick sends a further shockwave in a sector that is already under severe pressure.

JCDecaux: Time for a rerating?

The outdoor advertising giant is making waves at the start of the year, with its share price climbing 25%. The impact of digitalization could now justify a rerating of the stock.

CD Projekt: Phenomenal 2025 results: we will increase our forecasts for 2026

Earnings/Sales releases In 2025, CD Projekt's results exceeded our forecasts by 5.7%-20.2% on all levels. The result from discontinued operations equalled PLN73.8m . The main reasons for CD Projekt's...