Equity Analysis

Instone Real Estate: Still on track despite headwinds

Earnings/Sales releases Instone experienced a setback at the beginning of the year. However, management anticipates recovering this shortfall within the fiscal year. The guidance for FY 26 remains...

Market Refuses to Buy ALEC Holdings' Growth

Behind these stellar numbers lies a tightening cash squeeze that leaves investors wondering whether this giant can actually turn its profits into hard cash.

Gold Boom Lifts All Boats at Aris Mining… for the Moment

In mining, stories often look best right when profits peak. However, that's when investors should be more careful.

Samsonite Packs Growth, Loses Profit Along the Way

Samsonite Group S.A.'s bags are travelling well, although the stock has barely stirred and profits are quietly retreating. The top and bottom lines are telling different stories, and that tension is...

Pidilite's Boom Isn't Really Here to Stay

India's building boom makes the growth story look simple on the surface. Roads are being built, homes are selling again, and construction activity is picking up. However, for the Indian adhesives...

Whitbread: Activist Corvex demands full sale, highlighting deep valuation discount

Strategic planThe FT reports that Corvex has demanded that Whitbread initiate an outright sale process. The hedge fund remains deeply dissatisfied with the management’s updated £3.5bn five-year...

Reply: Stronger than ever, although trading at a rare discount

Much like its peers, the Italian IT consulting firm has faced market headwinds since the artificial intelligence juggernaut took center stage.

Landsec: Strong operational performance, but macroeconomic conditions in the UK are less favourable.

Earnings/Sales releases The theme is familiar, yet its manifestation remains impressive. In the West End, office rents are increasing, with prime assets performing strongly. This trend is mirrored in...

WEX Inc. : Three Segments, One Edge

WEX is a Portland, Maine-based global commerce platform that processes hundreds of billions of dollars in transactions annually across three segments: Mobility , Corporate Payments , and Benefits . It...

Planet Fitness, Inc.: The Budget Gym Flexing Its Muscles

Founded in 1992 in Dover, New Hampshire, Planet Fitness has grown into one of the most recognizable fitness brands in the world. It's a franchisor: roughly 90% of its 2,896 clubs are independently...

Coty still in recovery mode

The market appears to be growing weary of successive restructurings at the fragrance and skincare specialist.

Eiffage becoming more resilient

Growth is expected to be lower this year for Eiffage, although the French utilities group maintains remains upbeat, with consistently high visibility and greater financial leeway in a European...

ERG: Q1 26: The wind is finally blowing again!

Earnings/Sales releases Like other European peers impacted by nearly two years of weak wind conditions, ERG has seen a clear improvement since Q4 2025. Wind load factors rose 5pp to 28% in Italy in...

Deutsche EuroShop: Still a cash dividend play

Earnings/Sales releasesRevenue growth in Q1 26 was moderate, correlated to “subdued Consumer sentiment”, as described by the company. A Cash Dividend of at least €1 per share will be proposed at...

Colonial SFL: Strong growth, flat earnings

Earnings/Sales releasesRevenue growth is robust at 7%, while FFO remains unchanged year-over-year. Guidance was reaffirmed. The tone of management's discourse remains positive, even though it still...

Bastide Le Confort Medical: Guidance confirmed despite transitory regulatory headwinds in Q3

Earnings/Sales releases Q3 Organic Growth temporarily slowed due to a French regulatory reform, reducing homecare revenue growth to 2.5% from 6.5% in H1. This headwind is anticipated to be a one-off...

SBM Offshore: The Discreet Deepwater Tollgate

In the deep seas, where majors seek their most strategic barrels, SBM installs the bridge, collects the toll and leaves others to face the volatility of the subsurface. SBM Offshore's business model...

Central Japan Railway is Growing but Doubts Remain on Board

Japan's busiest high-speed rail operator is speeding ahead: business travel has returned, government policy is firmly in its corner, and cities keep pulling in commuters. The earnings indeed reflect...

Orla Mining's Gold Profits Hide Cost Problem

Fueled by Canada's booming multi-billion-dollar gold sector, Orla Mining Ltd. is riding a wave of production growth. However, with mining costs doubling this leaves the company exposed if global gold...