Analysis: Stocks

BBVA: Good Set of Results

Earnings/Sales ReleasesThe group posted a good set of results and announced a new €2bn share buyback programme to return the accumulated excess capital. On the other hand, the fine-tuned 2026 RoTE...

JC Decaux: JCDecaux H126 results and outlook: a rather strong performance

Earnings/Sales releases JCDecaux delivered strong H1 2026 results, with adjusted revenues of €1.95bn and Q2 Organic Growth of +5.7% as well. Adjusted operating margin improved to €359m , driving...

Aperam: Q226: in line with expectations, maintaining trajectory towards FY26 forecasts

Earnings/Sales releasesAperam's Q226 results met expectations, with stronger sequential profitability, solid free cash flow , and reduced net debt , supporting confidence in FY26 targets. Management...

Vallourec: Q226 results: in line with limited upside for the time being

Earnings/Sales releasesVallourec’s Q226 results were broadly in line with expectations, with EBITDA slightly above guidance but a tick weaker revenue. The balance sheet strengthened significantly,...

Unibail-Rodamco-Westfield: Leading shopping malls are performing very well.

Earnings/sales releases Operational performance remains very strong, yet FFO-per-share guidance is stable; it is set to decline in FY 26, primarily due to changes in portfolio scope. We are monitoring...

EDP: HY26: EDP lifts 2026 guidance across all three businesses

Earnings/Sales releases EDP is a clear Buy this morning. Recurring EBITDA came in line, up 5% to €2.7bn, and as we expected yesterday off the back of EDPR’s release, EDP has also increased its...

ArcelorMittal: Q226: in line. We may adjust our forecasts a tick upwards.

Earnings/Sales releasesArcelorMittal's Q226 results were broadly in line with expectations, slightly surpassing consensus by 1.3%. Management reaffirmed its medium-term growth outlook, highlighting...

Airbus Group: Strong Q2, but Airbus tempers H2 earnings expectations

Earnings/Sales releases Airbus delivered a strong Q2, with better delivery execution, a broad-based EBIT beat, and stronger cash generation. Commercial aircraft benefited from higher volumes and a...

Davide Campari-Milano: Fewer bets, stronger delivery

Earnings/Sales releases Campari reported strong H1 results, demonstrating broad-based market share gains, an improved product mix, and disciplined SG&A management. This indicates that the “fewer...

Bureau Veritas: Q2 organic growth demonstrates BV's breadth; guidance upgrade partly optical yet justified

Earnings/Sales releases Following a soft start to the year, BV posted encouraging Q2 results, supported by a sequential improvement in Organic Growth despite the Middle East conflict still weighing on...

Hera: HY 26: Earnings in line, but special items cloud comparability

Earnings/Sales releases Hera reported H1 26 in line with our estimates, with adjusted EBITDA up 7.5% to €715.5m, supported by contributions across all business areas. We note that the reported...

Reckitt Benckiser Group: Q2 26: Broad-based acceleration confirms the reset is delivering

Earnings/Sales releasesReckitt delivered a strong Q2 26, with revenue and margin ahead of consensus and broad-based acceleration across Core Reckitt and MJN. Growth became more balanced between volume...

Rio Tinto: Strong H1 with more diverse earnings being the key highlight

Earnings/Sales releasesAmid various uncertainties, Rio reported strong H1 results, which were also ahead of street expectations. However, unlike prior periods, Iron Ore was strong but also subject to...

Remy Cointreau: Stabilizing without recovering

Earnings/Sales releases Rémy Cointreau reported slightly above expectations for Q1, driven by Cognac and stronger sell-out compared to sell-in. However, the momentum remains on consolidation rather...

Nexi: Toward the end of restructuring

Earnings/Sales releasesThe reported growth was flat, but underlying revenues grew by 5%, and the group continued converting them into Cash. Nexi used a strong Cash position to pay down Debt,...

Sage: First AI crumbs on a solid plate

Earnings/Sales releases Sage delivers a flawless trading update, posting 10% organic growth over the first nine months, driven by a fourth consecutive quarter of sequential acceleration. Intacct...

BASF SE: Balance sheet improves for BASF

Earnings/Sales releasesBASF reported strong Q2 2026 gains driven by war-led pricing and volumes in core businesses. Surface Technologies benefited from metals trading, while Nutrition likely...

Solvay: Dark clouds yet to dissipate

Earnings/sales releases Solvay's Q2 results gained market appreciation; however, underlying uncertainties remain. Soda ash continues to face pricing pressure from Chinese oversupply, though a mid-term...

Nordex SE: Effective execution bolsters Nordex's story; shares reasonably priced after recent consolidation

Earnings/Sales Releases Nordex's Q2 results demonstrated consistency in its execution as both Sales and Ebitda surpassed expectations. Orders, disclosed earlier, point to a cautious return to the...