Equity Analysis

Nexity: Everything seems calm

Earnings/Sales releases Nexity reports no specific slowdown in demand at the end of Q1 26. The guidance for an improvement in EBIT for FY 26 remains unchanged. Fact Revenue decreased by 14% in...

VAT Group: Back to Basics

Founded in 1965, VAT Group initially developed within scientific vacuum applications. In the late 1980s, the company pivoted towards the semiconductor industry. This specialization helped it gradually...

Evolution AB: Europe Remains a Drag on Overall Growth

Earnings/Sales releases Evolution reported Q1 26 results broadly in line with market expectations, with constant-currency growth supported by the Americas, partly offset by weakness in Europe due to...

Siemens Energy: Preliminary figures cement demand momentum and reinforce mid-term growth; FY26 targets raised

Earnings/sales releases Siemens Energy's preliminary Q2 results delivered a strong beat on orders due to continued strong demand across GS and GT, which further strengthened the order backlog....

Sainsbury: Resilient FY25/26 performance tempered by conservative profit guidance

Earnings/Sales releases Sainsbury's delivered record volume market share and resilient FY25/26 grocery growth, yet shares faced pressure due to a cautious FY26/27 outlook. Management guided total...

Japan Airlines Redefines Growth Beyond Traditional Air Travel

Japan Airlines Co., Ltd. has emerged as a fundamentally transformed aviation group, riding the twin tailwinds of Japan's tourism renaissance and strategic business diversification. While the stock's...

KFin's Zero-Ops Strategy Drives a New Era of Efficiency

KFin Technologies Limited stands at the intersection of global asset servicing transformation, combining large-scale domestic leadership with an expanding international reach. Through its...

Orange: Things are proceeding well and according to plan

Earnings/Sales releases Orange reported strong Q1 results, slightly exceeding expectations.The Group’s 2026 EBITDAaL guidance has been upgraded from c.3% to above 3%. Organic cash flow, which was...

Saint-Gobain: Q1: Better than everyone thought

Earnings/Sales releases Saint-Gobain reported Q1 sales of €11.14 billion, beating the consensus of €10.93 billion by €200 million. Like-for-like came in at minus 2.3%, well ahead of both...

Sartorius: Resilient Q1; H2 recovery is the key watchpoint

Earnings/Sales releasesSartorius delivered a largely in-line Q1 26, with revenue bang in line with expectations and underlying Ebitda marginally behind consensus . BPS continued to anchor growth while...

SAP: Between Cloud and AI: SAP validates Q1 but stakes its valuation

Earnings/Sales releases SAP is off to a strong start this year. After facing concerns around AI-driven disruption, the group delivered a solid Q1 across the board, with continued momentum in Current...

Ipsen: Opened the year with encouraging traction

Earnings/Sales releases Ipsen commenced 2026 positively, with sales surpassing the company-compiled consensus. Growth was driven by strong contributions across its product offerings. Management...

Besi: Hybrid Bonding Momentum Accelerates

Earnings/Sales releases Besi delivered a strong Q1 2026 with revenue, orders, margins, and cash flow all exceeding prior-year levels, driven by robust demand in advanced packaging—particularly...

Vossloh: 1Q26: Solid results in line, positive outlook

Earnings/Sales releases While the results were broadly in line at the group level, we were positively surprised by Core Components, but disappointed by Customised Modules. During the call, management...

Rexel: Pricing and Datacenter Strength Offset Soft Volumes

Earnings/Sales releases Rexel’s Q1’26 sales were slightly below company-compiled consensus, with same-day organic growth of 3.4% led by pricing gains amid subdued volume growth. North America...

Eurofins Scientific: 2026 targets confirmed despite a soft start; reasonable valuation outweighed by uncertainty

Earnings/Sales releases Eurofins started the year on a weak footing as growth was impacted by extreme weather across Europe and North America. By division, Life and Consumer & Technology delivered...

Sanofi: Quarterly beat is fine, but longer-term growth prospects remain questionable

Earnings/Sales releases The Q1 26 results were ahead of the street’s expectations, backed by strong momentum for the lynchpin immunology medicine Dupixent, impressive uptake of new medicines, and...

London Stock Exchange Group: Q1: upgraded 2026 revenue guidance on data acceleration and strong markets revenue

Earnings/Sales releases LSEG delivered a robust Q1, beating gross profit consensus with 10% organic revenue growth. Performance was driven by a 16% surge in Markets revenue amid high volatility and a...

Wendel: Q1 26: Scaling story intact, but fundamentals remain mixed

Earnings/Sales releases Wendel’s Q1 2026 reflects limited underlying momentum, with NAV declining despite ongoing buybacks, driven by continued multiple compression. Operational performance remains...