Equity Analysis

Instone Real Estate: The lines intersect

Chapeau: Instone delivers a softer Q4 25 revenue print but reaffirms a solid 2026 trajectory, supported by tax incentives in Germany and rising Retail demand. Our Buy stance stands, with improving...

Valvoline Inc. : A Leader in Preventive Auto Services

Founded in 1866, Valvoline has evolved from one of the earliest innovators in petroleum-based lubricants into a leading provider of automotive preventive maintenance services in North America,...

Close Brothers: Lean banking

Close Brothers has done the easier part of a banking repair job: it has sold assets, shrunk complexity and rebuilt capital. The harder part is still ahead. Its half-year figures show a lender with a...

Resilient Growth Anchors CES Energy Strategy

CES Energy Solutions enters the coming year with strong strategic momentum, leveraging its asset-light model, expanding chemical-technology platform and balanced North American footprint to navigate...

Hannover Rueck: 4Q25 - Strong execution leaves FY26 guidance firmly within reach

Hannover Re delivered a robust 4Q25, combining solid top-line expansion with resilient profitability and deliberate balance sheet strengthening. The dividend surprised positively, and FY26 guidance...

Alkane Resources Finds the Golden Goose

The company is officially printing cash after pulling off a massive financial turnaround. Indeed, they've flipped last year's losses: revenue is up 230%, yielding AUD 85.4m in free cash flow. Their...

SATS Charts a Course for Growth

SATS Ltd. is capturing investors' attention as it rides a powerful tailwind of surging cargo volumes and operational excellence across its global network. The company's strategic positioning in...

Ubisoft Entertainment: Update after our meeting with the IR on March 12

Following our March 12 discussion with Ubisoft's IR, we reaffirm the long-term strength of the group's franchises while near-term execution on the release schedule, game quality, and results remains...

ID Logistics, 27 warehouses and a misunderstanding

French-listed ID Logistics, Europe's leading contract logistics provider, posted 2025 revenue of 3.7 billion euros, up +16% organically, net income up +20%, and the market shaved 7% off the stock. The...

K+S: Investors optimistic over conflict-led supply glut

Shares in K+S jumped on hopes of Middle East conflict-driven Supply disruptions and support from backward integration, even as looming new capacity could pressure pricing; strong de-icing demand...

Prada: Growth normalizes, portfolio strengthens

Chapeau: Prada posts steady FY25 progress as Miu Miu’s exceptional surge enters Growth Normalization, while Versace integration supports scale but adds near-term margin pressure; regional dynamics...

De' Longhi shunned by the market - despite excellent results

The Italian group, owner of its namesake brand, as well as Kenwood and the Braun license for small kitchen appliances, amongst others, completed an excellent fiscal year in 2025.

A Lost Decade for Clorox

Last week the American hygiene and cleaning products group announced that it had secured financing for the acquisition of hand sanitizer specialist GOJO Industries, owner of the Purell brand.

Global Chaos Boosts Vault Minerals

Talk about being in the right place at the right time. Vault Minerals has turned market volatility into a pile of cash. Even with a few pauses at their mines, the company has managed to bury its debt...

Gold Surge Fuels OceanaGold's Success

As gold paased the $4,500 mark in 2025, it also propped up Canada's trade balance. Vancouver-based company OceanaGold Corporation posted record profits, proving that the year belonged to the yellow...

UNIQA Insurance Group AG: Strong FY25 results; mixed Q4 driven by reserving and model changes

Uniqa Insurance Group delivered strong FY25 results with resilient capital and a higher dividend, while Q4 was weighed by one-offs and prudent Reserves. FY26 Guidance points to continued profit...

BMW valued at a steep discount to its equity

In a business climate that could hardly be more challenging, BMW published fairly reassuring annual results on Friday morning.

GBL: GBL delivers good Q4 '25 financial performance

GBL delivered a modest qoq rise in net asset value, higher dividend inflows and a move to a stable dividend policy, while sharpening its focus on technology and private assets. We remain attentive to...

Enerflex is Flexing its Growth Muscles

Enerflex is evolving into a global energy-infrastructure leader, leveraging rising natural-gas demand, expanding international operations, and resilient recurring-revenue streams to strengthen growth...