Equity Analysis

ERG: FY25: Sluggish growth, declining profits, but the dividend is maintained

ERG delivered resilient 2025 results with EBITDA at the low end of guidance due to weak wind, lower net profit on higher charges, and a maintained dividend; the group advanced its pipeline, refined...

Hangzhou SF Intra-city Fast Tracks Delivery Growth

Hangzhou SF Intra-city Industrial is strengthening its role as a key force in China's rapidly developing on-demand logistics sector, leveraging independent positioning, digital-intelligent...

Eurazeo in Cannibal Mode

Despite encouraging developments, the Parisian investment firm controlled by the Decaux family is punished by the market, amid widespread distrust of the private assets category, which has admittedly...

Watts Water Technologies: The Mechanics of an Industrial Compounder in Full Acceleration

Behind a seemingly understated business , Watts Water Technologies is fully leveraging its ability to convert recurring technical needs into profitable growth and, ultimately, hard cash. The group has...

Swiss Life Holding: FY25 results: Broadly in line, but underlying trends remain mixed

Swiss Life delivered FY25 results broadly in line. Solid insurance operating momentum contrasted with softer fee result dynamics, notably in asset management, leaving the overall profile mixed and the...

Leonardo: Strong positioning in Europe’s defence upswing

Leonardo’s updated industrial plan underscores its strong role in Europe’s defence upcycle, with accelerating Profitability, improving cash generation, and disciplined capital allocation paving...

Geberit: Market stabilization while recovery still missing

Resilient earnings with modest top-line growth and slight margin pressure; cash generation remains strong as Europe stabilises but construction market recovery is still absent. Earnings/Sales...

Interroll: Stronger backlog supports growth, but margins are still challenged

Stronger orders and a book-to-bill above 1x point to healthier conversion in 2026, while FX headwinds and uneven industrial demand keep margin recovery constrained. Earnings/Sales releases Interroll...

Siltronic AG: Siltronic AG FY2025 - Stable Core Performance, Near-Term Profit Pressure

FY 2025 results were broadly in line with guidance: 300mm supported by AI demand while 200mm stays weak, no dividend for FY 25, and 2026 set for slightly lower revenue amid higher depreciation expense...

Brent: War Premium Strikes Back

Chapeau: Brent briefly spiked to $120/bbl before settling near $100-105 as supply shocks, shipping disruption in the Strait of Hormuz, and infrastructure damage in the Gulf reshaped Oil balances. A...

GTT, or the art of doing nothing

Record revenue, record margin, record dividend. The French world leader in cryogenic membrane engineering closed 2025 with the strongest results in its history. They are likely the last of such...

Worldline: Capital increase is the first step towards a successful restructuring

Worldline advances its turnaround with the second leg of its Capital increase, priced lower than expected and strongly backed by anchor shareholders, setting the stage for execution of its strategic...

Informa: Informa standout FY 25 results leave room for a re-rating

Chapeau: Strong FY25 delivery across metrics, a larger share buyback, and steady 2026 guidance despite Gulf region tensions bolster the case for a potential re-rating, with AI-driven assets and data...

JC Decaux: FY25: back to normality

JC Decaux returns to profitability with FY25, prompting slight forecast and target price upgrades. Q1 26 looks solid at around 5% Organic Growth, helped by the winter Olympics, though sustained...

RWE: FY25: Gas Generation Strikes Back

Chapeau: RWE sharpens its strategy with a €35bn 2026–2031 investment plan tilted toward flexible gas-fired generation and batteries, prioritising the United States and Germany to meet surging,...

Deutsche Börse further consolidates its position

It was another strong year for the Frankfurt stock exchange operator, which secured its eleventh consecutive year of growth in operating profit.

Wacker Chemie: Positive 2026 outlook drives optimism

Chapeau: Solid FY2025 disclosures set the stage for a constructive 2026, with Guidance slightly topping expectations, leaner CapEx supporting free cash flow, and shares reacting...

STMicroelectronics: STM too plays its AI cards

Summary: STMicroelectronics is sharpening its focus on AI data centres with power electronics and silicon photonics, targeting more than $500M revenue in 2026 and over $1B in...

West African Resources: Steady Growth, Disciplined Capital

West African Resources Limited emerges as a trusted gold producer-steadily delivering ounces, strong cash flow, community partnerships, environmental stewardship and disciplined capital allocation...