Equity Analysis

Takeover rumors swirl around Caesars Entertainment, which keeps its jackpot out of shareholders' reach

A brutal reminder of the laws of gravity is a fundamental rule of financial markets, and a decidedly recurring theme in our columns this week.

Service Revenue Drives Finning's Resilient Growth Engine

Finning International is a leading global equipment and services provider, supported by a diversified regional footprint and a steadily expanding product-support ecosystem. Its disciplined execution,...

Steadfast Group Marches Ahead on Solid Momentum

Steadfast Group Limited's stock has stumbled, despite solid operational gains, creating an intriguing disconnect between market sentiment and business reality. The company continues expanding its...

IMI keeps the cash flowing

British engineering firms rarely excite investors. IMI, a Birmingham based maker of valves and motion control systems, is trying to prove that steady industrial businesses can still deliver attractive...

Elekta: Profitability improvements and beat, despite exogenous headwinds, are noteworthy

Elekta delivered a resilient Q3, outperforming on profitability despite foreign exchange headwinds and tariffs. Strength in order intake across China, the United States and Europe, renewed growth in...

Reckitt Benckiser Group: Core Reckitt and EM remain strong though near-term margin headwinds disappoint markets

Reckitt delivered broadly in-line results, with Core Reckitt strength and solid Emerging Markets momentum offset by softer trends in Europe. Guidance on revenue holds, but near-term margin pressure...

TUI Group: Initial insights into the Middle East unrest

TUI Cruises faces temporary operational challenges in the Middle East as two vessels await emergency logistics. We estimate a €44m impact on JV income, though the broader outlook remains resilient...

Pbb Deutsche Pfandbriefbank: Harder, longer transition

pbb Deutsche Pfandbriefbank delivered Q4 figures marked by accelerated De-Risking and a still-muted market backdrop. Management maintains its cost of risk normalisation view but acknowledges that...

L'Oréal, or the price of excellence

The world's number one beauty company closes out 2025 by accelerating quarter after quarter. Record margins, cash flow up 8%, a strategic push into luxury. And yet, at roughly 29 times 2026 earnings,...

LEG Immobilien: Strategy on track to de-risk and maintain profitability

Chapeau: LEG Immobilien delivers on its strategy with solid FY2025 figures, an 8% dividend hike, and a return to positive revaluations. With confirmed 2026 guidance, a clear path to 45% LTV, and...

Merck: Q4 miss and slightly weak 2026 guidance

Q4 fell short of expectations as Life Science and healthcare grew while Electronics lagged; 2026 Guidance trails consensus mainly on FX, but long-term prospects across businesses and the balance sheet...

Continental: Resilient FY25 results amid group transformation into a pure tire player

Continental delivers FY25 results broadly in line with preliminaries, showcasing resilient tyres performance, solid free cash flow, and a higher-than-expected dividend, while advancing portfolio...

Rentokil Initial: Improving Execution Restores Confidence

H2 results landed broadly in line, with stabilising trends in North America and resilient International growth. Strong free cash flow conversion, a higher dividend, and clearer execution in the...

Amplifon: Q4 miss rattles market's faith in delivering on next year's targets

Earnings/Sales releases Amplifon reported another quarterly performance miss, with both sales and profitability falling short of the company-compiled consensus. Although the firm showed modest revenue...

Itv: Mixed FY25 results not saved by any M&A updates

Earnings/sales releases ITV released mixed FY25 figures and mentioned that it is still in discussions with Sky for the sale of its broadcasting arm. However, the guidance for 2026 is a bit more...

Adidas: Outlook fails to convince

Earnings/Sales releases Adidas confirmed the Q4 25 and FY25 results announced at the end of January. The margin progression and solid momentum across Performance and Lifestyle categories sent...

Duolingo suddenly brought back to earth

A perfect storm for Duolingo, which has wiped out 4/5 of its market capitalisation in nine months.

Temenos: Temenos: rewriting the future after strong 2025

Latest Temenos is turning the page: the February 25 CMD not only validated the recovery achieved in 2025 but also allowed for an upward revision of the 2028 outlook. By providing a concrete response...

Scor at a crossroads

Left in a sorry state by its previous chief executive, Denis Kessler, Scor has had little opportunity to cash in on the providential backdrop in the reinsurance sector in recent years.