Equity Analysis

AXA: FY25 results: Quality earnings in a tougher market backdrop

Earnings/Sales releases AXA delivered a strong set of FY25 results, with resilient top-line growth and margins, despite a more competitive environment in P&C Commercial lines. The quality of earnings...

Galp Energia: Upstream Resilience Cushions Refining Weakness, Strong 2026 Outlook

Significant news Q4 came broadly in line, with Group Ebitda at €619m , impacted by the major planned turnaround at Sines, while upstream remained resilient at €430m despite lower Brent ....

Tecnicas Reunidas: Solid execution, 2026 visibility under geopolitical risk

Earnings/Sales releases Results improved compared to 2024, with revenue of €6,466m and EBIT of €291m , driven by strong execution in Natural Gas and Petrochemicals . A favourable project mix in...

Stellantis: €22bn EV Strategy Reset Weighs on FY25 Performance

Earnings/Sales releases Stellantis reported weak FY25 results following a reset of its EV strategy, recording €22bn in charges. We remain sceptical about the revised strategy, as significant...

Ferretti, the ultra-luxury bet

In a nautical industry under pressure, an Italian company is holding its ground. Ferretti has chosen to focus on ultra-luxury, a segment that could shield it from the turbulence tied to boating's...

VAT Group: Acceleration priced in as VAT prepares for 2026 ramp

Significant news VAT Group reported solid FY25 sales and free cash flow with a resilient 30% Ebitda margin despite FX headwinds. Orders were flat overall but improved in Q4 25. Continuous R&D and...

Thales: Robust FY25, measured 2026 outlook

Earnings/Sales releasesThales delivered a high-quality FY25 performance, beating expectations on revenues, margins and especially cash generation. Defence momentum remains structurally strong,...

Beiersdorf: No clear growth in sight

Earnings/Sales releases Beiersdorf closed FY25 with a top line broadly in line with consensus and slightly better margin expansion, supported by continued double-digit Derma growth and sequential...

Kuehne + Nagel: Restructuring costs bite bigger than anticipated; 2026 EBIT target doesn't imply revisions

Earnings/Sales Releases K+N's Q4 EBIT was notably below the consensus as the restructuring costs were higher than expected. Air Logistics volumes continued to grow well, while volumes in Sea...

Bank of Ireland: The new business points to impressive efficiency gains

Earnings/Sales Releases The group posted a good set of results. The new business plan is articulated around accelerated loan book expansion, net interest margins, and above all, strong cost savings....

Cheniere Energy and Venture Global, US LNG heavyweights, reap an unexpected windfall

Iran's retaliation could achieve what a decade of US gas diplomacy struggled to move forward.

Ses: FY25: SES pivots to defense growth as Intelsat integration progresses

Earnings/Sales releases SES reported a transitional FY25 following the consolidation of Intelsat, with acquisition-driven growth but softer underlying profitability due to integration effects and...

OPAP: Digital-led transition continues as Allwyn integration nears

Earnings/Sales releases OPAP reported Q4 25 results below expectations, with weakness in lottery and betting offsetting solid VLT and iGaming growth, while higher payroll and marketing expenses led to...

Cannon fire, bugle call

In a duopoly on its domestic retail banking market alongside fellow Irish lender AIB, Bank of Ireland found itself in a privileged position after its main foreign rivals exited and interest rates...

Fresnillo strikes gold and silver, but for how long?

Boom times in precious metals have delivered a windfall for the world's largest primary silver producer and Mexico's biggest gold miner. The harder question is what happens next.

Smith & Nephew: Solid Q4 but FY26 outlook clouds near-term visibility

Earnings/Sales releases S&N delivered a healthy Q4 and broadly in-line FY25 performance, supported by recovery in Orthopaedics, strong sports medicine momentum, and continued cash flow strength....

Trican's Low-Carbon Strategy Delivers High Returns

Trican Well Service Ltd. enters 2026 as a standout performer in a challenging oilfield-services landscape, combining robust financial momentum, strategic acquisitions and low-emission technology...

Aussie Broadband has the Bandwidth to Flex Big

While most Australian households were tightening their belts in 2025, on the contrary, Aussie Broadband Limited decided to loosen its purse strings. Faced with stubborn inflation, the telco company...

Sai Life Sciences Rides India's Pharma Boom

Sai Life Sciences Limited's story reads like a steady climb powered by sharp execution and a clear sense of direction. With investor enthusiasm building alongside the company's consistent performance,...