Equity Analysis

Sbm Offshore: EPC Ramp Up Drives 2026 Revenue Acceleration

Earnings/Sales Releases SBM Offshore reports a softer 2025, with revenue of US$5.1bn and Directional EBITDA of US$1.7bn , mainly impacted by asset rotation and lower progress on certain Turnkey...

Casino: No major surprises in Q4; investors await restructuring outcome in Q2

Earnings/Sales releasesGroupe Casino reported Q4 FY25 LFL sales growth of +0.5%, broadly in line with FY trends. Trading remains uneven, with continued softness at Monoprix and Franprix offset by...

UCB: H2 beat; 2026 outlook healthy; but valuation remains red-hot

Earnings/sales releases The H2 25 results exceeded the consensus, and the 2026 Guidance was better than the consensus estimates at AER. The H2 performance was driven by UCB's five key drugs, and the...

Banco Comercial Portugues: Confirmed guidance and upgraded distribution policy

Earnings/Sales Releases The fourth-quarter performance was largely in line with expectations, enabling the management to confirm its Guidance for the next three years. Logically, it has upgraded its...

A peculiar behavior that's worth calling out

Latest Metals & Mining continues with its stellar run. Neither softening tariff risks nor AI worries seem to be stemming the market's strong dash for metals and miners. Sizeable and broad-based gains...

Wolters Kluwer valued as if in middle of the subprime crisis

The Dutch professional and academic publishing group is stepping up efforts to convince investors that artificial intelligence is an opportunity rather than a threat to its business, and that it has...

Schneider Electric: Good H2 helps achieve 2025 targets; 2026 outlook unsurprising but valuations reasonable

Earnings/Sales releasesSchneider Electric delivered good revenue growth in Q4, and solid profitability and FCF in the second half of 2025. revenue growth was driven by continued strong demand in data...

Sopra Steria Group: Ride the AI wave before the inevitable tsunami hits?

Earnings/Sales releasesAs the group delivered a fourth quarter marked by a return to growth, supported by sovereign-related projects and strategic contracts in expanding sectors, Sopra Steria also...

Aalberts: FY 2025: Decline, talks and no guidance

Significant news After a year marked by negative organic growth, margin compression, and earnings pressure, Aalberts is asking investors to look past the present and focus on a recovery that is still...

Hiscox buys itself a clean slate

After its major misstep during the pandemic, the British insurer is coming back strong, posting a third straight year of revenue growth.

ASX Transforms Amid Strong Revenue Momentum

ASX Limited is redefining its market infrastructure through large-scale technology upgrades and expanded data services, reinforcing its role as Australia's financial backbone while navigating...

Chalco Capitalizes on Aluminum Demand Surge

Global aluminum demand is accelerating, driven by Asia-Pacific construction and EV packaging momentum, while Aluminum Corporation of China Limited leverages its full-value chain, South American CBA...

Erste Group: Strong set of results and confirmed guidance

Earnings/Sales releases The group posted a strong set of quarterly results. It confirmed its 2026 guidance, which is fully in line with consensus expectations at the operating level but slightly below...

Nexity: 2026: further revenue decline

Earnings/Sales releases In March 2024, Nexity aimed to maintain a steady booking rate of 14,000 units annually. However, in 2025, the company recorded 12,008 orders. This downward trend persisted into...

Leonardo: Leonardo FY25: Execution confirmed, visibility still pending

Earnings/sales releases Leonardo delivered a solid set of FY2025 results, confirming operational progress and improved financial discipline. However, structural weak spots persist, key growth drivers...

AGEAS: FY25 in line; focus shifts to China margins and UK execution

Significant news Ageas delivered FY25 broadly in line with expectations, with net operating profit up 33% y/y to €1.65bn, boosted by a €300m China Tax One-Off. Excluding this and recent M&A,...

Ebro Foods: Ebro's resilience is still there

Earnings/Sales releases Ebro Foods has shown resilience, despite slightly missing sales expectations due to the deflationary environment, particularly in its rice segment. Although affected by pricing...

E.ON: FY25 results in line – Capex programme expended but under conditions

Earnings/Sales releasesE.ON reported FY25 results fully in line, confirming the resilience and visibility of its regulated network model. Two watchpoints stand out: first, €48bn CapEx over...

Alcon: Markets forgive Q4 miss for a healthy 2026 outlook

Earnings/Sales releases Even though Q4 sales and profitability missed consensus, the markets seem happy with the 2026 outlook. Q4 performance was underpinned by healthy growth in both the Surgical and...