Equity Analysis

Bureau Veritas: BV's consistently good performance outflanked by Wendel's ambitions, shares still attractively priced

Earnings/Sales releases BV's 2025 results slightly exceeded expectations on profitability, despite meeting consensus expectations on sales and organic growth. The organic growth was above 6%, driven...

Saipem: Saipem: Record Q4 Margin, Growth Expected in 2026

Earnings/Sales releases Q4 results show strong sequential improvement, with EBITDA of €515m on revenues of €4,515m . Asset Based Services margin reached 15.7% , confirming operating leverage in...

Nordex SE: Profitability reform continues to gather momentum, but limited upside after today's reaction

Earnings/Sales Releases Nordex posted another profitability beat, driven by higher installations as well as strong underlying profitability in the executed backlog and better margins in Service. 2025...

Haleon: Sales miss accompanied by conservative guidance weighs on sentiment

Earnings/Sales releases Haleon reported full-year results with sales slightly below consensus, though profitability exceeded expectations. Top-line growth was driven by decent contributions from most...

Fresenius: Inline Q4 ensured a healthy finish to FY 25

part of Kabi, largely driven by bios...

Iberdrola: FY25: Solid underlying performance without surprise, 2026 looks promising

Earnings/Sales releases Iberdrola delivered solid results in line with expectations, supported by increased generation assets and robust organic as well as perimeter growth in regulated activities, as...

Santander: A RoTE objective too far

Strategic plan The management confirmed its 2028 upbeat financial objectives and disclosed its new remuneration policy. The positive share price reaction shows that it managed to partly reassure...

Georg Fischer: Cleaner portfolio, weaker margins

Earnings/Sales Releases Georg Fischer delivered FY25 results below expectations and guidance, mainly due to weakness in H2 and unfavourable mix effects. While organic growth remained slightly...

Wolters Kluwer: Strong FY25 results and enticing guidance on the menu

Earnings/Sales releases Wolters Kluwer reported strong FY25 results, while the outlook for 2026 could indicate higher organic growth. The group also decided to cut the share buyback programme by half...

Hsbc: Upgraded Guidance

Earnings/Sales releases The group posted stronger-than-expected quarterly results, enabling the management to upgrade its RoTE guidance for the next three years. However, this will have limited impact...

Bic: Weak show continues in Q4; focus shifts toward the upcoming strategic plan

Earnings/Sales releases Q4 showed early signs of stabilisation, driven by a rebound in Blade Excellence, but core stationery and lighters remain under pressure. FY25 profitability declined amid gross...

Alten: Operational resilience confirmed despite challenging market conditions

Earnings/Sales releases On January 30, Alten announced that it had achieved its targets in terms of both revenue and margins. The publication of the full-year results now provides valuable granularity...

Sandoz: Healthy 2026 outlook raises hopes for a mid-term guidance upgrade

Earnings/sales releases While Q4 sales met the street's expectations, H2 25 profitability somewhat exceeded the consensus. Most of the Q4 growth was driven by strong demand for Sandoz's biosimilars,...

Diageo: APAC weakness persists; US recovery hopes build

Earnings/Sales Releases Diageo’s performance fell short of expectations, prompting a downward revision in Guidance. The Asia Pacific region faces challenges, primarily due to weakness in China....

AMD Gets Out the Heavy Artillery

The announcement of a strategic partnership between AMD and Meta can be read in two ways. ...

UmweltBank: 2025 results in line with guidance, DPS resumption for FY 2025

Earnings/Sales releases • Operating income rose by 32% to €78m for 2025, compared to 2024. • The pre-tax profit was €6.4m for FY2025, compared to a loss of €8.5m for 2024. • UmweltBank...

Ferguson: A decent closure to FY25: Strategy reinforces long-term growth algorithm

Earnings/Sales releases Ferguson delivered solid Q4 and FY25 results, modestly ahead of expectations, driven by strong non-residential demand and large capital projects, notably data centres. FY26...

Automatic Data Processing Valued at Its Crisis Lows

The undisputed leader in payroll and human resources management in the US - the group administers the pay of one in six workers - ADP has not been spared by the stress currently weighing on the...

EVN: Q1 25/26 – Solid Networks Offset Energy Weakness; Outlook Confirmed

Earnings/Sales Releases EVN delivered Q1 25/26 EBITDA broadly in line with our estimates . Weak Energy and Generation were offset by strong Networks performance. Guidance for FY 2025/26 net profit is...