Analysis: Stocks

Thyssenkrupp: Q125/26: on track…more time needed in the transformation process

Earnings/Sales releases The group reported results for Q1 25/26, slightly exceeding consensus expectations, primarily due to improved performance in Steel Europe. The Restructuring and transformation...

Adyen: Excessive share price drop after H2 results offers an attractive entry point

Latest 2025 results showed a significant increase in profitability. However, the 2026 Guidance was disappointing. The sales Guidance for 2026 aligned with AlphaValue's expectations but was...

Datwyler: 2H25: Solid H2, but FY26 outlook is already priced in

earnings/sales releases The company successfully delivered in H2. However, consensus expectations are already high, and we believe automotive challenges will continue to weigh on growth in...

British American Tobacco: Robust combustibles, modern oral growth

Earnings/Sales releases The 2025 results came in slightly ahead of expectations, supported by a strong positive price/mix in combustibles, particularly in the US, and by continued growth in new...

Anheuser-Busch Inbev: Q4 25: Laying the foundation for FY26 growth

Earnings/Sales releases AB InBev exceeded consensus expectations for Q4 25, reporting a volume decline of 1.5%, which was better than the anticipated 2.7% decline. Additionally, revenue surpassed...

AEP: data centre boom lifts profits

American Electric Power posted quarterly results that exceeded market expectations, while confirming its medium- and long-term growth outlook as US electricity demand accelerates sharply. ...

TotalEnergies: Balanced Growth with Robust Shareholder Returns

Significant news Q4 was broadly in line, as stronger downstream earnings offset a >$5/b QoQ Brent decline. Refining & Chemicals captured higher European margins , while E&P NOI fell to $1.8bn due to...

Nornickel: 2025 was a long-awaited inflection point

Earnings/Sales releases After a long wait, it seems that Nornickel is on course for a lasting turnaround. Although operations never really came under extreme pressure – even in tough markets,...

Legrand: Poised for more growth in 2026, but valuations already reflect the same

Earnings/Sales releases Legrand's 2025 results were broadly in line with revenues and profits. Revenue growth continued to be supported by strong demand in datacentres, which will also be a key...

Rexel: North America leads the pack

Earnings/Sales Releases Rexel reported Q4 2025 sales in line with market expectations. The group's organic growth was supported by solid volumes and improved pricing. North America remains the primary...

Ipsen: Markets applaud strong finish to 2025 and better-than-expected 2026 outlook

Earnings/Sales releasesIpsen concluded 2025 with sales and profitability exceeding expectations, driven by growth across all therapeutic areas. The 2026 Guidance surpassed consensus expectations,...

DSM-Firmenich: Profitability disappoints in FY25

Earnings/Sales releases DSM's full-year results aligned closely with expectations, achieving 3.0% organic revenue growth, just below the 3.1% consensus forecast . In Q4, organic growth slowed to 2.0%,...

Siemens: Automation surprises on profitability; however, current valuation already accommodates 2026 target upgrade

Earnings/Sales releases Siemens delivered a profit beat in Q1 as a recovery in Automation revenues led to an improvement in DI Profitability. Orders, too, were above expectations as SI benefitted from...

RELX Group: Huge share buybacks to end a great year

Earnings/Sales releases RELX has just announced figures for FY25, which are broadly in line. The highlight of this release is the new share buyback programme, which has grown by 50% to £2.25bn and...

Unilever: Soft FY25, but encouraging FY26 guidance

Earnings/Sales releases Unilever reported FY 25 results, slightly below market expectations at the top line, with a 3.5% Organic Growth compared to the anticipated 3.7%. Despite this, the company has...

AutoStore: Autostore - Strong Q4 confirms demand recovery

Earnings/Sales releases AutoStore's Q4 FY25 results exceeded both our expectations and market consensus. Revenue rose 9.0% YoY and order intake surged 35.1% YoY, supported by improving backlog...

Thomson Reuters goes All-out on AI

It is now fueling a significant portion of Thomson Reuters' revenue. However, the climb isn't without obstacles to overcome, with digital segments booming and traditional print fading, Thomson Reuters...

Michelin rewards shareholders and further strengthens its balance sheet

This morning, the market reacted very positively to the French tyre maker's annual results.

CGI's Steady AI-Driven Momentum

CGI marks nearly half a century as a disciplined architect of digital infrastructure, quietly anchoring itself across the vast transformation market through measured expansion, proximity-led delivery...