Youssef Harrabi

Clínica Baviera, the copy-paste machine

The Spanish eye-surgery specialist posted record 2025 revenue of EUR302m and free cash flow up 28%, without a euro of net debt. The market has finally noticed: it now pays nearly 20 times expected 2026 earnings, which remains reasonable so long as one assumes the machine keeps running as smoothly tomorrow as it did yesterday.

June 08, 2026 at 10:53 am

Evolution, priced for doubt

The Swedish developer of gambling software for online casino operators just reported quarterly revenue down 1.5%. On a constant-currency basis, sales grew 6.8% and EBITDA margin held at 65.4%. The cash machine never stalled, which is precisely what makes the current valuation so counterintuitive: Evolution trades at eleven times earnings, a level you'd instinctively associate with a late-cycle business rather than a company still posting nearly 7% organic growth.

May 12, 2026 at 05:24 am

Spotify: What the Market Still Expects

The Swedish streaming pioneer just delivered the best operating year in its history: operating income jumped 61% to 2.2 billion euros, with free cash flow hitting a record 2.9 billion. And yet the stock has shed nearly a third since its spring 2025 peak. Both moves tell the same story.

April 21, 2026 at 10:27 am

EssilorLuxottica and the price of reinventing eyewear

The Paris-listed giant in vision correction, at the intersection of luxury, health care and technology, posted record organic growth of +11.2% in 2025, driven by 7 million AI-powered glasses sold. Net income fell 1.9%. The stock, which the market had pushed to 45 times estimated 2027 earnings, has corrected 40% from its peak.

April 02, 2026 at 11:44 am

Netflix, the luxury of walking away

The world's leading streaming platform posts record 2025 results and free cash flow that tops $9 billion for the first time. Then it walks away from a $72 billion deal for Warner Bros. Discovery, while its competitors merge around it. The question is whether Netflix is watching the show from the summit or from the center of the target.

March 26, 2026 at 10:46 am

Mader Group, end of act one

The Australian mining-equipment maintenance specialist posted a record half at 485 million Australian dollars in revenue. But behind the records, the EBITDA margin is slipping and the interim dividend has vanished in favor of a war chest. The plot remains the same; only the chapter has changed.

March 20, 2026 at 06:48 am

ID Logistics, 27 warehouses and a misunderstanding

French-listed ID Logistics, Europe's leading contract logistics provider, posted 2025 revenue of 3.7 billion euros, up +16% organically, net income up +20%, and the market shaved 7% off the stock. The indictment: operating cash flow contracted and ten basis points of margin lost. The culprit: 27 new sites opened during the year. In other words, exactly what shareholders signed up for.

March 16, 2026 at 09:54 am

GTT, or the art of doing nothing

Record revenue, record margin, record dividend. The French world leader in cryogenic membrane engineering closed 2025 with the strongest results in its history. They are likely the last of such magnitude for the foreseeable future. The paradox of a global quasi-monopoly with 67% margins: even at the top, you have to look beyond the numbers.

March 12, 2026 at 10:13 am

Booking: Guilty until proven innocent?

The global leader in online travel just closed out 2025 with results any CEO would sign off on in a heartbeat: 1.235 billion room nights booked, EPS up 22%, $9.1 billion in free cash flow. In response, the market has lopped 30% off the stock since the summer and pinned its lowest multiple of the decade on it. Apparently, artificial intelligence is going to kill online travel. The question is: which one.

March 10, 2026 at 07:22 am

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, the gap between price and perfection remains razor-thin. That is the paradox of exceptional companies: they must be flawless just to justify their price tag.

March 05, 2026 at 11:52 am