Equity Analysis

Aurubis: Metal price and recycling momentum offset persistent TC/RC pressure

Earnings/Sales releases Aurubis delivered positive Q2 2025/26 results, supported by a stronger contribution from recycling activities and significantly higher precious metal prices. Profitability...

K+S: Strong Q1 offset by soft guidance

Earnings/Sales releases K+S's Q1 2026 results were ahead of expectations, although the softer Guidance likely disappointed investors. The quarter benefited from strong overseas pricing, particularly...

Compass: Proven positive momentum supports modest outlook upgrade

Earnings/Sales releases Compass delivered strong underlying figures as robust new business in the Business & Industry segment countered concerns regarding AI's impact on office Catering. While...

Acciona: Q1-26: Nordex outperforms while Acciona Energía faces poor Spanish power price pressure

Earnings/Sales releasesAcciona reported encouraging trends, with very strong earnings growth at both Nordex and the Infrastructure division. Meanwhile, Acciona Energía delivered a more mixed...

Toromont is Winning, but Stock Upside may be Tapped

Toromont Industries Ltd. is having the time of its life. A surging share price, swelling margins, and a government-fueled infrastructure wave have turned this dealer from a quiet compounder into one...

Pool Corp caught by the laws of gravity on the stock market

The American distributor of swimming pool equipment and supplies, which largely dominates its sector in terms of geographic footprint and market share, is suffering the knock-on effects of the real...

Enel: Q1 2026: Organic growth accelerates

Earnings/Sales releases Enel delivered a strong start to the year, with EPS growth of +6% excluding capital gains, driven by an 11% year-on-year increase in capex, in line with the new 2026–28...

Amadeus valuation returns to Covid-era levels

Despite dominating an oligopolistic sector as the primary provider of the IT plumbing for airline reservation systems, the Spanish technology group has ultimately delivered a lost decade to its...

PVA TePla AG: Record orders signal semiconductor inflection despite temporary margin pressure

Earnings/Sales releases PVA Tepla delivered a strategically important Q1 2026 update, highlighting accelerating demand across semiconductor metrology and compound semiconductor materials while...

Genmab: Market mispricing creates opportunity as good Q1 reinforces investment thesis

Earnings/Sales releasesGenmab's Q1 results surpassed market expectations, primarily due to robust performance across most offerings. However, profitability decreased owing to higher operating expenses...

BMW: Q1 ahead of expectations, FY26 Guidance Confirmed, but caution still warranted

Earnings/Sales releases BMW’s Q1 results surpassed expectations, notably in the automotive division margin, a primary investor focus. Despite advancements with the Neue Klasse, we remain cautious...

Clariant: Middle East conflict weighs on earnings

Earnings/Sales releases Clariant’s Q1 2026 results are no surprise. Organic sales declined due to pricing. Disruptions in the Middle East weighed on the Catalysts segment, partly offset by the...

Continental: Solid Q1 ahead of expectations, FY26 guidance confirmed

Earnings/Sales releases Continental reported robust Q1 results, with Profitability surpassing expectations despite foreign exchange and volume challenges. This was driven by a favourable price mix in...

Grifols: FCFs didn't impress; rebuilding trust isn't going to be easy

Earnings/Sales ReleasesThe Q1 adjusted EBITDA exceeded consensus, though sales were slightly behind expectations. Performance was driven by immunoglobulin proteins, and a gradual expansion of plasma...

Amadeus IT Group: Solid Q1, uncertainty on full-year guidance

Earnings/Sales releases Amadeus delivered a solid Q1 2026 despite a more challenging geopolitical backdrop in March. Strong pricing across both airline activities, together with robust growth in...

Solvay: Middle East conflict weighs on peroxides

Earnings/Sales releases Solvay's Q1 2026 performance missed market expectations. The peroxides division was significantly impacted by Middle East disruptions, leading to investor concerns. Chinese...

Intesa Sanpaolo: Record operating performance is on track with objectives

Earnings/Sales Releases The first quarter delivered the best-ever operating performance, enabling management to confirm its short- and long-term objectives as detailed in its business plan. If these...

Acerinox: Q126: can’t wait for H2!

Earnings/Sales releasesThe Q126 results fell c.10% short of EBITDA expectations, although adjusted EBITDA showed improvement compared to Q425. stainless prices gradually recovered in the US and...

Krones: Strong orders, softer revenue conversion

Earnings/Sales releases Krones delivered mixed Q1 2026 results, with strong order intake offset by softer revenues and slightly weaker profitability in absolute terms. Order intake increased 5.3% y/y,...