Equity Analysis

Jeronimo Martins: Q1 EBITDA beat offset by FX-driven EPS miss

Earnings/Sales releases JMT's Q1 FY26 performance featured resilient 3.1% lfl growth and a ~2.0% EBITDA beat, though EPS missed consensus by ~8.0%, attributable to a 39% spike in financial costs and...

Avolta: Long-term business resilience put to the test

Earnings/Sales releases Q1 trading aligned with expectations and the mid-term outlook was reconfirmed, though we are barely convinced that the geopolitical headwinds following the late-February unrest...

Ams OSRAM: Strategic transformation gains momentum amidst Q1 strength and AI-driven photonics expansion

Significant news AMS-Osram AG delivered a robust Q1 2026, exceeding revenue guidance and hitting the upper end of its adjusted EBITDA targets. Group revenue was €796 million, reflecting a 9% YoY...

Up 127% on its IPO day: Who is Silex Microsystems?

Silex Microsystems made a powerful debut on Nasdaq Stockholm, surging 127% in early trading. Behind this relatively unknown name lies a Swedish MEMS foundry: a manufacturer of micro-components...

ARM Holdings plc: Arm's AI infrastructure pivot accelerates growth trajectory

Earnings/Sales releases Arm Holdings' fiscal Q4 2026 showcased that it is accelerating as a key AI infrastructure beneficiary. Q4 FY2026 revenue rose 20% YoY to $1.49 billion, driven by strong...

Siemens Healthineers: Weak Chinese diagnostics and inflationary & tariff pressures were key challenges

Earnings/Sales ReleasesSiemens Healthineers' Q2 performance did not meet the company-compiled consensus. Topline growth in the core business was constrained by weakness in Diagnostics. Profitability...

Campari disappoints but still top of the class

In a spirits sector that remains jittery, and which some fear is evolving along the same lines as big tobacco, news is currently being met with a certain sense of drama.

Flutter Entertainment: Q126 beat overshadowed by softer US trends and guidance cut

Earnings/sales releasesQ126 results were ahead of consensus, supported by strong international and iGaming growth, although softer US customer trends and elevated investment spending weighed on...

Legrand: Growth still anchored in Datacenters, we confirm caution on expensive valuations

Earnings/Sales releases Legrand posted solid Organic Growth in Q1, boosted by continued strong growth in Datacenters despite sustained weakness in the Buildings market. This strong start should enable...

Ahold Delhaize: Healthy Q1 performance masked by management churn

Earnings/Sales releases AD's Q1 FY26 results were broadly in line with market expectations. Group revenue increased by 2.0% yoy, with the U.S. up by 1.5% and Europe up by 2.6%. Underlying operating...

EDP: Q1-26: EDP lifts guidance as AR gains & generation offset Iberian weakness

Earnings/Sales releasesEDP reported broadly in-line 1Q26 results, with recurring EBITDA down 3% YoY to €1.4bn, driven by weaker Iberian Power prices, partly offset by resilient renewables and solid...

Lufthansa still flying through turbulent zones

Airlines are facing cut-throat competition, extreme capital intensity and recurring conflicts, coupled with a frequently heavily unionized workforce.

Tenaris: Q126: long-term fine...with short-term pressure…

Earnings/Sales releases Tenaris reported robust Q126 results, exceeding consensus expectations. Sales increased by 6% yoy to US$2.9bn, with cash generation raising net cash to US$3.8bn. US pricing...

Banco Comercial Portugues: Underlying Performance on Track

Earnings/Sales releasesThe group posted a good set of results. The core performance was broadly in line with expectations, whereas the higher-than-expected other impairments were offset by stronger...

Equinox Gold: Growth Based on Fragile Foundations

On paper, the Canadian gold producer looks like it is picking up momentum. However, the market is asking whether scale has come at the cost of consistency and whether the balance sheet can carry both....

Nongfu Spring is Scaling up to Escape China's Brutal Price War

China's domestic pricing power has flatlined. Nongfu Spring Co. is frantically outrunning this saturation with a CNY 10bn manufacturing blitz and a pivot to the US. Hoarding supply chains is a gamble...

Leonardo: Leonardo delivers beat as aeronautics recovers

Earnings/Sales releasesLeonardo reported a very strong Q1-26, with broad-based operational improvements across its core defence businesses. The key highlight was the sharp profitability recovery in...

Davide Campari-Milano: Soft Q1 on a generous comp: The burden shifts to peak season

Earnings/Sales releases Campari posted +2.9% organic in Q1 26, a soft print on an easy comp and a clear deceleration after two quarters at or above +4%. The release came in below consensus, although...

Deutsche Lufthansa: Resilient Q1 delivery; guidance reiteration hinges on yield sustainability

Earnings/Sales releases Lufthansa Group reported a Q1 earnings beat on in-line revenue, driven by expanded long-haul capacity and high yields for premium seating. The FY26 guidance has been largely...