Equity Analysis

Mayr-Melnhof Karton: A better start to 2026 isn't enough for markets

Earnings/Sales releasesWhile MMK’s Q1 results were decent – thanks to a series of optimisation measures, markets are disappointed. The war in Iran has again rekindled market uncertainties such...

Clariane: Front-loading the mid-term refinancing

Significant news Clariane's Q1 results delivered buoyant 4.9% Organic Growth, driven by pricing power and improving occupancy, though largely offset by disposal-related headwinds. The 2026-28 maturity...

The Revenge of European Medium-Sized Techs Against American Giants

While all eyes are on the American titans, another tech segment is soaring, albeit more discretely. European mid-techs are delivering a string of strong performances and catching the markets by...

Boliden: Q1 results beat plus recent sell-off remains worth capitalising

Earnings/Sales releases Boliden’s Q1 results came ahead of street expectations, despite the Garpenberg Disruption. Other than sustained price tailwinds, there were various positives in both...

Qiagen: Weak Q1 and guidance cut unsettle the market

Earnings/Sales releases Qiagen's preliminary Q1 results fell short of both market expectations and management's guidance. Strong growth in Sample Technologies and contributions from genomics/NGS were...

Barclays: Confirmed guidance despite updated macroeconomic scenario

Earnings/Sales releases The first quarter results were fully in line with expectations. The management confirmed its short- and long-term guidance, showing strong confidence in the group's ability to...

BP: Trading and refining lift earnings, cash sinks in the Strait

Earnings/Sales releases BP delivered a strong Q1 2026, with underlying earnings more than doubling versus Q4 2025, primarily driven by an exceptional oil Trading contribution and a sharp recovery in...

SSAB: Q126: not bad, more to come in H2…

Earnings/Sales releases The Q1 26 results slightly exceeded consensus expectations, aided by reduced input costs. The Q2 results are anticipated to be similarly strong, with higher prices offsetting...

Atlas Copco: Q126: quite decent, the currency impact put aside.

Earnings/Sales releases The group reported results that were 2.5% below consensus, primarily due to adverse currency effects. Despite this, Organic Growth was supported by strong performance in Vacuum...

Between AI and Valuation, SAP Back to Reality

The European software leader has been buffeted by a market seeking scapegoats in the face of rising AI dominance. However, the stock's recent decline may stem more from overstretched valuations than...

Travis Perkins: A soft start to 2026

Earnings/Sales releasesTravis Perkins' Q1 FY26 performance missed expectations, with group like-for-like revenue down 1.7% YoY, driven by weak Merchanting volumes. Toolstation UK posted modest growth,...

Wärtsilä: 1Q26: Short-term lumpiness clouds the picture

Earnings/Sales releases While results were in line with expectations at the group level, we think the market is somewhat disappointed by the lack of margin expansion in Energy, as well as by the low...

M6-metropole Television: M6 limits damage in a difficult quarter for the advertising market

Earnings/Sales releases M6 delivered above-consensus Q1 results but remains fundamentally poor due to a complicated French TV market, despite market share gains and still best-in-class margins. The...

Brown & Brown loses a growth source

Following an exceptional cycle, the world's seventh-largest insurance broker is suffering from a downward revision of its organic growth outlook.

Air Liquide: The “usual outcome”

Earnings/Sales releases The trading statement released by Air Liquide showed no surprise, with sales moderately up on a comparable Basis. Large Industries are still the weak point as are Europe and...

BP's war-time windfall

BP has delivered the sort of quarter that oil companies enjoy: profits jumped, the share price rallied and traders cheered. But the result says as much about a turbulent oil market as it does about BP...

Ventia Chases Margins into a Corner as Revenue Stalls

Ventia Services Group Limited operates at the intersection of essential infrastructure, digitalized asset management, and the energy transition, leveraging long-term service contracts across Australia...

Pure Health Holding Trades Domestic Dominance for Risky International Expansion

Pure Health is aggressively swapping its massive cash pile for a global hospital empire. Management now has to prove that it can integrate three different continents with no room for any operational...

A strange game of three-cushion billiards at Commerzbank

The battle for control of Germany's second-largest banking group is forcing all stakeholders to confront their own contradictions.