Equity Analysis

Orica Leads with Precision, Safety and Scale

The Australian mining solutions veteran, Orica Limited is riding a powerful wave. Premium products are gaining traction, digital tools are finding their market, and the gold rally is lifting chemical...

NetEase Cloud Music Strikes a Profitable Chord

The company is proving that even in a cautious economy, people will always find a few yuan for their favorite music. helping the platform pivot from flashy social entertainment to a leaner,...

Getlink: Strong top-line print driven by Eleclink base effect

Earnings/Sales releasesGetlink reported Q1 2026 consolidated revenue of €371 million, up 15% YoY, beating the restated Q1 2025 base of €322 million. All four divisions contributed to growth, but...

Gecina: One dividend play

Earnings/Sales releases Our positive recommendation remains unchanged, based on the dividend and the favourable risk/reward differential for Gecina. Q1 26 showed no significant developments, and the...

EssilorLuxottica: 1Q26: A strategic shift we welcome

Earnings/Sales releases The results were broadly in line with expectations, but the most significant change was in the narrative. EssilorLuxottica is no longer positioning itself primarily around the...

Alfa Laval: Reassuring order intake countered by lower invoicing; shares remain fully priced

Earnings/Sales releases Alfa Laval surprised the market positively with orders, even as sales and profits missed the mark. Order intake was boosted by good demand in Energy, which helped offset the...

Saipem: Saipem 1Q26: margin beat masks softer order intake and Hormuz overhang

Significant newsResults came in above consensus on EBITDA and broadly in line on revenue, with the quarter's story entirely driven by margin expansion in Asset Based Services rather than top-line...

Nordea: Q1: AI pivot and NII through confirmed

Earnings/Sales releasesNordea’s Q1-26 pretax beat stemmed from a €160m provision release, signalling an “NII trough” amid stable margins and 11% corporate lending growth. Fee income momentum...

Bureau Veritas: Middle East conflict and divisional review impact 2026 guidance, valuations still attractive

Earnings/Sales releasesBV had a soft start to the year as the group's sales were weighed down by the Middle East conflict and a surprising review of the Government Services division within Agri-Food...

AkzoNobel: A strong entry into 2026

Earnings/Sales releasesQ1 2026 earnings beat expectations, driven by pricing and cost-saving measures. Decorative paints delivered positive pricing, offsetting flat volumes, while Performance coatings...

ASM International: AI-led demand drives strong upside and expanding strategic momentum

Earnings/Sales releases ASM International delivered a very strong Q1 2026, outperforming expectations on revenue, margin, and forward guidance as AI-driven semiconductor investment accelerated across...

Randstad: Activity inflection, margins not yet

Earnings/Sales releasesQ1 2026 points to a modest improvement in the business, with a return to positive Organic Growth following Q4 2025's weakness. The Operational segment was the primary growth...

ABB: Datacenters drive order growth amid continued solid execution but valuations remain expensive

Earnings/Sales releases ABB witnessed strong order growth in Q1, boosted by triple-digit growth in Datacenters and good underlying demand across other areas. Backlog execution remained robust, driving...

Sandvik: Q126: sound order-intake and a likely upward revision of our numbers.

Earnings/sales releasesSANDVIK reported satisfactory results for Q126, aligning with expectations. Order intake remained robust, with sequential improvements, particularly in the Mining and machining...

FDJ United: A Shaky start to the year

Earnings/Sales releasesFDJ reported weaker-than-expected Q126 revenue impacted by higher gaming taxes and softer lottery cycles and sports fixtures. This also dragged down the online betting business...

Svenska Handelsbanken: Q1: getting closer to NII tunnel end

Earnings/Sales releasesHandelsbanken's Q1 2026 results surpassed expectations, with RoE rising to 13.6% as NII stabilised and fee income accelerated. Robust lending in the UK and Netherlands offset a...

Reckitt Benckiser Group: Q1 '26: Soft start, near-term headwinds accumulate

Earnings/Sales releasesReckitt reported a softer-than-expected Q1 26 trading update, with core Reckitt LFL net revenue growth of +1.3% falling short of the consensus and AV estimate of 3% and 3.5%,...

Rexel still awaiting a turnaround in Europe

Largely driven notably by its breakthrough in the data center sector, the electrical equipment distributor has seen a significant market rerating.

Mouwasat Medical Services Company Battles the Expansion Fever

As part of its Vision 2030 goals, Saudi Arabia is shifting from a government-run system to a private-sector powerhouse. This massive wave of investment is creating a gold rush for established players...