Equity Analysis

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...

Accenture defies the odds

In a sector that is particularly exposed in the current climate, few results were as highly anticipated as those from the world leader in IT consulting.

Sinotruk: Going Full Speed Ahead

While China's housing market is stalling, Sinotruk is currently pulling a massive power move. This heavy-duty titan is busy pivoting toward high-speed highways and green energy. But how long can it...

Lotus Pharmaceuticals Navigates a Market in Motion

Lotus Pharmaceuticals Co., Ltd. is entering a pivotal chapter, where a softer patch in headline results contrasts with a vibrant expansion story taking shape across emerging Asian markets. Even as...

Atalaya's copper moment

Miner Atalaya's revenue, earnings and cash all rose sharply in 2025, helped by higher copper prices, better sales and a leaner cost base. Yet the figures also show how mining fortunes remain hostage...

Swissquote Group Holding: FY-25: leveraging scale, now with Yuh

Earnings/Sales releases Swissquote delivered record FY-25 results, with pre-tax profit beating our estimates by 23% despite Yuh-related margin dilution. While the stock faced pressure from...

RATIONAL: Solid FY25 delivery, but uncertainties to weigh on margins

Earnings/Sales releases Rational delivered solid FY25 results, fully in line with its preliminary release, with sales reaching €1.26bn and EBIT at €333m, implying a margin of 26.4% . The group...

Sonae: A strong Q4 '25 overshadowed by lack of 2026 comments

Earnings/Sales releases Sonae reported another good set of quarterly figures, although they came below high expectations on the Profitability side due to some one-off costs. The management comments...

Bastide Le Confort Medical: Sound H1 results, solid deleveraging, and reaffirmed FY guidance

Earnings/Sales releases Bastide’s H1 results delivered underlying indicators on track towards FY targets, with a net profit from discontinued activities, primarily the Baywater sale, exceeding our...

NEMETSCHEK GROUP: 2025 success on All plan, building the framework for record-breaking 2026

Earnings/Sales releases Nemetschek released its annual report today, confirming a robust performance with revenue exceeding the one-billion-euro mark . EBITDA came in at €371m, reflecting a solid...

LANXESS: A stimulus and consolidation bet

Earnings/Sales Releases Lanxess's Q4 2025 results disappointed investors, leading to an ~9% decline in the share price at pixel time. While broader segment sentiment weakened due to the escalating...

Generali: Updating our assumptions following FY25 results and finance deep dive

Significant news Generali's FY25 results were strong, broadly in line with expectations. The continuation of positive top-line momentum and good combined ratio quality in Q4 were encouraging, as was...

Qatar LNG strike strengthens higher-for-longer gas & power price risk

Significant news Until this morning, our base case assumed that the Strait of Hormuz would reopen and that any disruption would not extend beyond Europe’s gas storage refilling season, which runs...

Rusal: A profit slump overshadows aluminium market excitement

Earnings/Sales Releases Despite strong aluminium market dynamics, Rusal’s 2025 profits came under pressure due to higher input and logistical costs. This scenario was further complicated by...

Jeronimo Martins: Decent closure to FY25; clouded by 2026 uncertainty

Earnings/Sales releases Jeronimo Martins posted a strong FY25 beat with EBITDA up 11.1%, though Q4 margins were aided by one-off accounting adjustments. Despite the outperformance, the stock fell...

Strong headwinds at Swatch, where the brand portfolio appears to be valued at zero

The watchmaking group, owner of its namesake brand as well as Omega, Tissot, Breguet, Blancpain, and Longines, amongst other names, is facing multiple headwinds.

Parrot: A New Lease on Life in Sovereign Drones

Investors are once again flocking to Parrot, capitalizing on the growing interest in asymmetric warfare and the deployment of drones in combat. Yesterday, the announcement of initial NATO orders for...

Vonovia: New CEO, new directions.

Earnings/Sales releases The 2026-28 guidance remains unchanged, now aligning with the new focus on Deleveraging, as stated by the new CEO, Mr Luka Mucic. The end-market environment continues to be...

Battered on the stockmarket, The Trade Desk rolls out the big guns to soothe investors

A series of disasters for the adtech specialist, which has lost three of its largest accounts in quick succession, has sent its share price into a tailspin.