Equity Analysis

Flutter Entertainment: Quality of growth in question

Earnings/sales releases Q4/FY25 missed consensus and recently downgraded guidance , with softer US momentum and weaker cash flow offsetting strong iGaming growth and elevated NFL margins....

Acciona: FY25: Acciona beats targets on Nordex strength and active deleveraging

Earnings/Sales releases Acciona delivered a record performance in FY25, reporting consolidated EBITDA of €3,211m — well above its €2,700-€3,000m target range. The outperformance was primarily...

Ackermans & van Haaren: Compounding machine delivers again

Earnings/Sales releases Ackermans & van Haaren delivered record FY-2025 results, comfortably beating expectations and confirming the strength of its core engines. DEME and Private Banking once again...

Amadeus IT Group: Robust results, positive outlook

Amadeus delivered a solid Q4 2025, supported by volume growth across all divisions and higher revenue per passenger boarded in Air IT Solutions and per booking in Air Distribution, while Ebitda and...

Pearson: Good FY25 operational performance hidden by an impairment

Earnings/Sales releases Pearson delivered disappointing profitability figures due to an £87m product impairment that we do not view as problematic and which actually hides good underlying...

Fugro: Renewables collapse drives weak FY25 and cash deterioration

Earnings/Sales Releases FY25 was clearly weak, hit by the Offshore wind reset and Delayed oil & gas spending. Revenue fell -16.1% YoY to €1,848m, with Marine at €1,437m and Land at €411m ,...

Viridien: Mixed Q4: Lower Activity, and lower H2 2026 FCF outlook

Earnings/Sales Releases Viridien reported Q4 activity revenue of $277m and adjusted EBITDA of $135m , reflecting weaker Earth Data and SMO volumes. IFRS EBITDA reached $174m and net income $52m ,...

Faes Farma: 2025 ended well; expect a healthy 2026; but the upside remains limited

Earnings/Sales releases The Q4 sales exceeded expectations, though ‘adjusted’ Ebitda was somewhat behind the consensus. The Q4 performance was driven by Latam, animal nutrition and acquisitions...

Engie: FY25: ENGIE gains new scale with UK Power Networks acquisition

Earnings/Sales releases Engie reported 2025 results in line with expectations and issued new guidance through 2028, incorporating the acquisition of UK DNO UK Power Networks from Li Ka-Shing’s...

Banca Monte Dei Paschi Siena: Poorly received business plan

Strategic plan The disclosure of the new business plan has been poorly received. On the one hand, the group's financial objectives, as detailed in its new five-year business plan, point to net profit...

Helleniq Energy: Q4: Sequential Margin Expansion Supports Higher Valuation Base

Earnings/Sales releases The 4Q25 results showed a clear QoQ improvement, driven by a stronger downstream environment. Adjusted EBITDA reached €365m , supported by realised refining margins of...

Pernod Ricard's valuation still a long way from worst-case scenario

Almost exactly six months ago, as the market gave the spirits group its best trading session in a long time after a well-received earnings release, we were not holding our punches against Pernod...

Prysmian: FY25: Solid 4Q, disappointing guidance

Earnings/Sales releases Prysmian delivered record Q4 results with strong margin expansion, exceptional transmission performance, robust cash generation and reduced net debt. The FY26 Ebitda guidance...

ENI: Q4 : Volume growth and disciplined capex support cash generation

Earnings/Sales releases Q4 came in above expectations, with adjusted EBIT of €2.87bn and adjusted net income of €1.20bn, driven by Upstream strength and a recovery in refining. Production reached...

IAG at Cruising Altitude

Record profits, lower debt and disciplined growth lift Europe's airline giant

Teleperformance: A new start with new men? Time will tell

Earnings/Sales releases The group reported anticipated results for FY25. Notably, management changes were announced with the appointment of a new CEO together with the issuance of modest guidance for...

Allianz: 4Q25: FX and conservatism blur another solid quarter

Earnings/Sales releasesAllianz’s 4Q25 results were broadly in line with expectations, with continued positive momentum across business lines, although the headline figures were blurred by FX...

Sony Rides Japan's Precision-Built Wave

Sony Group Corporation's latest stride feels like a confident encore, as its blend of games music, and sensing technology keeps up with a rhythm of steady financial improvement. The narrative...

Chalet Hotels Captures India's Hospitality Boom

Chalet Hotels Limited is riding an impressive wave, with its shares soaring, backed by strong fundamentals and festive momentum. The hospitality powerhouse has captured investors' attention through...