Equity Analysis

Novo Nordisk plunges as its 2026 outlook rattles investors

Novo Nordisk is tumbling on the stock market after reporting its results and, above all, its outlook for 2026. ...

Is FDJ United stock the winning ticket for the start of 2026?

Since its market debut in 2019, FDJ United, formerly La Française des Jeux, has doubled its revenue and operating profit, and quadrupled its dividend per share.

CCL Industries Displays a Steady Quarter

Being the world's biggest label maker isn't just about glue and paper anymore. It's a high stake balancing act. From aggressive shopping spree acquisitions in the automotive sector to fighting off...

BIRET Investors Reap Dividend Rewards

Brookfield India Real Estate Trust is capitalizing on India's resilient Grade A demand, strong macro fundamentals, and disciplined capital strategy. With 24.6 MSF of operating space, a Bengaluru push,...

Sino Biopharm's Bullish Market Momentum

Sino Biopharmaceutical Limited is riding a powerful global and domestic biotech wave-fueled by aging populations, innovation-led reforms, and strategic M&A-to scale oncology, siRNA, and CDMO platforms...

Zalando: Logistics over likes

Earnings/Sales releases Zalando fell 12% on renewed social commerce fears. We see the move as excessive. TikTok skews to low ticket, volume driven unbranded or lesser-known products, unlike...

Fortum: FY25: Our caution on high expectations for data centre contracts proved correct

Earnings/Sales Releases Fortum reported decent results this morning, slightly below consensus, despite Hydro and Nuclear volumes coming in 3.9 TWh lower. The market is today punishing overly bullish...

Amundi: Q4: Record Inflows and Strategic Momentum

Earnings/sales releases Amundi’s Q4 results surpassed consensus with record net inflows of €20.9bn, driven by ETFs and Northern Europe. Adjusted pre-tax income reached €519m, supported by a...

AkzoNobel: Guidance underperforms expectations

Earnings/Sales releases Akzo reported its FY25 results with adjusted earnings broadly in line with market consensus. Management guides to flat volumes with positive price/mix for 2026. Deco volumes...

NXP: Q4 '25: Growth reasserts as cycle turns

Earnings/sales releases NXP delivered a solid Q4 25 performance, exceeding revenue and EPS expectations. While FY2025’s headline Growth was muted due to industry-wide inventory digestion,...

Publicis: Strong 2025 results, positive outlook

Earnings/Sales releases Once again, Publicis beat expectations on organic net revenue growth in Q4 2025. For the full year, the operating margin improved slightly , after reinvesting part of the gains...

At Meta, will AI make people forget the Metaverse?

The social media giant's latest release has once again highlighted the scale of its spending on artificial intelligence. While investors initially welcomed solid results and what were seen as...

Galp Energia: Galp breaks up to build an Iberian downstream champion

Latest Galp has announced a non-binding agreement with Moeve to combine all downstream and midstream activities into 2 JVs, effectively ending its integrated business model. The driver is industrial:...

After their surge, do French banking stocks have any more upside?

In Europe, the banking sector has been the star performer of the past five years, to the point that its return is triple that of the Nasdaq . Indeed, the Stoxx Europe 600 Banks index, with dividends...

Sartorius Stedim Biotech: Good FY25 recovery momentum partly overshadowed by guidance caution

Earnings/Sales releases Sartorius Stedim's operations recovered well in FY25, driven primarily by high-margin consumables. Positive volume and mix effects expanded underlying Ebitda margins,...

Boliden: An exceptional 2025-end, but don’t get carried away

Earnings/Sales releases 2025 ended on an extraordinary note for Boliden. Q4 results were stellar and largely reflection of market’s dash for Precious Metals, plus some valuable volume gains. While...

Demant: Cautious 2026 outlook weighs on investor sentiment

Earnings/Sales releases Demant's 2025 figures slightly exceeded estimates, driven by growth in Hearing Care and Diagnostics, particularly towards the year-end. However, softer-than-expected 2026...

Kinnevik Investment: A disappointing end to FY25 driven by a misfired climate tech bet

Earnings/Sales releases Kinnevik reported disappointing Q4 results with a 3% qoq decline in NAV, driven notably by peer multiples, currency headwinds, and a misfired climate tech bet. The 2026 outlook...

Alfa Laval: Execution narrative playing out as expected, but current valuation limits upside

Earnings/Sales releases Alfa Laval delivered good revenue growth, supported by solid execution across the three divisions. Orders declined as expected due to normalisation in marine, whereas Energy...