Equity Analysis

Holmen: Dividend increased despite soft (Q4) results

Earnings/Sales releases Q4 results were soft and missed street expectations. While Forest witnessed sizeable moderation, the division remained healthy and was well supported by Board & Paper, and some...

Alten: End of the bleeding, but stability must be monitored

Earnings/Sales releases Alten delivers a very positive surprise to the market after a particularly difficult 2025. Although the decline is not fully resolved, it has halved sequentially in France,...

Raiffeisen Bank International: Confirmed objectives

Earnings/Sales releases The quarterly earnings beat was largely driven by lower-than-expected credit and non-credit charges. The updated 2026 guidance is largely factored into consensus expectations,...

Nordea: Q4: Resilient Growth and Nordic Scale Momentum

Earnings/Sales releases Nordea delivered strong Q4 2025 results with a 15.5% FY ROE, exceeding guidance. Total income remained flat as higher Trading and fee results offset NII pressure from rate...

Electrolux: Organic growth, strong cost savings

Earnings/sales releases Electrolux reported better-than-expected organic sales growth and operating margin in Q4 2025, despite a weak market. The performance was driven by Europe, Asia, MEA and Latin...

Sanofi prepares for the future and once again raises its sacrosanct dividend

The group's annual results, published yesterday, provide, as is customary in these columns, an opportunity to take a step back and gain some perspective.

Wizz Air Holding: Mixed outlook update with a net positive effect

Earnings/Sales releases Wizz Air’s Q3 operating loss widened further yoy amidst declining ancillary revenue and persistent cost pressures, mainly led by fleet groundings. Nevertheless, the...

SCA: Weak Q4 + somewhat lower value of forests was disappointing

Earnings/sales releases 2025 ended on a weak note, with operating profits slumping to lows unseen since 2020. While Forest had a good quarter, downward revision – even though slight – in value of...

Swedbank: Q4: Special Payouts Meet Cost Realities

Earnings/Sales Releases Swedbank’s Q4 results beat consensus due to lower costs and strong trading income. Despite NII pressure from rate cuts, the bank achieved a 15.2% FY-25 RoE and proposed a...

Caixabank: Upgraded 2027 guidance above expectations

Earnings/Sales releases The group posted stronger-than-expected fourth-quarter results, helped by non-core items. The updated guidance for 2026 is largely in line with consensus expectations. This is...

Lloyds looks comfortable again

For years after the financial crisis, Lloyds Banking Group was the most British of British banks: big in mortgages, cautious in lending, and more interested in repairing its balance sheet than taking...

Warehouses De Pauw: M&A on the horizon?

Earnings/sales releases The European logistics market is experiencing a continued decline, albeit at a slower rate. Changes in governance and WDP's European ambitions for 2030 may indicate potential...

The Commodity Rally is a Silver Lining for Andean Precious Metals

The company is riding the commodity wave, with a 590% stock surge and record Q3 revenues of $90.4m . While geopolitical risks remain in Bolivia, these metals are proving to be Canada's ultimate GDP...

Genesis: Record Production Fuels Stock Surge

Genesis Minerals has been delivering a standout gold story, with Ulysses humming through Stage 2 expansion, record quarterly production topping 74,000 ounces, and cash flow funding accelerated growth...

Surging Profits Propel HD Hyundai Stock Rally

Global smart-power demand is surging as utilities race towards net-zero, and HD Hyundai Electric is capitalizing with high-voltage systems, digital grids and strategic partnerships-fueling export...

DWS: Q4: Record Results and Ambitious New Horizons

Significant news DWS delivered an excellent Q4-25, overachieving its 2025 strategic targets with record revenues of €902m and an improved 54% adjusted cost-income ratio. Management introduced an...

Bucher Industries: FY25 sales: A disappointing guidance

Earnings/Sales releases The Bucher Group delivered a strong order recovery across divisions. However, net sales declined , particularly in the Kuhn Group and Emhart Glass. The FY26 sales guidance is...

Nokia: Q4 & FY25: Nokia deepens AI exposure while execution discipline holds

Earnings/Sales releases Nokia reported Q4 and full-year 2025 results broadly in line with guidance, confirming that its strategic pivot towards AI- and cloud-driven network infrastructure is gaining...

Givaudan: FY25: Our conservative view proved right

Earnings/Sales releases Givaudan's top-line performance was approximately in line with expectations; however, this was insufficient due to higher-than-anticipated costs. These costs significantly...