Analysis: Stocks

ASM International: Semiconductor investment cycle lifts long-term growth outlook

Earnings/Sales releasesASM delivered another record quarter, surpassing €1 billion in quarterly revenue for the first time while maintaining industry-leading profitability. Strong demand from...

Hermes International: Exceptional margins, fading excitement

Earnings/Sales releases Hermès delivered a mixed H1 26. Q2 sales were broadly in line with consensus, while the operating margin exceeded expectations at 41.0%. However, beyond another impressive...

Sopra Steria Group: The worst years are behind us

Earnings/sales releases Sopra Steria delivered a strong first half across the board. Growth has clearly returned and is broad-based, driven by strategic verticals such as défense, aerospace, and...

Legrand: Continued strong Datacentre growth drives an organic guidance upgrade

Earnings/Sales Releases Legrand once again delivered a surprise on the top line, accompanied by resilient profitability that has come to define its business model. datacentres remain the cornerstone...

Intesa Sanpaolo: Affirmed superiority ahead of the start of the offer on MPS

Earnings/Sales releasesThe group posted a strong set of results, enabling the management to marginally upgrade its full-year net profit guidance, thus sending a positive signal ahead of the launch of...

Snam: HY 26 delivers, guidance holds, net debt improves

Earnings/Sales releases Solid H1 26, broadly in line. Ebitda reached €1,572m, up €80m YoY, driven mainly by higher regulated revenues in Gas Infrastructure, chiefly Transport and Storage Rab....

Krones: Resilient demand supports a steady outlook

Earnings/Sales releasesKrones delivered a broadly in-line 2Q26, with resilient order intake. The unchanged outlook is supportive, although stronger backlog conversion remains necessary in the second...

Nexans: 1H26: A guidance upgrade? We think not

Earnings/Sales releases Nexans has published solid results. In our view, the guidance is effectively unchanged, despite management's comments to the contrary, as the increase mainly reflects the...

Kerry Group: Strong volumes support a clearer outlook

Earnings/Sales releases Kerry's H1 results indicate that its strategy is gaining traction, evidenced by stronger volume momentum, broad regional progress, and sustained margin delivery despite subdued...

ENI: Eni raises guidance after a quarter led by upstream and LNG

Earnings/Sales releases Upstream fully captures the Brent premium tied to the Hormuz crisis, the launch of the Searah joint venture with Petronas reshapes the growth profile in Southeast Asia, and...

Electrolux: Strong EMEA-APAC and Latin America, North America headwinds

Earnings/Sales releasesElectrolux beat expectations in Q2 2026, thanks to strong organic sales growth and operating margin improvement in EMEA-APAC and Latin America. North America remains...

Grifols: Improving profitability and FCFs relieve investors

Earnings/sales releasesThe Q2 profitability was somewhat ahead of consensus, and the firm maintained its full-year guidance. Improving profitability and free cash flows, despite FX headwinds, were the...

Three European companies exposed to electrification

The return to grace of stocks related, whether directly or indirectly, to artificial intelligence has lowered the entry price for several electrification plays. It's hence the right time to revisit...

Kering: Gucci improves, margins rebuild confidence

Earnings/Sales releases Kering delivered a very encouraging H1 26, with Q2 revenue and H1 profitability comfortably ahead of expectations. Group revenue returned to growth after 11 consecutive...

DWS: DWS goes with the flow

Earnings/Sales releasesWhile overall, second quarter results were mixed, net new money accelerated sharply. Operationally, DWS continues to deliver, absorbing a 6% sequential drop in revenue driven by...

GTT: Good order book, GTT lifts its ten-year LNG carrier estimate to 550

Earnings/Sales releases GTT's first half 2026 brings no surprise on the headline numbers: revenue and EBITDA both come in stable, and commercial activity stays firm with 65 orders. The point that...

Caixabank: Profit taking

Earnings/Sales releasesThe underlying performance was in line with expectations, thus enabling the management to reiterate its RoTE guidance. In our view, today’s sell-off is driven by profit taking...

Ebro Foods: A resilient half despite pressure

Earnings/Sales releases Ebro Foods reported resilient H1 results despite challenging operating conditions. Group EBITDA-A declined; however, the Rice segment performed well despite record-low prices....

Alten: Back in the Green !

Earnings/Sales releases Alten delivered an impressive H1 2026, returning to Organic Growth with a clear Q2 acceleration . Momentum was led by aerospace and défense, with France and Southern Europe...