Equity Analysis

Eramet: Some positives in Q1, but the way forward isn't easy yet

Earnings/Sales releases Eramet has reported good-to-decent Q1 sales, with the press release also including some important positives with respect to manganese, mineral sands and lithium. Markets too...

SGS: Limited impact from current geopolitical situation, confirmed targets already built into valuation

Earnings/Sales releases SGS's Q1 sales figures met expectations, with the exception of marginally better Organic Growth, which had a limited impact from the Middle East conflict. The Organic Growth...

Husqvarna: Product launch effect, early savings

Earnings/Sales releases Husqvarna reported a positive start to the year, with organic growth driven by robotic mowers, handheld tools, and watering products. Husqvarna Forest & Garden led the...

AutoStore: Autostore Q1: Execution beat; shifting to a positive stance

Earnings/Sales releases Autostore’s Q1 2026 results significantly beat all key metrics, providing the fundamental evidence needed to shift away from the cautious sentiment that has recently weighed...

Nokia: AI-driven infrastructure momentum strengthens growth outlook

Earnings/Sales releases Nokia reported a strong 4% YoY net sales growth to €4.5 billion and a 6.2% operating margin. The quarter highlighted accelerating momentum in AI and cloud infrastructure...

Nestlé: A strong start but a prudent stance remains

Earnings/Sales releases Nestlé reported Q1 organic growth of 3.5%, surpassing the 2.4% consensus, despite a c.90 bps impact from the infant formula recall. Volume growth of 1.2% significantly...

DnB: Q1: improving NII outlook

Earnings/Sales releases DNB’s Q1 beat was driven by cost efficiency and strong Asset quality . The core highlight is a hawkish pivot: management now expects two 2026 Rate Hikes, signalling NII...

Roche Holding: An assuring start to the year

Earnings/sales releases Q1 sales exceeded the street’s expectations, driven by strong growth in ophthalmology, haemophilia, neuroscience, blood cancer and food allergy treatments. The management has...

Dassault Systèmes: 1Q26: good news, there were no negative surprises.

Earnings/Sales releases Dassault Systèmes reported results in line with its own expectations and those of the consensus. The software publisher, which has faced a series of setbacks in recent...

Schindler: Positive start despite lower revenues, 2026 targets confirmed, valuation becomes somewhat enticing

Earnings/Sales releases Schindler delivered a marginal beat on orders, driven by continued strong momentum in the Modernisation business amid ongoing weakness in the New Equipment business....

Bankinter: Iran war still seen as a tailwind

Earnings/Sales releases The slight quarterly earnings beat was largely driven by ongoing benign asset quality trends. Importantly, the management does not envisage increasing its provisioning effort...

Sartorius Stedim Biotech: Inline Q1 revenue, resilient margins amid tariff headwinds

Earnings/Sales releases Sartorius Stedim Biotech delivered a largely in-line Q1 26, with revenue at €762m supported by continued consumables strength and broad-based regional growth. Underlying...

L'Oréal returns to growth

Another set of strong quarterly results for L'Oréal, which continues to outperform its industry and difficulties met with the breathtaking success that the French group has long accustomed its...

Safran: Strong Q1 takeoff, but gathering headwinds cap the upside

Earnings/Sales releases Safran delivered a strong Q1 with organic growth fuelled by peak aftermarket workscopes. However, management maintained full-year Guidance, implicitly signalling a...

EdenRed: Resilient underlying growth amidst regulatory headwinds

Earnings/Sales Releases Edenred delivered a Q1 revenue beat with LFL growth of 3.1%, or 8.2% when excluding the regulatory fee cap impacts in Italy and Brazil, prompting a reconfirmation of FY...

Carrefour: A decent start to Q1: 2026 targets confirmed

Earnings/Sales releases Carrefour delivered a modest Q1 beat, with lfl sales up 2.2% YoY, driven by France and Spain. France showed encouraging sequential improvement and market share gains,...

STMicroelectronics: AI momentum drives recovery, margin expansion remains gradual

Earnings/Sales releases STMicroelectronics delivered a strong Q1, supported by improving industrial demand, normalisation of distribution inventories, and accelerating AI infrastructure exposure....

Heineken: Q1 beats expectations, but Europe and the Americas still lag

Earnings/Sales releases Heineken reported a strong Q1 FY26, surpassing consensus expectations for both volume and net revenue growth, driven by robust performance in Asia Pacific and Africa & Middle...

Energizer Holdings faces investor skepticism

What lies ahead for the famous pink bunny battery brand?