Equity Analysis

Siemens: Automation surprises on profitability; however, current valuation already accommodates 2026 target upgrade

Earnings/Sales releases Siemens delivered a profit beat in Q1 as a recovery in Automation revenues led to an improvement in DI Profitability. Orders, too, were above expectations as SI benefitted from...

RELX Group: Huge share buybacks to end a great year

Earnings/Sales releases RELX has just announced figures for FY25, which are broadly in line. The highlight of this release is the new share buyback programme, which has grown by 50% to £2.25bn and...

Unilever: Soft FY25, but encouraging FY26 guidance

Earnings/Sales releases Unilever reported FY 25 results, slightly below market expectations at the top line, with a 3.5% Organic Growth compared to the anticipated 3.7%. Despite this, the company has...

AutoStore: Autostore - Strong Q4 confirms demand recovery

Earnings/Sales releases AutoStore's Q4 FY25 results exceeded both our expectations and market consensus. Revenue rose 9.0% YoY and order intake surged 35.1% YoY, supported by improving backlog...

Thomson Reuters goes All-out on AI

It is now fueling a significant portion of Thomson Reuters' revenue. However, the climb isn't without obstacles to overcome, with digital segments booming and traditional print fading, Thomson Reuters...

Michelin rewards shareholders and further strengthens its balance sheet

This morning, the market reacted very positively to the French tyre maker's annual results.

CGI's Steady AI-Driven Momentum

CGI marks nearly half a century as a disciplined architect of digital infrastructure, quietly anchoring itself across the vast transformation market through measured expansion, proximity-led delivery...

Mercedes-Benz Group's star is losing its shine

Unsurprisingly, Mercedes-Benz Group reported lower quarterly and annual results, although its cautious outlook is being punished the most. ...

Unibail-Rodamco-Westfield: Increase the dividend when profits decline

Earnings/sales releases Recurring EPS is projected to decline by approximately 3% in 2026, based on the upper end of the guidance range. Despite this, the dividend payable in 2027 is expected to...

EssilorLuxottica: 4Q25: Time to take profits

Earnings/Sales releases 4Q sales increased 12.1% YoY to €7.6bn, mainly driven by strong growth in AI glasses. However, this category continues to weigh on profitability, with the adjusted operating...

SGS: Margin overhaul delivered well, but valuation is still ahead of the narrative

Earnings/Sales releases SGS' 2025 results met expectations on sales, including Organic Growth, and were ahead on profits. The beat on profits resulted from the successful execution of the margin...

Ahold Delhaize: Strong US momentum and online inflection drive Q4 beat; 2026 outlook is constructive

Earnings/Sales releases AD delivered a high-quality Q4 and FY25 performance, driven by strong US execution, improved online profitability and disciplined Capital Allocation. The achievement of fully...

Schindler: Broadly in line Q4 results, 2026 targets are progressive but accounted for

Earnings/Sales releases Schindler's Q4 results were broadly in line with the VARA consensus and our estimates. As in previous quarters, Modernisation and Service remained the key pillars of order and...

Storebrand: Momentum intact in the fourth quarter

Earnings/sales releases Storebrand reported strong Q4 results, above expectations, mainly driven by the insurance and asset management businesses, while unit-linked and retail banking delivered mixed...

Siemens Energy: Q1 reinforces demand backdrop as good execution continues, FY26 targets confirmed

Earnings/Sales releases Siemens Energy started FY26 with a strong beat on orders, underpinned by robust Demand in both GS, particularly in the US. Revenue growth was supported by good execution, and...

Randstad: No rebound yet

Earnings/Sales releases Randstad reported weak organic revenue in Q4 2025, with softness across Northern Europe, France, the UK, and Latin America, while North America showed modest growth. In...

ABN Amro: Q4: Strategic Execution Fuels Payout Upside

Earnings/Sales releases ABN Amro’s Q4 results were mixed, missing on LLPs but beating on NII and fee income . While quarterly provisions rose, FY-25 CoR remained exceptionally low at 1bp. Strong...

Moderna in a Spin After FDA Declines to Review Flu Vaccine Candidate

Moderna is tumbling on Wall Street after disclosing in a press release that the Center for Biologics Evaluation and Research at the US health authorities has decided not to begin reviewing the...

Yara International: Yara rides a tight global market and regulatory tailwinds

Earnings/Sales releases Yara International reported Q4 2025 results, supported by CBAM-related pre-buying, with improved price/mix driving margin expansion. However, overall performance remained below...