Analysis: Stocks

Food retail – from price wars to platform wars

Latest Food retail is undergoing a structural shift from a volume-driven distribution model to a data-enabled platform model. US leaders such as Walmart demonstrate that retail media and membership...

CNH: Challenging FY25; soft FY26 guidance reflects agriculture downcycle trough

Earnings/Sales Releases CNH reported modest FY25 results, slightly exceeding expectations, primarily due to a stronger-than-expected Q4, which benefited from a low comparative base. Agricultural...

Group ADP: FY 2025: Momentum meets the regulator

Significant news Groupe ADP delivered a stronger-than-expected 2025, but the real test lies ahead. Operational momentum now faces mounting pressure as the regulator questions the framework...

Anglo American: Mixed results in an otherwise exciting 2025

Earnings/Sales releases Despite all the excitement in Copper markets and positives associated with Teck Resources merger, red metal-driven Anglo American’s 2025 results were a mixed bag. While...

Umicore: Umicore pressured from soft auto demand and metals hedging

Earnings/Sales releases Umicore reported broadly flat YoY sales, in line with consensus. We expect a flattish sales growth into FY26 ex. metals exposure, as we anticipate weakness in automotive...

Sika: Resilient execution in a muted market

Earnings/Sales releases Sika delivered FY25 results rather in line with expectations in terms of Ebitda and margins, while cash generation remained resilient despite a challenging construction...

Moncler: Strong identity in a challenging climate

Earnings/Sales releases Moncler closed FY 25 on a very strong note, delivering a clear Q4 acceleration across both brands despite a demanding comparable base. Asia led the rebound, driven by China and...

Klépierre: Start 2026 with usual cautiousness

Earnings/Sales releases The FY 25 guidance initially projected near-stable FFO, with a 5% increase ultimately achieved. The 2026 guidance also anticipates near-stable performance, indicating a slight...

Segro: 2026: another good year ahead

Earnings/Sales Releases Market rent increases slowed in 2025 across all of Segro's regions. Despite this, Segro capitalised on the rent differential during relettings, maintaining strong organic...

GTT: Solid performances and visibility drive our GTT upgrade

Earnings/Sales releases 2025 results are solid, with revenue at €803m and Ebitda at €542m , lifting margin to 67.5% , driven by execution of the 2022 order peak. LNG carriers remain the core...

Danone: Danone FY25: Business as usual, guidance intact

Earnings/Sales releases Danone reported an organic growth of 4.5%, marginally exceeding the 4.4% consensus. Recent infant formula recalls in Europe and the Middle East adversely affected sentiment,...

Nokian Renkaat: Solid FY25; restructuring complete; delivery of ambitious targets now hinges on execution

Earnings/Sales releasesNokian’s FY25 results were mixed, showing recovery improvements but not meeting expectations. The stronger performance was due to a robust price mix and volume effect,...

Anglo's painful makeover

Anglo American's latest numbers tell two stories at once: a business that is throwing off cash in its continuing core - largely copper, premium iron ore, manganese, crop nutrients and De Beers - and a...

Hochtief in the right place at the right time

Well positioned in all the right segments, the German construction group - which for now generates only 8% of its revenue in Europe, versus 2/3 in the US and more than 1/4 in Asia-Pacific, including...

Record results for Zurich confirm CEO Mario Greco's prophecy

The Swiss insurer wraps up a 2025 financial year that will go down in the record books.

Toyota Defies EV Trends, Surging Ahead

Toyota Motor Corporation is accelerating with a multi-pathway approach that keeps hybrids central while exploring BEVs and hydrogen, ensuring steady global demand and reinforcing its resilient,...

Redington: From Box-Shifter to Cloud Orchestrator

Redington Limited has rapidly developed into a high-velocity technology solutions leader, expanding across over 40 markets with strong India-led growth, a rising software and cloud portfolio, and...

Silvercorp Metals Doubles Profit, Stock Soars

Silvercorp Metals enters 2026 with accelerating operational strength and enhanced sector relevance, supported by record production, resilient cost performance and surging silver prices. With strategic...

Centrica: FY25: Reshaped group, clearer 2030 vision set, but SBB era closed

Earnings/Sales Releases Centrica reported disappointing FY25 results, with adjusted EPS of 11.2 and adjusted operating profit of £814m . The group did not extend its £2bn share buyback, completing...