APPROACH SERVICE OFFER MIFID2 RESEARCH BLOG CONTACT LOGIN TRIAL RESEARCH 468 European Large Caps 30 Senior Analysts COVERAGE ANALYST REPORTS STRATEGY REVIEWS Download a sample Select a company A1 Telekom Austria Group Aareal Bank ABB ABN Amro Acciona AccorHotels Acerinox Ackermans & van Haaren ACS Adecco Adidas Aegon AGEAS Aggreko Ahold Delhaize AIB Group Air France-KLM Air Liquide Airbus Group Akzo Nobel Alfa Laval Allianz Alstom Altice NV Amadeus IT Group ams Amundi Anglo American Anheuser-Busch Inbev Antofagasta AP Moller-Maersk Aperam ArcelorMittal Arkema Aryzta ASML Asos Asseco Poland AstraZeneca Atlantia Atlas Copco Atos Autogrill Aviva AXA Axel Springer BAE Systems Baloise Holding Banco Comercial Portugues Banco De Sabadell Bank of Ireland Bankia Barclays BASF Bastide Le Confort Medical Bayer BBVA Beiersdorf Bekaert BHP Billiton Bic Bilfinger bioMerieux BMW BNP Paribas Boliden Bolloré Bolsas Y Mercados Espanoles Boskalis Bourbon Bouygues BP British American Tobacco British Land Co BT Group Burberry Bureau Veritas Buzzi Cairn Energy Caixabank Capgemini Carl Zeiss Meditec Carlsberg Carrefour Casino CD Projekt Ceconomy AG Centrica CGG Clariant CNH Industrial N.V. CNP Cobham Coloplast Colruyt Commerzbank Compass Continental Corporacion Financiera Alba Covestro Covivio Crédit Agricole Credit Suisse CRH D/s Norden Daimler Danieli & Co Danone Danske Bank Dassault Systemes Deoleo (ex SOS) Deutsche Bank Deutsche Boerse Deutsche Lufthansa Deutsche Post DHL Group Deutsche Telekom Deutsche Wohnen Diageo Dialog Semiconductor Dixons Carphone DnB Drax Group DSM DWS E.on easyJet Ebro Foods EdenRed EDP EFG International Eiffage Elecnor Electricite de France Electrolux Elior Elisa Elringklinger Enel Engie ENI Equinor Eramet ERG Ericsson Erste Group Essilor Eurazeo Eurofins Scientific Euronext NV Eutelsat Communications EVN Experian Faes Farma Faurecia FCA N.V. FCC Ferguson Ferrovial FLSmidth & Co Fortum Fraport Fresenius Fresenius Medical Care Fuchs Petrolub Fugro Galenica Galp Energia GBL Gea Group Gecina Gemalto Generali Genmab Getinge Getlink Givaudan Glaxosmithkline Glencore Gn Store Nord Grifols GTT GVC Holdings H Lundbeck Hal Trust Hamburger Hafen & Logistik Hammerson Hannover Rueck Heidelbergcement Heidelberger Druckmaschinen Heineken Heineken Holding Hellenic Petroleum Hellenic Telecom (OTE) Helvetia Holding Henkel Hennes & Mauritz Hera Hermes International Hikma Pharmaceuticals Holmen Hsbc Husqvarna IAG (International Airlines Group) Iberdrola Icade Iliad Imerys IMI Imperial Brands Inditex Indra Sistemas Infineon Informa ING Group Ingenico Inmarsat Inmobiliaria Colonial Intercontinental Hotels Group Intesa Sanpaolo Intu Properties Investor Ipsen Itv J D Wetherspoon JC Decaux Jeronimo Martins Johnson Matthey Julius Baer k+s KBC Groep Kering Kerry Group Kingfisher Kinnevik Investment Klépierre Kone Korian Kpn Kuehne & Nagel Intl KUKA LafargeHolcim Lagardere Land Securities Group Lanxess Legal & General Group Legrand Leonardo Linde Lindt & Spruengli Lloyds Banking Group Logitech International London Stock Exchange Group Lonmin Lonza Group L'Oréal Luxottica Group LVMH M6-metropole Television Mapfre Marks & Spencer Mayr-Melnhof Karton Mediaset Mediaset España Comunicación, S.A. Mediobanca Meggitt Melia Hotels International Mercialys Merck Metso Michelin Millennium & Copthorne Hotels Millicom Mitchells & Butlers Modern Times Group MTU Aero Engines Muenchener Rueck National Grid Natixis Neopost Neste Nestle Nexans Nexity Next NH Hotel Group Nokia Nokian Renkaat Nordea Nordex SE Norsk Hydro Novartis Novo Nordisk Novozymes NXP Ocado Group PLC Oerlikon Old Mutual OMV OPAP Orange Orange Belgium Oriflame Holding AG Orpea Orsted Outokumpu Paddy Power Betfair Pargesa Paris Aéroport Parmalat pbb Deutsche Pfandbriefbank Pearson Pernod Ricard PGS Picanol Pirelli Porsche Prada ProSieben Sat.1 Proximus Prudential Prysmian PSA-Group Publicis Puma Qiagen Raiffeisen Bank International Randstad Holding REC Silicon Reckitt Benckiser Group RELX Group Remy Cointreau Renault Rentokil Initial Repsol Rexel Rheinmetall Richemont Rio Tinto Roche Holding Rolls-Royce Royal BAM Royal Bank Of Scotland Royal Dutch Shell Royal Philips RSA Rusal RWE Ryanair Sacyr Safran Sage Group (the) Sainsbury Saint-Gobain Saipem Salzgitter Sampo Sandvik Sanofi Santander SAP SE Saras Sartorius Sartorius Stedim Biotech Sbm Offshore SCA Schindler Holding Schneider Electric Scor Scottish & Southern Energy Seb Securitas Segro Ses SGL Carbon SE SGS Shire Siemens Siemens Gamesa Renewable Energy Sika Skandinaviska Enskilda Bank Sky Smith & Nephew Snam Société Générale Sodexo Software AG Solocal Solvay Sonae Sonova Holding Sopra Steria Group Ssab Stada Arzneimittel Standard Chartered STMicroelectronics Stora Enso Storebrand Suedzucker Suez Svenska Handelsbanken Swatch Swedbank Swedish Match Swiss Life Holding Swiss Re Swisscom Symrise Talanx Tarkett TechnipFMC Tecnicas Reunidas Tele2 Telecom Italia Telefonica Telefonica Brazil Telefonica Deutschland Telenor Teleperformance Telia Tenaris Tesco TF1 Thales Thomas Cook ThyssenKrupp Tomtom Total Travis Perkins TUI Group Tullow Oil UBS UCB Umicore Unibail-Rodamco Unicredit Unilever United Internet United Utilities UPM-Kymmene Valeo Vallourec Vedanta Resources Veolia Environnement Verbund Vestas Wind Systems Vicat VIEL & Cie Vifor Pharma Vinci Vivendi Vodafone voestalpine Volkswagen Volvo Vonovia Wacker Chemie Wärtsilä Wendel Wereldhave Whitbread William Demant Holding William Hill Wm Morrison Wolters Kluwer Wpp Yara International Zardoya Otis Zurich Insurance Group Select a sector Banks Insurance Other financials Property Chemicals Metals & Mining Oils Paper & Packaging Aerospace-Defence Building & Construction Building Prod. & Materials Capital Goods Support Services Transport Autos Consumer Durables Hotel, Catering & Leisure Non Food Retail Concessions Food & Beverages Food Retail Health Households Pharma Telecoms Utilities Computer Services IT Hardware Media Semi conductors Software Select a country Austria Belgium Denmark Finland France Germany Greece Italy Luxembourg Netherlands Norway Poland Portugal Ireland Russia Spain Sweden Switzerland UK 28/09/18 LONMIN Despite a decent Q3 production and cost performance, Lonmin’s difficulties have persisted. Apart from continuation of a weak platinum pricing ... 28/09/18 LONMIN Given the dismal state of Lonmin’s operations, we have moderated our assumptions further – with operating losses expected in FY18 and only feeble ... 28/09/18 RSA RSA reported a 1% increase in group net written premiums at £4.9bn. The disappointment came from the UK market with lower premiums, a combined ratio ... 28/09/18 DEOLEO (EX SOS) We have adjusted our estimates following the approval of BOD concerning the €25m capital increase. The subscription price will be €0.10, representing ... 28/09/18 IDEA KICKER With the operational dynamics already discounted, Novozymes’ (Sell, Denmark) current price has got additional support from the oil bulls (see chart ... 28/09/18 MEDIOBANCA Bolloré’s exit will automatically end the shareholders’ pact that has protected the group for 20 years. The successful transformation of Mediobanca ... 28/09/18 HENNES & MAURITZ The surprising good quarter has allowed for an upgrade of earnings and a lower discount vs. peer multiples (from 40% to 30%) as the speeding up of ... 28/09/18 SCOR A new episode in the Scor-Covéa saga. The mutualist published yesterday a press release to “clarify its position” regarding the reinsurer. It ... 28/09/18 THYSSENKRUPP After months of opposing any structural changes to the group, the union seems to have accepted the split of ThyssenKrupp into two separately-listed ... 28/09/18 THYSSENKRUPP We have raised the average peer group premium from 35% to 45% as a first reaction to the proposed split-up. As this structural change will take at ... 28/09/18 NEOPOST Neopost reported its H1 18 results which showed a mixed picture. On one hand, Q2 18 was better than expected in terms of revenue growth thanks to ... 27/09/18 AUTOGRILL 8-months revenue was up 4.8% at constant FX (lfl +3.6%) to €3bn, the contribution of the last two months totalled €0.9bn. 27/09/18 HENNES & MAURITZ The slope of growth has sped up thanks to the faster growth of online. Margins are under pressure due to clearance sales and restructuring costs. A ... 27/09/18 VONOVIA Following the good H1 18 results, we have revised upwards our earnings estimates, boosted by stronger revaluation levels (+18% yoy). This was ... 27/09/18 CONTINENTAL The Supervisory Board met today and extended CEO Elmar Degenhart’s contract to 2024. Simultaneously, it was decided to change who was at the helm of ... 27/09/18 IDEA KICKER Atlantia&nbsp;(Italy, Buy)&nbsp;is your typical concession company, meaning a robust business model and recurrent cash flows. It diversified into ... 27/09/18 VALUATION WISE Airlines are on a crash path. High crude prices add to pre Brexit deepening worries as the industry is without guidelines while a no-deal Brexit ... 27/09/18 DWS We have initiated coverage of the German DWS with a target price of €29.5 per share and a BUY recommendation. DWS KGaA, owned with a stake of 77.75% ... 27/09/18 KORIAN H1 18 revenues increased 6%, mainly boosted by the steady organic development and selective M&A push. The better than expected margin generation in ... 27/09/18 ORPEA The H1 18 figures were broadly in line with our estimates. We have integrated the slight increase in debt and the reduction in financial costs due to ... 26/09/18 NEXT Next is performing well and its transitional phase is progressing in the right direction. The Online business is expanding fast enough to lift the ... 26/09/18 DANIELI & CO The stronger EPS for FY17 entirely stems from lower than expected losses on forex (which actually turn to be a gain in H2, reducing full-year ... 26/09/18 BMW We had a cautious view in the past, but management’s new profit guidance for Automobiles has forced us to lower our projections further. We have ... 26/09/18 IDEA KICKER Burberry (Sell, UK)’s is up 14% ytd, a reflection of market confidence in the new management and its revamping strategy. A lot is discounted as it is ... 26/09/18 VALUATION WISE Over the last five trading days, LVMH&nbsp;(Add, France)&nbsp;has gained 5%. And Burberry&nbsp;(Sell, UK)&nbsp;lost 6%. The French group is 20x ... 26/09/18 SANTANDER We believe that Mr Orcel’s arrival has to be analysed in the context of the group’s digital ambitions which are seen as requiring vision more than ... 26/09/18 LONZA GROUP We have adjusted our profitability expectations. Pharma & Biotech will make the strongest contribution due to its higher value business and its ... 26/09/18 MEDIOBANCA As noted in our post-release comments, the group posted better-than-expected results largely on the back of lower impairments. We have revisited our ... 26/09/18 DANIELI & CO Danieli released FY 17/18 results (the group’s closing is 30 June). Revenues reached €2,706m (+9%), EBITDA €228.8m (+13%), EBIT €103.9m (+48%) and ... 26/09/18 TRUCKS Heavy truck registrations were up by 7% to 25,296 in the month of July and by 8% to 21,008 in August. This has brought the ytd number to 211,550, an ... 26/09/18 LONZA GROUP Lonza has shown good development in recent years and conducted an Investors Day to update the capital market. Around 120 investors and analysts were ... 26/09/18 SPORTING GOODS Through to the end of August Nike’s revenue increased by 10% to $9.95bn and the group was able to increase its gross margin by 0.5pp to 44.2%. As ... 26/09/18 CNP We have revised our model with the better expectations for all markets. After the merger with La Poste, CNP will belong to a public financial hub and ... 25/09/18 NEXT Next has done better than expected. Group sales were up 3.8% and the operating profit increased by 1.6%. Guidance was upgraded. 25/09/18 BMW We cannot remember BMW having to release a profit warning during the last decade or so. This positive environment has ended with WLTP. It has forced ... 25/09/18 THOMAS COOK We have revised downward our earnings expectations for both 2019 and 2020, following the company’s profit warning. The weak trading performance will ... 25/09/18 KONE Concerning 2019 guidance: With current spot rates, FX is estimated to have a somewhat negative impact on the 2019 adjusted EBIT. On top of this, the ... 25/09/18 IDEA KICKER Since the great financial crisis, Crédit Agricole SA (Add, France) (CASA)’s share price has had quite an atypical path with a performance in line ... 25/09/18 VALUATION WISE Only on 12 September, we argued for buying Metals & Mining stocks on their then pronounced dip. As it happened, one had to be seriously quick to ... 24/09/18 CORPORACION FINANCIERA ALBA As expected, Corporación Financiera Alba reported a sharp decline in its net profit (€68.2m in H1 18, vs. €426.4m in H1 17). This drop is mainly ... 24/09/18 TUI GROUP Following Thomas Cook’s profit warning due to the impact from the hot summer weather and more challenging industry conditions, we have adopted a more ... 24/09/18 IDEA KICKER Year after year, Voestalpine AG (the successful incumbent of the merger between Austrian state-owned steel assets and Bölher Uddeholm 11 years ago) ... 24/09/18 VALUATION WISE Emmanuel (Macron) has been losing a lot of French political capital of late. So does Angela (Merkel) as right wing forces push her hard-won coalition ... 24/09/18 ALFA LAVAL We have increased our EPS estimates for FY18/19 mainly attributable to the very strong order inflow for the Marine division and the ... 24/09/18 THOMAS COOK Due to the tougher competitive environment and the prolonged hot weather period which should continue to impact winter trading, TCG has cut its FY18 ... 22/09/18 ELRINGKLINGER ElringKlinger has decided to sell new enerday GmbH, in which it acquired a 75% stake in 2014 and in which it controlled 80% earlier this year. This ... 21/09/18 PRYSMIAN The company reported its first half 2018 results which included General Cable from 1 June. The numbers were overall impacted by one-offs (FX negative ... 21/09/18 IDEA KICKER Although investors are giving the tobacco industry the cold shoulder, Swedish Match&nbsp;(Add, Sweden) has had quite an intensive nine months when ... 20/09/18 ADECCO Key highlights: Lower organic growth expected in Q3 18: 2% vs. 4% in Q2 18 (adjusted for trading days) Strategic plan unchanged Costs already ... 20/09/18 SUEDZUCKER Following the ad hoc update indicating a FY guidance cut, we have adjusted our estimates. The company awaits revenues of €6.6-6.9bn (AV: €6.76bn, ...