Analysis: Stocks

LVMH: Bright spots caution persists

Earnings/Sales releases LVMH delivered H1 26 sales marginally above consensus and profitability comfortably ahead. Q2 confirmed prevailing sector trends, with jewellery remaining the clear bright...

Air Liquide: As expected…as usual

Earnings/Sales releases Air Liquide reported a solid performance for H126, meeting operating profit expectations. Revenue was softer due to energy price volatility . The Americas continued to drive...

Elecnor: Margin recovery continues!

Earnings/Sales releasesElecnor reported mixed Q2 26 results, with sales and NI missing street expectations, partly offset by an EBITDA beat. Despite weaker Projects revenue, profitability improved as...

Galp Energia: Bacalhau ramp-up meets Sines refining boom: Galp lifts every 2026 target

Significant news Good Q2 : Sines refining system ran at full tilt into a geopolitical margin windfall and trading stayed robust. Upstream held firm on a $104/bbl Brent with production costs at...

AstraZeneca: In line Q2; correction of late is an entry point

Earnings/Sales releases The Q2 26 results were largely in line with the street's expectations. Strong growth in oncology, respiratory, immunology and rare disease treatments more than compensated for...

June European registrations post double-digit growth on electrification and Chinese OEM strength

Latest European passenger car registrations continued to rise, driven by the growth of electrified powertrains, particularly BEVs, with Tesla significantly contributing. Chinese OEMs excelled,...

Does Lodha Developers Have Room to Grow?

Lodha has entered its next phase with good momentum, although the market is now focused on whether this growth can be sustained at scale.

Couche-Tard Continues with Earnings Growth

The company's shares have been increasing, although the real story sits underneath.

Mapfre: Mapfre Q2 26: US acquisition alongside a slight profit miss

Earnings/Sales releases Mapfre’s 2Q26 net income came in slightly below expectations. The group also announced the planned acquisition of Safety Insurance – a US-listed P&C insurer. We have...

Volkswagen: Q2 below expectations and FY26 revenue guidance trimmed amid Audi and China softness

Earnings/Sales releases Volkswagen’s Q2 results fell short of expectations, impacted by reduced volume and tariff headwinds. Performance in China, especially for Audi, was weak, with profitability...

Sartorius: Mixed Q2 26: Tariff accounting distorts the results

Earnings/Sales releasesSartorius reported mixed Q2 26 numbers, with revenue below consensus but underlying EBITDA slightly ahead . Equipment inflected as guided and LPS delivered its fourth...

Deutsche Boerse: Q2: Volatility normalisation confirms structural growth is real

Earnings/Sales releasesDeutsche Boerse’s Q2-26 beat consensus , with net revenue €1.62bn and EBITDA €979m . Trading normalized as expected, Commodities fell 9% versus Q1’s +14%, but...

Securitas: Q2 2026 miss

Earnings/Sales releasesSecuritas delivered a disappointing Q2 2026 performance, with no reported Organic Growth and an operating margin before amortisation slightly below expectations. Organic Growth...

Neste: Neste: renewables margin at a record, but working capital sinks the cash

Earnings/Sales releases Neste's second quarter came in above the first on comparable earnings, driven almost entirely by Renewable Products, where the sales margin hit a record on the Hormuz crisis....

Munich RE: Munich Re's Q2 beat sums up the state of the industry

Latest Munich RE has just reported a preliminary net profit of approximately €2.2bn for 2Q26, up 5.5% y/y. This is 23% above consensus and 40% above the €1,575m pro-rata quarterly run rate implied...

BNP Paribas: Q2: Capital milestone unlocks future accelerated shareholders returns

Earnings/Sales releases BNP delivered a strong Q2: revenue €14.1bn , PBT €6.1bn , 13.3% ROTE. CIB and Eurozone NII drove the beat; positive jaws were sustained. The standout was CET1 reaching 13%,...

Besi: Besi Q2 2026: AI investment cycle continues to accelerate advanced packaging demand

Earnings/Sales releases Besi delivered a strong Q2 2026, with record Order momentum driven by AI-related advanced packaging, Photonics and hybrid bonding demand. Revenue, earnings and margins...

SGS: Organic growth accelerates in Q2 but SGS's equity story remains well priced

Earnings/Sales releases SGS saw organic growth accelerate in Q2 across NR, H&N and C&P, alongside resilient growth in Certification. However, growth in I&E was impacted by the conflict in the Middle...

Colonial SFL: Still healthy

Earnings/Sales releases Colonial SFL continues to perform well in an end market in France that keeps deteriorating. The Spanish market is performing very well. Fact Like-for-like revenue growth was...