Equity Analysis

Caixabank: Confirmed guidance

Earnings/Sales Releases The group posted a good set of results, fully in line with expectations, thus enabling the management to reiterate its guidance and fine-tune its objectives. Fact 1Q 2026...

Schneider Electric: Good start to 2026 amid a narrow gap between narrative and valuations

Earnings/Sales releases Schneider Electric started 2026 on a good note, even if the results largely met expectations. EM posted strong growth, boosted by very strong sales in Datacenters, whereas...

Standard Chartered: Strong start to 2026

Earnings/Sales releases Stan made a strong start to 2026, with good growth in Global Banking, and record Wealth Solutions income and net new money. The management will update its guidance in May with...

Société Générale: Q1: Operational resilience received with macro gloom

Earnings/sales releasesSocGen delivered a strong Q1-26 beat, with net income of €1.7bn and 11.7% ROTE. Robust French Retail margins and disciplined cost control offset CIB weakness, driving...

Wacker Chemie: Self-help and pricing support earnings

Earnings/Sales releasesQ1 2026 reflected overall weakness in demand. FY26 growth is expected to be largely price-led, driven by polymers and polysilicon, with limited volume recovery. Ebitda is...

Remy Cointreau: Sales target met, but the real test comes in June

Earnings/Sales releasesRémy Cointreau posted its preliminary FY 25/26 figures, marking its first year of positive organic growth since FY 22/23. However, the achievement is a modest one: at +0.2%,...

ArcelorMittal: Q126: in line, waiting for the EU tariffs to kick in.

Earnings/Sales releases The group released anticipated results for Q1 26. Attention now shifts to the second half of the year, when the new EU tariffs are expected to be implemented. An improvement in...

Casino: Q1 FY26 - Operational stability triggers short-covering rally

Earnings/Sales releases Casino's Q1 results delivered a modest improvement in profitability and confirmed compliance with financial covenants, providing much-needed stability amidst ongoing...

Glencore: Q1 release validates the Swiss giant's strong positioning

Latest 2026, despite all global geopolitical uncertainties, is proving to be an exceptional year for Glencore. In its Q1 production release, the Swiss giant unsurprisingly acknowledged that 2026...

Aperam: Q126: all eyes on H2 (continued).

Earnings/Sales releases Aperam reported results for Q126. The new CEO expressed optimism regarding upcoming changes with CBAM and future EU tariffs, leading to a significant positive reaction in the...

Microsoft posts stellar results ahead of unprecedented investment drive

Microsoft yesterday reported its Q3 results.

BBVA: On track with mid-term objectives

Earnings/Sales releases The group posted a strong set of results, enabling the management to upgrade its 2026 RoTE guidance and confirm its mid-term objectives as set in its 2025-2028 business plan....

Kioxia Bets on Data Centers as Consumer Demand Cools

Kioxia Holdings Corporation stands at the intersection of cyclical NAND market recovery and long-term structural growth. By leveraging technology leadership, capital discipline, and rising AI-driven...

Can ABB Continue to Climb?

From a stockmarket purgatory in the early 2000s to the pinnacle of the AI infrastructure era: ABB is charting one of the most spectacular turnarounds in the industrial landscape. Yet, behind this...

Mapfre: Mapfre Q1 26: Encouraging profitability, challenging revenue trajectory

Earnings/Sales releasesMapfre reported mixed 1Q26 results, with a significant increase in net profit underpinned by further profitability improvements – notably in the Iberia Motor business – but...

Swedbank: Q1: Prioritizing cost-efficiency

Earnings/Sales releasesSwedbank reported a 2% PBT beat in Q1, though a low-quality one as lower provisions and NII resilience offset fee misses and cost overruns. While NII appears to have bottomed,...

Ebro Foods: Macro headwinds bite into margins

Earnings/Sales releases Ebro Foods posted Q1 2026 sales of EUR 755.5m, below consensus , with rice slightly short and pasta modestly ahead. The key read-through is at the profitability level: Ebitda-A...

Iberdrola: Q1 26: Lower prices and levies weight in Iberia but Networks offset

EARNINGS/SALES RELEASESIberdrola delivered a clear consensus beat, with Adjusted Net Profit up 11% to €1.87bn, driven by strong networks momentum and 8% RAB growth, signalling effective capex...

FUCHS Pref.: Volumes drive Q1

Earnings/Sales releases Fuchs delivered strong volume-led growth, with additional pricing upside expected from Q2 2026 and easing FX headwinds supporting the ~9% share price increase. Regional...