Equities Analysis

Carl Zeiss Meditec: Q2 sales met expectations, while defined targets provided some near-term relief

Earnings/Sales releases CZM reported Q2 operational performance, with sales aligning with market expectations. Weakness continued in Q2, primarily due to a decline in the Ophthalmology segment....

Siemens Energy: Structural demand unfazed; expect new mid-term targets with Q4 results

Earnings/Sales releases Siemens Energy confirmed its preliminary figures and updated FY26 targets. There was strong demand in GS and GT, notably from the United States, leading to a record order...

TAG Immobilien: Poland firing, Germany steady: growth story intact

LATESTTAG Immobilien delivered a solid Q1, with strong FFO I growth driven primarily by continued expansion in Poland and resilient rental performance in Germany. The Polish platform remains the key...

GEA Group: 1Q26: Farms break out; we remain cautious

Earnings/Sales releases While management argues that Iran should have a limited impact, we believe the strong order intake in Q1 is likely the result of Pre-ordering. We therefore expect a slowdown...

Ses: SES Q1 2026: Integration execution and aviation momentum offset structural headwinds

Earnings/Sales releases SES delivered a solid start to FY2026, reaffirming full-year guidance for stable revenue and stable adjusted EBITDA despite structural pressure in Media and Fixed Data. The...

KBC Groep: Q1: Robust NII buffers trading volatility and geopolitical provisioning

Earnings/Sales releases KBC’s Q1 delivered strong top-line growth , powered by an 18% NII beat and a 217bp NIM. However, pre-tax profit missed consensus following trading losses and a €75m...

Pbb Deutsche Pfandbriefbank: Confirmed back to black, but headwinds remain

Earnings/Sales releases The first-quarter results showed almost break-even Profitability and steady execution of the Strategic transformation. While the accelerated De-Risking of the US portfolio is...

Shelly Group SE: Shelly shreds off fears with strong Q1 26 release

Earnings/Sales releases Shelly published good profitability and cash flow figures for the start of the year and confirmed its guidance. The group reassured both on margins, with transportation costs...

Market Applauds Vodafone's Restructuring

The British telecom giant continues to overhaul its portfolio through a series of strategic divestments and acquisitions.

Outokumpu: Q126: in line but we may upgrade our numbers.

Earnings/Sales releases Outokumpu's Q126 results indicate improved Profitability despite still weak margins. Sales decreased by 4.8%, while adjusted Ebitda up, slightly below expectations but...

Thyssenkrupp: Q2-H1 25/26: expected and FY guidance confirmed.

Earnings/Sales releases ThyssenKrupp's Q2-H1 25/26 results aligned with consensus expectations. Revenues decreased by 6%, while order intake increased by 32% . Adjusted EBIT rose significantly to...

PSP Swiss Property: PSP Swiss Property: Valuations keep rising, but rental growth is plateauing

Latest PSP continues to deliver resilient performance, supported by its prime portfolio and strong positioning in core Swiss office markets. However, Q1 confirms a low-growth environment, with limited...

Hal Trust: Mixed Q1 '26 release for Hal

Earnings/Sales releases Hal's momentum continues in Q1-26 on the NAV front, with 7% qoq growth, but this was mainly driven by listed assets. On the unlisted assets side, the operational performance...

Banca Monte Dei Paschi Siena: Confirmed guidance

Earnings/Sales releases The group posted a good set of results, whereas the situation at Mediobanca is said to have stabilised. Asset quality trends are not expected to be impacted by the...

Salzgitter: Q1: OK. EU and Aurubis in support.

Earnings/Sales releases The set of numbers released for Q126 was in line with the preliminary results communicated in mid-April. The group is still massively supported by the share of earnings...

Torex Gold is Riding a Wave but for How Long?

Torex Gold Resources Inc. is cashing in on its Mexican expansion just as geopolitics has baked a stress tax into gold prices. However, with stock trading at a deep discount, will this record-breaking...

LTIMindtree Bets on Reinvention Amid Skepticism

Rebranding the company rarely fixes structural stagnation. The company is trying anyway, leaning into AI rhetoric while investors question whether growth quality can match ambition....

China Telecom is Gaining Users but Losing the Margin War

China Telecom Corporation Limited is at a crossroads of state-backed ambition and financial strain. Its share price has marked time, core profits are under visible pressure and the cloud-and-AI pivot...

Evolution, priced for doubt

The Swedish developer of gambling software for online casino operators just reported quarterly revenue down 1.5%. On a constant-currency basis, sales grew 6.8% and EBITDA margin held at 65.4%. The...