Equity Analysis

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...

Zurich Insurance Group: FY25 performance supported by Nat Cats; prudence mitigates FY26 risks

Significant news Zurich reported solid FY25 results, with double-digit increases in operating profit and net income, driven by all three businesses. In P&C, performance was supported by a benign...

Renault: Solid FY25; conservative FY26 outlook offers upside; ambitious medium-term targets

Earnings/Sales releases Renault’s FY25 results met expectations despite FX headwinds, weak LCV sales, competitive pressures, a higher BEV mix, and an unfavourable geographic mix. Mobilize delivered...

Krones: Execution Solid, 2028 Ambition Under Scrutiny

Earnings/Sales Releases Krones reached guidance for FY25 on each figures, despite missing consensus on order intake and revenue. Operational execution remains strong, and margin progression confirms...

Besi: Q4 '25: BESI accelerates into advanced packaging upcycle

Earnings/sales releases Besi reported strong Q4 ‘25 results, with a sharp step-up in revenue, profitability and orders. The quarter confirms that advanced packaging demand is now driving the...

Nexans: FY 26: A disappointing but challenging guidance

Earnings/Sales releases Nexans saw strong 4Q momentum: transmission grew by +40% YoY and Connect by +11% YoY, while grid disappointed at +3.5% YoY. Adj. EBITDA was in line, but FY26 Guidance fell...

Air France-KLM: Looking more convincing now; execution required to bridge the credibility gap

Earnings/Sales releases AFKLM delivered consensus-beating 2025 results with a record operating profit, primarily driven by strategic capacity discipline, successful premiumisation, and resilient unit...

Euronext NV: Q4: Strong Growth Clouded by Opex Slippage

Earnings/Sales releases Euronext’s Q4 results delivered a solid 10% revenue growth, fuelled by Capital Markets and the ATHEX Consolidation. However, an opex miss , driven by strategic investments...

Pernod Ricard: Later Chinese New Year to spark fireworks in H2 '26

Earnings/Sales releases Pernod Ricard reported a 5.9% organic decline in H1 2026, slightly below expectations, primarily due to weak consumer sentiment in China and inventory adjustments in the US....

Airbus Group: Execution trumps demand as 2026 guidance disappoints

Earnings/Sales releases Airbus delivered a solid FY25 in line with guidance, but the investment case weakens meaningfully at the margin as 2026 guidance falls well short of expectations. Persistent...

Repsol: Downstream Rescues Q4 Performance, but Softer Margin Outlook for 2026 !

Significant news Production was broadly stable in Q4 at 544 kboe/d , offering limited volume leverage, with lower liquids partly offset by equity affiliate contributions. The quarter was primarily...

Nestlé: FY25: The great reset begins

Earnings/Sales releasesDespite the company delivering results largely in line with expectations, with top-line Organic Growth at 3.5% compared to the consensus forecast of 3.4%, it has conveyed a...

Rio Tinto: Healthy 2025 results; management needs to justify ‘fly solo’ decision

Earnings/sales releases 2025 was another strong year for Rio. While H2 was somewhat softer in margin terms compared to H1, results in aggregate were healthy. Turnaround in Copper was the most...