Analysis: Stocks

Unibail-Rodamco-Westfield: Increase the dividend when profits decline

Earnings/sales releases Recurring EPS is projected to decline by approximately 3% in 2026, based on the upper end of the guidance range. Despite this, the dividend payable in 2027 is expected to...

EssilorLuxottica: 4Q25: Time to take profits

Earnings/Sales releases 4Q sales increased 12.1% YoY to €7.6bn, mainly driven by strong growth in AI glasses. However, this category continues to weigh on profitability, with the adjusted operating...

SGS: Margin overhaul delivered well, but valuation is still ahead of the narrative

Earnings/Sales releases SGS' 2025 results met expectations on sales, including Organic Growth, and were ahead on profits. The beat on profits resulted from the successful execution of the margin...

Ahold Delhaize: Strong US momentum and online inflection drive Q4 beat; 2026 outlook is constructive

Earnings/Sales releases AD delivered a high-quality Q4 and FY25 performance, driven by strong US execution, improved online profitability and disciplined Capital Allocation. The achievement of fully...

Schindler: Broadly in line Q4 results, 2026 targets are progressive but accounted for

Earnings/Sales releases Schindler's Q4 results were broadly in line with the VARA consensus and our estimates. As in previous quarters, Modernisation and Service remained the key pillars of order and...

Storebrand: Momentum intact in the fourth quarter

Earnings/sales releases Storebrand reported strong Q4 results, above expectations, mainly driven by the insurance and asset management businesses, while unit-linked and retail banking delivered mixed...

Siemens Energy: Q1 reinforces demand backdrop as good execution continues, FY26 targets confirmed

Earnings/Sales releases Siemens Energy started FY26 with a strong beat on orders, underpinned by robust Demand in both GS, particularly in the US. Revenue growth was supported by good execution, and...

Randstad: No rebound yet

Earnings/Sales releases Randstad reported weak organic revenue in Q4 2025, with softness across Northern Europe, France, the UK, and Latin America, while North America showed modest growth. In...

ABN Amro: Q4: Strategic Execution Fuels Payout Upside

Earnings/Sales releases ABN Amro’s Q4 results were mixed, missing on LLPs but beating on NII and fee income . While quarterly provisions rose, FY-25 CoR remained exceptionally low at 1bp. Strong...

Moderna in a Spin After FDA Declines to Review Flu Vaccine Candidate

Moderna is tumbling on Wall Street after disclosing in a press release that the Center for Biologics Evaluation and Research at the US health authorities has decided not to begin reviewing the...

Yara International: Yara rides a tight global market and regulatory tailwinds

Earnings/Sales releases Yara International reported Q4 2025 results, supported by CBAM-related pre-buying, with improved price/mix driving margin expansion. However, overall performance remained below...

Ferrari: Stronger-than-expected FY25 results and FY26 guidance reinforce our strong buy recommendation

Earnings/Sales releases Ferrari reported stronger-than-expected Q4 results, driven by product mix and personalisation, leading to FY25 outperformance. FY25 shipments decreased year-on-year and are...

Heineken: FY25 slight top-line beat, significant workforce cuts announced

Earnings/Sales releases Heineken reported FY 25 results, slightly exceeding market expectations with a 1.6% Organic Growth compared to the anticipated 1.1%. This growth was driven by an increase in...

Dassault Systèmes: Even with low expectations, Dassault still finds a way to miss.

Earnings/Sales releases Dassault Systèmes disappoints once again. Although flat growth in 2025 was expected, the market was looking for an immediate return to sector standards . Management justifies...

Aker BP: Q4 was a transition quarter ahead of the ramp-up of major projects

Earnings/Sales Releases Results came in below expectations, weighed down by USD 944m in impairments despite solid production of 411 mboepd . Operating cash flow reached USD 1.6bn, insufficient to...

Commerzbank: Below consensus guidance

Earnings/Sales releases The group posted a good set of quarterly results, enabling the management to upgrade its net profit objectives for the next three years and to confirm its aggressive capital...

Dassault Systèmes still stuck in a bog

Twice in 2024, MarketScreener voiced strong reservations about the strategic course set by Dassault Systèmes.

Eureka Forbes: Diverse Purifier Push Drives Upside

Eureka Forbes Limited is navigating a curious gap between its steady operational progress and a share price that still lags, offering an interesting narrative for retail investors. The company's...

Resolute Mining Limited has Gold to Thank for its Gilded Payday

The company hit the jackpot in 2025. While production volumes cooled as the Mako Mine transitioned to stockpiles and Syama underwent upgrades, soaring gold prices turned a potential output slump into...