Equity Analysis

Scentre Group Builds a Suite Deal

Scentre Group's Westfields are buzzing. Not one to rest on their laurels, the company is playing the long game by turning their massive footprints into neighborhoods. Here's why this property giant is...

Icade: The risk level remains high

Earnings/Sales releases Both of Icade's businesses continue to contract. The read-across on Nexity is unfavorable. Nevertheless, Icade has confirmed its 2026 Guidance “for now”. Fact Organic...

Once upon a Time in Qatar: The Trade is US

Significant news The Middle East LNG era is over. Ras Laffan is down for three to five years, 47 mtpa of Qatari capacity will not come back within the visible horizon, and the US is stepping in with...

Pernod Ricard: Volumes back to growth, but the Middle East clouds the outlook

Earnings/Sales releases Pernod Ricard reported Q3 FY26 organic net sales growth of 0.1%, slightly surpassing consensus expectations, with group volumes increasing by 4%. This improvement was...

Pluxee: Top-line softness offset by EBITDA margin expansion and robust cash conversion

Earnings/Sales releases For the first half of FY26, despite revenue slightly missing consensus due to weakening macro and labour market conditions across Europe in Q2, recurring EBITDA margins...

Tesco: Solid delivery in FY25/26, but the valuation looks full

Earnings/Sales releases Tesco delivered a solid FY25/26 performance, with profit slightly ahead of expectations and continued market share gains in the UK and ROI. Food sales remained resilient,...

Kinnevik Investment: Q1 26: Kinnevik's NAV takes a long-deserved beating

Earnings/Sales releases Kinnevik published very poor Q1 results as expected and is starting to improve its governance after reviewing the fintech transaction that triggered the short seller report. We...

Barry Callebaut: Earnings follow cocoa beans downhill

Earnings/Sales releases Barry Callebaut's H1 FY25/26 results, the first under new CEO Schumacher, indicate an effective earnings reset. The FY recurring EBIT guidance has been revised from low-to-mid...

Mercari Makes a Mint from Digital Thrift

Mercari, Inc. operates at the crossroads of the global resale economy, digital trust systems, and consumer price sensitivity, leveraging marketplace scale, fintech integration, and AI-driven discovery...

SAL Earnings Gather Momentum

SAL Saudi Logistics Services Company is caught in a valuation puzzle: while the company rides the infrastructure wave with accelerating cargo volumes and expanding service capabilities, the market...

A quiet quarter for Rentokil

Britain's pest-control leader showed steady growth and a little operational progress.

Allbirds, Artificial Intelligence and the Golden Age of Fraud

Taken public during the pandemic at a staggering $4bn valuation, the Silicon Valley-born sportswear brand's aura quickly faded, leading to a relentless cycle of losses and cash burn.

Covivio: Strategic shift in progress

Earnings/Sales Releases With the effective sale of part of the Thales campus, Covivio is financing its deployment in the hotel sector: it is investing in Italy. Fact LFL growth was 2.4% in Q1 26 vs....

ASML: ASML Q1 2026: AI-driven demand accelerates growth momentum and strengthens outlook

Earnings/Sales releases ASML delivered a solid Q1 2026 performance with revenue of €8.8 billion and a gross margin at 53%, driven by strong EUV system demand and high-margin installed base upgrades....

Hermès remains head and shoulders above the rest

Despite a cold reception from the market, Hermès' quarterly results are impressive in all respects.

Li Ning Pins Hopes on High-Tech Gear

While China's broader retail growth crawled in FY 25, the sports sector broke away from the pack with a 15.7% rise. At the center of this transition is Li Ning Company Limited, which is aggressively...

IGM's Growing Asset Base Powers an Earnings Explosion

IGM Financial Inc. has captured investor attention with stellar stock momentum fueled by record asset growth and surging earnings. The company's success stems from robust client inflows, turning its...

Bridgestone Rolls Towards the Electric Era

Bridgestone Corporation operates at the intersection of advanced materials, mobility technology and resource efficiency, using innovative platforms and diversified end markets to adapt to electric...

Imperial Brands: Resilient, no upside surprise

Earnings/Sales releases Imperial Brands delivered a resilient H1 2026 pre-close trading update. Tobacco is supported by pricing, with H1 adjusted operating profit expected to grow modestly, while NGP...