Equity Analysis

Is Chery Automobile Speeding Ahead or is it in a Spin?

Chery Automobile Co., Ltd. is riding a powerful industry shift, although the story isn't all that clean cut. Sales remain solid, margins are improving, although profits feel under pressure.

King Slide Works: The Essential Safeguard for Nvidia's Monsters

Having skyrocketed over 1,000%, a near-monopoly and margins close on 70%, the case is bound to catch invesytors' eye. This Taiwanese company's business is anything but revolutionary. It serves as...

Despite Hoka's Success, Gravity Takes Hold at Deckers

An end to the euphoria as both growth and valuation normalize for the parent company of Hoka and UGG.

Sage: Do not focus on short term noise, stay focused on fundamentals

Earnings/Sales ReleasesSage reports a first half marked by accelerated growth driven by the execution of its AI Strategy. All key metrics are growing at a double digit pace, with simultaneous margin...

Suedzucker: Suedzucker FY25/26: still bitter

Earnings/Sales Releases Südzucker released its FY25/26 annual report, confirming preliminary figures without surprises. The year was marked by significant losses in the sugar segment, partially...

Generali: Generali 1Q26 - strong across the board, momentum set to continue

Earnings/Sales releases Generali reported strong 1Q26 results, outperforming expectations across all three businesses. Importantly, these results reflected favourable underlying trends rather than...

Elior: Time lags or structural difficulty?

Earnings/sales releases Elior's H1 figures missed consensus and triggered a severe FY guidance downgrade, primarily reflecting lagging effects in converting recent contract wins into revenue,...

Mitchells & Butlers: Softer trading momentum weighs on outlook

Earnings/Sales releases Mitchells & Butlers delivered a softer-than-expected H1 FY2025/26 performance, with slowing Q2 sales momentum and weaker drinks demand weighing on earnings. While temporary...

Ubisoft Entertainment: 2026/27 will likely be another lost fiscal year for Ubisoft's shareholders.

EARNINGS/SALES RELEASESDespite higher net bookings in Q4 25 than implied by the company’s guidance , Ubisoft’s revenues and non-operating EBIT in 2025/26 were in line with our estimates, but net...

Altius Gambles its Balance Sheet on Lithium

Altius Minerals Corporation is trying to skate over Canada's massive critical mineral funding gaps by collecting royal checks instead of running risky mines. But can the company's balance sheet handle...

Can Marico's Premium Price Survive Squeezed Margins?

Marico Limited is riding a demand wave. Growth is coming from multiple segments, including international markets, yet rising costs and aggressive reinvestment are quietly testing how much of that...

Stabilizing strategic businesses

Significant news Share prices of SES and Eutelsat are up by +6% and +10% respectively as we write despite YTD returns of 56% and 83%. This has been given an extra boost by today's SpaceX IPO...

BT's fibre bet starts to throw off cash

Revenue fell, debt stayed heavy and competition remains uncomfortable. Yet the company is beginning to show what investors have long been promised: that years of expensive fibre investment may...

Can Bayer Still Recover?

Since the acquisition of Monsanto, the group has lived under the pressure of glyphosate-related litigation, high debt, and market mistrust. However, the start of 2026 has seen some improvements, which...

Has the Market Already Priced in Everything for Hensoldt?

Hensoldt shares have started the year on the wrong footing and it should be said that its stretched valuation leaves no leeway. Faced with a surging order book, although weighed on by a heavier...

Steyr Motors AG: Q1 Pressured by Conflict-Related Delayed Orders, FY26 Guidance Confirmed, Buy Recommmendation reiterated

Earnings/Sales releases Steyr Motors reported a subdued Q1 performance, impacted by order delays due to the Middle East conflict. The group reaffirmed its FY26 guidance, anticipating the completion of...

Marks & Spencer: Reinvesting after the shock

Earnings/Sales releases M&S delivered FY25/26 revenue slightly below consensus, with the Fashion, Home & Beauty business still affected by the cyber incident. However, pre-tax profit was above...

Euronext NV: Q1: Momentum acceleration helped by heightened market volatility

Earnings/Sales releases Euronext delivered an excellent Q1-26, with revenue and pre-tax income beating consensus by 3% and 7% respectively. Growth was driven by a 28% jump in Equity Markets amid...

Bekaert: 1Q26: Benefiting from electrification trends in the US

Earnings/Sales releases There is growing concern regarding the competitive environment in China for RR. However, we understand that Bekaert's competitive advantage remains intact. The positive...