Analysis: Stocks

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...

Tenaris: A slight beat in FY25 with a rather flat short term outlook.

Earnings/Sales releases The group reported earnings for FY25 that exceeded consensus expectations, following a conservative outlook issued in Q3. The short-term forecast for Q126 indicates stability...

At the foot of Mount Fuji, three champions carry Takaichi's ambition

After her victory in this month's general election, Sanae Takaichi has set out a Japan Growth Strategy targeting 17 priority sectors: AI, semiconductors, energy, health, critical materials. Against...

ServiceNow: Upward Trend Cut Short

The brutal correction in the software publisher sector has brought ServiceNow's valuation back to about 30x its EBITDA.

Sagility Health: All-Clear at the Doctor's

The US healthcare landscape is defined by an aging population, a rise in chronic illnesses, and a shift towards tech-driven patient care. Sagility Health is capitalizing on the chaos by leveraging AI...

G Mining Ventures Corp has Struck (Real) Gold

Gold has unofficially become Canada's heavy hitter. With global markets in a tailspin and prices wildly hitting new heights, Canadian miner G Mining Ventures Corp has made the most out of the chaos....

Eramet: Disastrous 2025 prompts sweeping corrective actions

EARNINGS/SALES RELEASESEramet reported extremely weak results for 2025. Even though Q4 sales dynamics were better, the overall erosion of 2025 earnings/cashflows prompted a suspension of dividends for...

Covivio: Risk-on strategy and asset rotation pay off in FY 25

Earnings/Sales releases Organic growth is slowing overall, yet it remains robustly supported by the German residential sector. Portfolio rotation also bolsters recurring EPS, which is expected to...

Puig Brand SA: Strong finish, measured outlook

Earnings/Sales releases Puig delivered a stronger-than-expected Q4 25, lifting FY25 results above expectations on the back of exceptional makeup growth and better resilience in fragrance. Despite an...