Equities Analysis

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.

NextEra and Dominion embark on the largest M&A deal since the dot-com bubble

Mega-deals have historically followed in the wake of major phases of financial euphoria. Does the combination of NextEra Energy and Dominion - the fourth-largest M&A deal in history in terms of...

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...

Richemont: When jewels outshine headwinds

Earnings/Sales releases Richemont delivered FY25/26 with impressive top-line momentum but slightly softer profitability. Sales maintained double-digit growth with Q4 accelerating to 13%, driven by...

Swiss Life Holding: Swiss Life 1Q26: Robust fee growth and a bolt-on in Germany

Significant news Swiss Life reported a solid set of figures for 1Q26, reflecting continued positive commercial momentum across the group, though adverse Market movements weighed on the financial...

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...

Profits Can't Hide Macquarie's Valuation Limits

Beneath the blockbuster profits lies a frantic sprint by Macquarie Group Limited before the market's fragile cooperative streak runs out.

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...

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...

Richemont again leads the rest

It has been another successful year for Richemont, which has been spared by the ebbing tide currently affecting the luxury sector.

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...

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...

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...