L’année 2026 verra, selon nous, une poursuite de la thématique momentum, aux dépens des styles value et qualité. Nous anticipons une accélération de l’amélioration de la marge (71 pb vs 36 pb en 2025e), tirée par le levier opérationnel, le pricing et la poursuite ou l’intensification des restructurations, ceci dans un environnement de croissance du CA toujours soutenue (5.1%e vs ~4.9% en 2025e). Si quelques dynamiques devraient rester fortes (datacenters, grid, rail, etc), d’autres émergeront (r...
We expect that 2026 will see a continuation of the momentum theme, at the expense of value and quality styles. We expect margin improvement to accelerate (71bp vs 36bp in 2025e), driven by operating leverage, pricing and continued or intensified restructuring, against a backdrop of sustained sales growth (5.1%e vs ~4.9% in 2025e). While some dynamics are likely to remain strong (data centres, grid, rail, etc), others will take shape (Europe residential and US trucks in H2) or accelerate (semicon...
Adyen: New Platforms partnership in APAC / Dutch Pension Reform (Wtp): 1/3 transitioned (c.25 funds), 2027 challenging / IBA: Sale of a P1 system to MacKay Memorial Hospital in New Taipei City, Taiwan / KPN: 4Q25 preview / Offshore Wind: North Sea offshore wind pact to develop 300GW by 2050 / Vår Energi: RRR 2P 185% offsets slight pressure on expected production volumes 4Q
Today we resume our coverage on SIF with a Neutral recommendation, and a TP of € 7.1. If SIF in the coming 12 months is able to deliver on its 2026 guidance, and refill its 2027 & 2028 order backlog with new large contracts, the stock has large upside potential. If they do not deliver, the stock has further downside potential.
Sif stated it reached its production target of four monopiles per week in December and reiterated its FY25 EBITDA guidance, expecting €45m. This indicates c.€18m 4Q EBITDA, up versus c.€14m in 3Q. Sif's focus is now on increasing efficiency into 1H26. Sif also repeated its FY26 EBITDA guidance, expecting €135m. Given the unreliable prior guidance, we cut our FY26 EBITDA estimate to €97.7m, aiming 28% below the guidance. Sif already arranged a waiver for its 4Q25 and 1Q26 bank covenants and we es...
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