The strengthening of the protectionist setup in Europe, while very significant, does not alter our sector hierarchy. We expect Europe to suffer from still soft demand in 2026 and high inventories fuelled by imports set to remain elevated out to H1. We are lowering our estimates for 2026 and 2027 but raising them further out, with our target prices increased by 20% on average as a result. With its focus on the US and a possible speculative dimension, Acerinox's positioning remains attractive. We ...
Le renforcement du cadre protectionniste en Europe, bien que très significatif, ne modifie pas notre hiérarchie sectorielle. Nous pensons que l’Europe devrait pâtir d’une demande encore faible en 2026 et de stocks importants nourris par des importations probablement encore élevées jusqu’au S1. Nous abaissons nos estimations 2026 et 2027 mais les relevons au-delà et nos OC sont donc augmentés de 20% en moyenne. Avec son focus sur les USA et une possible dimension spéculative, nous jugeons le posi...
Mowi: New share capital registered With reference to the stock exchange announcement on 21 October 2025 and Mowi’s acquisition of Vigner Olaisen AS’s controlling stake in Nova Sea. As previously announced, 30% of the purchase price has been settled through the issuance of new shares in Mowi. Hence, 10 179 505 new Mowi shares have today been issued to Vigner Olaisen AS and the share capital increase has been registered in the Norwegian Register of Business Enterprises. Following the registration, Mowi’s new share capital is NOK 3 954 679 470 divided into 527 290 596 shares, each with a no...
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