European Telecoms for 2026 Industry action required for further outpe...

Over the past 3 years, the EU telecoms sector has had a great run – up >50%, despite modest underlying revenue/ EBITDA growth. This has almost entirely come from a deserved upwards re-rating in the multiple as the risk profile across the sector diminishes – which has been a key theme of ours in the past few years given improved regulation. So, we feel this has now largely played out.

Morning Notes : CMBT BB, DEME BB

: CMBT BB, DEME BB

CMB.Tech Investment in Chinese ammonia supply

CMB.TECH is investing in the Chinese ammonia supply chain and signed an off-take agreement for green ammonia produced by CEEC in the Jilin Province and will own a minority share in privately owned Andefu, one of China's largest ammonia supply chain companies. While CMB.TECH did not disclose any financials on the deal we estimate linked financials are relatively small. CMB.TECH has a sensible but disciplined investment approach towards decarbonisation. Through the offtake agreement and terminal o...

Telia Company AB: 1 director

A director at Telia Company AB bought 10,000 shares at 36.021SEK and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

Benelux Morning Notes

Adecco: Introduces the agility advantage to grow, adapt and lead in the intelligent era. Belgian telcos: DAZN announces immediatele end for Belgian football broadcasting. CMB.TECH: Good 3Q thanks to its tankers. D'Ieteren: CFO buys more shares, State Farm seeks 6% California Auto Rate cut. Staffing: Belgium October Temp volume stable at -3.4% YoY despite tougher comps.

CMB.Tech First look - 3Q25 release and 4Q to date fixtures confirm sce...

CMB.TECH already provided the market with a 3Q25 business update on October 20th in which it disclosed TCE rates and 4Q fixtures. Since then the company has been able to further lock in its crude and dry bulk tankers at rates well above break-even (fixtures going from ca. 44% to ca. 80% in 4Q to date). Over 3Q25, CMB.TECH reported a net profit of $17m ($0.07 p.s.). Corrected for $39m capital gains on vessel disposals, the adjusted EBITDA was $199m above our $189m forecast. The contract backlog r...

Morning Notes : ASM NA, CMBT BB, AUTL US

: ASM NA, CMBT BB, AUTL US

Nordic non-life insurance - Q3 reporting wrap

Vermilion Compass: Weekly Equity Strategy

Upside Ahead for Gold and Silver; DXY Below $100.25 We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and the S&P 500 (SPX) is above 6200. We have also discussed weekly since our 10/14/25 Compass how our near-term bullish outlook remains intact as long as the SPX holds above the 3-month uptrend, which coincid...

Gjensidige Forskring ASA: 1 director

A director at Gjensidige Forskring ASA bought 2,000 shares at 269.600NOK and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...

A victim of its own success

Q3: Higher premiums muted by even higher claims

FCF improves, but growth still needs to deliver

Telia (Buy, TP: SEK 40, +15%) Q3 25: All-in FCF guidance lifted

Telia has reported a good set of Q3 results, with numbers in-line, and has lifted FY25 FCF guidance to SEKc8bn from SEKc7.5bn, driven by lower capex.

Coffee, Croissants & Credit/SAP, Telia, Orange, Castellum, Klepierre, ...

Technology - SAP reports strong 3Q25 results

Stronger Q3 FCF