European Beat Factor: Out-of-consensus stocks under BofA Global Research coverage

Research evidence excerpt

European Beat Factor: Out-of-consensus stocks under BofA Global Research coverage

ns Scientific. Swiss Life is the stock with the lowest Beat Factor score, with Top 10 Beat Factor stocks

our analyst’s 2026 and 2027 EPS estimates 1% and 2% below consensus, respectively.

Beat Factor Top 10 Beat Factor

Our analysts are most positive on tech and industrials BBG Name (100=Most Code Upbeat)

Our sector analysts’ bottom-up projections imply 18% upside potential in aggregate for ANTO LN Antofagasta 100

the European stocks under BofA Global Research coverage over the coming twelve DBK GY Deutsche Bank 100

months, versus 14% upside potential implied by bottom-up consensus estimates. Over NHY NO Norsk Hydro 99

the coming year, our analysts see the most upside potential relative to consensus for VACN SW VAT 99

LR FP Legrand 98tech (23% versus 12%) and industrials (20% versus 12%). BofA analysts expect 19% EPS

RIO LN Rio Tinto 97

growth for European companies under coverage in 2026, versus consensus expectations GJF NO Gjensidige 96

of 15%, with energy accounting for most of the difference. MT NA ArcelorMittal 95

KSP ID Kingspan Group 94

Top 10 has outperformed Bottom 10 by 7% in the past month BMPS IM MONTE 93

The Beat Factor Top 10 stocks outperformed the Bottom 10 stocks by 6.8% over the Source: BofA European Equity Quant Strategy,

past month, taking the outperformance over the past six months to 17.7%. The Top 10 iQdatabase, BBG, IBES, LSEG Data & Analytics (as of May 11, 2026)

is up 89% relative to the Bottom 10 since inception in October 2015. BofA GLOBAL RESEARCH

Beat Factor in a nutshell

Beat Factor identifies the most out-of-

consensus stocks within BofA Global

Research coverage of Eurofirst 300

companies. It compares our analysts’ price