European Retail "Valuation, Catalysts and Latest Research" Mahamkali

Research evidence excerpt

European Retail "Valuation, Catalysts and Latest Research" Mahamkali

Global Research

25 May 2026ab

European Retail Equities

Europe including UKValuation, Catalysts and Latest Research

Retailers, Apparel

Sreedhar Mahamkali

Latest Research & Video/Audio - (Full list on Page 4) Analyst

sreedhar.mahamkali@ubs.com

Tesco: What did we learn from the FY25/26 annual report?

+44-20-7568 8040

Marks & Spencers: Reinvigorating the growth narrative, Buy Yashraj Rajani, CFA

Analyst

Kingfisher: Balanced near term signals but risk/reward to the downside

yashraj.rajani@ubs.com

Douglas: Q2 in line with preliminary release, promotional environment called out +44-20-7901 5662

Michal Potyra, CFA

Zalando: Steady GMV growth gives confidence in thesis

Next: Intl momentum returning; FY PBT outlook secure michal.potyra@ubs.com

+44-20-7568-1935

Asos: Green shoots but need sustainable topline inflection; Neutral

Angelo Mangieri

Tesco: Strong delivery support further re-rating Associate Analyst

angelo.mangieri@ubs.com

Ahold Delhaize: Steady performance underpinning re-rating +44-20-7567 7974

Colruyt: Fairly valued for modest growth; down to Neutral Fatima Ortiz Nunez

Associate Analyst

Kingfisher: Macro overpowering self-help, Neutral fatima.ortiz-nunez@ubs.com

+44-20-7901 6085

H&M: EBIT beat; Current trading softer

Asos: H1 Adj. EBITDA better than expected

Zalando: Lot left on the table for Bulls; Buy

Sainsbury: Grocery momentum/FCF remain attractions

Inditex: Structural winner; reiterate Buy

Tesco: Port of calm; reiterate Buy

H&M: Growth elusive though margins come through

Zalando: A year of disproving bearish narrative; Buy

Dunelm: Sell off overdone; Remain Buy

M&S: Improving FHB shape gives confidence; Buy

Next: Strong finish; prudent outlook

Asos: Long wait for a topline recovery, Neutral