EMEA - In Case You Missed It...

Research evidence excerpt

EMEA - In Case You Missed It...

EUROPE | Europe Insights EquityJuneResearch6, 2026

To help you cut through the noise and focus on what matters, we present

a selection of our most read European research. This week we make the

case for a Subsea supercycle, put more upgrades on Infineon and argue for

further upside at Rosebank. We also flag key research from the US and Asia,

and high-profile Access events. .

Spotlight on Subsea

Subsea The structural winner argument for Subsea-development exposed names is

strengthening with our Subsea/Offshore Capex Tracker showing improving trends in the

seasonally quieter 1Q. Buy FTI, Saipem and Subsea 7.

Ahead of the pack

Infineon The AI cycle continues to power on with stronger automotive and industrial cycles

supporting elevated pricing. We raise estimates and PT substantially and see the upcycle

extending into 2027.

Prysmian Whilst the share price has performed well, the valuation has entered a new band

this year, we continue to see very attractive growth potential mid-term as well as upside to

consensus. Move to Street-high PT.

Neste Stronger diesel markets drive further upgrades, with renewable margins and EBITDA set

now well-ahead of consensus. We raise earnings and cash flow estimates, reflecting sustained

pricing strength and operational momentum ahead.

Notes from the road

Healthcare Our leading NY conference hosted the full range of industry leaders. Feedback:

ALK-Abello, GSK, Novartis, Roche, Sanofi, Zealand, Biopharma (Camurus, Orion, Formycon),

Services (Gedeon Richter, Merck, Rovi)

Food & HPC Key takeaways include stable demand, persistent cost pressures and focus on

pricing versus self-help. No guidance changes, but outlook uncertainty remains, reinforcing

our cautious stance.