HOLT "Global Stock Highlights from the Week - 10 July 2026" Patel

Research evidence excerpt

HOLT "Global Stock Highlights from the Week - 10 July 2026" Patel

European banks

to make this cut. Based on current consensus forecasts, the bank is priced for c1.5%

annual asset growth from 2026e-30e, suggesting relatively modest embedded growth

expectations (click here).

Healthcare

‘GLP-1 Winners’ rank highest within UBS REVS framework; Novo

(4)

Nordisk Continues to trade at trough Economic P/E

Aggregate European Pharmaceuticals have seen momentum shift in Q2 with 3-month

CFROI revisions improving alongside breadth rising to 50%, which is high versus its

historical range. Despite this the sector valuation remains depressed, with HOLT

Economic P/E at 22.7x versus the developed pharmaceuticals at 24.4x (click here).

Against this backdrop, a UBS analyst report (“Pharma: the cleaner ‘what if not AI?’”)

ranks ‘GLP 1 winners’ highest on its Theme-ometer, citing improving earnings revisions

alongside attractive valuations. Novo Nordisk is front runner in this dynamic, with the

share price up ~20% yet still trading at 17x Economic P/E vs. its 15-year median of 26x.

Using IBES consensus estimates through 2028e and solving for the current price, the

stock is priced for zero sales growth and margin compression to 2012 levels (click here)

Vertex Pharmaceuticals (VRTX) announces $10bn acquisition of

Crinetics Pharmaceuticals (CRNX); Shares priced for 9% sales growth

(5)

long term

VRTX's proposed ~$10 billion acquisition of CRNX would establish a new endocrinology

franchise, adding commercial assets and pipeline opportunities while diversifying the

company beyond its core rare-disease portfolio. The transaction aligns with VRTX's

strategy of leveraging external innovation (see here for details on historic acquisitions) to