European Food & HPC: Sector Overview

Research evidence excerpt

European Food & HPC: Sector Overview

Links to key UBS reports

In-depth reports:

Assessing potential impact from conflict in the Middle East (3-Mar-2026)

Zooming in on hard currency profit growth (11-Feb-26)

2026 Outlook: A year of quality (09-Jan-2026)

Is the sector's recent derating warranted? (18-Aug-25)

What is the 2025 outlook for the Beauty industry? (12-Feb-25)

2025 Outlook: Back to a challenging reality (10-Jan-25)

Deep Dive on Dermocosmetics (07-May-24)

Deep dive on the premium fragrance industry (22-Apr-24)

GLP-1: Assessing companies' risks & opportunities (05-Apr-24)

UBS Evidence Lab: What came out of the wash? US Laundry Detergent Survey #8 (26-Feb-24)

The straightforward CO2 note (14-Dec-23)

ESG Sector Radar (1-Nov-23)

Nestlé Deep Dive into Pet Care (28-Feb-23)

EU Food & HPC initiations:

European Food & HPC Sector: Industry's digital transition creates a barbell of opportunities

Nestlé: Reliable and shareholder friendly compounder

Danone: Rapidly deteriorating earnings growth prospects

Unilever: No near-term end to the Unilever conundrum

L'Oréal: In a (digital) league of its own

Reckitt Benckiser: Speedy recovery, healthy prospects

Henkel: Misplaced fear of missing out

Beiersdorf: No light at the end of Beiersdorf's gross margin tunnel

Société BIC: Sun on the Horizon; initiate with a Buy

Haleon: Healthy prospects - initiate with a Buy

Intercos: Sitting pretty in the outsourced B2B beauty market

Other in-depth company reports:

Unilever: Transition phase extended by 15 months (01-Apr-2026)

Beiersdorf: Limited downside, but no catalysts either; upgrade to Neutral (31-Mar-2026)

L'Oréal: Back to beauty superiority - upgrade to BUY (09-Jan-2026)

TMICC: Coming in from the cold - Initiate with BUY (09-Dec-2025)