EMEA - In Case You Missed It...

Research evidence excerpt

EMEA - In Case You Missed It...

EUROPE | Europe Insights EquityJuneResearch27, 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 includes deep dive

on US Nicotine Pouches, Accor downgrade, Lindt initiation and feedback

from our Baden-Baden conference. We also flag key research from the US

and Asia, and high-profile Access events. .

Spotlight on Tobacco

Tobacco US Nicotine Pouches could more than double volumes in the next five years as

incumbents unleash innovation. We see BAT as the potential category leader, thanks to its

best-in class innovation pipeline and believe its US ONP business could generate £1.3bn of

profits by 2030E, significantly above Street expectations.

Too much Leisure

Accor We downgrade Accor to Hold. While a rapid recovery in the Middle East (~12% of rooms

revenue) is likely, it appears priced whilst our analysis highlights the underperformance in the

core M&F business.

The Bittersweet Reality

Lindt We initiate Lindt at Underperform as weak trading and consumer/retailer pushback

suggest further FY26/27 pricing and margin cuts are needed to restore competitiveness.

All eyes on Baden-Baden

Baden-Baden This week we hosted the inaugural Jefferies German & Swiss Corporate

Conference in Baden-Baden with 50+ corporates in attendance, representing all major sectors.

We summarise the key takeaways from our meetings inside.

New coverage

Social Housing Reit We highlight attractive valuation, strong yield and structural housing

demand, with discounted multiples and stable cash flows supporting compelling risk-adjusted

returns and growth outlook.

Trastor A strong growth outlook and valuation disconnect are supported by structural supply