GS EUROPEAN EXPRESS: Building Mats | RWE | Ceres Power | Argenx | flatexDEGIRO | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: Building Mats | RWE | Ceres Power | Argenx | flatexDEGIRO | Macro | Global | Corporate Access

Equity Research

29 June 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Building Mats | RWE | Ceres Power | Argenx |

flatexDEGIRO | Macro | Global | Corporate Access

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Europe Building Materials: Moderating inflation and rates: How to position for

upside; Buy Sika, Rockwool - We highlight that European Building Materials names

are up +5–15% in the last month as the Middle East conflict de-escalates, reflecting

the sector’s cost sensitivity to energy inflation and demand sensitivity to drops in

government yields. With oil back at pre-war levels, we believe price/cost scenarios

skew to the upside for products that realise pricing into more limited inflation. We

see lightside names as most exposed to this upside, with 2x higher earnings upside

relative to heavyside names in our scenarios. Our key picks remain Sika (Buy) given

2/3rds of COGS are oil derivatives moderating the fastest, and Rockwool (Buy) where

we see potential price/cost upside and scope for re-rating post removal of the Russia

overhang (17x 12mf PE vs. 10Y avg. 19x). For Saint Gobain (Neutral), we believe

lower inflation reduces downside margin pressure but consensus FY27 expectations

remain too optimistic (GSe −5% below Visible Alpha Consensus Data on EBIT). (Ben

Rada Martin)

RWE (RWEG.DE): Amprion: Two underappreciated sources of upside - We believe