GS EUROPEAN EXPRESS: Maersk | Infineon | Prysmian | Puig | Vonovia | Agencies | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: Maersk | Infineon | Prysmian | Puig | Vonovia | Agencies | Macro | Global | Corporate Access

Equity Research

3 July 2026 | 6:38AM BST

GS EUROPEAN EXPRESS: Maersk | Infineon | Prysmian | Puig | Vonovia |

Agencies | Macro | Global | Corporate Access

A.P. Moeller-Maersk (MAERSKb.CO): Upgrade to Neutral on relatively better ‘27 Sahar Islam

+44(20)7051-4935 |

outlook – We upgrade to Neutral given we are less negative on the 2027 sahar.islam@gs.com

Goldman Sachs International

supply-demand outlook. We expect a slightly later and shallower acceleration in new

capacity growth in 2027 partly due to delayed deliveries due to data center demand

for generators. We estimate datacenter-related demand for 4-stroke diesel

generators to be roughly on par with global marine demand. If the much-anticipated

container bear market only starts in autumn-27, 2027 consensus estimates are too

low and the main negative catalyst on the stock still more than a year away. We

increase our EBITDA by 14%-30% 2026/27 and are 20%-35% ahead of VA

consensus. There is still a debate about capex (we assume some paring back and

could be an upside risk if there is a broader change with the incoming CFO) but we

still see a tougher trading environment and FCF burn in 2028 (peak new deliveries).

Neutral. (Patrick Creuset)

Infineon (IFXGn.DE): Key takeaways from Dresden site visit, reiterate Buy - We

highlight key takeaways from Infineon’s new manufacturing facility site visit in

Dresden. Infineon’s AI differentiation is underpinned by its broad portfolio expected

to gain traction as the industry moves to smaller form factors. Infineon’s production

scale and manufacturing flexibility — with the company 3+ years ahead of

competition — further strengthens its competitive positioning.