GS EUROPEAN EXPRESS: HALO | Rentokil | Ferguson | Capital Markets | Lloyds | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: HALO | Rentokil | Ferguson | Capital Markets | Lloyds | Macro | Global | Corporate Access

Goldman Sachs GS EUROPEAN EXPRESS

driven by higher commission income. We continue to highlight Buy-rated FTK (on

Conviction list) into 2Q results (EBITDA ~8% ahead of consensus), where we see the

strongest combination of earnings upgrade potential and attractive risk-reward with

scope for high-single-digit upgrades. We also highlight Buy-rated FinecoBank where

underlying business momentum is clearly accelerating, with low-single-digit upgrades to

2Q numbers (c.2% ahead of consensus). For Avanza and Nordnet, our 2Q operating

profit estimates are 6%/3% ahead of consensus respectively. (Oliver Carruthers)

Lloyds Banking Group (LLOY.L): Q2’26 and Strategy Update Preview - We update our

estimates for Lloyds ahead of its Q2 results and Strategy Update on 30th July. We

forecast a solid Q2 with stronger NII sequentially, sustained other income growth, and

resilient asset quality, offset by higher operating lease depreciation relating to EVs. Our

Q2 forecasts are broadly aligned with Visible Alpha Consensus Data. Looking further

ahead, we expect the strategy update will focus on continued revenue growth through

wealth, pensions & insurance and commercial banking, positive operating leverage, and

increasing capital return via a progressive dividend (we model 15% p.a. growth

sustained in the medium-term) and regular share buybacks. We expect an ROTE target

of >18% in 2028E progressing to ~20% by 2030E, with the CIR falling from <50% in

2026E to <45% by 2030E. Our 12m PT decreases modestly by c.2%. Buy with 10%

upside. (Benjamin Caven-Roberts)

Europe Rating Changes/Initiations

Company Name Ticker CL Rating (New) Rating (Old) Rating Change Date