GS EUROPEAN EXPRESS: E.ON | Sabadell | LSEG | Carlsberg | El Niño | Multi-Industry | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: E.ON | Sabadell | LSEG | Carlsberg | El Niño | Multi-Industry | Macro | Global | Corporate Access

Equity Research

8 July 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: E.ON | Sabadell | LSEG | Carlsberg | El Niño |

Multi-Industry | Macro | Global | Corporate Access

We have a new podcast out on ‘Top Projects 2026 - AI, Exploration, global shale Sahar Islam

+44(20)7051-4935 |

and the great energy capex wave’, listen here! sahar.islam@gs.com

Goldman Sachs International

E.ON (EONGn.DE): Power distribution capex (and returns) may be set to rise. Buy

- We highlight the positive implications of Germany’s July 2 economic reform

package for E.ON, where power distribution grids were a central focus. We raise our

capex assumptions in domestic power distribution. We forecast total 2026-30

investments at c.€53bn vs current guidance of €48bn, to accommodate rising

connection requirements from datacenters, EV charging, heat pumps, storage and

renewables. We upgrade our earnings estimates and expect an underlying EPS CAGR

of +8% over 2025-30. The government’s proposal represents a clear political

commitment to upgrade key electrification infrastructure, which in many parts of

Germany appears largely saturated — without a major step-up in capex, power

distribution would risk becoming a bottleneck to electrification and AI. Buy with 26%

upside. (Alberto Gandolfi)

Banco de Sabadell SA (SABE.MC): Limited upside to consensus and valuation;

initiate at Sell – While we acknowledge the bank’s strong SME franchise, resilient

domestic operating environment and attractive capital return profile following the

TSB sale, we believe these strengths are already reflected in the valuation. SABE

trades at c.10x 12m fwd cons. P/E, and c.11x P/E on our 2027 GS EPS, a slight