Jefferies MidCap Top Picks

Research evidence excerpt

Jefferies MidCap Top Picks

EUROPE | European Midcaps EquityJulyResearch10, 2026

Euro Area Manufacturing PMI and relativeJefferies MidCap Top Picks

P/E NTM - MSCI Europe Small Cap vs. MSCI

Europe

20 30%We launch our MidCap Top Picks, highlighting our preferred stocks with a 15 25%

market cap below €10bn. We pick 24 conviction ideas from a total coverage 105 20%15%10%

0 5%

-5 0%

Area Manufacturing PMI, delta vs. -5%universe of >500 Pan-European firms. We focus on names where we have a -10 Euro50, LHS

Relative P/E NTM - MSCI -15 Europe Small -15%

Cap vs. MSCI Europe, RHS

-20 -20%differentiated view supported by unique analysis across a range of sectors, -10%

. Dec-13 May-14 Oct-14 Mar-15 Aug-15 Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 May-19 Oct-19 Mar-20 Aug-20 Jan-21 Jun-21 Nov-21 Apr-22 Sep-22 Feb-23 Jul-23 Dec-23 May-24 Oct-24 Mar-25 Aug-25 Jan-26 Jun-26themes, and geographies. For each stock, we provide the investment thesis, our Source: FactSet, Jefferies

view on valuation, and upcoming catalysts.

Company Rating (Upside/Downside)Potential

Aalberts N.V. BUY 29%

Technology - ams-OSRAM: Opportunities in AI photonics and AR smart-glasses with amsAuto1OSRAMGroup SE BUYBUY 18%28%

underappreciated 2H26 upside into FY27e. Auto1: Expect captive financing to drive earnings BechtleBefesa SAAG BUYBUY 48%38%

power rather than short-term unit growth fluctuations. Bechtle: Highlighting ability to monetise CirsaComputacenter BUYBUY 56%28%

extensive framework agreements at historic highs with German public-sector pipeline having ConvaTecCTP NV BUYBUY 40%28%

re-accelerated. Computacenter: Uniquely positioned as "picks and shovels" play for AI-related DOElis & CO Aktiengesellschaft BUYBUY 30%21%

compute investments. Fever-TreeGecina Drinks BUYBUY 41%59%