GS EUROPEAN EXPRESS: EssilorLuxottica | Airlines | UK Homebuilders | Auto Trader | Datacenter Cooling | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: EssilorLuxottica | Airlines | UK Homebuilders | Auto Trader | Datacenter Cooling | Macro | Global | Corporate Access

Goldman Sachs GS EUROPEAN EXPRESS

meaningful acceleration in H2, forecasting +7% Retailer Revenue growth (vs consensus

+4.6%) as stock levels improve above 2HFY26 averages and the market supply backdrop

strengthens — new car registrations are up 9% YTD. We forecast 8% Retailer Revenue

growth in FY28 (vs consensus 6.8%) as Autotrader demonstrates pricing power in a more

conducive market. We raise our PT by c.1%. Buy with 13% upside. (Adam Berlin)

GS SUSTAIN: Reliability: How heat, humidity and water use minimization could drive

data center cooling, power demand and stocks - We highlight how heat, humidity and

water use minimization could drive data center cooling technology selection, power

demand and stocks. Our analysis indicates ~56%/55% of expected global/US capacity

adds through 2035 are in areas with elevated physical risk to extreme temperatures,

water stress and/or heat stress. In these areas, heat rejection cooling technologies that

minimize ongoing water intake can come with a tradeoff of ~25-45% greater power

consumption, even as industry focuses on innovations to minimize both water and power

intensity. We highlight 41 global Buy-rated stocks levered across: 1. Ambient solutions,

controls and components, 2. Advanced liquid cooling solutions and components, 3.

Water efficiency innovation and recycling/desalination, 4. Thermal equipment,

transmission and consulting for data center waste heat recovery and 5. Power and power

infrastructure supply chain. (Brian Singer)

Europe Rating Changes/Initiations

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

EssilorLuxottica ESLX.PA No Neutral Buy 14-Jul-26