J.P. Morgan International FTM 15 Jul 26: European Infrastructure; Rightmove & REA Group; Irish Banks; BizLink; India Autos; PCs and Servers; Japan Quant Strategy; MENA Retail & Food Delivery; Mexican Bottlers and More. Wed Jul 15 2026

Research evidence excerpt

J.P. Morgan International FTM 15 Jul 26: European Infrastructure; Rightmove & REA Group; Irish Banks; BizLink; India Autos; PCs and Servers; Japan Quant Strategy; MENA Retail & Food Delivery; Mexican Bottlers and More. Wed Jul 15 2026

Global Equity Research

International First to Market 15 July 2026

Top Stories

AFL | European Infrastructure (Elodie Rall), Spain, France, Germany, Switzerland

Recap of expectations into Q2/H1 results: traffic risks well flagged; see most recovery potential at

Fraport

The sector has underperformed the broader market (up 2% vs SXXP 8%) YTD, in particular since the onset of the Iran conflict

which remains a key overhang. Therefore, performance is likely to remain volatile until we see a real ceasefire. Overall, we see

some trimming to estimates into results across the sector, but we think this is largely already discounted. The set up is mixed

across airports. Aena (N) is the stock where earnings estimates remain positively supported by the latest traffic trends and

where a guidance upgrade is likely, although widely expected, with the stock being the strongest airport performer YTD. A

guidance upgrade was also largely expected at Zurich (N), noting consensus is already above, but the latest June traffic

release makes an upgrade less likely. ADP (N) has been widely expected to lower guidance, but recent commentary has been

reassuring, and with consensus already below guidance, a reaffirmation of guidance could potentially be reassuring. Fraport

(OW) is the worst performer YTD but we reiterate our preference here within airports, as we believe Monday’s guidance could

prove a clearing event post H1 results, with the lower traffic expectations already somewhat reflected in consensus and focus