The Point for CEEMEA

Research evidence excerpt

The Point for CEEMEA

Maxim Nekrasov

Sector

Monday Mining Minutes - Sector has derated relative to the market since the

US-Iran MoU

MUSINGS – The 1-year forward EV/EBITDA valuation multiple for the sector has

continued to decline since early June 2026. The sector is currently trading at a 1-

year forward EV/EBITDA multiple of 6.7x, which is considerably lower than 7.6x in

early June (but higher compared to the long-term avg. of c6.4x). The decline

followed the US-Iran MoU signed in mid-June and the subsequent decline in

precious metals/bulks/aluminium prices. This has also led to sector derating vs.

the broader market over the same period during which the valuation discount

compared to the market increased from 47% to 53%.

Ephrem Ravi | Shashi Shekhar, CFA | Krishan M Agarwal

Europe Construction Materials & Building Products - Marketing Feedback -

N.America

Investor interest in N.America (c.20 investors) was significantly higher in the

heavyside products than lightside. Key discussions included ETS changes on

cement pricing outlook, price-cost spread expectations, SoTP discount closing.

Details below.

Ephrem Ravi | Omnath Sinh

European Banks - Banking On Markets – Summer 2026: Blow Out Equities

Revenues

2Q26 saw a blow-out quarter for Equities & ECM, especially in US and Asia helped

by some high profile IPOs, as well as record prime balances. We do not expect

quarterly revenues to prove sustainable at these record levels, but the backdrop is

likely to remain supportive throughout 2H26 and into 2027. The downside for

European banks is that US peers are electing to take this opportunity to reinvest

into the business, so competitive pressures look set to intensify. UBS (and to a

lesser extent Barclays) look best placed to benefit - we increase our UBS EPS by 7-