The SMID Point

Research evidence excerpt

Roundup |

The SMID Point

Wednesday, 05 August 2026

05 Aug 2026 07:00:00 ET

Company | Industry

Citi North America Research AC

Company

Brunswick Corporation (BC.N) - Evolving Narrative in 5-Year Plan Despite

Uncooperative Industry

Monday evening, BC posted the slides ahead of its upcoming analyst day

(Tuesday, August 11th in Fond du Lac, Wisconsin). Rather than framing BC as a

cyclical boat manufacturer that requires a strong industry recovery to generate

earnings growth, management repeatedly emphasized that the company is

increasingly driven by recurring revenue, technology content, aftermarket

participation, services, and operational self-help initiatives. Management argues

that today's BC bears little resemblance to the company that existed during prior

cycles, hoping investors focus less on the timing of a marine recovery and more on

internally-generated initiatives. Herein lies the catch-22: Investors are unlikely to

truly reward the latter until there is some evidence supporting the former, and yet

when this comes, it is likely to come quickly.

Buy | Target price US$101.00

James Hardiman

Stevanato Group (STVN.N) - 2Q26 Recap: Guidance Refined Following Non-HVS

Divestiture

STVN updated FY26 guidance after reporting 2Q results inline with expectations

along with the sale of a non-HVS facility. FY26 total revenue is now expected in

the range of €1.26-1.28bn implying +8-10% organic Y/Y growth (vs €1.26-1.29bn

prior). By segment, BDS to grow +HSD (vs +HSD-LDD growth prior) and

Engineering to decline (MSD)-(LDD) Y/Y. Within BDS, GLP-related demand is

expected to remain a durable growth driver and the HVS portfolio expected to

represent ~47-48% of total revenue (unchanged). While STVN noted stabilizing

operations in the Engineering segment, management remains cautiously

optimistic as sales cycles are longer than previous years. The divestiture of the

California-based subsidiary is expected to be accretive to margins, with adj.

EBITDA now guided between €335.0-345.2mn reflecting ~26.8% margin at the

midpoint. Adj. EPS was similarly narrowed to €0.60-€0.62 (vs €0.59-€0.63 prior,

€0.61 midpoint maintained). We update our model, maintain Buy rating and TP of

$26.

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