J.P. Morgan International FTM 11 Aug 26: CSG; Amadeus; European Stainless Steel; Delta Electronics, Inc.; Hitachi Energy India Limited; GE Vernova T&D India Limited; Rasan; Bancolombia and More. Tue Aug 11 2026

Research evidence excerpt

Global Equity Research

International First to Market

11 August 2026

Top Stories

CSG (David H Perry, CFA) (CSG NA, OW, PT €27.5), Netherlands

Shares offer c60% upside, even on much more conservative estimates

CSG reported H1 26 results ahead of consensus (Table 1). This was the third good results print from CSG since its IPO on Jan

23rd this year. Despite this, the shares are trading 30% below the IPO price of €25. We believe the share price weakness is due

to investor concerns over the long-term demand for medium and large (M/L) calibre ammo. In our view, the more important

question is what is discounted in the current share price. In an attempt to address investor concerns, we reduce our 2027-30E

EPS by 6% / 10% / 15% / 20% (Table 2); this is only a JPM scenario and it does not reflect the unchanged guidance of

CSG. On our new EPS estimates, CSG is still trading on the lowest valuation in the sector (Table 3). We reduce our multiplesbased Dec-27 PT by c20% to €27.5, reflecting our lower estimates and a lower target multiple. However, this still implies

potential upside of c60% over the next 17 months and thus we reiterate our OW rating.

Amadeus (Toby Ogg) (AMS SM, OW, PT €70.00), Spain

Opex moderato, margin crescendo

We believe Amadeus is entering into a phase where revenue growth is set to re-accelerate in 2027 and margins have the

potential to expand at a pace faster than consensus currently builds in. In this note, we lay out the building blocks of our

refreshed thesis. We raise our adj. EPS estimates for Amadeus ~L-MSD% for 2026-28 and lift our Dec-27 PT to €70,

offering ~20% upside potential. Our forecasts are now ~MSD% above 2026-28 consensus as we see scope for greater

margin expansion than the current consensus is building into forecasts. Our upgraded forecasts are based on an

analysis of Amadeus’s cost line evolution, which has increased our conviction on the potential for operating leverage

to translate into quicker margin expansion. The combination of re-accelerating revenue growth into 2027, margin

expansion potential and buybacks drives our low-teens adj. EPS CAGR through 2028. Additional sources of upside to our

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