This week's most read research: Equities – Europe’s top ten

研报英文原文证据摘录

This week's most read research: Equities – Europe’s top ten

Deutsche Bank

Research

Europe Strategy Date

15 May 2026

This week's most Periodical

read research

Equities – Europe’s top ten

Jonathan Jayarajan

Prysmian Research Analyst

+44-20-754-76037

Data centers need their fiber

nabil.najeeb@db.com

Published on 8th May 2026

As the race to build AI compute intensifies, Prysmian sits at the intersection of three

of the key bottlenecks emerging across the value chain: grid infrastructure, MV

cabling into data centers, and optical fiber for server and data center interconnect.

The latter has recently grown materially in significance as the shift toward inference

workloads has driven a step-up in intra- and inter-data center bandwidth and

latency requirements, in turn fueling a sharp surge in fiber prices. As one of few fiber

producers with a domestic US footprint, Prysmian is well placed to capture the

upside, and is also on the verge of announcing sizeable long-term agreements with

hyperscalers to underwrite fiber capacity expansion. After a brief pause in earnings

momentum, with the trajectory now firmly re-accelerating, we upgrade to Buy from

Hold. We expect the shares to continue to grind higher as compute demand grows,

supported by a series of near-term catalysts including: one or more sizeable US

acquisitions, an upgrade to the mid-term targets, the long-awaited secondary

listing in New York, entry into higher-value downstream fiber products within the

white room, and a potential revival in Transmission orders later in the year. Our

EBITDA forecasts for FY26-28 rise by 2-9%.

European Defence

Some thoughts on current European defence valuation levels

christophe.menard@db.com

Published on 12th May 2026