European Retail "Valuation, Catalysts and Latest Research" Mahamkali

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European Retail "Valuation, Catalysts and Latest Research" Mahamkali

Global Research

25 May 2026ab

European Retail Equities

Europe including UKValuation, Catalysts and Latest Research

Retailers, Apparel

Sreedhar Mahamkali

Latest Research & Video/Audio - (Full list on Page 4) Analyst

sreedhar.mahamkali@ubs.com

Tesco: What did we learn from the FY25/26 annual report?

+44-20-7568 8040

Marks & Spencers: Reinvigorating the growth narrative, Buy Yashraj Rajani, CFA

Analyst

Kingfisher: Balanced near term signals but risk/reward to the downside

yashraj.rajani@ubs.com

Douglas: Q2 in line with preliminary release, promotional environment called out +44-20-7901 5662

Michal Potyra, CFA

Zalando: Steady GMV growth gives confidence in thesis

Next: Intl momentum returning; FY PBT outlook secure michal.potyra@ubs.com

+44-20-7568-1935

Asos: Green shoots but need sustainable topline inflection; Neutral

Angelo Mangieri

Tesco: Strong delivery support further re-rating Associate Analyst

angelo.mangieri@ubs.com

Ahold Delhaize: Steady performance underpinning re-rating +44-20-7567 7974

Colruyt: Fairly valued for modest growth; down to Neutral Fatima Ortiz Nunez

Associate Analyst

Kingfisher: Macro overpowering self-help, Neutral fatima.ortiz-nunez@ubs.com

+44-20-7901 6085

H&M: EBIT beat; Current trading softer

Asos: H1 Adj. EBITDA better than expected

Zalando: Lot left on the table for Bulls; Buy

Sainsbury: Grocery momentum/FCF remain attractions

Inditex: Structural winner; reiterate Buy

Tesco: Port of calm; reiterate Buy

H&M: Growth elusive though margins come through

Zalando: A year of disproving bearish narrative; Buy

Dunelm: Sell off overdone; Remain Buy

M&S: Improving FHB shape gives confidence; Buy

Next: Strong finish; prudent outlook

Asos: Long wait for a topline recovery, Neutral