EMEA - In Case You Missed It...

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EMEA - In Case You Missed It...

EUROPE | Europe Insights EquityJuneResearch20, 2026

To help you cut through the noise and focus on what matters, we present

a selection of our most read European research. This week we launch

our Compounders Framework, upgrade Banca Generali and outline the

compelling catalyst path for AstraZeneca. We also flag key research from

the US and Asia, and high-profile Access events. .

Treasure hunting

Compounders We introduce our quant-driven Compounder framework, which highlights a

systematic approach to identifying companies with structurally attractive characteristics. We

highlight 20+ "core compounders" and 90+ that could become "core" over time.

Upgrade to Buy

Italian Banks We upgrade Banca Generali as improving flows and strategic initiatives drive

margin upside and earnings visibility. Retain Buy on Fineco supported by resilient inflows and

incremental pipeline growth.

Banging the drum

AstraZeneca AZN is the only EU large pharma company that can credibly argue for premium

growth into 2030 and beyond. Following what we consider positive results for AZD5004 at

ADA, the next catalyst is the AVANZAR trial. Buy.

UBS We see US & Asia Wealth and an IB with the right mix (equity and M&A) as contributors

to JEF EPS >18% ahead of consensus for Q2 26. Reiterate Buy, PT raised to CHF60.

Diageo We have seen lively two-way debate since the publication of Addressing the

Premiumisation Hangover. Bears are worried about category growth, Bulls see an opportunity

for CEO David Lewis to drive a stronger performance.

Aixtron Opto and GaN capacity build outs provides an attractive multi-year capex story. We

are 8% / 16% ahead of 2028 revenue / EPS consensus forecasts and see GM upside. Raise

PT to €73.

Best of the rest