European Daily Focus: Friday, 26th June 2026

研报英文原文证据摘录

European Daily Focus: Friday, 26th June 2026

Deutsche Bank

Research

Europe Strategy Date

26 June 2026

European Daily Periodical

Focus

Friday, 26th June 2026

Jonathan Jayarajan

TOP STORIES Associate Director Equity Research - EMEA

TOP PICKS - Europe - Top Picks - Europe - 3Q26 Products

Jonathan Jayarajan: Deutsche Bank is launching its first European Top Picks list. +44-20-754-76037

This note details our top fundamental stock picks across 24 sectors as chosen by the

analyst team covering each sector. Each slide features one stock pick and details

our investment case, valuation and risks. This will be updated quarterly going

forward.

BRUNELLO CUCINELLI (BCU.MI) - Quiet luxury, Loud growth, Muted multiple. Figure 1: Table of Contents

Initiate with Buy

Do-Hyun Yoo: Initiate with Buy, Tgt EUR96.80. Last Close EUR82.42. We see Top Stories Page 01

Recommendation Changes Page 02

Brunello Cucinelli capable of delivering 25-28E EPS CAGR of c.15%. Our forecasts Target Price Changes Page 02

anchor on the consistent execution its c.10% cFX sales growth algo. This is driven Company Updates Page 04

by the precise intersection of its growing top-end luxury target market, purposefully Sector Update Page 07

Strategy / Economics Page 07

catered everyday wardrobe offering that leads to long-term higher average spend, Global Focus Page 09

and brand resonance through its philosophy 'Humanistic Capitalism'. We also Source : Deutsche Bank

assume a more gradual EBIT margin expansion based on its more mature

operational structure.

Figure 2: Initiation

KNORR-BREMSE (KBX.DE) - Strategic update and Q2'26 results due July 30 BrunelloCompanyCucinelli [Buy] RatingBuy 96.80TP BCU.MITicker

Gael de-Bray: Tgt EUR115. Last Close EUR101.30. Buy. Knorr-Bremse reports Q2 Source : Deutsche Bank