GS EUROPEAN EXPRESS: Bayer | Wise | Cannes feedback | Prysmian | Autos & China | Inwit | Macro | Global | Corporate Access

研报英文原文证据摘录

GS EUROPEAN EXPRESS: Bayer | Wise | Cannes feedback | Prysmian | Autos & China | Inwit | Macro | Global | Corporate Access

Goldman Sachs GS EUROPEAN EXPRESS

technology. Media agencies are well-placed to aggregate the purchase of tokens from

LLMs, but will management teams take advantage of this opportunity? Industry

participants appeared generally optimistic that conversations with clients around AI and

data integrations can lead to a return to growth in IT services, but progress remains slow.

(Adam Berlin)

Prysmian (PRY.MI): Key takeaways from optical fiber site visit - We highlight the key

takeaways from our visit to Prysmian’s optical fiber preform and drawing plant —

Europe’s largest. Glass preform production remains the primary bottleneck, expected to

drive higher prices over the next two years before volumes ramp in 2029 as new

capacity comes online. Technological differentiation via bend-insensitive fiber underpins

Prysmian’s competitive advantage, while exponential datacenter demand and

hyperscaler contract dynamics shift focus away from traditional telecom customers. We

see 24% margin in 2026 moving towards 28% by 2028, with topline organic CAGR at

13%. We are 2-9% ahead of Visible Alpha Consensus Data for FY26-28E and expect the

company to raise 2026 guidance at 2Q. Buy with 9% upside. (Daniela Costa)

European Automobiles: European OEM in China May-26: German JVs broadly

underperform despite growing… - We report on European OEM market share in China

for May-26, where domestic players continued to gain share at the expense of most

international OEMs. In the premium segment, European brands were under pressure but

held position better than mass peers, with Mercedes and BMW losing ~28-29bps R1M

while Audi and Volvo proved more resilient.