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研报英文原文证据摘录

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Global Equity Research

International First to Market 30 June 2026

European Agencies (Daniel Kerven), France, United Kingdom, Netherlands

Conversations from Cannes: AI to drive marketing boom; creative renaissance & better business

models

The mood in Cannes was positive - there were no particular concerns around the macro environment or marketing budgets. AI

remained the dominant theme, but the conversation has moved on. The focus is no longer on business plans, it is now

deployed platforms, working products and real client implementations.

European Oil Services (Alejandra Magana), Norway, Italy, Luxembourg, France

Revisiting Sector Fundamentals and Valuation; Remain OW Saipem and Technip Energies

In this note, we refresh our forecasts to incorporate QTD announced orders, reassess the forward trajectory for margins and

order intake across our coverage, and update our valuation framework to reflect our revised outlook.

Vonovia SE (Neil Green, CFA) (VNA GR, OW, PT €34.50), Germany

Shares should have (at least) bounced by now

Vonovia shares continue to struggle to gain traction even as interest rate headwinds moderate. Traditionally, when Vonovia’s

own debt yields decline, the share price rises...and yet we have seen c. 35bps of compression since May highs and the shares

are still (3%) lower...a more normal reaction would be up HSD%. We also look at the evolution of German house price inflation

and what the stock is now pricing in as further reasons as to why the shares should have (at least) bounced by now. We

recognize that progress against the strategic objectives (and a more stable rate outlook) will be needed for a sustained rally, but

with c.60% upside, we have a long way to go before the equity market needs to price this in.