On The Horizon - Stocks with Catalysts

研报英文原文证据摘录

On The Horizon - Stocks with Catalysts

EUROPE | Europe Insights EquityJulyResearch1, 2026

As we enter earnings season, we identify eight names that could surprise

positively (Aalberts, AstraZeneca, Computacenter, Ferrari, Givaudan, Mercedes,

MIPS, Plus500) and two that could surprise negatively (Clariant, Lindt). For

each, we provide a summary investment case and why we believe the setup

looks attractive or unfavourable.

.

Potential Beats

Aalberts Interim results to show a clear inflection in earnings momentum drive by Semis and

M&A, with an earnings upgrade cycle helping to narrow discount to peers.

AstraZeneca Dual readouts (CARDIO-TTRansform & AVANZAR) could unlock a multi-billion

opportunity for the cardiometabolic franchise and confidence in MT growth.

Computacenter We see growing evidence that accelerating AI hardware and hyperscaler capex

(US c40% of group profits) continue to drive an attractive earnings upgrade cycle.

Ferrari Results are expected to demonstrate resilient UHNW demand, strong pricing and mix

underpin, which supports earnings growth against the recent derating.

Givaudan Sequential improvement in organic sales growth to serve as a catalyst to reset near-

term sentiment and refocus attention on best-in-class characteristics.

Mercedes Evidence of margin stabilisation and constructive commentary on demand to drive

a re-rating from depressed valuation levels.

MIPS Strong organic growth and operating leverage offset dilution from Koroyd, with attractive

valuation and market share gains driving a compelling risk-reward setup.

Plus500 Scope for guidance upgrade driven by elevated volatility across asset classes, which

has driven higher client activity. Capital returns also remain attractive.

Potential Misses