GS EUROPEAN EXPRESS: Powering Up Europe | CVC | Truck Barometer | Oil Services | Pearson | Macro | Global | Corporate Access

研报英文原文证据摘录

GS EUROPEAN EXPRESS: Powering Up Europe | CVC | Truck Barometer | Oil Services | Pearson | Macro | Global | Corporate Access

Equity Research

15 July 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Powering Up Europe | CVC | Truck Barometer |

Oil Services | Pearson | Macro | Global | Corporate Access

We are hosting a ‘China Competition - What does it mean for Europe? Macro to Sahar Islam

+44(20)7051-4935 |

Micro Part 2’ call TODAY at 10:00 am UKT, register here! sahar.islam@gs.com

Goldman Sachs International

Powering Up Europe: Who pays for Electrification and Artificial Intelligence? -

We explore the cost of electrifying Europe and of rolling out datacenters to support

artificial intelligence. Our analysis suggests that electricity bill increases over the

coming ten years will be much lower than anticipated, averaging 2-4% pa. This

should ease concerns over affordability-driven regulatory intervention and strongly

corroborates our thesis of an “earnings super cycle” in Utilities and ongoing multiple

expansion. (Alberto Gandolfi)

CVC Capital Partners (CVC.AS): Realisation momentum sets a constructive tone

into 1H results; reiterate Buy (on CL) - We see the market’s pricing of execution

uncertainty around exits as increasingly disconnected from underlying momentum,

and expect a positive inflection point driven by: 1) largely de‑risked consensus

estimates for performance fees, 2) an improving exit backdrop with 1H26 global

sponsor‑led exits up 12% vs 2025, and 3) momentum across CVC’s own exit pipeline,

with recent exits at attractive returns (2.9x MOIC at end‑March). We incorporate the

now‑closed Marathon Asset Management acquisition, raising MFE estimates by c.1%

in 2026 and c.6/7% in 2027/28E. We expect Fund X launch in early 2027 to be a

positive catalyst.