GS EUROPEAN EXPRESS: De’ Longhi | Volkswagen | Watches of Switzerland Group | Bayer | Macro | Global | Corporate Access

研报英文原文证据摘录

GS EUROPEAN EXPRESS: De’ Longhi | Volkswagen | Watches of Switzerland Group | Bayer | Macro | Global | Corporate Access

Equity Research

16 July 2026 | 6:28AM BST

GS EUROPEAN EXPRESS: De’ Longhi | Volkswagen | Watches of

Switzerland Group | Bayer | Macro | Global | Corporate Access

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De’ Longhi SpA (DLG.MI): Premium Coffee Platform Mispriced as Appliance

Maker; initiate at Buy - We initiate coverage of De’Longhi - a leading coffee machine

manufacturer ($6.5bn market cap). We believe the core investment case is

De’Longhi’s exposure to the continued growth of espresso-based coffee. Our key

differentiation versus consensus is that professional coffee growth should remain

stronger for longer, supported by accessories, grinders and luxury home machines

growth. We also see further runway from increasing penetration in the US and China,

as well as ongoing premiumisation in mature markets. We think EBITDA expectations

are too conservative, which drives our above-consensus estimates (GSe +1.6%/4.2%

above 2026E/2027E consensus, respectively), supported by mix shift toward

professional coffee, stronger operating leverage, broadly flat advertising and

promotions spend, and lower commodity and tariff headwinds than expected. We

also see a compelling strategic optionality and capital allocation story.