Research Unplugged: The HALO effect: Heavy Assets, Low Obsolescence including stock ideas Part 2

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Research Unplugged: The HALO effect: Heavy Assets, Low Obsolescence including stock ideas Part 2

Equity Research

16 July 2026 | 9:25PM BST

Research Unplugged: The HALO effect: Heavy Assets, Low Obsolescence

including stock ideas Part 2

We revisit the HALO theme and what we expect for Phase 2, with some Sahar Islam

+44(20)7051-4935 |

Buy-rated ideas that fit into this framework. Guillaume Jaisson in Strategy takes us sahar.islam@gs.com

Goldman Sachs International

through why he thinks the first phase of the trade is largely complete but that the

Guillaume Jaisson

second phase is only just beginning. The first phase has been underpinned by a +44(20)7552-3000 |

re-rating, but he sees this second phase as increasingly driven by earnings, with guillaume.jaisson@gs.comGoldman Sachs International

greater dispersion between winners and losers. Given this expected dispersion, we Alberto Gandolfi

highlight some Buy-rated ideas from Guillaume’s Capital Intensive basket: +39(02)8022-0157alberto.gandolfi@gs.com|

Alberto Gandolfi on RWE and E.ON, Andrew Lee on BT (on CL), Telefonica and Goldmanbranch Sachs Bank Europe SE - Milan

Orange, Sam Burgess on Rheinmetall (on CL) and Safran, Ben Rada Martin on Holcim Andrew Lee

and Rockwool, Matt Greene on Antofagasta and Gabriel Simoes on SIG Group. We +44(20)7774-1383 | andrew.j.lee@gs.com

also hear Jonathan Kownator on Real Estate on Vonovia (on CL) given the Goldman Sachs International

asset-heavy nature of the sector. We finish off with Camille Cerisey from our EMEA Sam Burgess

+44(20)7774-9651 |

Custom Baskets team (GBM) on colour on flows and positioning. Listen in for more! sam.burgess@gs.com

See below for the full list of topics and speakers; approximate start times are in parentheses. Ben Rada Martin

+44(20)7051-0800 |