EMEA - In Case You Missed It...

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EMEA - In Case You Missed It...

EUROPE | Europe Insights EquityJulyResearch18, 2026

To help you cut through the noise and focus on what matters, we present

a selection of our most read European research. This week we update our

high conviction Franchise Picks list, showcase our Global Cement Primer

and continue to drive the debate on Diageo. We also flag key research from

the US and Asia, and high-profile Access events. .

Cherry picked

Franchise Picks Jefferies Franchise Picks is a selection of our most high-conviction,

differentiated calls in liquid stocks. Our update sees us add nine new names where explain

how our view is differentiated to the Street.

Back to basics

Cement Our primer demystifies the cement industry, examining key demand drivers,

profitability levers, strategic differences and regulatory influences shaping one of the world’s

most essential yet misunderstood sectors.

Buzzi Whilst valuation is attractive alongside recovery exposure and M&A optionality,

uncertainty around timing of catalysts tempers our conviction despite >10% MCAP in cash.

Initiate at Hold.

Best of the rest

Diageo Whilst premiumisation will remain a secular tailwind for spirits, we think Diageo has

left money on the table by not catering to a broader range of consumers. We see the 6 Aug

strategy update as a clearing event. Recent deep-dive here.

Pharma We refresh our Danish Biopharma preferences. Genmab remains our value-based top

pick with a catalyst rich 6-12 months ahead, ALK follows as our high-growth option. Zealand

DG to Hold.

Sunbelt Rentals Our website pricing trends stabilised in June, with modest improvement in

rental rates and stronger regional momentum. Flat fleet-weighted pricing suggests conditions

are gradually improving, supporting a more constructive demand outlook.