Silver Sunrise 欧洲TMT日报：欧盟TMT板块专家评论 科技·媒体·科技

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Scott Silver - Specialist Sales - European TMT AC (44-20) 7134-0412

J.P. Morgan Securities plc

Europe Specialist Sales

JPMORGAN

31 July 2026

Silver Sunrise Euro TMT Daily

Scott Silver

RESEARCH SNIPPETS

UMG - There is no sugar coating it ... that was not a good quarter - Daniel Kerven Read Full Note Here

Cellnex - Q2 leaves estimates unchanged. New €0.2bn buyback. Focus remains on the known unknowns- Akhil Dattani

Read Full Note Here

Capgemini -Growth continues to trend above expectations; market is looking to see growth upside translate into margin

upside- Toby Ogg Read Full Note Here

Adyen - Given market cautiousness, meeting expectations would be a positive catalyst for the stock.- Sandeep

Deshpande Read Full Note Here

Inficon - Q2’26 Review: Guide and consensus continues to edge higher for 2026 and outer years, preparing for step-upCraig A McDowell Read Full Note Here

Worldline -Q2/H1’26 feedback: Guide down on Revenue but better cost control keeps Adj. EBITDA and raises FCF

guide- Craig A McDowell Read Full Note Here

Nemetschek -Raising estimates with HCSS integration; Remain OW despite a noisy quarter- Joseph George Read Full

Note Here

Informa - H126 demonstrates resilience and forward momentum with IMEA risks well contained - reiterate OW- Lara

Simpson Read Full Note Here

JCDecaux - Post call H126 - A strong setup also for H2: Booming Digital Sales, Solid Trading in Europe and Strong

Cost Control - the investment case remains well intact. OW.- Marcus Diebel Read Full Note Here

US All Stars Conference is taking place on the 22nd and 23rd of September. In Tech, we've Analog Devices, ARM

Holding, Cisco Systems, Coherent, Texas Instruments and Verisek Analytics attending. Registration link click here

ASM International -Significant market share gains reported. The stock price pull-back provides an opportunity to add to

positions.- Sandeep Deshpande Read Full Note Here

QUICK SILVER: SNIPPETS

AMADEUS (OW) – SPEC TAKE - IN-LINE Quarter with EBIT BEAT but outlook revised DOWN: Q2 total revenue of

€1.65bn broadly in line with consensus (+0.1%). Within the divisions, Air Distribution revenue missed consensus by

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