EU Insights – August 2026: Must-Reads and Highlights from Equity Research

研报英文原文证据摘录

EU Insights – August 2026: Must-Reads and Highlights from Equity Research

J P M O R G A N Europe Equity Research

02 August 2026

EU Insights – August 2026

Must-Reads and Highlights from Equity Research

This month in J.P. Morgan Europe Equity Research… Head of Developed Europe Equity

Research

AC• Wheels up. David Perry raised Airbus (OW, AFL) estimates as the company’s Bruna Haq

business update reassured. He also forecasts improved ‘26-30e earnings for (44-20) 7134-0681

Safran (OW), with Propulsion offering a “structural tailwind” for aftermarket. bruna.haq@jpmorgan.com

• BMATs – worth the weight? Elodie Rall sees positive momentum in Content Team

Lightside names, upgrading Sika to OW as execution improves, while Alezandra Udueni

unfinalised EU ETS proposals remain an overhang for Heavyside. (44-20) 3493-4919

alezandra.udueni@jpmorgan.com

• Conviction into events: With 130+ covered companies reporting over the next Charlotte Barrie, CFA

2 weeks, our analysts have placed 16 ideas on Catalyst Watch. For the full list,

(44 20) 3493-6760

and our analysts’ views into upcoming earnings, see the latest Forward Focus. charlotte.barrie@jpmorgan.com

• Storage Wars. Javier Garrido expects record-low gas storage levels and tight J.P. Morgan Securities plc

LNG supply to benefit generators and integrated Utilities, including Centrica

(OW), where Pavan Mahbubani sees upside from balance-sheet headroom.

• Mine over matter. Patrick Jones upgraded Antofagasta to OW on peer-leading

growth. Chitrita Sinha switched her preference among Upstream Mining

OEMs to Epiroc (OW) over Sandvik (N) on greater copper exposure.

• Wolters Kluwer: Accounting for AI. Daniel Kerven upgraded Wolters

Kluwer to OW, with more confidence in its AI moat across Tax & Accounting.

• Cautious reinstatements.