GS EUROPEAN EXPRESS: Multi-Industry | Autos | Interparfums | Auto1 | Lotus Bakeries | Macro | Global | Corporate Access

研报英文原文证据摘录

Equity Research

10 August 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Multi-Industry | Autos | Interparfums | Auto1 |

Lotus Bakeries | Macro | Global | Corporate Access

We have a new podcast out ‘On the Road with Goldman Sachs - European

Edition: What we learned on Tanks vs. Drones and German Defence Procurement

‘ with Sam Burgess, listen here!

Sahar Islam

+44(20)7051-4935 |

Goldman Sachs International

Europe Multi-Industry: Reiterating Buys on Prysmian/Nexans post 2Q26 - We

reiterate Buy on Prysmian and Nexans with >30% upside to our PTs, placing them

among the top-5 most compelling Buys in our multis coverage post 2Q26. Both

stocks have underperformed significantly (-20pp/-12pp vs sector), yet we raise

estimates on solid 2Q performance and favourable end-market exposure (utilities,

datacenters). For Prysmian, we raise FY26–28E adj. EBITDA by c.2–5% (ex-Atkore)

and expect a guidance upgrade at 3Q towards €2.9–3bn, seeing the 1H27 CMD as a

catalyst with >€4bn 2028E EBITDA guidance (ex-Atkore). The stock trades at c.11x

2027E EV/EBIT, a c.39% discount to sector. For Nexans, we raise 2026/27E adj.

EBITDA by c.5–7%, no longer expecting 2027 Transmission under utilisation given a

likely Mediterranean contract. PT raised by 4%. Both screen below sector average on

PEG ratio with above-average EPS growth. (Daniela Costa)

Europe Automobiles: Chinese OEM Competition Monitor Jul-26: Chinese market

share growth stays strong; PHEV exports surge, likely front-running the pending

tariff - We update our tracker for July 2026 Chinese OEM competition data for

Europe-5 markets. Chinese domestic brands continued to post strong +191% yoy

growth, with market share rising to 7.6%. On an R3M basis, Chinese domestic brands

gained +463bps of share yoy, corresponding to a -430bps share loss from

mass-market brands, with all European mass-market cohorts still losing ground.

European premium brands’ resilience is softening. Supply monitor: Spain emerges as

Chinese auto manufacturers’ European gateway Trade monitor: June data from

Chinese customs show PHEV exports up +263% yoy to the EU, likely front-running

the pending tariff, while a lower export value per vehicle signals a mix shift toward

…