Ac t i o n | 28 Jul 2026 00:00:00 ET │ 25 pages Admiral Group (ADML.L) Boiling the Frog – Upgrade to Buy CITI'S TAKE Europe to turn a corner — Admiral's operations in Spain, Italy and France have been slow to deliver. A recent profit target called for doubling non-UK motor profit 2025- 28. Inflation shocks and a complicated post-Covid environment should now be behind it, and we expect Italy in particular to show improving momentum. The IP in these countries should be significant now and the earnings contrib ...

Action | 28 Jul 2026 00:00:00 ET │ 14 pages BE Semiconductor Industries (BESI.AS) Model Update CITI'S TAKE | Price (27 Jul 26 16:30) | €205.10 | | --- | --- | | Target price | €230.00↓ | | from €260.00 | | | Expected share price return | 12.1% | | Expected dividend yield | 0.2% | | Expected total return | 12.4% | | Market Cap | €16,643M | | | US$18,920M | Andrew M. Gardiner, CFAAC +44-20-7986-4206 andrew.gardiner@citi.com Pavan Daswani, CFA +44-20-7986-6889 pavan.daswani@citi.com | BE Semiconductor Industri ...

Ac t i o n | Estimate Revisions — We raise our 3q EBITDA by 2% to $1.21B primarily due to a stronger contribution from the Middle East in OFSE than previously forecast. We lower our 4q EBITDA by 2% to $1.27B, down primarily to a weaker OFSE contribution. Our 2026 EBITDA rises by 1% to $4.86B on revenues of $27.4B. We reduce our 2027 EBITDA forecast by 5% to $5.1B on lower IET revenues given capacity constraints. However, we raise our 2028 EBITDA by 1% to $5.74B as the new IET capacity drives our revenues hi ...

Ac t i o n | 28 Jul 2026 00:00:00 ET │ 17 pages AstraZeneca PLC (AZN.L) Pipeline still looks full. Raising EPS 1-3% and TP to £178 CITI'S TAKE AZN's 2Q results looked solid to us, with the call a good reminder of the size and breadth of its pipeline, with 19 key Phase III readouts expected in 2027 and AZN flagging 12 assets with peak sales potential >$5bn and 5 with peak potential $3-5bn expected to have pivotal readouts by 2030 and drive growth beyond. In our view, this underscores its ability to absorb se ...

Flash | 28 Jul 2026 00:00:00 ET │ 12 pages Saipem (SPMI.MI) Revises Down FY26 EBITDA Based on Middle East Conflict; Commercial Activity Remains Buoyant CITI'S TAKE Saipem's 2Q results came in below market expectations, reflecting the impact of Middle East disruptions. Management revised down FY26E EBITDA guidance to incorporate conflict-related costs incurred and those expected in 2H26. The company's backlog remains materially exposed to the Middle East (c.40%) and order intake rebounded sequentially during ...

Flash | Japan Chemicals 27 Jul 2026 23:53:43 ET │ 10 pages Japan Chemicals Highlighting two paint makers amid deteriorating tech sentiment CITI'S TAKE Since mid-June, investors have increasingly asked us about non-tech sub-sectors and stocks on which we are bullish. We recommend paint stocks (next after lagging tech stocks). As previously reported (Implications from results at 10 overseas companies), AkzoNobel explained that price pass-throughs are progressing smoothly, offsetting rising material costs, and ...

Flash | 28 Jul 2026 01:04:10 ET │ 11 pages Unilever Indonesia (UNVR.JK) Thoughts post-2Q26 call; Operational metrics improving, but macro headwinds persist CITI'S TAKE 2Q26 continuing operations growth were in-line and volume-led: Net Sales Rp8.5tn (+11.6% YoY) and NPAT Rp829bn (+4.8%). Overall we see business fundamentals improving (better distribution productivity and operational metrics), but macro headwinds would limit growth potential. Positives: Offline volume share has recovered to FY24 level of 27%, ...

Point | The Point for Europe Tuesday, 28 July 2026 Top Call | Company | Industry | Strategy & Economics | Commodities | Fixed Income & FX | Key Rating and Target Price Changes TopCall EDP Renewables (EDPR.LS) - The start of a new chapter. Guidance upgrade to come? EDPR announced the sale of 80% equity stake in 384MW of US renewable portfolio, consisting of 200MW of solar and 184MW of BESS, both with 20-year PPA/CTA. At 100%, the EV stand at $800m, of which EDPR will receive $450mn equity for its 80%. The tr ...

Flash | Personal Health margin was c.240bps above consensus / c.130bps above Citi, and Connected Care margin was c.180bps above consensus / c.120bps above Citi, in spite of the softer revenues. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations 28 Jul 2026 01:01:23 ET │ 12 pages Koninklijke Philips NV (PHG.AS) 2Q26 underlying adj. EBITA 4% below; FY26 guide upgrade reflects tariff refunds, unchanged operationally; Neutral CITI'S TAKE Philips reported 2Q26 org ...

Flash | 28 Jul 2026 01:00:19 ET │ 13 pages Saudi Tadawul Group Holding (1111.SE) Model Update CITI'S TAKE We have updated our model to reflect 2Q26 results and make adjustments to our 2026-29E forecasts to factor in ongoing operating trends and management comments post the results release. Our 2026- 29E attributable profit is down 4-10% mainly due to 3-5% lower revenue partly offset by lower costs. In addition we also lower our terminal growth forecast by 50 bps to 3.75% to account for relatively lower volu ...