Ratings of the Day
Bayer – A new scenario: relocation to Federal Court (Matthew Weston, PhD) RATING: Buy (Unchanged); PT: 52 (52); Delta to PT: 44%; MCAP: $41.1B; RIC: BAYGn.DE; BBG: BAYN GY Bayer faces key catalysts with a potential SCOTUS ruling and settlement updates ahead. We analyse risk/reward and share price sensitivities at current levels. QUANT FACTORS: | #Value
KION – UBS Evidence Lab inside: bigger is better (Sven Weier) RATING: Buy (Unchanged); PT: 59 (68); Delta to PT: 43%; MCAP: $6.3B; RIC: KGX.DE; BBG: KGX GR KION is a clear beneficiary in the latest UBS Evidence Lab survey on warehouse automation. Truck estimate clearance might however precede a full share comeback QUANT FACTORS: | #Value
Kardex – UBS Evidence Lab inside: Takeaways from the global warehouse automation survey (Sebastian Vogel, CFA) RATING: Buy (Unchanged); PT: 346 (346); Delta to PT: 49%; MCAP: $2.3B; RIC: KARN.S; BBG: KARN SW Our annual UBS Evidence Lab industry survey focussing on warehouse automation flags several key aspects of Kardex’s investment case QUANT FACTORS: | #Quality
Interroll – UBS Evidence Lab inside: Takeaways from the global warehouse automation survey (Sebastian Vogel, CFA) RATING: Buy (Unchanged); PT: 2295 (2295); Delta to PT: 64%; MCAP: $1.5B; RIC: INRN.S; BBG: INRN SW UBS Evidence Lab’s annual warehouse automation focussed survey touches on several factors driving our investment case for Interroll
Santander – May US auto securitisations – early past-dues drive a rise in delinquencies, but NPLs decline (Ignacio Cerezo) RATING: Buy (Unchanged); PT: 12.7 (12.7); Delta to PT: 10%; MCAP: $198.3B; RIC: SAN.MC; BBG: SAN SM US auto securitisation losses in May still show directionally negative trends, though at a manageable pace and not exerting obvious pressure on our estimates QUANT FACTORS: | #Hedge Fund Underweight | #Mutual Fund Underweight
A.P. Moller-Maersk – Maersk – What is the Ocean division worth? (Cristian Nedelcu, CFA) RATING: Neutral (Unchanged); PT: 15500 (14600); Delta to PT: -3%; MCAP: $35.9B; RIC: MAERSKb.CO; BBG: MAERSKB DC Maersk Ocean returns and FCF generation are underwhelming in years of healthy industry profitability (FY25/26). We see upside risk to Ocean capex mid-term. QUANT FACTORS: | #Momentum
3I GROUP PLC – Evidence Lab: Action trends improve in May (Haley Tam) RATING: Buy (Unchanged); PT: 2700 (2700); Delta to PT: 18%; MCAP: $31.8B; RIC: III.L; BBG: III LN UBS data suggests France and German sales trends stabilised in May. 3i is at discount valuation on trough earnings but positive news unlikely until Sep/Nov. QUANT FACTORS: | #Value
Rightmove – 1H26 preview: New Home outlook is tough but Agency likely to remain robust (Jo Barnet-Lamb) RATING: Neutral (Unchanged); PT: 480 (481); Delta to PT: 10%; MCAP: $4.6B; RIC: RMV.L; BBG: RMV LN Challenging outlook for New Homes in 2026/27 may weigh on growth, but resilient Agency performance could provide partial offsets. See our view inside. QUANT FACTORS: | #Top Quintile All Metrics | #Quality
Italgas – 2026-32 Strategic Plan preview: What we expect (Christabel Kelly) RATING: Buy (Unchanged); PT: 11.8 (11.8); Delta to PT: 12%; MCAP: $12.4B; RIC: IG.MI; BBG: IG IM The event is the first public engagement by recently appointed CFO Pierre La Tour since joining Italgas.
Unite Group plc – Valuation vs visibility: the market is waiting (Zachary Gauge) RATING: Buy (Unchanged); PT: 585 (585); Delta to PT: 11%; MCAP: $3.8B; RIC: UTG.L; BBG: UTG LN After strong investor engagement post-initiation, we outline the key debates on Unite – and where we see the balance of risk shifting.
Landis+Gyr – A year of bridging large orders (Patrick Rafaisz, CFA, FRM) RATING: Neutral (Unchanged); PT: 51 (55); Delta to PT: 6%; MCAP: $1.7B; RIC: LANDI.S; BBG: LAND SW FY26/27E will be marked by a large project revenue gap, mid-term growth supported in part by ultrasonic gas (read this note for further insights).
Saint Gobain – Saint Gobain: Why we’re still cautious on SGO shares in 2 minutes (Julian Radlinger, CFA) RATING: Sell (Unchanged); PT: 70 (70); Delta to PT: -10%; MCAP: $45.3B; RIC: SGOB.PA; BBG: SGO FP Americas consensus downside potentially still HSD% and Europe still recovering too slowly for earnings momentum to resume. We show the datapoints that keep us on the sidelines.