Barclays
June 23, 2026
European Morning Research Summary
Daily UpdateEquitiesReal EstateEnergyFinancials
This report provides morning research summaries for various European companies and sectors, including rating and estimate updates for DKSH, Telenor, and Telia, among others. It also includes sector-specific commentary on Chemicals, Telecoms, and Utilities.
Key Takeaways
- 1.Nordic Telcos outlook turns more cautious into 2H26; Telenor downgraded to Underweight, Telia upgraded to Equal Weight.
- 2.RWE announced a ~EUR4bn private placement to increase its Amprion stake, seen as strategically strong.
- 3.Bayer AG potential for multiple upside tied to upcoming Glyphosate SCOTUS decision.
Table of Contents
- Summary of Changes
- Company Research
- Industry Research
- Publications Summary
- DKSH: Asia-led growth with re-rating and M&A optionality
- Fresnillo: Taking a toehold in Sinda
- Chemicals & Ingredients: Brenntag Starts on a Strong Note
- European Chemical Distributors: It's 2021/22 all over again
- European Metals & Mining: What's priced in?
- Carrefour: 1H results preview
- L'Oréal SA: The Indian beauty battle is heating up
- European Consumer Staples: Previewing Barclays Consumer Health Conference
- Global Lodging: Feedback on Expert Call: Deep dive on branded resi
- European Banks: Weekly Valuation Summary
- European Diversified Financials: Diversified Financials – the month in charts
- European Diversified Financials: Weekly Valuation Overview
- European Real Estate: Weekly valuation overview
- Bayer AG: Catalyst Alert
- ConvaTec Group PLC: H1 preview
- Hikma Pharmaceuticals PLC: H1 '26 preview
- Koninklijke Philips N.V.: Q2 Preview
- Airbus: Aircraft Delivery Monitor
- easyJet: Valuation considerations
- Volkswagen AG Prefs: Reiterating VW as EU OEM top idea
- European Construction, Building Materials & Infrastructure: Building Blocks
- European Transportation: Weekly Valuation Sheet
- RWE: Equity raise for Amprion deal
- Hermes: 2Q26 Preview
- UK Fashion Retail: Market share – M&S grows on 2Y view
- European Technology Hardware: China semicap imports improving
- European/U.S. REITs: Trans-Atlantic Real Estate Valuation Overview
- Freenet: Model Update
- Nordic Telcos: Adopting more cautious tone into 2H26
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Authors
Anil ShenoyAlex SloaneKatie RichardsSetu Sharda
Securities
DKSH.STEL.OLRWEG.DE
Themes
Supply chain disruptionBranded residential real estate growthMargin delivery focus
Regions
EuropeAsia PacificNorwayFinlandChina