Report published September 2, 2026
Deutsche Bank Research: European Company & Sector Updates (September 2, 2026)
Source and citation context
- Issuer
- Deutsche Bank
- Report date
- September 2, 2026
- Analysis as of
- Not stated in source
Authors / editors: David Brockton, Tim Rokossa, Emmanuel Papadakis, Kane Slutzkin, Sharath Kumar, Gareth Davies, Niall Alexander, Benjamin Goy, Gael de-Bray, Mitch Collett, Tim Barrett, Liam Fitzpatrick, Thomas Rothaeusler, George Hill
Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Deutsche Bank Research provides European company and sector updates covering H1 results for Ashtead Technology and Bunzl, a CMD preview for BMW, clinical trial updates for Novartis, and management changes at Partners Group. Sector commentary highlights German cyclical recovery potential, hotel ADR strength, rising real estate yields, and softened investment banking fees.
Key Takeaways
- 1.Novartis reported positive Phase 3 topline results for remibrutinib in multiple sclerosis, supporting mid-single-digit stock upside despite a clinical hold on early-stage CAR-T autoimmune trials.
- 2.Bunzl reported strong H1 2026 results with underlying revenue growth of 3.2%, operating profit growth of 8.0% CC, and announced a new £500m share buyback alongside upgraded full-year guidance.
- 3.BMW's upcoming Capital Markets Day is expected to focus on capital returns given its €43bn net liquidity versus €36bn market cap, though medium-term 8-10% automotive margin targets may be pushed to the early 2030s.
Table of Contents
- COMPANY UPDATES
- SECTOR UPDATES
- GLOBAL RESEARCH
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Ashtead Technology H1 Revenue | 100.2 GBP million | In line with company guidance of c.£100m. |
| BMW Automotive Net Liquidity | 43 EUR billion | Stated automotive net liquidity compared to a market cap of c.€36bn. |
| Bunzl Underlying Revenue Growth | 3.2% | Two-thirds driven by volume and one-third by pricing. |
| Bunzl Share Buyback Program | 500 GBP million | New buyback announced alongside H1 results. |
| Partners Group 1H26 Net Income | 502 CHF million | Led by higher net financial expenses (-60m vs consensus -26m). |
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Authors / Editors
Reported Data Context
- Ashtead Technology H1 Revenue: 100.2 GBP million (H1 2026)
- BMW Automotive Net Liquidity: 43 EUR billion (Current)
- Bunzl Underlying Revenue Growth: 3.2 % (H1 2026)
- Bunzl Share Buyback Program: 500 GBP million (2026)
- Partners Group 1H26 Net Income: 502 CHF million (1H 2026) · Source: company compiled consensus