Report published September 4, 2026
DB Research Europe Daily: European Steel Re-rating, Southern European Banks & TMT Insights (September 4, 2026)
Deutsche Bank · September 4, 2026
This Deutsche Bank daily European research wrap details target price upgrades across European steel producers and Greek/Cypriot banks. It also provides conference takeaways for ATOSS Software, Aixtron, and Orange, as well as company updates for Hilton Foods, Polar Capital, Man Group, and VGP.
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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.
Key Takeaways
- 1.Deutsche Bank lifts target prices across the European Steel sector by 3-4% for 2027-28E EBITDA, supported by revised EU trade policy safeguard measures and strong HRC pricing.
- 2.Greek and Cypriot banks are reiterated at Buy with increased price targets, supported by 10% YoY corporate loan growth, NII resilience, and NPE ratios declining to around 2.2%.
- 3.ATOSS Software price target is raised from EUR 100 to EUR 115 following dbAccess TMT conference meetings showing strong software rotation and expectations for a seamless CEO transition.
Table of Contents
- TARGET PRICE CHANGES
- CATALYST CALL
- COMPANY UPDATES
- SECTOR UPDATES
Report data
Target Price Changes
| Metric | Estimate | Context |
|---|---|---|
| European Steel EBITDA Forecasts (2027-28E) | 3-4% | Deutsche Bank lifts EBITDA estimates by 3-4% on average across covered European steelmakers. |
| Greek and Cypriot Banks Corporate Loan Growth | 10% | Year-on-year corporate lending growth driving NII resilience across Greek and Cypriot lenders. |
| Greek and Cypriot Banks NPE Ratio | 2.2% | Average non-performing exposure ratio across Greek and Cypriot banks. |
| Polar Capital Trackable AuM | 40.5 GBP billions | Trackable assets under management calculated from public filings and Bloomberg, supported by £0.7bn monthly net flows. |
| UK Soft Drinks Market Size | 20.9 GBP billions | Market value of the UK soft drinks sector, growing at 8.7% CAGR over the prior 5 years. |
Reports in this series
DB Research Europe is shown in chronological order through this edition, published on September 4, 2026.
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