Report published September 3, 2026
Deutsche Bank Europe Research Update: Ratings Upgrades for Dunelm, Legrand & Italian Financials (September 3, 2026)
Source and citation context
- Issuer
- Deutsche Bank
- Report date
- September 3, 2026
- Analysis as of
- Not stated in source
Authors / editors: Benjamin Yokyong-Zoega, Gael de-Bray, Giovanni Razzoli, Virginie Boucher-Ferte, Jonathan Coubrough, Nicolai Kempf, James Brand, Olly Jeffery, Adam Cochrane, Gareth Davies, Bryan Kraft, David Hoang
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's daily research note highlights Buy upgrades for Dunelm, Legrand, Azimut, and SiriusXM alongside positive target price revisions across Italian financials. The team also covers positive operational progress at Motorpoint and Cairn Homes, while maintaining a cautious Hold stance on JD Sports.
Key Takeaways
- 1.Deutsche Bank upgrades Dunelm to Buy (target lifted to 1,050p) ahead of its strategy update, citing attractive valuation and upside from store openings and refits.
- 2.Legrand is upgraded from Hold to Buy (target €160) due to unjustified valuation discount relative to peers, robust pricing power, and tailwinds from electrification, energy efficiency, and AI data centers.
- 3.In Italian financials, Azimut is upgraded to Buy with target raised to €46, Banco BPM remains a Buy with M&A optionality, and 2Q bottom-line results exceeded expectations across banks and asset gatherers.
Table of Contents
- RECOMMENDATION CHANGES
- TARGET PRICE CHANGES
- COMPANY UPDATES
- SECTOR UPDATES
- GLOBAL RESEARCH
Report data
Recommendation Changes
| Metric | Estimate | Context |
|---|---|---|
| Free cash flow conversion | 70% | Dunelm cash conversion |
| Free cash flow yield | 9% | Dunelm Cal-27E estimated FCF yield |
| Price-to-earnings ratio | 10.3 x | Dunelm trading valuation |
| EPS growth | 82% | Cairn Homes H1 EPS growth |
| Share buyback | 50 EUR million | Cairn Homes share buyback program |
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Authors / Editors
Reported Data Context
- Free cash flow yield: 9 % (Cal-27E)
- EPS growth: 82 % (1H)
- Share buyback: 50 EUR million (FY26)
- PBT guidance: 9.8-10.8 GBP million (FY27)
- Regulated Asset Base (RAB) growth: >25 % p.a. (Next few years)