Report published September 25, 2026
European Equities Week Ahead: Goldman Sachs Equity Research Preview
Goldman Sachs · September 25, 2026
This preview outlines the primary catalysts for European equities for the week of September 28 to October 2, 2026. Key scheduled events include capital markets days from TotalEnergies, BMW, and Legrand, earnings updates from Pepco and SSE, and critical macro releases including Euro Area flash inflation and US Nonfarm Payrolls.
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Finvaulta summarizes Goldman Sachs'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.TotalEnergies will host its Investor Day in New York, marking the first European Big Oil CMD addressing the capex versus buyback trade-off, with GS expecting capex to rise to $16bn in 2027.
- 2.BMW's CMD 2026 is expected to provide details on restructuring scope, a credible mid-term margin target, and new business growth areas like humanoid robotics.
- 3.Legrand's CMD could introduce target upgrades for 2030, including organic sales growth of 5-7%, sales of €15-17bn, and margins above 21%, alongside data center portfolio updates.
Table of Contents
- Differentiated expert calls and webcasts
- Conferences / Corporate Access
- Earnings
- CMD / Investor events
- Macro
Report data
Distribution of ratings/investment banking relationships
| Metric | Estimate | Context |
|---|---|---|
| TotalEnergies Expected Capex | 16.0 USD billion | Michele della Vigna expects Capex to increase to $16bn in 2027 vs. $15bn in 2025 |
| Legrand Potential Medium-Term OSG Target | 5-7% | Potential upgrade from 3-5% currently to 5-7% at the Singapore CMD |
| Legrand 2030 Sales Target | 15-17 EUR billion | Potential upgrade from €15bn to €15-17bn |
| Legrand Operating Margin Target | 21.0% | Potential upgrade to margins of >21% vs c.20% previously |
| NKT 2030 OSG CAGR Target | 7.0% | Expected reiteration of >7% OSG CAGR |
Reports in this series
European Equities Week Ahead is shown in chronological order through this edition, published on September 25, 2026.
Part of the European Equities Week Ahead series — view all 5 editions
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