European Express: Financials Conference, Media Initiations, and Powering Up Europe

A comprehensive summary of European market activity including takeaways from the 30th European Financials Conference, new media coverage initiations, and analysis of power demand electrification trends.

Key Takeaways

• 1.Media sector coverage initiated with a Buy on Publicis and Omnicom and a Sell on WPP, focusing on an AI framework measuring competitive moats.
• 2.European power demand is accelerating (up 2% YTD) driven by heat pumps, EVs, and manufacturing electrification, requiring €3.5trn of investment by 2030.
• 3.Nestle's deleveraging remains on track with a return to 2.5x net debt to EBITDA by FY28E, making valuation compelling at 17.6x CY26 P/E.

Table of Contents

• 30th European Financials Conference Takeaways from Zurich (2-4 June)
• Adam Berlin initiates coverage of 5 stocks in Media and James Tate downgrades Stroer to Sell
• Powering Up Europe: Electrification keeps driving power demand higher
• Nestle (NESN.S): Cash generation & disposals on-track
• BT Group (BT.L): Submits targeted, time-limited Openreach pricing proposals to Ofcom
• Europe Rating Changes
• Europe PT Changes
• Other notable research
• Macro / markets
• Global
• Upcoming Webinars
• Corporate Access over the next 3 months