European Express: Lanxess, Insurance, Tech Hardware and Market Updates

This report provides updates on European equities, highlighting a downgrade for Lanxess and reiterations for insurers and AB InBev, alongside a positive read-across from Nvidia's earnings for European tech hardware.

Key Takeaways

• 1.Lanxess is downgraded to Sell with 25% downside as global energy and chemical price resets offset potential benefits from the US manufacturing cycle.
• 2.The outlook for Dutch Life insurers (NN and ASR) remains strong due to defensive balance sheets, lack of USD exposure, and AI-driven cost benefits.
• 3.Nvidia's strong results suggest a positive read-across for European AI enablers like ASML, Infineon, and Nebius.

Table of Contents

• Lanxess AG (LXSG.DE): Pricing windfall in question, and balance sheet risk remains a constraint; Down to Sell
• Insurance: Dutch Life has further to run; reinstate on Ageas at Neutral
• Technology: Hardware: Read-across from Nvidia's 1QFY27 results for European
• Anheuser-Busch InBev (ABI.BR): Investment case compelling beyond the World Cup boost; Reiterate Buy (on Conviction List)
• ISS (ISS.CO): Reiterating Buy after DTAG contract overhang resolved, and framing the Bull case from here
• Birkenstock (BIRK): Accelerated share buyback signals management confidence; remain Buy
• Europe Rating Changes
• Europe PT Changes (10% or more)
• Europe EPS Changes (10% or more)
• Other notable research
• Macro / markets
• Global
• Upcoming Webinars
• Corporate Access over the next 3 months

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