European Express Market Updates and Corporate Access

A comprehensive roundup of European equity research, highlighting a major upgrade for Epiroc and takeaways from SAP and consumer conferences.

Key Takeaways

• 1.Epiroc upgraded to Buy based on 1Q26 results showing the first margin expansion in several years and strong recovery prospects.
• 2.Consumer staples momentum from Q1 persists into Q2, with management teams noting inflation impacts are contained but European growth remains low.
• 3.SAP reiterates AI and cloud migration as core growth drivers, with 'agentic AI' emerging as a new lever and migration activity expected to re-accelerate.

Table of Contents

• European Consumer Staples and Retail Conference Takeaways from London (12-13 May)
• Epiroc (EPIRa.ST): Margin recovery underway; upgrade to Buy
• Aerospace & Defense: Outlook post 1Q26 results
• SAP (SAPG.DE): SAPPHIRE 2026 – Key takeaways from Day 2; Buy
• Auto1 Group (AG1G.DE): 1Q26 results review
• Vallourec (VLLP.PA): 1Q26: Shrinking profitability gap and strong offshore activity momentum; 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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