GS European Express

Goldman Sachs updates its European outlook with a Buy upgrade for Flughafen Zurich and a Neutral downgrade for Eiffage, while highlighting a tightening physical oil market and an inflection point in energy exploration capex.

Key Takeaways

• 1.Flughafen Zurich is upgraded to Buy following a 20% price correction, while Eiffage is downgraded to Neutral due to a challenging French macro backdrop affecting toll traffic and construction.
• 2.TGS is positioned for a major exploration upcycle as reserve lives contract and exploration mentions on earnings calls return to prior-cycle highs.
• 3.The physical oil market is tightening rapidly with record global stock draws of 8.7mb/d in May, despite Brent prices remaining below early-April highs.

Table of Contents

• Two rating changes and a webcast from Patrick Creuset in Transport & Infrastructure
• Retail Matters: On maintains its outperformance in sportswear
• Luxury Goods: Macro Tracker
• TGS ASA (TGS.OL): On the cusp of a major exploration upcycle
• Rockwool (ROCKb.CO): 1Q'26 Result
• Europe Rating Changes
• Other notable research
• Podcasts
• Macro / markets
• Global
• Upcoming Webinars
• Corporate Access over the next 3 months
• Disclosure Appendix

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