GS European Express

This report provides a comprehensive weekly update on European markets, featuring sector-specific insights on Transportation, Capital Markets, and Industrials/Capex. It includes analyst ratings, key corporate access events, and macro commentary on regional headwinds.

Key Takeaways

• 1.Medium-term capex expectations improved significantly, with 2026 forecasts up c.2pp since March, driven by tech and utilities.
• 2.Public Power Corp (PPC) reinstated at Buy, viewed as a key electrification and datacenter play with 18% upside potential.
• 3.European cement price increases are driven by market consolidation and supply-demand balance rather than direct CO2 cost pass-through.

Table of Contents

• Europe Transportation: Airports
• European Capital Markets: Key themes shaping Capital Markets
• Multi-Industry Capex Tracker
• Datacentres (Buy Schneider, on CL) and Semis (Buy VAT)
• Public Power Corp. (DEHr.AT): A key electrification play
• GEA Group (G1AG.DE): Leading technology supplier for food and pharma
• Europe: Construction: Heavyside Materials: CO2 costs aren't passing through to European Cement prices
• Other notable research
• Upcoming Webinars
• Corporate Access over the next 3 months

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