GS European Express

This report provides weekly updates across European markets, highlighting a global capex supercycle, specific Buy recommendations for Vonovia, SEGRO, and Knorr-Bremse, and updates on energy and macroeconomic trends.

Key Takeaways

• 1.Peter Oppenheimer highlights a capex supercycle driven by AI, energy security, and supply chain resilience, marking a shift from capital-light growth to capital-intensive expansion.
• 2.Real estate analyst Jonathan Kownator maintains a constructive outlook on Vonovia and SEGRO, citing strong operational trends and specific sector demand.
• 3.Daan Struyven reduced Brent price forecasts following an interim deal to reopen the Strait of Hormuz.

Table of Contents

• Knorr Bremse (KBX.DE): 2Q26 Barometer and mid-term targets preview; Reiterate Buy
• Halma Plc (HLMA.L): CFO & Safety CEO webcast takeaways
• Europe Rating Changes/Initiations
• Europe PT Changes (10% or more)
• Europe EPS Changes (10% or more)
• Other notable research
• Consumer
• Healthcare
• Podcasts
• Macro / markets
• Global
• Upcoming Webinars
• EMEA Conferences
• Global Conferences

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