GS European Express: European Consumer Conference and Sector Updates

A comprehensive daily digest from Goldman Sachs Research covering the Umicore upgrade, SAP's AI platform strategy, and Siemens Energy's improved guidance, alongside macro analysis of global AI spending and Euro area inflation.

Key Takeaways

• 1.Umicore upgraded to Buy with 47% upside driven by rising Recycling and Specialty Materials estimates and metal basket re-assessment.
• 2.SAP's AI roadmap focuses on a 'Business AI platform' enabling autonomous workflows on top of its enterprise data moat.
• 3.Wise Group is transitioning its financial reporting to US GAAP and USD following its US primary listing, while maintaining core growth targets.

Table of Contents

• European Consumer Staples and Retail Conference Takeaways from London
• Umicore (UMI.BR): Upgrade to Buy
• SAP (SAPG.DE): SAPPHIRE 2026 – Key takeaways
• Wise Group (WSE): Updating estimates to US GAAP and USD reporting
• Bayer AG (BAYGn.DE): Litigation newsflow the firm focus
• Siemens Energy (ENR1n.DE): Strategic update to drive further EPS upgrades
• 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
• Disclosure Appendix

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