Report published September 30, 2026

Goldman Sachs: GS European Express – IHG, Zegona, FlatexDEGIRO, Lindt & Sprungli, Construction & Macro Analysis

Goldman Sachs · September 30, 2026

The GS European Express highlights an initiation of Zegona Communications at Buy with 72% upside and increased RevPAR forecasts for Conviction List Buy IHG. Concurrently, analysts trimmed Lindt & Sprüngli price target by 10% following lower organic sales guidance, and noted macro pressures with the US 10-year yield hitting 5.25%.

Read the full report

Read the remaining 4 pages

View Report Sign in

Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Zegona Communications is initiated at Buy with 72% upside, supported by 3% 2026-30 Spanish service revenue CAGR and operational/AI efficiencies driving OpFCF/FCF ahead of consensus.
2.IHG RevPAR estimates are raised to +4.2% for 3Q26 and +3.7% for FY26 on strong US trends and Middle East resilience, maintaining Buy on the Conviction List with 20% upside.
3.Lindt & Sprüngli guidance downgrade to 0-2% organic growth prompts a 2.8%/4.0% cut to 2026/27 EPS forecasts and a 10% PT cut, maintaining a Sell rating.

InterContinental Hotels Group (IHG.L) Raising RevPAR estimates again ahead of 3Q26; Buy (on CL)
Zegona Communications PLC (ZEG.L) Underappreciated Spain structural growth and cost opportunities, initiate at Buy
flatexDEGIRO SE (FTKn.DE): Management meeting highlights
Lindt & Sprungli (LISN.S) — Cutting EPS forecasts c.3-4% following guidance cut
Construction Heavyside Materials: Holcim, Heidelberg, Buzzi 3Q'26 Previews
Europe Rating Changes/Initiations
Europe PT Changes (10% or more)
Europe EPS Changes (10% or more)
Other notable research
Consumer
Financials
Healthcare
TMT
Podcasts
Macro / markets
Global
Upcoming Webinars
European Conferences
Global Conferences
Non-Deal Roadshows:

Report data

GS Factor Profile / Valuation Graphic

Metric	Estimate	Context
IHG 3Q26 RevPAR growth forecast	4.2%	Raised to reflect stronger US trends and Middle East resilience
Zegona 2026-30 Service Revenue CAGR	3.0%	Modeled Spanish market service revenue CAGR vs EU sector average of c.1.8%
US 10-Year Treasury Yield	5.25%	Continued investor focus on higher interest rates and cross-asset repricing
Brent Crude Price	100.0 USD/bbl	Energy price pressures weighing on European bonds
Lindt & Sprüngli Organic Sales Growth Guidance	0-2%	Organic growth guidance cut leading to 8.4% share price decline

Source: Goldman Sachs Global Investment Research; Lindt & Sprüngli. This is a dated model snapshot, not a live forecast.

Reports in this series

GS European Express is shown in chronological order through this edition, published on September 30, 2026.

Part of the GS European Express series — view all 29 editions

Looking for the latest edition? GS EUROPEAN EXPRESS Conviction List Iberdrola Capital Markets Trelleborg Oil Services BMW Macro Global Corpo... (Oct 1, 2026)

Access the full report

And others from the leading tier 1 banks.

Free account: read previews and a daily allowance of full reports. Pro removes the daily limit.

Create account Sign in

Authors / Editors

Sahar Islam · Lead AnalystBen Andrews · Contributing AnalystMollie Witcombe · Contributing AnalystOliver Carruthers · Contributing AnalystSam Darbyshire · Contributing AnalystBen Rada Martin · Contributing AnalystChristian Mueller-Glissmann · Contributing AnalystArun Manohar · Contributing Analyst