Report published September 28, 2026
Jefferies European Equity Daily: UK Housing Stimulus, Dormakaba Upgrade & European Rating Actions (September 28, 2026)
Jefferies · September 28, 2026
Jefferies' European Equity Daily highlights a major demand-side stimulus announcement for UK homebuilders alongside key rating changes, including an upgrade of Dormakaba to Buy and reinstating Dassault Systemes at Underperform. The publication also synthesizes research notes across European, US, and Asian equities spanning consumer, industrials, financials, and technology.
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Finvaulta summarizes Jefferies'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.New UK government demand-side support announced for England residential new build could provide substantial operational leverage, volume upside (>15% over 2 years), and valuation upside for UK housebuilders currently trading at 65% of 2026 NTAV.
- 2.Jefferies reinstated coverage of Dassault Systemes at Underperform with a €16 price target, citing low revenue growth, a shifting business model, low reinvestment, and increasing competition from emerging AI entrants.
- 3.Dormakaba was upgraded from Hold to Buy with a price target raised to CHF 82, driven by margin expansion to a record 16.1%, untangling of ownership overhang, and profitable growth opportunities in the US market.
Table of Contents
- Research – Summary
- Focus Research
- Rating Changes
- Price Target Changes
- Estimate Changes
- Sector / Company Updates
- Summary Changes – Recommendation / Price Target / EPS
- Focus European Research
- Breaking News
- All European Research
- Consumer
- Energy
- Financials
- Healthcare
- Industrials
- Technology
- Business Services
- All US Research
- Equity Strategy
- Property & Real Estate
- Themes & Tactics
- Transportation
- All Asia Research
- Natural Resources
- In Case You Missed It
- Expert and Corporate access
Report data
Summary Changes – Recommendation / Price Target / EPS
| Metric | Estimate | Context |
|---|---|---|
| UK Housebuilders Sector Valuation to 2026 NTAV | 65.0% | UK homebuilders are trading at deep value discounts relative to net tangible asset value. |
| England Residential New Build Expected Volume Impact | 15.0% | Projected increase in residential new build volume in England resulting from the government demand-side stimulus. |
| dormakaba EBITA Margin | 16.1% | Record margins achieved as savings beat plan and pricing outpaced cost inflation. |
| Landsec 123 Victoria Street Sale Consideration | 211.0 GBP million | Unconditional disposal of office building to SevenCitiesLdn at a 6.0% foregone NRI yield. |
| Brenntag 3Q26 Forecast EBITDA | 383.0 EUR million | Forecasted EBITDA is +3% vs VA consensus of €370m. |
Reports in this series
European Equity Daily is shown in chronological order through this edition, published on September 28, 2026.
Part of the European Equity Daily series — view all 7 editions
Looking for the latest edition? Jefferies European Equity Daily (Oct 12, 2026)
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