UK & European Research at a Glance

Latest edition · August 25, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

This RBC daily research summary highlights company and industry comments across UK and European equities for August 25, 2026. Key coverage includes investor meetings with Nike's CEO, Pennon Group's CMD preview and UK water regulatory updates, sluggish consumer demand in German retail, Aker Solutions' 2Q model updates, and South32's Sierra Gorda extension.

RBC Capital Markets' daily European research note provides analysis across multiple sectors. Following London investor meetings with Nike CEO Elliott Hill, RBC maintains a Sector Perform rating ($45 PT), citing prudent management framing amid macroeconomic and geopolitical headwinds with key catalysts in FY27. Pennon Group is rated Outperform (575p PT) ahead of its CMD, with expectations that balance sheet rebasing and draft determination clarity will ease valuation discounts. In European retail, sluggish German consumer demand favours online leaders NEXT and Zalando over Primark and JD Sports. Additionally, Aker Solutions remains Sector Perform (NOK 48 PT) post-2Q results, and South32 extended its Sierra Gorda mine life to 2045.

Key takeaways from the latest edition

• 1.RBC hosted Nike CEO Elliott Hill, noting management is taking the right steps despite execution delays from lead times and Iran conflict impacts; Sector Perform rating maintained with a $45 price target.
• 2.Pennon Group's upcoming CMD provides an opportunity to rebase its balance sheet and set realistic return guidance, supporting an Outperform rating with a 575p target.
• 3.In European retail, NEXT and Zalando are best positioned to benefit from the ongoing online shift amid weak German consumer demand, while Primark and JD Sports face structural challenges.

What this series covers

• Company Comments
• Industry Comments
• Quick Takes
• Disclaimer

Edition archive

• UK & EUROPEAN RESEARCH AT A GLANCE

  August 25, 2026

• UK & EUROPEAN RESEARCH AT A GLANCE

  August 17, 2026

• RBC UK & EUROPEAN RESEARCH AT A GLANCE

  August 13, 2026

• UK & EUROPEAN RESEARCH AT A GLANCE

  August 12, 2026

• RBC UK & EUROPEAN RESEARCH AT A GLANCE

  August 11, 2026

• RBC UK & EUROPEAN RESEARCH AT A GLANCE

  August 7, 2026