UK and European Research at a Glance

A compilation of RBC research covering European equities, highlighting rating updates for utilities like Acciona and RWE, and strategic outlooks for financials and retailers.

Key Takeaways

• 1.Acciona SA is trading at a significant premium to its subsidiaries (Acciona Energia and Nordex) that is not justified by earnings, leading to an Underperform rating despite a price target increase.
• 2.Daimler Truck Holding AG offers an attractive investment case based on cyclical recovery in North America, self-help measures in Europe, and an undemanding valuation.
• 3.In the European Retailing sector, shareholder returns are likely to be driven by cash distributions and share buybacks rather than growth, given a challenging consumer outlook.

Table of Contents

• Company Comments
• Industry Comments
• Investment Strategy Research
• Quick Takes
• Disclaimer

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial