UK and European Research at a Glance

RBC's daily research digest covers Gresham House's revised EBITDA targets, relative valuation discounts for European oil majors, and the escalating Iran-US kinetic conflict.

Key Takeaways

• 1.Gresham House Energy Storage Fund (GRID) has reduced its EBITDA target to £141m by 2029 but improved its financing structure.
• 2.European Oil Majors continue to trade at a valuation discount relative to their North American counterparts for 2026E-2027E.
• 3.Despite the three-month anniversary of the Iran war, military strikes continue in the Strait of Hormuz, maintaining geopolitical pressure on energy markets.

Table of Contents

• Company Comments
• Industry Comments
• Global Commodity Strategy and MENA
• Iran Update: As Time Goes By...
• Quick Takes
• Disclaimer

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