UK and European Research at a Glance

A compilation of RBC research covering UK and European equities, highlighted by improving energetics demand for Chemring and strong reservoir levels for Iberian utilities. It also features top-performing SMID stock picks and key takeaways from the RBC Global Energy Conference.

Key Takeaways

• 1.Chemring Group's energetics outlook is improving due to depleted US munitions stockpiles and increased customer engagement, despite execution risks in H2.
• 2.Iberian hydro reservoirs remain significantly above 10-year averages (+10%), positioning utilities like Iberdrola and Endesa well for summer despite recent low rainfall.
• 3.The RBC SMID Top 10 portfolio has outperformed the FTSE 250 by 81% since inception in May 2020.

Table of Contents

• Company Comments
• Industry Comments
• Quick Takes
• Global Commodity Strategy and MENA
• Disclaimer