DB Research, Europe

Distributed on: 04/ August /2026 08:10 AM CET

**For Institutional Use Only**

Target Price Changes Ticker Pub. Date New TP Old TP Chg (%) Banco Sabadell [ Buy ] SABE.MC 3-Aug ▲ 3.75 3.45 8.7 Befesa [ Hold ] BFSA.DE 3-Aug ▲ CaixaBank [ Hold ] CABK.MC 3-Aug ▲ Clarkson PLC [ Buy ] CKN.L 3-Aug ▲ Diasorin [ Sell ] DIAS.MI 4-Aug ▲ Gerresheimer [ Hold ] GXIG.DE 4-Aug ▲ Raiffeisen Bank Intl. [ Hold ] RBIV.VI 3-Aug ▲ RWS Holdings PLC [ Buy ] RWS.L 3-Aug ▲ Sainsbury's [ Buy ] SBRY.L 3-Aug ▲ FDM Group Holdings PLC [ Buy ] FDM.L 3-Aug ▼ Swissquote [ Buy ] SQN.S 3-Aug ▼ Taylor Wimpey [ Hold ] TW.L 3-Aug ▼

BANCO SABADELL (SABE.MC) - Not everyone's cup of tea, but better than feared; Tgt EUR3.45 to EUR3.75. Last Close EUR3.33. Buy.

Alfredo Alonso: 2Q26 earnings showed that the post-BBVA commercial disruption is behind us, with volume growth replacing pricing as the primary driver of NII expansion. Consequently, we project a slight beat to the bank’s FY26 NII guidance (of >1% growth) and a strong recovery by 2027-28. This optimism is underpinned by bottomed customer margins and structural ALCO tailwinds. While the bank is not highly rate-sensitive, a slight margin expansion combined with fee improvements, cost control, and stable provisioning should ultimately allow the bank to surpass its initial 16% RoTE expectations for 2027.

CLARKSON PLC (CKN.L) - Full steam ahead; Tgt 4950p to 5300p. Last Close 4730p. Buy.

James Beard: Revenue £414m +39% YoY, EBITA £56.8m (DBe £43.4m) +74% giving EBITA margin 13.7% +280bp, PBT £61.5m (DBe £50m) +56%, EPS 146.2p +48%, DPS 35p +6%. We think the very strong H1 performance reflects the broad-based shipping franchise created by management over the last c.20y that is well-placed to benefit from generally very strong markets in the period - we note the Clarksea Index was +65% YoY in H1 aided by particularly strong Tanker markets, and that secondhand asset sales were +c.75% YoY in $ terms. Net free cash resource (net cash less monies in regulated entities and accrued bonuses) was £154.6m at 30-Jun (Dec-24 £232m) reflecting the three acquisitions made in the period.

FDM GROUP HOLDINGS PLC (FDM.L) - Green shoots but backdrop still uncertain; Tgt 160p to 155p. Last Close 123.2p. Buy.

Tintin Stormont: H1 revenue of £78.6m (-19% yoy), adj. EBIT of £5.6m (-38% yoy) and adj. EPS of 3.8p (-40% yoy) reflect the tough market conditions in H1. While earnings remained under pressure from lower consultant numbers and subdued client spending, the group achieved its first sequential increase in deployed consultants since the market downturn began in 2023. Consultants assigned to client engagements increased to 2,042 at the end of H1’26 compared with 2,003 at the end of 2025, while consultant utilisation improved to 93.6% (92.7% in H2’25 and 91.6% in H1’25). The balance sheet remains strong, with £31.1m of cash and no debt, reflecting ongoing strong cash generation. The Board proposed an interim DPS of 3.0p per share with management indicating on the call that the interim DPS reflects more the cash flow in the period whilst the final DPS tends to reflect its forward-looking view.

RWS HOLDINGS PLC (RWS.L) - Acolad acquisition - scaling up at a low cost; Tgt 175p to 180p. Last Close 96.35p. Buy.

James Beard: RWS has announced a binding agreement for the proposed acquisition of Acogroup for a consideration of £40.2m (including c.£17m cash held by the target so EV £22.4m), a leading provider of language and content services under its Acolad brand, with a strong presence in Western Europe and a complementary suite of enterprise clients and 1,200 employees. c.75% of its revenue base is derived from localisation with the remainder from interpreting, transcription and other services. RWS expects the acquisition to complete in 1H27. Acolad will sit in the Transform division on completion. Whilst notably different to the Obviously acquisition (young, fast-growing brand and IP platform), we see several interesting reasons for doing a deal of this nature. These include: access to a complementary