Europe Equity Research | Today’s Morning Meeting

Europe First to Market 22 September 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting Wolters Kluwer (Daniel Kerven) (WKL NA, OW)

UpToDate … AI may disrupt the moat but could dramatically expand the market

We upgraded WK to OW over the summer, partly because we think it is very cheap – it could go up 40% and still trade at a 50% discount to the multiple it traded on 18 months ago – but mainly because we believe the AI moats around systems of record, operating systems and regulatory workflows are much wider than the market believes, and that these assets become more valuable with the application of automation and intelligence.

Init | Atalaya Mining (Patrick Jones) (ATYM LN, OW)

>10% CAGR copper growth in a tier 1 jurisdiction; initiate at OW & £13.30/sh PT

We initiate coverage on Atalaya Mining (LSE: ATYM LN, ~US$2.1bn market cap, FTSE 250 Index) with an Overweight rating and a Dec'27 PT of £13.30/sh, offering ~30% potential upside. Atalaya is a pure-play European copper producer operating the historic Riotinto mine in Andalusia, Spain. As one of the few pure-play copper producers based in the EU, ATYM offers scarce domestic exposure central to Europe's Critical Raw Materials agenda . Management targets a medium-term pathway to ~100ktpa copper equivalent production, primarily through the greenfield Touro project in Galicia (~30ktpa, permitting expected H2'26) and brownfield projects around Riotinto . ATYM offers a compelling combination of superior volume growth, low capital intensity, and a cheap valuation versus mid-cap copper peers which can support a re-rating as the group scales, in our view. ATYM could also benefit longer term from further consolidation in the Iberian Pyrite Belt as well as its initiatives in sulphide leaching. We estimate that ATYM currently trades on spot 4.5x/3.0x 2026/27E EV/EBITDA, well below its mid-cap copper peers.

EMEA Equity Research AC Europe Equity Research ( September 2026 JPMORGAN

Company Research Fortum (Pavan Mahbubani, CFA) (FORTUM FH, N)

Lower Hydro Softens the Achieved Price - Q3 Preview

Forvia (Jose M Asumendi) (FRVIA FP, OW)

Update post fireside chat with CFO

Givaudan (Celine Pannuti, CFA) (GIVN SW, OW)

Q326 Preview: Expect organic sales growth to strengthen to +6.7%

Novo Nordisk (Richard Vosser) (NOVOB DC, N)

Key Takeaways from the 2026 Capital Markets Day

Puig Brands (Celine Pannuti, CFA) (PUIG SM, N)

Q326 Preview: JPME LFL of+5.1% on stronger fragrances and make-up outlook

Q3’26 preview - Bar higher post rebound; expecting broadly in-line results

Volvo Car AB (Jose M Asumendi) (VOLCARB SS, N)

Sector Research Back to School Freight Pulse Series (Alexia Dogani/Brian P. Ossenbeck, CFA/Danielle Ward, CFA)

Feedback from Container xChange: no signs of box shortages in export markets; box availability not a major factor to watch right now despite port congestion