GS EUROPEAN EXPRESS BT CVC CTP Multi Industry Autos Macro Global Corporate Access

Equity Research 16 September 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: BT | CVC | CTP | Multi-Industry | Autos | Macro | Global | Corporate Access

We are hosting a ‘European Software: Assessing moats in the Agentic era and Sahar Islam | feedback from Communacopia’ call on Wed 17th Sep at 3:00pm UKT, register Goldman Sachs International here!

BT Group (BT.L): Openreach: European Communacopia Conference — Key Takeaways - Management commentary was supportive of continued Openreach fibre monetisation highlighting: 1) continued reassurance on line loss trends, which are helped by slowing altnet build rates, 2) fibre speed upselling trends could support ARPU driven revenue growth, and 3) cost efficiency upside as management confirm Openreach’s average c.2pp annual margin expansion (FY22-26) is structural – it reflects the cost benefits of migrating customers onto more efficient fibre networks. Consensus assumes this falls 1pp p.a. on average across FY27-29E. Buy (on Conviction List) with 61% upside. (Andrew Lee) Other Tech takeaways from European Communacopia include: Auto1, Informa & Vodafone. See all takeaways from Communacopia here.

CVC Capital Partners (CVC.AS): Framing the investment case following Fund X initial target size - Following CVC’s announcement of an initial €26bn target size for Europe/Americas Fund X, we take stock of the key questions we see as most relevant from here, including the implications for fee-related revenues and FRE growth, the broader fundraising roadmap, performance fee outlook, and the continued diversification of the franchise. We view the announcement as an important positive milestone providing greater visibility on medium-term FRE growth and reaffirming the strength of CVC’s flagship fundraising franchise. Against this improved earnings visibility, we view the shares as undemanding at current levels and reiterate Buy (on Conviction List) with 60% upside. (Oliver Carruthers)

CTP N.V. (CTPNV.AS): CMD Preview: supportive broader trends and strong leasing pace at odds with share price performance; Buy - While we do not anticipate the CMD (22-23 September) to be a ground-breaking event, we expect CTP to reiterate the leasing strength, the ability to deliver at least the low end of the 2026 pipeline guidance, the €1bn 2027 revenue target, and the 30m sqm ambition. We see the business supported by very strong thematics including 1) AI-powered humanoid robots and automation, 2) Asian manufacturers and retailers taking share in Europe, 3) Defense investment and 4) further e-commerce penetration. We are 4% above 2027 EPS consensus and see current valuation as attractive. Buy (on Conviction List) with 74% upside. (Jonathan Kownator)

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Europe Multi-Industry: Expert call takeaways on Nvidia 800VDC implications for electrical equipment - We highlight key takeaways from a follow-up investor webcast with a 30-year datacenter industry veteran on the outlook for electrical equipment under NVIDIA’s 800VDC architecture. Adoption is progressing slower than initially anticipated — 800VDC is now expected to account for 21% of new US datacenter builds by 2030 (down from 25%) and 17% in Europe (down from 20%), primarily as AI inference growth does not require the same power density as AI training. Non-AI datacenters are expected to remain dominant through 2032, sustaining strong demand for traditional architecture. Key catalysts to watch: OCP summit (12-15 October) and NVIDIA GTC conference (20-22 October). (Daniela Costa)

European OEMs in China: Company Snapshot Aug-26: Key launches start to materialise amid an orderly market push, yet structural pressure persists - We…