GS EUROPEAN EXPRESS Multi Industry Autos Interparfums Auto1 Lotus Bakeries Macro Global Corporate Access

Equity Research 10 August 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Multi-Industry | Autos | Interparfums | Auto1 | Lotus Bakeries | Macro | Global | Corporate Access

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Europe Multi-Industry: Reiterating Buys on Prysmian/Nexans post 2Q26 - We reiterate Buy on Prysmian and Nexans with >30% upside to our PTs, placing them among the top-5 most compelling Buys in our multis coverage post 2Q26. Both stocks have underperformed significantly (-20pp/-12pp vs sector), yet we raise estimates on solid 2Q performance and favourable end-market exposure (utilities, datacenters). For Prysmian, we raise FY26–28E adj. EBITDA by c.2–5% (ex-Atkore) and expect a guidance upgrade at 3Q towards €2.9–3bn, seeing the 1H27 CMD as a catalyst with >€4bn 2028E EBITDA guidance (ex-Atkore). The stock trades at c.11x 2027E EV/EBIT, a c.39% discount to sector. For Nexans, we raise 2026/27E adj. EBITDA by c.5–7%, no longer expecting 2027 Transmission under utilisation given a likely Mediterranean contract. PT raised by 4%. Both screen below sector average on PEG ratio with above-average EPS growth. (Daniela Costa)

Europe Automobiles: Chinese OEM Competition Monitor Jul-26: Chinese market share growth stays strong; PHEV exports surge, likely front-running the pending tariff - We update our tracker for July 2026 Chinese OEM competition data for Europe-5 markets. Chinese domestic brands continued to post strong +191% yoy growth, with market share rising to 7.6%. On an R3M basis, Chinese domestic brands gained +463bps of share yoy, corresponding to a -430bps share loss from mass-market brands, with all European mass-market cohorts still losing ground. European premium brands’ resilience is softening. Supply monitor: Spain emerges as Chinese auto manufacturers’ European gateway Trade monitor: June data from Chinese customs show PHEV exports up +263% yoy to the EU, likely front-running the pending tariff, while a lower export value per vehicle signals a mix shift toward more affordable PHEVs. (Christian Frenes)

Interparfums Inc. (IPAR): Blockbuster launch pipeline is now priced in; downgrade to Neutral - We downgrade the US listing to Neutral but maintain our Buy rating on the European-listed subsidiary, Interparfums SA, which trades at 17x CY27 P/E. It implies a 25% discount to Interparfums Inc, though likely partly explained by a lower liquidity profile. We therefore see the current valuation dislocation as compelling, particularly given a similar growth profile and new brand contributions. In addition, we believe the recently authorized $250mn buyback is more likely to be directed toward the European-listed shares, where the valuation is

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more attractive. (Aron Adamski)

Auto1 Group (AG1G.DE): Jul-26 new high frequency analysis provides evidence of improving Autohero inventory turns with units sold growth tracking at ~22% yoy for Q3 - We review July 2026 Auto1 and industry data across five datasets: new Autohero inventory analysis, delistings analysis, app MAU and downloads data, website visit data, and broader European used car industry data. Our new inventory analysis supports company commentary around delivering faster inventory turns in Autohero, a -17% mom decrease, suggesting Autohero days on website has improved by 10 days in July vs. May on average, broadly tracking the company’s anticipated ~15-day improvement from its new trading system. Average discount normalised in July (-150bps vs.…