GS EUROPEAN EXPRESS Real Estate Utilities Schindler Sika Media Macro Global Corporate Access

Equity Research 7 September 2026 | 6:26AM BST

GS EUROPEAN EXPRESS: Real Estate | Utilities | Schindler | Sika | Media | Macro | Global | Corporate Access

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Europe Real Estate — Sector refresh post conference; CVO up to Buy; COL down to Sell, VNA, SHUR and LUMO down to Neutral - The tone of our September 3rd conference on balance, given the increasing interest rates backdrop, was slightly cautious yet funding and operational trends are largely solid. Logistics is seen as the strongest sector and there is still strong demand for DCs (albeit with some regulatory uncertainty). We refresh estimates, cutting 2026E NTAs by c.1% across our coverage and introduce a further c.5-10bp of yield expansion for 2H26. Stocks: We upgrade Covivio (CVO) to Buy on stronger expected rental growth, particularly from hotels. We downgrade Vonovia (VNA) to Neutral as higher rates continue to weigh on the investment case and increase execution risk around capex-led growth. We also downgrade Lumo (LUMO) and Shurgard (SHUR) to Neutral, and Colonial (COL) to Sell on leasing sluggishness and leverage concerns, which could require additional mitigating measures. (Jonathan Kownator)

European Utilities: Back to School: A bias for Renewables - Concerns over rising rates and approaching general elections (France, Italy) could temporarily put a lid on sector performance but we would use any weakness as an entry point into our Buy-rated stocks. We believe the sector is already pricing in a strong increase in rates, whilst the re-opening of Hormuz should ultimately lower the cost of capital as higher rates hurt perception more than fundamentals. Power prices are likely to be strong into winter, and the ‘earnings super cycle’ growth thesis (electrification, datacenters) is gaining momentum. We are positive on Renewables (including RWE, Solaria, and Drax) and see Naturgy and PPC as transformational stories. (Alberto Gandolfi)

Schindler Holding (SCHP.S): Down to Sell on below-sector-average EPS momentum - We downgrade Schindler to Sell from Neutral. Our Sell thesis rests on three factors: 1) we see lower growth and earnings progression vs. the rest of our sector, given delayed DM rate cut expectations and prevailing China weakness. 2) Schindler has been growing more slowly than the industry and self-help improvement is mostly complete. 3) valuation trades above the sector on EV/sales to margin and PEG basis, as well as above its own historical EV/IC to ROIC/WACC multiple. We lower our sales estimates by 2%/1% for 2026/27, due weaker than expected OSG, FX headwinds, and continued weakness in the China market. This results in adj. EBIT being 3%/5% lower for 2026/27E, putting us 1%/2% below

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Visible Alpha Consensus Data. We reduce our PT by 19% with c.10% downside. Sell with c.10% downside. (Daniela Costa)

Sika (SIKA.S): Resilient growth, expanding margins, attractive valuation; Buy (on CL) - We continue to view Sika as one of the most attractive European Construction assets in the current backdrop and remain c.5% above 2027 EPS consensus forecasts, driven primarily by higher margins. Recent trading datapoints also suggest upside skewed risks to our 2026 topline forecasts. Despite strong share price performance year-to-date (+15% vs. EU lightside peers ex-Kingspan -10% to -15%), valuation remains attractive both relative to history (c.15% discount to long-run average P/E). We see potential 2H26 upside to our topline forecasts, building blocks of…