GS EUROPEAN EXPRESS Software Defence Straumann flatexDEGIRO Informa Macro Global Corporate Access

Equity Research 14 September 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Software | Defence | Straumann | flatexDEGIRO | Informa | Macro | Global | Corporate Access

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Europe Technology: Software: Communacopia + Technology 2026 — Key Takeaways - We highlight key takeaways from the Goldman Sachs Communacopia + Technology conference in San Francisco (8-11 September) which hosted 250+ companies including C-Suites from Adyen, Capgemini, Nemetschek, SAP, and Wise. The tone across sectors was relatively positive. Key themes: (1) software demand remains stable; AI adoption is accelerating from pilots to production deployment; (2) cost optimisation and model choice are emerging as central AI debates; (3) incumbents are focused on building Agentic AI control panels, with orchestration, security and contextual data as key; (4) IT services demand is stable, with spending moving beyond IT budgets into broader operational budgets; and (5) agentic commerce represents a significant medium-term opportunity for payments. More themes in the note. (Mohammed Moawalla)

Europe Aerospace & Defense: Drones, Counter-Drones and the Air-Defence Capability Gap - Key takeaways - We highlight key takeaways from our call on Drones, Counter-Drones and the Air-Defence Capability Gap with Justin Bronk, Senior Research Fellow at RUSI. The most immediate gap for Europe remains interceptor and ammunition inventories compounded by a challenging cost-exchange dynamic where attackers spend relatively little while defenders expend significantly more expensive interceptors. Short-range air defence and counter-UAS capabilities are among the most underinvested segments, with Rheinmetall Skyranger-class systems highlighted as a key growth area. While drones have proven highly effective in Ukraine’s relatively static battlespace, he stressed that they should not be viewed as a substitute for conventional military capabilities. In his view, drones must form part of a broader combined-arms force structure incorporating air power, land forces, artillery, air defence, electronic warfare and long-range strike capabilities. (Sam Burgess)

Straumann AG (STMN.S): Accelerating EBIT and FCF growth supports attractive risk reward; Upgrade to Buy - We upgrade Straumann to Buy from Neutral, raising our PT by 18%, as we see building blocks in place for an acceleration in core EBIT and EPS growth in FY27e. We forecast constant currency topline growth of +9.9% in FY27e, ~90bps of constant currency margin expansion driven by manufacturing

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Goldman Sachs GS EUROPEAN EXPRESS

efficiencies and narrowing orthodontics losses, and potential FX tailwinds that could push core EBIT growth to ~20% — the fastest since FY18. Post a period of elevated capex, we forecast FCF CAGR of +18% in FY26-28e vs. -4% in FY23-25. With the stock near decade-low absolute and relative multiples at 24.7x NTM P/E, we see a compelling case for outperformance. GSe +1-8% ahead of consensus in FY26/27/28e. Buy with 32% upside. (Richard Felton)

flatexDEGIRO SE (FTKn.DE): FAQs following changes to the Supervisory Board - We highlight key questions following FTK’s shares closing down c.8% today after the announcement of the resignation of Hans-Hermann Lotter as Chairman of the Supervisory Board with immediate effect. The resignation is noted to have arisen from differing views on key issues regarding the company’s…