The Point for Europe Thursday,

The Point for Europe Thursday, 17 September 2026

Top Call | Company | Industry | Strategy & Economics | Fixed Income & FX | Key Rating and Target Price Changes

Top Call Must Read European Machinery - IAA Hannover Feedback - Day 2 Global Economic Outlook & Strategy - We met with Daimler Truck, Knorr-Bremse, Tesla, Farizon/Geely, and Alltrucks. We Global Resilience—Many Storm also sat down for a follow-up meeting with Daimler's CFO and Head of IR. Clouds, but Still Little Rain Questions from investors post our first note today whether DTG's September NA orders had started off slower than expected - our CFO meeting revealed nothing unusual in September so far; September never sees a spike in orders, according to DTG - the comment of likely October/November strength follows the usual pattern with more interest around the ATA trade show mid-October. We expect some investor pushback here as recent industry data (ACT orders since Covid) isn't conclusive that October/November is stronger than September. The feedback, however, on the new engine is positive and demand is broadening out to include more leasing/rental demand. Our meeting with Knorr-Bremse's Head of CVS was relatively upbeat in light of the growing Chinese competition, and with upside potential to content... Klas Bergelind | Siron Ng

Daimler Truck Holding AG (DTGGe.DE) - IAA Hannover Feedback - Group Meeting with DTG’s Management

We attended the group meeting with DTG’s CEO/CFO, and Head of MB and the CTO, at the Hannover Truck show. The feedback from customers on the new EPA27 engine is positive and DTG reiterated the relatively smaller performance step vs peers. The CFO said however that we should expect a gradual mom ramp in orders with October/November typically stronger than September following the ATA truck show mid-October. The CTO emphasised that customers want the new more fuel efficient engine (3% or nearly 5% including the Gen-5 step-up) and that the customers trust DTG’s offering (the technology is very mature). EPA27 pricing is set at 6k and inflation pass through comes on top as we have previously highlighted and this EPA-pricing appears accretive against our hardware cost assumption. NA demand is still seen broadening (including increased leasing demand) and diesel costs for carriers are still possible to pass on for... Klas Bergelind | Siron Ng

Multi-Asset - State of the European Union (SOTEU) Takeaways In our recent report entitled “Protecting Europe”, we mapped out Europe’s policy _ agenda to protect local industry and boost strategic resilience in the years ahead. _

See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.

Today’s State of the European Union (SOTEU) address was an important checkpoint on that journey. While not much from the speech is entirely novel, Commission President von der Leyen reiterated the direction of increased energy independence, higher defense spending, accelerated AI adoption, and increased supply chain/critical mineral resilience. This should ultimately drive accelerated EU-wide investment, while also boosting equity market valuations. In this report, we offer a first take on SOTEU address; we gather views from Citi European sector analysts, summarize key policy announcements, and identify key investment implications. We also highlight key upcoming dates to watch and potential market catalysts. Beata M Manthey, Ph.D. | David Groman | Nikhil N Jadhav, CFA | Sebastian Satz, CFA | Martin Wilkie

Company Technip Energies NV (TE.PA) - Updating Model Ahead of 3Q Results We update our Technip Energies model ahead of 3Q results on 29th October. We revise down our 2026E EPS by 25% to reflect 2Q actuals and the company's latest guidance, and lower 2027–30E EPS by an average of 3.5%. We reduce our target price to €36.5/share (from €41/share) reflecting lower earnings estimates and move our rating to Neutral/High Risk to reflect Technip Energies' exposure to the ongoing Middle East conflict — particularly Qatar, which remains under force majeure and represents the majority share of the backlog. We estimate Qatar and the broader Middle East exposure at approximately 40% and 50% of the backlog…