The Point for Europe Tuesday

The Point for Europe Tuesday, 22 September 2026

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

Top Call Must Read Novo Nordisk A/S (NOVOb.CO) - CMD does little to excite; execution on Wegovy pill IO launches key Global Economic Outlook & Strategy - Key takes from Novo CMD: Novo's CMD offered little to change our cautious view Global Resilience—Many Storm with MSD topline growth ambition for 26-30E in line with cons but broadly stable Clouds, but Still Little Rain margins below. Novo positioning for post-sema era through >5 planned multi- blockbuster launches by 2030 and >DKK150bn risk-adjusted pipeline sales by 2035 (largely reflected in consensus). Updated oral obesity capacity (10x more oral GLP-1 pts by 2030) and >20 WP IO launches 27E are encouraging, but execution is key. Novo also intends to broaden growth beyond obesity/T2D into Blood & Endocrine Disorders, CV and liver (already assumed in cons) and sees CagriSema 27E launch as a key opportunity to beat consensus (Street skeptical). M&A focus remains bolt-on but management did not rule out a large transaction, creating some inherent risk. Maintain Neutral. Graham Parry | Amy Y Mao | Leolie Telford-Cooke Ph.D. | Jelena Milovic | Mahesh Mohankumar

DSV (DSV.CO) - DSV group pre-close call: challenges in Road but stock price fall overdone

DSV CFO hosted a pre-close group call today. The stock fell 5.6% on the day and c.8% since 2pm UKT (the start of that call). Management stated: (i) It had lost share in Road, following operational and punctuality issues in 2Q26; (ii) This might result in delayed Road synergies (total c.DKK3.6bn) in 2027E as it seeks to win back share; (iii) The operational issues are improving, with punctuality improving from mid-80s percent to over 90%; (iv) Solid trends in Air, Sea, and Contract Logistics. It suggested that improved operational performance persisted into high- volume-month September - key to winning back share. Per DSV (DSV.CO) - Risk/reward positive into 3Q26E, with upside to consensus in Sea, our analysis suggests that DSV's current share price factors in a bottom decile 12m forward EV/EBIT multiple (15.2x) and 2026E consensus EBIT. This implies the market does not price in c.DKK4bn of the DKK9bn of... Arthur Truslove

SAP SE (SAPG.DE) - Key messages into quiet period We caught up with IR pre-quiet period. Key messages from results and mgmt’s recent conference presentations are retained. There is confidence in steady _ evolution of revenue growth, while there are puts & takes around 4Q CCB build _

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(macro vs. better pipeline coverage). On operating profit, the increase in share price in Q3 presents upside to stock comp, still steps put in place to manage costs (employee as well as AI tokens) provides comfort around the 2026 guidance range. For 2027, revenue growth acceleration view remains, and is underpinned by demand for AI and enabled processes which is also supporting S4 migration considerations. Lastly, the targeted AI product rollout is seen on track. We are modestly ahead of consensus’ 3Q cloud rev. and CCB growth estimate – and feel these inputs support our forecast and SAP’s resilience credentials. Maintain Buy and raise TP to €215. Balajee Tirupati, CFA

Capgemini SE (CAPP.PA) - Positive read through from Accenture's partnership with frontier lab on embedded evaluation

Accenture (covered by Citi's US analyst Bryan Keane) and Anthropic on Friday announced partnership to establish a team for independent evaluation of Anthropic's models, their alignment, and test safeguards. Embedded evaluators was the first step in Anthropic CEO's three-step plan towards building AI at a balanced rate ensuring safety, and selection of Accenture (not exclusive) helps sectors credibility when AI has been significant overhang. This likely also brings expectation of model evaluation and assurance as possible future consulting opportunities for the sector (Capgemini would screen well). Also, we see this as supportive of Capgemini's view of IT Services sector's role in enabling and addressing governance, control and…