欧洲中型股亮点报告
EUROPE | European Midcaps Mid-Cap Highlights This week, we hosted a range of investor events across Germany, with thehighlight being our inaugural German & Swiss Corporate Conference in Baden-Baden. 50+ corporates, including many mid-cap names, presented currentinvestment views to around 100 investors from around the world. On top of that At 14x EV/EBIT ('27e), Munters trades at a7% discount to its 5yr historic avg and a 35%discount to data-center exposed peers Jefferies 2026 German & Swiss Corporate Conference Feedback(2026-06-26): This week wehosted the inaugural Jefferies German & Swiss Corporate Conference in Baden-Baden on 23-24June with 50+ corporates in attendance, representing all major sectors. It was a beautiful venueand a great way of connecting with clients and corporates. We look forward, already, to next year. Intersolar Day 1 Feedback(2026-06-23): Day 1 at Intersolar reinforced storage as the centralinvestment theme, with utility-scale solar-plus-BESS dominating and system integration (incl. SSTs)emerging as the next frontier. Europe’s storage market is accelerating rapidly, underpinned byvolatility and policy support, while rooftop remains in recovery, reinforcing portfolio tilts toward Intersolar Day 2 Feedback(2026-06-24): Day 2 underscored a structural shift toward storage-led,integrated energy solutions, with batteries and energy management capturing disproportionatevalue. Supply chains and compliance (US/EU) are emerging as differentiators, supporting pricingand share gains for Western players, while end-demand remains resilient despite policy/tariff noise. Belimo(BEAN-CH, HOLD, Mkt.Cap €12.4B)Downgrade to Hold - DC Market Risks Outweigh UpsidePotential(2026-06-22): We raise our PT to CHF1,035 but downgrade BEAN to Hold as valuationapproaches historical peak levels after the strong share price rally in recent weeks. We expect mostof DC volumes to be baked into consensus expectations with increasing execution risk across Martin Comtesse, CFA * | Equity Analyst49 69 719187107 | mcomtesse@jefferies.com Munters(MTRS-SE, BUY, Mkt.Cap €2.9B)Q2 Preview: Margin Concerns Overshadow a Still-Healthy DCT Story(2026-06-23): Amid margin uncertainty, component-shortage concerns andgrowing dispersion in analyst expectations ahead of Q2, Munters' shares have been materially de-rated. We believe the factors weighing on DCT margins are well understood and temporary in nature. David Kerstens ^ | Equity Analyst44 (0) 20 7029 8684 | dkerstens@jefferies.com Constantin Hesse ^ | Equity Analyst44 (0) 20 7029 8543 | chesse@jefferies.comHenrik Paganetty ^ | Equity Analyst 44 (0)20 7029 8471 | hpaganetty@jefferies.comAdela Dashian * | Equity Analyst 46 8 5052 4624 | adashian@jefferies.comFabian Piasta * | Equity Analyst MIPS(MIPS-SE, BUY, Mkt.Cap €0.6B)Q2 Preview: Growth Remains Strong, Valuation RemainsDepressed(2026-06-23): We make modest estimate revisions ahead of MIPS' Q2 report andcontinue to expect strong execution, with 31% organic growth despite an uncertain consumerbackdrop. While Koroyd dilutes gross margins, we expect operating leverage to support a flat +49 697 1918 7867 | fpiasta@jefferies.com Julius Wright, CFA * | Equity Associate+49 69 719187127 | julius.wright@jefferies.com which we view as undemanding given continued market share gains and strong profitability. We Business Services:Bunzl(BNZL-GB, UNDERPERFORM, Mkt. Cap: €9.3B) -Pre-close Update — First Take(2026-06-23). The pre-close statement highlighted the top-line acceleration in the second quarter, supported by inflation-related price increases and improving volumes growth in North America. This should benefitmargins in the first half, although the inflation tailwind is seen as temporary. FY26 outlook now points to 'revenue growth ex FX' ('moderate growth' Randstad(RAND-NL, UNDERPERFORM, Mkt. Cap: €4.8B) -Thoughts Ahead of 2Q26 Results(2026-06-24). Q2-26 results (22 July) should reflectfurther sequential top-line improvement, mirroring the recent constructive market data. Gross margin should continue to see subdued momentum.We see risk relative to guidance/consensus expectations skewed to the downside, on the back of the risk of another disappointing gross margin Serco Group PLC(SRP-GB, HOLD, Mkt. Cap: €2.7B) -First View: Robust 1H EBITA, Guidance Unchanged(2026-06-25). H1 trading looks solid enough,with revenues seen at £2.5bn, 1% organic, and adj EBITA to be c£155m +6% yoy, and slightly ahead of a thin consensus with margin progressionabove 6% margin, offsetting slightly muted growth. Overall this looks solid enough, in our view, given headwinds from flagged procurement delays inthe US and disruption from the conflict in the Middle East. FY guidance unchanged with confidence in meeting revenues of £5bn (cons £5bn), organic Spie(SPIE-FR, HOLD, Mkt. Cap: €8.5B) -1H Preview - Mixed Underlying Trends, Normalising Weather Supports 2Q Growth(2026-06-25). Spie reports1H numbers on July 30th. We expect some recovery in organ