泛欧中小盘最佳选股

Pan-European SMIDs–Best Ideas July 2026 Michael Kuhn | +49 69 910 46002 | michael.kuhn@db.comDavid Brockton|+44 20 754 11721|david.brockton@db.comLars Vom-Cleff | +49 69 910 13526 | lars.vom-cleff@db.comOlivia Pulvermacher | +49 69 910 31944 | olivia.pulvermacher@db.comMengxian Sun | +49 69 910 41701 | mengxian.sun@db.com Authors and contributing analysts Authors Pan-European SMIDs–Best Ideas The concept WehighlightourkeystockpicksforthenextthreetosixmonthsinEurope,withamaximummarketcapofEUR10bn.Whileweaimtosticktothismarketcaplimit,wereservetherighttobemarginallyflexible,soasnottodepriveourselvesofanyoutperformancebyastockwelike.Wereviewourportfoliowitheachupdateofthisproduct. Ourbenchmarkforthepan-Europeanex.UKSMIDportfolioistheSTOXXEuropeSmall200,whilefortheUKSMIDportfolioistheFTSE250ex-IT. Portfolio construction and rebalancing Werunamodelportfoliothatisequallyweighted.Weareonlyabletoswitchcompanieswiththenextiterationoftheproduct.Weupdateourtoppicksfourtimesayear.OurinvestmentuniversecomprisesDB’sentirepan-Europeanstockcoverage. WeinvestavirtualsumofEUR10mforthepan-Europeanex.UKSMIDportfolioandGBP10mfortheUKSMIDportfolio,whichisequal-weightedforallstocks,andwereinvestanystockand/orcashdividends.Attheendofeachinvestingperiod,theportfoliowillberebalancedquarterlyandtheallocationtoconstituentsofnewportfoliowillbeadjustedtoequalweighted Next edition Pan-European ex. UK SMIDs–Best Ideas Performance review OurPan-EuropeanSMIDBestIdeasportfoliooutperformedby17.7ppsincethelastrebalancing(April2026).Theoutperformance waslargely driven byoursemicapexposure,withAT&Sstandingoutasthestrongestcontributor,followedbyJenoptikandPVATePla.Thesegainsmorethancompensatedforweakerpositionselsewhereintheportfolio.Giventhestrongperformanceofthesemicapnames,wearenowmoderatingourexposuretothesectorinthenewportfolio. SincetheinitiationinJuly2022,ourportfoliohasoutperformedthebenchmark(STOXX200)by51.5pp. ForthenexteditionofthePan-Europeanex.UKSMIDportfolio,weremoveAT&S,CANCOM,ElisandNexansandaddBechtle,BilfingerandFielmann. UK SMIDs–Best Ideas Performance review Inthepastthree months(April2026to July2026),our UKSMIDportfoliounderperformedthebenchmarkby6.13pp. Sincethe initiation in July 2024,our portfolio has underperformed thebenchmark(FTSE250ex-IT)by20.62pp. Forthenexteditionoftheportfolio,weremove Bellway,MitieGroupandPennonGroupandaddConvatec,DiscoverIEGroupandKierGroup. Pan-European SMIDs–Best Ideas The newly constructed pan-European ex. UK SMID portfolio Pan-European SMIDs–Best Ideas The newly constructed UK SMID portfolio Contents 1.Pan-European SMIDs–Best Ideas2.DB SMID coverage3.Sector exposure4.Index performance Pan-European SMIDsBest Ideas Pan-European SMIDs–Best Ideas The newly constructed pan-European ex. UK SMID portfolio AMG Critical Materials N.V. Company description AMGCriticalMaterialsN.V.isagloballeaderincriticalmaterialsandmetallurgicaltechnologies,enablinggreenmobility,energyefficiency,andhigh-performanceinfrastructure.Thecompanyoperatesthroughthreesegments:AMGLithium,AMGVanadium,andAMGTechnologies.AMGistheworld'slargestrecyclerofvanadium-containingrefinerywasteandisexpandingitspresenceinthelithiumvaluechainandbatterymaterials.Itsportfolioalsoincludeschrome,titanium,tantalum,andantimony,givingitbroadexposuretomaterialsthatareincreasinglyimportantforWesternsupplychains,aerospace,defense,andtheenergytransition.Withoperationsspanningmining,recycling,refining,andspecializedprocessingequipment,AMGcombinesrawmaterialaccesswithdownstreamvalue-addandtechnologicalknow-how. Why we like it •Westerncriticalmaterialsplatform:OneofthefewWesternplayerswithmeaningfulexposuretolithium,vanadium,tantalum,andantimony,benefitingfromtherisingstrategicimportanceofsecure,non-Chinesesupplychains. •Supportiverawmaterialbackdrop:PricemomentumhasrecentlyturnedfavorableacrossseveralofAMG’skeyexposures,includingspodumene/lithium,tantalum,andferrovanadium,whileantimonyhasalsostartedtorecover,supportingsentimentandmedium-termearningsoptionality. •Clear2026self-helpleverinvanadium:FeedstocknormalizationandutilizationrampintheOhiorecyclingfootprint is the biggest controllable earnings swing factor,with structurally attractiveeconomics(tippingfeesplusalloysales). Valuation/Catalyst•Capital-lightoptionality:Post-capexphasewithseveralsmall,quick-paybackUSprojects(chrome,titanium,andfurtherprocessingsteps)pluslonger-datedupsidefromLIVAandNewMOX,withoutcommittingtoanotherheavyinvestmentcycle.Inaddition,AMGoffersindirectoptionalitytogrowingEuropeanlithiumactivity,includingpotentialdemandpullfromprojectssuchasZinnwald,withoutcommittingtoanotherheavyinvestmentcycle. Webaseourvaluationonasum-of-the-parts(SOTP)approachusingtheupcomingfinancialyearasthereferenceyear,reflecting AMG’s diverse,highly specialized portfolio.Wemodelvanadium,lithium,chrome,titanium,engineering,graphite,and antimony separately,applying differentiated multiplesdependingongrowth,margins,andstrategicrelevance.VanadiumandEngineeringremaintheke