Company

Sector

DBS Rating

DBS Target Price (LCY)

1Y perf (%)

Market cap
(USD b)

Fwd. P/E (x)

Div. yield (%)

P/B (x)

ROE (%)

Air France

Industrials

Hold

EUR12.00

25.2

3.6

3.1

-

-

13.4

Adidas AG

Consumer Discretionary

Buy

EUR264.00

-24.6

37.9

23.8

1.1

6.2

13.4

Airbus SE

Industrials

Buy

EUR200.00

47.4

181.3

30.0

1.5

6.7

24.9

Allianz SE

Financials

Fully Valued

EUR315.00

20.8

161.7

12.8

4.3

2.4

18.1

Anheuser-Busch InBev SA/NV

Consumer Staples

Buy

EUR70.00

-14.7

120.0

15.9

2.0

1.4

8.9

ASML Holding NV

Information Technology

Buy

EUR743.00

7.3

368.9

34.2

0.8

18.2

58.2

AXA SA

Financials

Buy

EUR47.00

14.4

103.1

10.1

5.3

2.3

15.5

Bayerische Motoren Werke AG

Consumer Discretionary

Fully Valued

EUR70.00

8.2

63.3

7.8

5.0

0.6

6.3

BNP Paribas SA

Financials

Buy

EUR97.00

22.5

102.5

7.6

9.5

0.8

10.2

BP PLC

Energy

Hold

GBP4.25

14.8

94.1

13.6

5.5

1.6

0.9

Daetwyler

Industrials

Buy

CHF170.00

-19.7

3.0

28.3

2.3

5.3

8.5

Deutsche Lufthansa AG

Industrials

Hold

EUR7.00

17.0

10.8

7.1

3.9

0.9

17.8

Deutshe Telecom AG

Communication Services

Buy

EUR38.00

9.3

164.3

14.5

3.1

2.4

21.5

ENEL

Utilities

Hold

EUR8.10

10.6

94.8

11.7

5.9

3.1

23.7

Engie SA

Utilities

Buy

EUR21.50

17.0

52.1

9.4

8.1

1.6

18.2

Eni SpA

Energy

Hold

EUR14.80

12.3

56.5

10.8

6.6

0.9

4.5

E.ON SE

Utilities

Buy

EUR17.00

19.4

49.4

14.0

3.4

2.4

18.9

EQT AB

Financials

Buy

EUR350.00

-8.1

40.0

25.9

1.2

4.7

11.4

Ferrari NV

Consumer Discretionary

Hold

USD475.00

0.8

85.1

45.7

0.7

22.2

48.0

Heineken NV

Consumer Staples

Buy

EUR93.00

-18.4

44.4

13.9

2.9

2.1

9.8

Hermes International SCA

Consumer Discretionary

Buy

EUR2708.00

-6.9

255.4

48.2

1.3

13.1

28.3

Iberdrola SA

Utilities

Buy

EUR16.60

16.4

124.7

17.0

3.3

2.3

10.9

Infineon Technologies AG

Information Technology

Buy

EUR39.00

0.6

49.6

22.6

1.1

2.6

4.3

ING Bank NV

Financials

Buy

EUR26.10

35.9

78.5

11.2

5.5

1.3

12.4

International Consolidated Airlines Group SA

Industrials

Buy

GBP4.40

79.8

23.6

6.4

1.3

3.4

58.4

Kering SA

Consumer Discretionary

Hold

EUR164.00

3.1

39.7

45.7

2.2

2.3

4.9

Lonza

Health Care

Buy

EUR690.00

-2.7

45.9

31.3

0.4

4.3

8.2

LVMH Moet Hennessy Louis Vuitton SE

Consumer Discretionary

Hold

EUR469.00

-26.7

301.6

24.1

2.5

3.9

16.9

Mercedes-Benz Group AG

Consumer Discretionary

Fully Valued

EUR40.00

-8.9

59.8

9.0

8.1

0.6

7.5

Novo Nordisk A/S

Health Care

Hold

DKK340.00

-56.2

243.8

14.3

3.3

9.2

79.2

Orsted AS

Utilities

Hold

DKK220.00

-54.0

8.6

12.8

-

1.3

9.6

Pernod Ricard SA

Consumer Staples

Hold

EUR101.00

-40.3

24.6

13.0

5.6

1.4

10.5

RWE AG

Utilities

Hold

EUR33.00

13.9

32.9

18.1

2.9

0.8

7.9

Ryanair Holdings PLC

Industrials

Buy

EUR28.00

41.8

29.7

11.9

1.9

3.4

27.2

SAP SE

Information Technology

Buy

EUR325.00

10.4

324.0

36.5

1.0

6.4

15.1

Shell PLC

Energy

Buy

GBP30.00

12.8

212.9

12.3

4.0

1.2

7.4

Siemens Healthineers AG

Health Care

Buy

EUR60.00

-15.7

59.7

18.7

2.1

2.9

12.1

STMicroelectronics NA

Information Technology

Hold

EUR22.00

-13.3

25.4

46.0

1.4

1.4

3.7

TotalEnergies SE

Energy

Buy

EUR58.00

-8.3

144.7

9.3

5.9

1.2

10.9

Valeo SA

Consumer Discretionary

Hold

EUR8.50

-3.5

3.1

9.4

3.9

0.8

3.7

Veolia

Utilities

Buy

EUR37.30

-3.5

25.2

13.1

4.8

2.0

9.8

Volkswagen AG

Consumer Discretionary

Buy

EUR135.00

-7.9

53.9

6.4

6.8

1.5

6.3