Midgard Finance

💻 #semiconductors #EDA 🇺🇸 $CDNS Cadence's chip-design IP has about doubled since 2024: IP +24% in Q3, revenue +22% incl. Hexagon, record $8.2bn backlog, non-GAAP EPS outlook $8.40. 🇺🇸 $SNPS Synopsys: IP +11% in its quarter to July, software jump from Ansys. midgardfinance.com/companies/CDNS/

💊 #pharma 🇨🇭 $NOVN Novartis Q3: sales +4% as #Kisqali +37%, #Kesimpta +21% and #Cosentyx +9% outweighed #Entresto, −38% on US generics. Core operating income +11%, with its full-year guidance raised; reported −59% on a del-desiran impairment. midgardfinance.com/companies/NOVN.SW/

🔐 #industrials 🇸🇪 $ASSA ASSA ABLOY: record Q3, EBIT margin excl. one-offs 17.4% (16.8%) on 4% organic growth. Americas led: organic +6%, margin 19.6% (18.5%). Asia Pacific the drag: organic −1% on weak Greater China, margin 9.8% (10.2%). EPS +14%. midgardfinance.com/companies/ASSA-B.ST/

🤖 #AI 🇺🇸 $ANT Anthropic's IPO filing: Q2 revenue $11.6bn, from $0.8bn a year ago, and a $974m GAAP operating profit, after Q1's $1.7bn loss. Compute cost fell from 177% of revenue to 48%. Q2's $66bn net loss is mostly convertible notes revalued as its valuation rose. midgardfinance.com/ai/

📈 #earnings Q3 organic sales growth at 29 large European companies that reported last week: 🇫🇷 Bolloré +53.0% on fuel prices, then defence and mining, 🇸🇪 $SAAB +30.6% and Sandvik +25.0%. 🇨🇭 $ABBN +14.0%, 🇫🇷 $SAF +13.4%, $OR +7.2%, 🇨🇭 $NESN +4.0%. 🇫🇷 $KER -1.0% is last. midgardfinance.com/earnings/

📅 #earnings Next week's results: 🇬🇧 $HSBA and 🇨🇭 $NOVN on Tuesday. 🇺🇸 $MSFT and $GOOGL after Wednesday's close, $AMZN after Thursday's. 🇬🇧 $SHEL, 🇫🇷 $TTE and 🇺🇸 $LLY before Thursday's open. 🇬🇧 $AZN and 🇫🇷 Sanofi on Friday. All 599 reports, by day: midgardfinance.com/calendar/

🛢️ #oil 🇮🇹 $ENI Eni: Q3 adjusted operating profit €5,994m, double Q3 2025's €2,996m. 🛢️ E&P (oil & gas) €4,631m (+76%): Brent $97 (+40%), output +4%. 🏭 Refining & chemicals €472m, from a €53m loss. Special dividend €0.46 a share; buyback up to €3.8bn. midgardfinance.com/companies/ENI.MI/

💳 #payments 🇺🇸 $AXP American Express: card spending growth eased to +8% in Q3 from +9%, in all three segments. US consumer +9% from +11%, small business and corporate +3% from +5%, international +11% at constant FX, the lowest in 14 quarters. Guidance raised. midgardfinance.com/companies/AXP/

🚀 #space #AI 🇺🇸 $SPCX One customer accounted for 34.5% of SpaceX's Q3 revenue, up from 19.5% in Q2: about $5.0bn by our calculation, all in the $7.6bn Super Intelligence (AI) segment. SpaceX does not name it. midgardfinance.com/research/spacex/

🔩 #industrials 🇸🇪 $LIFCO Lifco: Q3 EBITA +10.7% to SEK 1,708m, organic sales only +1.6%. 🏭 Systems Solutions (contract manufacturing, infrastructure products) added 145m of the 165m. ⚠️ A customer worth ~5% of sales plans to buy outside Europe from 2027. midgardfinance.com/companies/LIFCO-B.ST/

✈️ #aerospace 🇫🇷 $SAF Safran: Q3 revenue €9,003m, +14.7%. 🔧 Propulsion flat on Q2 at €4,628m; spare parts growth slowed to +17% in USD, from +29% in Q1. 🛡️ Missile seekers and optronics lifted Equipment & Defense +15.7% organic. 💺 Interiors +5.8% organic. midgardfinance.com/companies/SAF.PA/

🎰 #gambling 🇸🇪 $EVO Evolution: Q3 revenue +3.7%. By where players are: North America +14%, LatAm +23%, Europe −5%. Profit −3.6%, operating margin 55.2% (58.5%). EPS +4.6% only because buybacks cut the share count 8%. Brazilian studio closed in October. midgardfinance.com/companies/EVO.ST/

🔩 #industrials 🇸🇪 $LAGR Lagercrantz: July-September sales +22%: 12% organic, 9% acquired, 1% currency. Organic beat acquired for the first time in five quarters. EBITA margin 17.8% (17.9) after one-offs in Control. EPS +31%, helped by tax of 20% (24%). midgardfinance.com/companies/LAGR-B.ST/

💄 #beauty 🇫🇷 $OR L'Oréal: Q3 sales +7.2% like-for-like, +7.7% adjusted for IT timing. Dermatological Beauty (CeraVe, La Roche-Posay) +12.2%, a fourth double-digit quarter in a row after +30.6% in Q1 23 and +0.8% in Q3 24. Luxe +6.4%, its best since Q2 23. midgardfinance.com/companies/OR.PA/

⚙️ #industrials 🇸🇪 $ATCO Atlas Copco: Q3 operating profit +16%, adjusted +15%. 💻 Vacuum (pumps for chip fabs) added 73% of the rise, 🏗️ Power (generators, pumps) 29%, 🔧 Industrial (assembly tools) 6%. 💨 Compressor (factory air), the largest, fell SEK 40m. midgardfinance.com/companies/ATCO-A.ST/

📚 #information 🇬🇧 $RELX RELX: nine-month underlying revenue +7%. Legal +10%, from 2% a year in 2016-19, on AI-enabled legal research, says RELX; STM +6%, from 2%; Risk around 8%; print excluded since 2025. Exhibitions +4% (Middle East), from +8% in 2025. midgardfinance.com/companies/REL.L/

🔩 #industrials 🇸🇪 $ADDT Addtech: July-September sales +8%: 5% acquired, 2% organic, 1% currency. Acquisitions added 3-13% a quarter since 2022; organic −7% to +4% since mid-2023. EBITA margin 16.7% (15.5% a year ago), 15.8% ex a one-off of about SEK 55m. midgardfinance.com/companies/ADDT-B.ST/

🚢 #logistics 🇨🇭 $KNIN Kuehne+Nagel kept 18.2% of Q3 gross profit as operating profit (13.5% a year earlier), with sea volume +4.5% and air +9.8%. 🇩🇰 $DSV DSV, volumes about 3% lower, kept 31.1% (ex DKK 300m property gains), below its 35-42% before Schenker. midgardfinance.com/companies/KNIN.SW/

👜 #luxury 🇫🇷 $RMS Hermès: Q3 sales +4.3% at constant currency, the slowest of the 19 quarters since 2022; leather goods +10.8%, Asia excl. Japan flat. 🇫🇷 $MC LVMH +1% organic; its Fashion & Leather, ready-to-wear included, fell 5%, down in 8 of the last 9. midgardfinance.com/companies/RMS.PA/

💊 #pharma 🇳🇱 $ARGX argenx: #Vyvgart sales were $1,721m in Q3, from $1,127m a year earlier and $21m in Q1 22. Operating profit turned positive in Q3 2024 and was $486m in Q3 ($494m in Q2), after about $150m of costs for buying Forte Biosciences. midgardfinance.com/companies/ARGX.BR/

📊 #bonds 🇷🇴 Romania's ten-year government bonds yielded 6.7% in September, 🇵🇱 Poland's 6.2% and 🇭🇺 Hungary's 5.7%, each in its own currency. In the euro 🇫🇷 France paid most in September, 4.44%, ahead of 🇮🇹 Italy 4.36% and 🇬🇷 Greece 4.22%, though both owe more. midgardfinance.com/eu-yield-curve/

⚡ #utilities 🇪🇸 $IBE Iberdrola: Nine-month adjusted net profit +9% to €5,141m. Regulated networks +15% while generation and customers fell 2%; reported profit also holds the gain on the Mexico sale. midgardfinance.com/companies/IBE.MC/

📊 #ratings 🇺🇸 $MCO Moody's: Q3 GAAP EPS +18% to $4.24, but $0.55 of the rise is tax and other, including a $115m gain on divestitures. Adjusted EPS +6%. midgardfinance.com/companies/MCO/

📊 #financials 🇺🇸 $MSCI MSCI: Q3 diluted EPS +14% to $4.86: revenue growth added $0.54 and fewer shares $0.26. Adjusted EPS $5.11. Organic subscription run rate +8.7%. midgardfinance.com/companies/MSCI/

🩺 #medtech 🇺🇸 $ISRG Intuitive Surgical: Q3 GAAP EPS −24% to $1.49, after a $450 million litigation charge. Non-GAAP EPS $3.00, up from $2.40. Procedures +15%. midgardfinance.com/companies/ISRG/

🚚 #logistics 🇩🇰 $DSV DSV: Q3 earnings per share +39% to DKK 12.6, on gross profit up only 4%. Our breakdown: lower costs +1.2, property gains +0.5, tax and other +1.5. A year after Schenker, the payoff is in costs, not volume. midgardfinance.com/companies/DSV.CO/

📈 #bonds #France 🇫🇷 France's 10-year government bond yield rose to 5.01% on 21 October, its highest since 2002. Over 🇩🇪 Germany, France pays 159bp and 🇮🇹 Italy 117bp. France has never paid this much more than Italy since the euro began. midgardfinance.com/eu-yield-curve/

📈 #exchanges 🇩🇪 Deutsche Börse: Q3 net revenue rose €193m to €1,633m. Interest-rate derivatives added €59m (+48%), the most of any business, in a quarter when the ECB and Fed both raised rates. Earnings per share +20%. 2026 revenue guidance raised again. midgardfinance.com/companies/DB1.DE/

👓 #eyewear 🇫🇷 $EL EssilorLuxottica: Q3 revenue +7.2% at constant exchange rates. Asia-Pacific +15.7%, North America +4.7%; myopia management +24%. midgardfinance.com/companies/EL.PA/

📺 #streaming 🇺🇸 $NFLX Netflix: earnings per share rose from $0.59 to $0.87 in Q3. By our breakdown, revenue growth added $0.08, a higher margin $0.15, tax and other $0.03, and buybacks $0.02. Netflix says the margin beat was mostly expense timing. midgardfinance.com/companies/NFLX/

🚀 #space #AI 🇺🇸 $SPCX SpaceX made $14.6bn of revenue in Q3, up 161% on a year earlier. Its AI segment made $7.6bn, from $0.8bn; Cursor, bought in August, added $0.6bn. Starlink $5.2bn, from $3.1bn. Operating profit $2.8bn, from a $0.3bn loss. midgardfinance.com/research/spacex/

📊 #economy 🇬🇷 Greece's government owes 144% of GDP and 🇮🇹 Italy's 139%. 🇫🇷 France, at 118%, owes more than 🇧🇪 Belgium, 🇪🇸 Spain or 🇵🇹 Portugal. 🇪🇪 Estonia owes 25%. midgardfinance.com/eu-debt/

📊 #AI #capex 🇺🇸 $ORCL and 🇺🇸 $CRWV earn the least on the AI build: 24% and 14% of the capex they have sunk since 2023 comes back as extra operating cash flow a year. 🇺🇸 $META 49%, 🇺🇸 $GOOGL 42%, 🇺🇸 $MSFT 37%, 🇺🇸 $AMZN 35%. The two borrowing to build earn least on it. midgardfinance.com/ai/

🩺 #healthcare #insurance 🇺🇸 $UNH UnitedHealth's insurer made $9.6bn of operating profit in 2025, down from $16.2bn. Optum Health, its clinics, fell from $7.9bn to $2.3bn. First nine months of 2026: $12.5bn and $3.1bn, up from $9.1bn and $1.9bn. midgardfinance.com/companies/UNH/

📊 #AI #semiconductors 🇹🇼 $TSM TSMC: high-performance computing, which includes AI accelerators, made up 68% of revenue in Q3 2026, up from 29% in Q1 2019. Smartphones fell from 47% to 21%. In those years, the operating margin doubled, from 29% to 59%. midgardfinance.com/companies/2330.TW/

📊 #AI #bonds 🇺🇸 $ORCL Oracle's bonds yield 2.2 percentage points more than US Treasuries, up from 0.9 a year ago. $CRWV CoreWeave's yield 10.4 more, up from 4.4 in April. $GOOGL Alphabet pays 0.3 over, as it did a year ago. $AMZN Amazon and $META Meta pay under a point. midgardfinance.com/ai/

📊 #AI #bonds 🇺🇸 $CRWV CoreWeave's net interest expense was $1.87bn in the 12 months to June, against an operating loss of $0.23bn. In 2024, $0.32bn of operating income nearly covered $0.36bn of interest. Its dollar bonds yield about 15%, on 9% to 9.75% coupons. midgardfinance.com/ai/

☁️ #cloud #AI Google Cloud 🇺🇸 $GOOGL earned a 36% operating margin in Q2 2026, up from 3% in Q3 2023. AWS 🇺🇸 $AMZN earned 39%, Microsoft's Intelligent Cloud 🇺🇸 $MSFT 41%. Google Cloud's revenue grew 82%, and Q2 was the first quarter with sales of TPU systems. midgardfinance.com/research/cloud/