Goldman Sachs Adds Solaria, Straumann, Scout24 and IMCD to European Conviction List

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Summary · why it matters

Goldman Sachs added Solaria, Straumann, Scout24 and IMCD to its European Conviction List for October, while removing Naturgy, Norsk Hydro and Smith & Nephew, the broker said in a note dated Thursday. The broker did not give reasons for the removals, while its analysts cited improving earnings prospects, valuation and potential for stronger demand as reasons for the new additions. For Spanish renewable energy company Solaria, Goldman analyst Alberto Gandolfi said the market was underestimating improvements in the company's core solar business as pricing strengthens, and pointed to potential growth from data centres and energy storage. Straumann is expected to benefit from a recovery in sales, helped by improving inventories in China and stronger profit margins, analyst Richard Felton said, adding that the dental equipment maker's valuation was close to its lowest level in nearly a decade. For Swiss online marketplace Scout24, analyst Adam Berlin said new products could support growth in private subscribers, putting his estimates above market expectations, and he also sees potential for the company to return more cash to shareholders than expected. IMCD could be approaching a turning point in volumes, while its more specialised product mix should help prices hold up better than expected, analyst Suhasini Varanasi said. Goldman said additions to or removals from its Conviction Lists do not change its underlying investment ratings. Elsewhere, Goldman kept Swedish engineering group Trelleborg on the list with a Buy rating and saw 20% upside, cut its third-quarter 2026 sales estimate by 50 basis points and adjusted EBITA forecast by 140 basis points, and retained a buy rating on BMW following the automaker's Capital Markets Day, seeing 48% upside. The bank upgraded Iberdrola to buy from neutral and raised its price target by 19% to €25 from €21, upgraded AJ Bell to neutral from sell, and remained buy-rated on French steel tube maker Vallourec.

Impact on assets 13

Critical Materials & Supply Chain▲ · 2 stocks
IMCD NV
IMCD
▲ PositiveCapitalrelevance

Goldman added IMCD to its European Conviction List, citing a possible volume turning point and a specialised product mix supporting prices.

Materials▲ · 2 stocks
Trelleborg AB ser. B
0NL3
± MixedCapitalrelevance

Goldman kept Trelleborg on its Conviction List with a Buy rating and 20% upside, but cut its Q3 2026 sales and EBITA estimates.

Energy Transition & Power Demand▲ · 2 stocks
Iberdrola S.A.
IBE1
▲ PositiveCapitalrelevance

Goldman upgraded Iberdrola (article truncated, no further detail given).

Health Care▲ · 1 stocks
Straumann Holding AG
STMN
▲ PositiveCapitalrelevance

Goldman Sachs added Straumann to its European Conviction List, citing improving earnings prospects and valuation near a decade low.

Real Estate▲ · 1 stocks
Scout24 AG
G24
▲ PositiveCapitalrelevance

Goldman added Scout24 to its European Conviction List, citing new products supporting private subscriber growth and potential for higher cash returns.

Consumer Discretionary▲ · 1 stocks
Digital Finance & Tokenization▲ · 1 stocks
Financials▲ · 1 stocks
Artificial Intelligence▲ · 1 stocks
Aging Population▲ · 1 stocks
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