Morgan Stanley Europe Week Ahead: Earnings Preview
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Morgan Stanley's Europe week-ahead report maps key earnings and operational updates for October 12-16, 2026, across energy, consumer, financials, industrials and technology, including Galp Energia, LVMH, ASML, Rio Tinto and Entain.
Travis Perkins' Q2 2026 like-for-like sales improved to flat (+0.1%) from -1.7% in Q1; Visible Alpha consensus for FY26 assumes revenue of £4.54 billion and adjusted operating profit of £127 million, and management expects H2 trading conditions comparable to H1. For Entain, Morgan Stanley models FY26 online net gaming revenue (NGR) growth of +6% at constant currency, continuing-operations NGR of £5,121 million and EBITDA of £962 million, with focus on potential gambling-tax implications of the October 28 UK budget and cost-efficiency progress. On production, Antofagasta's Q3 copper output is forecast at 157.8 thousand tonnes versus 165.0 thousand consensus, and Rio Tinto's Pilbara iron ore shipments at 86 million tonnes versus 84 million consensus.
Ratings: Travis Perkins Equal-weight (valuation appears reasonable at 16x 2027E P/E); Entain Overweight with a 1,050p target; Antofagasta and Rio Tinto Underweight.
Key exhibits
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