| 201 |
Fresnillo PLC
FRES · LSE
|
$23B |
50/100
Medium
|
31/100 |
12.3%low 3.7% |
10 yr+ |
Net cash |
35% |
Fresnillo: A Genuine Re-Rating, But the Price Already Assumes the Hard Part Is DoneJul 4, 2026 · Hold |
FY2025 |
| 202 |
Eurofins Scientific SE
ERF · Paris
|
$13B |
50/100
Medium
|
51/100 |
10.6%low 6.1% |
10 yr+ |
1.3× |
55% |
Eurofins Scientific (Eurofins Scientific SE, ERF.PA) — Zen Horizon ReportJun 8, 2026 · Watch |
FY2025 |
| 203 |
Tele2 AB (publ)
TEL2-B · ST
|
$12B |
50/100
Medium
|
— |
11.8%low -10.6% |
9 yr |
1.3× |
40% |
— |
FY2025 |
| 204 |
CTS Eventim AG & Co. KGaA
EVD · XETRA
|
$6.1B |
50/100
Medium
|
— |
22.2%low -19.7% |
5 yr |
Net cash |
24% |
— |
FY2025 |
| 205 |
Siegfried Holding Ltd
SFZN · SW
|
$4.4B |
50/100
Medium
|
— |
12.5%low 4.2% |
10 yr+ |
0.4× |
22% |
— |
FY2025 |
| 206 |
Inchcape PLC
INCH · LSE
|
$3.7B |
50/100
Medium
|
— |
14.3%low -13.6% |
5 yr |
0.5× |
14% |
— |
FY2025 |
| 207 |
Centamin PLC
CEY · LSE
|
$2.1B |
50/100
Medium
|
— |
11.2%low 3.8% |
10 yr+ |
Net cash |
33% |
— |
FY2023 |
| 208 |
Sirius Real Estate Limited
SRE · LSE
|
$2.0B |
50/100
Medium
|
— |
12.2%low 6.6% |
10 yr+ |
0.6× |
63% |
— |
FY2026 |
| 209 |
Hilton Food Group Plc
HFG · LSE
|
$704M |
50/100
Medium
|
— |
14.0%low 6.0% |
10 yr+ |
0.9× |
10% |
— |
FY2025 |
| 210 |
Heineken Holding NV
HEIO · Amsterdam
|
$22B |
49/100
Weak
|
— |
16.9%low -1.3% |
5 yr |
1.8× |
37% |
— |
FY2025 |
| 211 |
Hugo Boss AG
BOSS · XETRA
|
$2.8B |
49/100
Weak
|
— |
14.7%low -29.1% |
5 yr |
0.5× |
62% |
— |
FY2025 |
| 212 |
Watches Of Switzerland Group PLC
WOSG · LSE
|
$2.1B |
49/100
Weak
|
— |
12.0%low -2.3% |
7 yr |
0.8× |
12% |
— |
FY2026 |
| 213 |
SÜSS MicroTec SE
SMHN · XETRA
|
$1.9B |
49/100
Weak
|
42/100 |
9.0%low -13.0% |
6 yr |
Net cash |
35% |
SÜSS MicroTec (SMHN): A Niche Winner in Advanced Packaging Equipment, Good Company at a Bad PriceJun 9, 2026 · Watch |
FY2025 |
| 214 |
Baltic Classifieds Group PLC
BCG · LSE
|
$1.1B |
49/100
Weak
|
— |
11.7%low -2.8% |
5 yr |
0.1× |
89% |
— |
FY2026 |
| 215 |
Me Group International PLC
MEGP · LSE
|
$561M |
49/100
Weak
|
— |
19.1%low -22.1% |
5 yr |
Net cash |
27% |
— |
FY2025 |
| 216 |
Rubis SCA
RUI · Paris
|
$3.7B |
48/100
Weak
|
— |
11.8%low 9.6% |
10 yr+ |
0.5× |
20% |
— |
FY2025 |
| 217 |
Rexel S.A
RXL · Paris
|
$11B |
46/100
Weak
|
— |
6.9%low -6.9% |
5 yr |
0.8× |
25% |
— |
FY2025 |
| 218 |
Sodexo SA
SW · Paris
|
$9.0B |
46/100
Weak
|
— |
12.1%low -11.6% |
5 yr |
0.9× |
14% |
— |
FY2025 |
| 219 |
Nexans S.A.
NEX · Paris
|
$7.6B |
46/100
Weak
|
46/100 |
8.3%low -9.7% |
6 yr |
0.1× |
12% |
Nexans: A Subsea Margin Story the Price Has Largely AbsorbedAug 26, 2026 · Hold |
FY2025 |
| 220 |
XPS Pensions Group PLC
XPS · LSE
|
$859M |
46/100
Weak
|
— |
5.1%low -46.7% |
9 yr |
0.4× |
53% |
— |
FY2026 |
| 221 |
Iberdrola S.A.
IBE · MC
|
$149B |
45/100
Weak
|
— |
9.8%low 7.3% |
10 yr+ |
1.1× |
46% |
— |
FY2025 |
| 222 |
Yara International ASA
YAR · OL
|
$12B |
45/100
Weak
|
— |
8.6%low 0.2% |
10 yr+ |
0.5× |
26% |
— |
FY2025 |
| 223 |
NKT A/S
NKT · CO
|
$8.6B |
45/100
Weak
|
47/100 |
2.1%low -9.5% |
5 yr |
Net cash |
34% |
NKT: A EUR 13bn Transmission Backlog and Rising Margins, but DKK 930 Already Pays for the 2027 Factories That Are Still Being BuiltAug 26, 2026 · Hold |
FY2025 |
| 224 |
ISS A/S
ISS · CO
|
$6.9B |
45/100
Weak
|
— |
4.5%low -79.9% |
5 yr |
1.4× |
83% |
— |
FY2025 |
| 225 |
Antofagasta PLC
ANTO · LSE
|
$46B |
44/100
Weak
|
— |
9.7%low 1.8% |
10 yr+ |
0.3× |
45% |
— |
FY2025 |
| 226 |
Heidelberg Materials AG
HEI · XETRA
|
$31B |
44/100
Weak
|
— |
6.1%low -15.8% |
5 yr |
0.3× |
58% |
— |
FY2025 |
| 227 |
Mitie Group PLC
MTO · LSE
|
$3.3B |
44/100
Weak
|
— |
11.2%low -59.0% |
5 yr |
0.9× |
11% |
— |
FY2026 |
| 228 |
Chemring Group PLC
CHG · LSE
|
$2.1B |
44/100
Weak
|
— |
5.6%low -13.9% |
7 yr |
0.2× |
85% |
— |
FY2025 |
| 229 |
Orange S.A.
ORA · Paris
|
$48B |
43/100
Weak
|
— |
7.6%low 0.9% |
10 yr+ |
1.4× |
36% |
— |
FY2025 |
| 230 |
Veolia Environnement VE SA
VIE · Paris
|
$27B |
43/100
Weak
|
— |
9.4%low 1.2% |
10 yr+ |
1.7× |
17% |
— |
FY2025 |
| 231 |
Ackermans & Van Haaren NV
ACKB · BR
|
$9.5B |
43/100
Weak
|
— |
9.8%low 6.5% |
10 yr+ |
1.5× |
28% |
— |
FY2025 |
| 232 |
Weir Group PLC
WEIR · LSE
|
$8.7B |
43/100
Weak
|
43/100 |
4.7%low -23.7% |
5 yr |
0.7× |
36% |
Weir PLC: 82% Aftermarket Revenue Meets 2.2x Leverage and a 15.2% ROCE, and £27.24 Already Prices the H2 RecoverySep 8, 2026 · Hold |
FY2025 |
| 233 |
Elis SA
ELIS · Paris
|
$5.7B |
42/100
Weak
|
— |
5.4%low 0.1% |
10 yr+ |
1.0× |
36% |
— |
FY2025 |
| 234 |
Aker BP ASA
AKRBP · OL
|
$23B |
41/100
Weak
|
35/100 |
10.9%low 1.2% |
10 yr+ |
0.4× |
59% |
Aker BP ASA: The 2028 Cash Inflection Is Sanctioned and Tax-Shielded, but NOK 356 Leaves No Conservative Margin of SafetySep 4, 2026 · Hold |
FY2025 |
| 235 |
Klepierre SA
LI · Paris
|
$12B |
41/100
Weak
|
— |
6.6%low -9.6% |
5 yr |
0.9× |
76% |
— |
FY2025 |
| 236 |
Equinor ASA
EQNR · OL
|
$99B |
40/100
Weak
|
38/100 |
14.2%low -16.2% |
5 yr |
Net cash |
41% |
Equinor: Q2 Profit of USD 11.48bn Leaves USD 3.44bn After Tax, and NOK 386.40 Already Pays the Base CaseAug 29, 2026 · Hold |
FY2025 |
| 237 |
E.ON SE
EOAN · XETRA
|
$53B |
40/100
Weak
|
— |
28.0%low 3.7% |
9 yr |
1.9× |
19% |
— |
FY2025 |
| 238 |
InterContinental Hotels Group PLC
IHG · LSE
|
$30B |
40/100
Weak
|
— |
51.3%‡low -18.0% |
5 yr |
— |
29% |
— |
FY2025 |
| 239 |
Storebrand ASA
STB · OL
|
$9.1B |
39/100
Weak
|
— |
10.0%low 6.2% |
10 yr+ |
0.8× |
17% |
— |
FY2025 |
| 240 |
Metlen Energy & Metals PLC
MTLN · LSE
|
$7.1B |
38/100
Weak
|
— |
12.9%low 3.5% |
10 yr+ |
1.0× |
16% |
— |
FY2025 |
| 241 |
SBM Offshore N.V.
SBMO · Amsterdam
|
$5.8B |
38/100
Weak
|
— |
10.3%low -6.2% |
8 yr |
1.8× |
30% |
— |
FY2025 |
| 242 |
Galp Energia SGPS S.A.
GALP · LS
|
$17B |
37/100
Weak
|
— |
13.6%low -17.4% |
5 yr |
— |
10% |
— |
FY2025 |
| 243 |
Trainline Plc
TRN · LSE
|
$1.1B |
33/100
Poor
|
— |
0.3%low -32.2% |
5 yr |
1.0× |
63% |
— |
FY2026 |
| 244 |
TotalEnergies SE
TTE · Paris
|
$183B |
32/100
Poor
|
40/100 |
10.3%low -7.0% |
5 yr |
0.3× |
27% |
TotalEnergies: USD 27.5bn of Owner Earnings, 33.4 GW of Power, and No Obvious Margin of Safety at EUR 77.61Sep 2, 2026 · Hold |
FY2025 |
| 245 |
Subsea 7 S.A.
SUBC · OL
|
$10B |
32/100
Poor
|
46/100 |
0.7%low -26.1% |
5 yr |
0.1× |
11% |
Subsea 7 (SUBC.OL) Zen Horizon Research ReportJun 9, 2026 · Watch |
FY2025 |
| 246 |
Ferrovial S.A.
FER · MC
|
$44B |
31/100
Poor
|
— |
9.9%low -13.3% |
5 yr |
1.1× |
22% |
— |
FY2025 |
| 247 |
Repsol S.A.
REP · MC
|
$31B |
30/100
Poor
|
— |
4.3%low -16.2% |
5 yr |
0.3× |
17% |
— |
FY2025 |
| 248 |
Shell plc
SHEL · LSE
|
$238B |
27/100
Poor
|
31/100 |
7.9%low -14.0% |
5 yr |
0.4× |
11% |
Shell plc: $22.4 Billion Returned on 52% of Cash Flow, an Eight-Year Reserve Life, and No Margin of Safety at £34.10Aug 24, 2026 · Hold |
FY2025 |
| 249 |
Shell PLC
SHELL · Amsterdam
|
$237B |
27/100
Poor
|
— |
7.9%low -13.9% |
5 yr |
0.4× |
11% |
— |
FY2025 |
| 250 |
Naturgy Energy Group SA
NTGY · MC
|
$29B |
26/100
Poor
|
— |
11.0%low -25.8% |
5 yr |
1.3× |
29% |
— |
FY2025 |
| 251 |
Engie S.A.
ENGI · Paris
|
$74B |
21/100
Poor
|
— |
4.1%low -6.9% |
5 yr |
1.2× |
23% |
— |
FY2025 |
| 252 |
J D Wetherspoon PLC
JDW · LSE
|
$1.1B |
17/100
Poor
|
— |
3.7%low -63.7% |
5 yr |
3.1× |
8% |
— |
FY2025 |