Goldman Sachs Conviction List Updates – October 2026

On 1 October 2026, Goldman Sachs issued a note adding four European equities to its Conviction List for the month, while removing three others. The additions—Solaria Energia, Straumann Holding AG, Scout24 AG and IMCD Group—were selected because analysts see improving earnings prospects, more attractive valuations and specific demand tailwinds.

  • Solaria Energia: Analyst Alberto Gandolfi argued that the market underestimates the core solar business as pricing strengthens, and he noted potential growth from data‑centre and energy‑storage projects. Recent share weakness followed proposed Spanish legislation on data centres, which Goldman views as creating an attractive risk‑reward set‑up.
  • Straumann Holding AG: Richard Felton expects a sales recovery aided by better inventory levels in China and stronger profit margins, and he points out that the dental‑equipment maker’s valuation is near its lowest level in almost a decade.
  • Scout24 AG: Adam Berlin sees new product launches supporting growth in private‑subscriber numbers, leading him to forecast earnings above market expectations and to anticipate higher cash returns to shareholders.
  • IMCD Group: Suhasini Varanasi believes the chemical distributor may be at a turning point in volumes, with its specialised product mix helping prices hold up better than expected; she expects improving macro data to further support the company.

Goldman did not disclose reasons for the removal of Naturgy, Norsk Hydro and Smith & Nephew from the list.

Other Stock Updates

  • Trelleborg AB: The Swedish engineering group remains on the list with a Buy rating and an implied 20 % upside. A pre‑close call indicated that project revenue in its Industrial Solutions business would be more heavily weighted toward Q4 than previously expected, suggesting weaker Q3 margins but unchanged full‑year 2026 EBITA margins. Goldman cut its Q3 2026 sales estimate by 50 basis points and lowered the EBITA forecast by 140 basis points, though its adjusted EBITA forecasts for Q3, 2026 and 2027 stay above consensus.
  • BMW AG: Retained a Buy rating after the automaker’s Capital Markets Day, with Goldman seeing a 48 % upside. BMW reaffirmed its target of an 8 %‑10 % EBIT margin and outlined profitability measures, including the launch of roughly 40 Neue Klasse models by the end of 2027, savings across its €80 billion purchasing base and broader rollout of its software‑defined vehicle platform.
  • Iberdrola SA: Upgraded to Buy from Neutral and raised the price target by 19 % to €25 from €21, citing expectations of double‑digit growth through 2031.
  • AJ Bell: Upgraded from Sell to Neutral after recent share weakness, with the broker noting that valuation now aligns more closely with the average for listed platform peers and that the company could benefit from better fee‑related earnings visibility and an improving private‑market exit environment.
  • Vallourec SA: Remains Buy‑rated, trading at roughly a 40 % discount to Tenaris on an EV/EBITDA basis. Goldman’s earnings forecasts are below market expectations for the second half, reflecting greater exposure to the Middle East and near‑term pressure from disruptions around the Strait of Hormuz.

Goldman emphasized that additions to or removals from its Conviction Lists do not alter the underlying investment ratings for the securities.