Europe First to Market

J.P. Morgan's daily update highlights high-conviction views on Merlin Properties' data center transformation and valuation opportunities in Fresenius SE following a sector de-rating. The report also provides a deep dive into evolving shareholder activism dynamics in Europe.

Key Takeaways

• 1.Merlin Properties is placed on Positive Catalyst Watch due to significant data center (DC) expansion in Iberia, which is expected to comprise 60% of rental exposure by 2030.
• 2.Fresenius SE shares have de-rated significantly due to German hospital reform concerns, but JPM argues these risks are over-played and earnings remain stable.
• 3.Shareholder activism in EMEA is structurally increasing but shifting toward private, negotiated settlements rather than public confrontations.

Table of Contents

• Today's Morning Meeting
• Also Published Today
• In Case You Missed It... Trending in the Last Month
• Key Changes
• JPM Events
• Upcoming Earnings

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