GS EUROPEAN EXPRESS: Siemens Energy: Telcos: Norsk Hydro Downgrade: SIKA: ENI: Macro: Global: Corporate Access

GS European Express is a multi-topic daily note. Siemens Energy: the Nov 11 Capital Markets Day is seen as the next step in the re-rating; group EBITA is forecast to rise c.6x between FY2025 and FY2030, 11% above Bloomberg consensus by FY2030, leaving shares on c.5x 2030E EV/EBITDA, with c.€30bn cumulative returns of value to FY2030 (~30% of current market cap); Buy, 78% upside. European telecoms: SpaceX's talks to secure 80k US cell sites raise US competition concerns, but spectrum sovereignty and regulation leave Europe more insulated; Switzerland/Germany and the UK carry the highest headline risk, with SES and Eutelsat key beneficiaries of sovereign networks. Norsk Hydro: downgraded to Neutral from Buy on a tougher 2027 earnings setup, fading premium support and faster Indonesian supply; PT cut to Nkr79 from Nkr100. Sika: resilient 3Q with reiterated FY26 guidance and strong pricing power;