We are hosting European Investing Summit 2026 from October 20-23, and ten sessions are already available for replay. We will post additional sessions this week. Each session includes a video of the presentation, the slides, and an edited transcript. Below, we highlight what each speaker found and why we think the sessions are worth your time.
This year’s ideas share a common thread: businesses that have absorbed several hard years, at prices that still assume the worst. The speakers found that pattern in UK and French housebuilders, prime European offices, Turkish retail and German semiconductor equipment, and even in a household name on the other side of the Atlantic. The case for Europe as a whole starts with the numbers.
Brian Chingono of Verdad argues that Europe’s deep-value stocks are priced for a repeat of 2022 that the energy system is better prepared to absorb. The broader European market has re-rated to 1.85x book, within 4% of its 30-year average, while deep-value stocks still trade at 0.66x, and the spread between the two has rarely been wider. When it was wider than its median, deep value outperformed the market by 7% annualized over the following three years. Verdad’s return bridge points to a 17.2% five-year expected return for deep value, against 13.2% for the market. Watch Brian’s full case for European deep value, including his example, Delfingen.
Nitin Sacheti thinks the AI trade has missed a near-monopoly in German semiconductor equipment. In Nitin’s view, PVA TePla’s scanning acoustic microscopes are the only production-worthy tool for finding hidden defects in HBM stacks and hybrid bonds, and its crystal-growth furnaces sit at the start of the silicon carbide and indium phosphide supply chains. Orders reached a record €121.6m in Q1 2026, a 2.2x book-to-bill. Replay Nitin’s session to see how he gets to a €100 target.
Roshan Padamadan believes a US listing could show that Grifols’ business outside the US is priced at less than nothing. By Roshan’s estimate, selling 15-20% of US Biopharma would value the division near €20bn, more than the group’s enterprise value. Meanwhile, free cash flow has turned positive, leverage is falling, S&P has raised Grifols two notches, and the shares trade at about 9.5x EV/EBITDA, against a five-year average of 14.2x. Watch Roshan’s session to hear why he sees the governance discount as overblown, and why he prefers the Class B shares.
Simon Caufield believes Barratt Redrow, the UK’s largest housebuilder, trades at a third of its liquidation value. At 292p, the £4.0bn market cap sits against £6.2bn of tangible net assets, including £770m of net cash, after a slow-motion downturn that Simon considers worse than the financial crisis: since 2022, completions have fallen 23% and real revenue 44%. His counterintuitive point is that a housing slump releases cash, because every lost sale means fewer plots to buy. Halting land purchases would free about £12bn, three times the market cap. Replay Simon’s session to see why he puts intrinsic value above 4x the share price.
Sam Ziff looks across the Atlantic to a century of Disney franchises at 14x forward earnings. The Walt Disney Company trades near the low end of its 40-year valuation range, against a 21x median P/E, even though streaming has swung from a $4.0bn loss in FY22 to a 13% margin, and the parks earn about 60% of segment profit. Snow White, Pinocchio and Bambi, all made between 1937 and 1942, still make money for Disney today. Watch Sam’s session for his $150 base case, 42% above the share price, and the five risks that could change his mind.
Stuart Mitchell sees the Channel Tunnel as a forgotten, high-quality asset running at well under half of its capacity. Getlink, formerly Eurotunnel, holds the tunnel concession until 2086, turned €1,595m of revenue into €347m of free cash flow in 2025, and runs 450 trains on peak days against capacity of 1,000. New passenger routes to Frankfurt, Cologne, Geneva, Basel and Zurich, new entrants Virgin Trains and Trenitalia, and a freight recovery as Brexit frictions ease could fill the gap. Watch Stuart’s session to hear why he believes the value could double.
Jeremie Couix has found France’s largest single-home builder priced as if its cash flow will vanish. Hexaom trades at about 1.2x 2026 EV/EBITA, with €71m of net cash against a market cap of about €144m, a free cash flow yield near 20% and a 4-5% dividend yield. French new-house sales collapsed from 140,000 in 2021 to 51,000 in 2024, and some 650 builders have been liquidated since 2023, yet Hexaom’s gross margin reached 23.6% in H1 2026 and its orders are recovering. Replay Jeremie’s session to learn why the business carries no land risk.
David Autin calls Asmodee the toll road of a growing tabletop gaming industry. Asmodee publishes Catan and Ticket to Ride and distributes the Pokémon and Magic: The Gathering trading card games through a network that a rival would need about a decade to replicate. Trading card game sales nearly doubled in three years, to €1.02bn. Freed from Embracer, Asmodee generates €170-200m of free cash flow a year and has restarted acquisitions. Replay David’s session for his base, bull and bear cases.
Mesut Ellialtıoğlu makes the case that Migros is one of the most direct ways to own Türkiye’s growing middle class, at less than half the sector multiple. Turkish equities trade at 6.7x forward earnings, against 11.5x for emerging markets, and Migros at about 4x EV/EBITDA, against a sector near 9x, even though its dollar sales grew 24% a year from 2021 to 2025. Online reached 23.1% of sales, nearly three times the level at global peers, because its 3,830 stores double as fulfillment hubs. Replay Mesut’s session for the three growth engines behind his target of about 50% upside.
Alirio Sendrea sees prime offices in Paris, Madrid and Barcelona selling at roughly half of asset value. Colonial SFL, which owns five of the nine trophy office buildings in Paris, trades at a 49% discount to EPRA NTA after rising rates, work-from-home and AI fears hit European REITs. Alirio argues that the scarcity of prime central business district space gives Colonial pricing power: rent growth has beaten indexation by 350bp a year on average since 2017. Watch Alirio’s presentation for his €7.4 blended target, 47% above the share price, plus a 6.3% dividend yield.
More sessions are on the way. We will post additional sessions from European Investing Summit 2026 this week. Paying subscribers can replay every session, download the slides and read the full transcripts.
European Investing Summit 2026 is held from October 20-23, 2026. The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.