Salzgitter AG (SZG GR): BUY Target Price EUR 70, 26% Upside, 12 to 18 Month Horizon Note: this piece was written in September 2026 with the shares trading at EUR 55.65, which is the reference price behind every multiple and every per share figure below. Sell side estimates cited are Deutsche Bank.
This week, the US equity market experienced considerable volatility, driven by oil prices, the Fed and AI safety concerns. At the start of the week, drone and shipping attacks near the Strait of Hormuz pushed WTI towards $106 per barrel by Tuesday, hitting equities. That revived inflation fears, pushing the 10-year Treasury yield up to near 5%. Additionally, Anthropic CEO Dario Amodei's essay on AI safety concerns...
Around the same time last year, we published our first article covering the Dutch Pension Reform and its potential implications on markets. The Dutch pension reform appeared to offer a relatively clear opportunity in European rates markets. As pension funds moved away from defined-benefit promises, their need to hedge ultra-long liabilities was expected to decline.
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