Top European stock ideas year-to-date - JPM

JPMorgan analysts published its top picks for the STOXX 600 Index (STOXX) so far this year.

According to an Equity Strategy report, published on Monday, every European sector -- except retail -- has seen cuts to its 2024 earnings projections in the last couple of months.

In addition, profit margins are at elevated levels, compared to history. Sectors such as commodities and chemicals are subdued, but most of the sectors “are at highs, leaving the overall margin level elevated,” analysts said.

Lastly, more than half of the companies of the STOXX 600 (STOXX) are paying less in interest expense, compared to 2019, or are earning more interest on their cash balances.

These are the top European picks, according to JPM:

• En S.p.A (E) - EPS Growth for 2025: 2%; current 12-month Forward P/E: 6.3
• TotalEnergies SE (TTE) - EPS Growth for 2025: 4%; current 12-month Forward P/E: 7
• Shell Plc (SHEL) - EPS Growth for 2025: 5%; current 12-month Forward P/E: 7.7
• Novozymes A/S (OTCPK:NVZMF) - EPS Growth for 2025: 10%; current 12-month Forward P/E: 29.8
• CRH Plc (CRH) - EPS Growth for 2025: 9%; current 12-month Forward P/E: 15.5
• Rio Tinto Group (RIO) - EPS Growth for 2025: -9%; current 12-month Forward P/E: 8.4
• Norsk Hydro ASA (OTCQX:NHYDY) - EPS Growth for 2025: 36%; current 12-month Forward P/E: 10.4
• Anglo American Plc (OTCQX:AAUKF) - EPS Growth for 2025: 5%; current 12-month Forward P/E: 10
• Schneider Electric S.E. (OTCPK:SBGSF) - EPS Growth for 2025: 11%; current 12-month Forward P/E: 24.4
• Ashtead Group Plc (OTCPK:ASHTF) - EPS Growth for 2025: 14%; current 12-month Forward P/E: 15.8
• Ryanair Holdings Plc (RYAAY) - EPS Growth for 2025: 35%; current 12-month Forward P/E: 9.4
• Airbus SE (OTCPK:EADSF) - EPS Growth for 2025: 25%; current 12-month Forward P/E: 21.6
• MTU Aero Engines Holdings (OTCPK:MTUAF) - EPS Growth for 2025: 13%; current 12-month Forward P/E: 17.4
• Stellantis N.V. (STLA) - EPS Growth for 2025: 1%; current 12-month Forward P/E: 4.4
• BMW (OTCPK:BMWYY) - EPS Growth for 2025: 2%; current 12-month Forward P/E: 6.4
• Inditex [Not covered] - EPS Growth for 2025: 9%; current 12-month Forward P/E: 21.7
• Adidas AG (OTCQX:ADDYY) - EPS Growth for 2025: 128%; current 12-month Forward P/E: 52.1
• Richemont [Not covered] - EPS Growth for 2025: 11%; current 12-month Forward P/E: 20.1
• Compass Group Plc (OTCPK:CMPGF) - EPS Growth for 2025: 12%; current 12-month Forward P/E: 22.2
• Colruyt Group N.V. (OTCPK:CUYTF) - EPS Growth for 2025: 7%; current 12-month Forward P/E: 15.1
• Anheuser-Busch InBev SA/NV (BUD) - EPS Growth for 2025: 14%; current 12-month Forward P/E: 18
• Novo Nordisk A/S (NVO) - EPS Growth for 2025: 21%; current 12-month Forward P/E: 36.1
• AstraZeneca Plc (AZN) - EPS Growth for 2025: 11%; current 12-month Forward P/E: 15.2
• Smith & Nephew Plc (SNN) - EPS Growth for 2025: 8%; current 12-month Forward P/E: 13.7
• UBS Group AG (UBS) - EPS Growth for 2025: 99%; current 12-month Forward P/E: 21.1
• NatWest Group Plc (NWG) - EPS Growth for 2025: 12%; current 12-month Forward P/E: 5.9
• ING Groep N.V. (ING) - EPS Growth for 2025: 11%; current 12-month Forward P/E: 6.7
• Intesa Sanpaolo S.p.A. (OTCPK:ISNPY) - EPS Growth for 2025: 1%; current 12-month Forward P/E: 6.4
• London Stock Exchange Group Plc (OTCPK:LDNXF) - EPS Growth for 2025: 14%; current 12-month Forward P/E: 23.8
• Amundi S.A. (OTCPK:AMDUF) - EPS Growth for 2025: 7%; current 12-month Forward P/E: 9.7
• Dassault Systemes SE (OTCPK:DASTY) - EPS Growth for 2025: 11%; current 12-month Forward P/E: 33
• ASML Holding N.V. (ASML) - EPS Growth for 2025: 51%; current 12-month Forward P/E: 43.1
• ASM International NV (OTCQX:ASMIY) - EPS Growth for 2025: 29%; current 12-month Forward P/E: 39.7
• Deutsche Telekom AG (OTCQX:DTEGY) - EPS Growth for 2025: 13%; current 12-month Forward P/E: 12.1
• BT Group Plc (OTCPK:BTGOF) - EPS Growth for 2025: -1%; current 12-month Forward P/E: 5.7
• RELX Plc (RELX) - EPS Growth for 2025: 9%; current 12-month Forward P/E: 27.9
• HelloFresh SE (OTCPK:HLFFF) - EPS Growth for 2025: 46%; current 12-month Forward P/E: 10.8
• RWE Aktiengesellschaft (OTCPK:RWEOY) - EPS Growth for 2025: -18%; current 12-month Forward P/E: 11.2
• Enel SpA (OTCPK:ENLAY) - EPS Growth for 2025: 1%; current 12-month Forward P/E: 8.8
• SEGRO Plc (OTCPK:SEGXF) - EPS Growth for 2025: 7%; current 12-month Forward P/E: 24.7