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Investing.com -- Goldman Sachs has updated its European Conviction List for August 2026, adding ASML, Sika and Puig while removing Schneider Electric and Knorr Bremse.

For ASML, analyst Alex Duval points to increased visibility on capacity additions driven by strong order intake across both Logic and DRAM segments, underpinning estimates that sit ahead of consensus by 5-18% on EPS for fiscal years 2027 through 2029.

Duval expects margins to rise from roughly 41% in fiscal 2026 to about 50% by fiscal 2029, helped by pricing power, a mix shift toward higher-priced platforms, and operating leverage. He also pushed back on framing ASML purely as an AI-driven stock, noting that "over half of its revenue growth" comes from non-AI sources, alongside "an increasingly broad customer base."

Switzerland’s Sika joins the list as analyst Ben Rada-Martin said volumes are starting to inflect and that this trend should prove sustainable, driven by a defensive mix of end markets including infrastructure, renovations and data centers.

He also sees "downside protection on the margin side with pricing power even as raw material inflation eases, which underpins Ben’s 5% ahead of consensus FY27 EPS forecast," the note says.

Lastly, analyst Aron Adamski, who covers Puig, highlighted the company’s innovation-led growth, with "the busiest launch pipelines it has ever had." Despite the women’s fragrance category being nearly double the size of men’s, Puig holds just an 8% share in women’s versus 17% in men’s, leaving "white space," Adamski said.

The analyst also pointed to growth potential in makeup and skincare, which together account for less than 30% of sales, along with the company’s low leverage giving it "optionality for selective bolt-ons." He added that Puig’s operating leverage should support margin expansion, with potential upside if new launches perform as well as previous ones.

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