Fagron N.V. (FAGR.BR) enters September 2025 with improving momentum and low volatility. The share has risen 9.75% over 12 months and recently closed near 21.05. Fundamentals look resilient: revenue of 918.75 million (ttm), profit and operating margins at 9.33% and 15.38%, and EBITDA of 158.25 million. Cash generation is healthy (operating cash flow 120.42 million; levered free cash flow 57.06 million), backed by a 1.76 current ratio and debt of 404.44 million. Valuation remains reasonable at 17.99x trailing earnings and 15.04x forward, with a 1.66% forward dividend yield and a 29.91% payout ratio. This three‑year outlook focuses on execution, margin discipline, and capital allocation, with low beta (0.24) and solid returns on equity providing a defensive profile.

UniCredit (UCG.MI) enters the next three years from a position of strength: revenue of 24.82B (ttm), profit margin 42.71%, and ROE 16.34% underline robust profitability, while the share price has surged 77.35% over 12 months, nearing its 52-week high. Management has been active on portfolio moves, completing the merger with Alpha Bank Romania and lifting its Commerzbank stake to 26%, even as both sides play down takeover prospects. With a forward dividend yield of 3.70% and payout ratio of 36.36%, capital returns look supported by earnings momentum (quarterly revenue growth 10.20% and earnings growth 24.90% yoy). Against an evolving European rate cycle, investors will watch whether margins and volumes can hold, and how regulators react to UniCredit’s growing strategic footprint in Germany and Southeast Europe.

Allianz SE (ALV.DE) enters the next three years from a position of balance-sheet strength and steady profitability. On trailing revenue of 109.02B and net income of 10.07B, the group posts an 11.05% operating margin and 18.18% return on equity, supported by 36.77B in operating cash flow. Shares are up 23.86% over 52 weeks and recently changed hands near 351.4, below the 52-week high of 380.30, with beta at 0.98. Investors also weigh a forward dividend of 15.4 (4.38% yield) against a 59.05% payout ratio. With total cash of 132.17B versus 36.88B of debt and a 1.63 current ratio, Allianz retains ample flexibility through the cycle. This note outlines a three-year outlook to September 2028, focusing on earnings durability, dividend sustainability, and the share price path under different macro and underwriting scenarios.

HSBC Holdings (HSBA.L) enters the next three years from a position of strength but with clear crosswinds. Over the past 12 months the share price is up 45.67%, outpacing the S&P 500’s 18.47%, and sits near a 52‑week high of 981.80 (low: 645.50). Under the hood, trailing‑twelve‑month revenue is 56.21B and net income attributable to common is 17.84B, supporting robust profit and operating margins of 33.67% and 46.56%. Yet normalization is visible: quarterly revenue growth is -11.0% year over year and quarterly earnings growth is -27.5%. Balance‑sheet liquidity remains substantial (total cash 1.11T versus total debt 746.42B), with return on equity at 10.13% and beta of 0.52. Income investors will note a forward annual dividend yield of 5.18% with a 63.79% payout ratio. These markers frame HSBC’s risk‑reward into 2026–2028.