Goldman adds TGS and Halma to European Conviction List

Goldman Sachs refreshed its European Conviction List in its July 2026 “Directors’ Cut”, published in late June, adding Norway’s TGS ASA and the UK safety-technology group Halma and removing Bayer, Anheuser‑Busch InBev and Deutsche Telekom. The bank updates the list monthly.

The Conviction List covers about 27 European stocks that Goldman’s analysts identify as having the most attractive 12‑month risk‑reward. Goldman describes the list as a concentrated watchlist rather than a broad model portfolio.

TGS is the headline addition. Goldman set a 180 NOK price target on the Oslo‑listed seismic‑data provider versus a June 30 close of 128.90 NOK, implying roughly 40% upside. TGS supplies seismic data used by oil and gas companies to assess exploration prospects.

Goldman cited long‑term underinvestment in upstream exploration as the basis for its TGS call, noting reserve life has fallen about 60% and seismic vessel capacity has dropped roughly 70% since 2013. The bank projects TGS’s multi‑client division to grow about 19% year‑on‑year, above consensus near 8%, which Goldman wrote could support stronger earnings and a reassessment of the oil‑services cycle.

Halma was added with a 5,010 pence target versus a closing price of 3,934p, implying about 27% upside. Goldman described Halma as “one of the highest‑quality, highest‑return growth compounders with a proven track record,” pointing to steady revenue growth and margin resilience in safety, health and environmental technologies.

Bayer was removed after rising 27.8% since its January 2026 inclusion, with the bank citing improved litigation sentiment following a U.S. Supreme Court ruling. Anheuser‑Busch InBev exited after a 19.2% gain since its June 2025 addition. Deutsche Telekom was taken off after a 15.1% decline since it joined the list in October 2025; Goldman framed that exit as a reassessment of the original upside case or a reallocation to other ideas.

Goldman said the refreshed list carries a median 12‑month return potential of 32% and a median upside to its price targets of 29%. The monthly Conviction List is followed by investors for the bank’s highest‑conviction European ideas, but Goldman reiterates it is not a comprehensive regional portfolio.