Research

The four markets covered in the Euro Report series constitute a single, investable Western European ITAD and electronics-lifecycle complex: roughly 180 million people, four distinct regulatory regimes, and a combined hyperscale and AI infrastructure build-out now measured in tens of billions of euros of disclosed, committed capital. We view the region as underpriced relative to the United States on a like-for-like basis, not because the underlying asset flows are smaller, but because capital formation has been uneven across the four markets and because Germany — the largest single market in the group by a wide margin — remains structurally unconsolidated.