< The 2014 All-Europe Research Team
Karl Berglund, 37, and his troupe of 33 analysts at ABG Sundal Collier repeat in first place. They follow 230 stocks from an archipelago of offices in Stockholm, Oslo and Copenhagen. “ABG brings great local color and knowledge about the companies they cover, but they also keep abreast of what’s going with their sectors globally,” insists one portfolio manager. “Their analysts put on great road shows and consistently provide me with good corporate access.” Berglund’s team is bullish on paper-making giant Stora Enso, predicting that its earnings before income and taxation could double thanks to management’s restructuring campaign that invested heavily in low-cost pulp and packaging while reducing expenses. Other favorables, such as the Helsinki-based company’s “improved balance in the newsprint market” following cutbacks in capacity, he reports, are not reflected in the valuation. On the other hand, the researchers recommend that investors sell shares of TeliaSonera, a telecommunications company headquartered in Stockholm. Their bearishness is based on concerns about “increased price pressure, unclear future structure and political pressure about irregularities in the Eurasian business,” Berglund says — all of which are creating uncertainty even while the shares are already overvalued. The team forecasts an 8.5 percent decline from the stock’s 53.55 Swedish kronor price in late December. See also Karl Berglund’s profiles in the 2013 All-Europe Research Team and 2012 All-Europe Research Team. |
