< The 2014 All-Europe Research Team
With four analysts in London and three regional specialists across Paris and Madrid, Paul Roger’s Exane BNP Paribas crew repeats in first place — raising to five the firm’s total No. 1 finishes since 2009. The researchers “scrutinize market assumptions on a global scale and apply their conclusions to their investment recommendations,” reports one investor. Their sector portfolio spans 15 names, and preferred among these are companies with exposure to U.S. markets. A particular favorite is diversified building-materials provider CRH, which they upgraded in August from neutral to outperform. “The market has become too bearish on the earnings outlook,” explains Roger, “and is underestimating the margin recovery potential as trends in key markets — like the U.S., Poland, Switzerland and Benelux — improve.” Moreover, the 37-year-old leader and his squad are optimistic about CEO Albert Manifold’s ability to turn around Ireland’s biggest company; the former COO was named chief executive in June and took over in January. By the end of December, CRH’s shares had jumped 18 percent, to €18.30, besting the sector by 5.4 percentage points. They remain recommended. “Paul’s team maintained an in-depth and broad-based view even when he was out with pneumonia in the autumn,” marvels one portfolio manager in Italy. See also Paul Roger’s profile in the 2013 All-Europe Research Team and the 2012 All-Europe Research Team. |
