SECOND TEAM
Nikolaj Lippmann, Guilherme Paiva & team Morgan Stanley
Morgan Stanley returns to the ranking for the first time since 2004. This time the quartet is conducted by newcomers Nikolaj Lippmann, who works out of Mexico City, and New York–based Guilherme Paiva, who also helms the No. 2 teams in Brazil and Equity Strategy. The analysts know “everything about the companies, from their managements and clients to their suppliers and their entire industries,” marvels one advocate. The team initiated coverage on Alfa with an overweight rating in December, at 115.59 pesos. The conglomerate, which is headquartered in San Pedro Garza García, has subsidiaries in industries ranging from defense equipment to packaged foods, thus providing “a unique way for investors to benefit from an undervalued competitive company that was well placed in the economic cycle in North America,” the analysts argued. The stock rocketed 49.3 percent, to 172.56 pesos, and outdistanced Mexico’s broad market by 55.1 percentage points, through July.
