2016全欧洲研究团队:北欧国家，第1名:Björn Jansson & Team

Bjorn简颂这标志着卡耐基投资银行(Carnegie Investment Bank)的工作人员在缺席一年之后重返这个阵容，也是在他的管理下，该团队首次出现在获奖者的圈子里。这位52岁的领导人在任职SEB股票公司的11年期间，曾五次引领SEB股票公司排名第一，最近一次是在2006年。三年后，他加入卡内基，并于9月底被任命为首席执行官。该集团由45名分析师组成，总部位于斯德哥尔摩，在哥本哈根、赫尔辛基和奥斯陆设有办事处，跟踪330只北欧股票，凭借其对当地市场的了解和广泛覆盖，给客户留下了深刻印象。一位基金经理表示:“它们尤其擅长投资工业类股，并擅长提供有关公司治理的见解。”“主要是因为他们的经验，他们能给你提供大量关于董事会成员和其他关键人物的增值情报。”卡内基最喜欢的一家熟悉的公司是总部位于哥本哈根的珠宝制造商潘多拉(Pandora)，研究人员从2011年11月开始大肆宣传这家公司。1月中旬，它的股价达到了829丹麦克朗，比当时高出20倍，但Jansson和他的同事认为它是一颗“被高度低估”的宝石。潘多拉预计在未来三年内每年增加300家概念店，他们认为，到2018年，这些概念店的销售额将以每年18%的复合增长率增长。此外，该团队建议，大宗商品价格的持续下行压力有助于稳定利润率，管理层的现金再分配政策预计将导致该珠宝商的流通股数量每年下降4 - 5%。 This, in turn, has the potential to spur earnings-per-share expansion of greater than 20 percent for three years, they forecast. The researchers further point out that Pandora’s penetration into Asian markets remains limited and far below that of comparable luxury and consumer brands, affording it ample room for growth. Its stock — up 82.3 percent over the past 12 months alone, while the OMX Nordic 40 index was flat — earns a price objective of Dkr1,100. In what it admits is a controversial call, Carnegie’s squad is also backing shares of Sandvik, a Stockholm-based provider of metal-cutting and machinery tools that has fallen into disfavor along with capital goods companies generally. Jansson notes that 75 percent of the manufacturer’s sales derive from activities that have “strong market positions,” even as an actively involved chairman and savvy new chief executive are leading an aggressive restructuring campaign. Sandvik will exit industries where it does not hold a top-two position, which should bolster its return on capital to 20 percent from 15 percent, he adds. “We think Sandvik is a higher-quality business than what investors give it credit for,” the team leader sums up. They believe that a price of 100 Swedish kronor is justified for the stock, which closed at Skr66.70 in mid-January.