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

Bjorn简颂带领他的剧团走向巅峰，这标志着卡内基投资银行的工作人员在缺席一年之后重新回到这个阵容，也是在他的领导下首次出现在优胜者的圈子里。在他11年的任职期间，这位52岁的领导者曾五次带领SEB Equities登顶榜首，最近一次是在2006年。三年后，他加入了卡内基，并于9月底被任命为首席执行官。总部设在斯德哥尔摩，并在哥本哈根、赫尔辛基和奥斯陆设有办事处，45名分析师跟踪330只北欧股票，以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:“他们尤其擅长于工业股，并善于提供有关公司治理的见解。”“很大程度上因为他们的经验，他们能给你提供很多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公司是潘多拉，这是一家总部位于哥本哈根的珠宝制造商，研究人员自2011年11月以来一直在宣传这家公司。1月中旬，该公司股价为829丹麦克朗，比当时高出20倍，但杨松和他的同事认为这是一块“被严重低估”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，这将产生每年18%的复合增长率。此外，船员建议，大宗商品价格持续下行的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.