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2016年整个欧洲研究小组:伊比利亚,1号:Juan Ramón Correas & team
Earning the top spot for a seventh straight year, Santander Investment Bolsa’s researchers “give you the best of both worlds,” one fund manager says.
Investment Bolsa
Total Appearances: 20
Team Debut: 1996
Earning the top spot for a seventh straight year, Santander Investment Bolsa’s researchers “give you the best of both worlds,” one fund manager says. “Santander is by far the largest Iberian bank, with a strong Spanish mandate — so they give you exceptional local coverage — and at the same time, they’re a global powerhouse. It’s a great combination.”Juan Ramón Correas, 47, heads up a group of 26 analysts who work primarily out of Madrid and have a hub in London. His team dedicates ten members to covering local stocks and 16 to following the region as part of its European coverage; all told, they monitor 75 Iberian stocks. One preferred name in that universe is Spain’s NH Hotel Group, a midsize hosteler whose management they credit for concentrating on urban markets — such as Amsterdam, Berlin, Madrid and Milan — where it holds strong market positions and is benefiting from the European macro recovery. Higher prices in its newly refurbished hotels, a low-inflation environment and deleveraging efforts that have strengthened its balance sheet are combining to bolster revenue growth, which in turn should benefit NH’s share price, the researchers advise. In addition, they note, as an attractive takeover target in the consolidating hotels industry, the company is a possible M&A investment play. Rated buy and priced at €4.09 in mid-January, the stock bears a target price of €5.90. Santander’s crew also recommends that investors buy Inmobiliaria Colonial, a multinational real estate concern that is headquartered in Spain. Given its “office portfolio in prime business locations of Madrid and Barcelona,” explains Correas, the developer stands to gain from the local property recovery and, as leases expire, higher rents. Inmobiliaria also boasts a sound financial structure, he notes, as reflected in the investment-grade rating it earned from Standard & Poor’s in May — the first such rating for a Spanish real estate company. The researchers peg its shares at €0.73, implying a 25.9 percent upside to their value in mid-January.