This content is from:xinyabo体育app
The 2016 All-Europe Research Team: Tobacco, No. 1: James Bushnell & team
With James Bushnell managing its coverage of European tobacco companies, Exane BNP Paribas retains the No. 1 position it first secured last year.
& team
Total Appearances: 3
Team Debut: 2014
WithJames Bushnellmanaging its coverage of European tobacco companies, Exane BNP Paribas retains the No. 1 position it first secured last year. The 35-year-old leader and one associate report on five stocks from their base in London. “James has a deep knowledge of the sector, and he has written the most interesting piece of research on tobacco in the last two years,” one portfolio manager insists. In general, the analysts see a positive environment for the industry, thanks in part to recent mergers and acquisitions’ increasing the focus on deleverage and credit ratings. Dynamics of the illicit market for tobacco products also provide reason for optimism, they believe, given the ongoing return of consumers from the black market in Europe. The trade of illegal cigarettes is a major theme for this pair. In a 100-plus-page opus on the subject published in September 2014, the researchers advised clients to overweight Imperial Tobacco Group — and that U.K. based company remains their favorite bet in this space. Imperial is well poised to benefit from the regional sector profit recovery, which they contend remains underappreciated for its longevity. Its shares had soared 41.6 percent by the middle of last month, rising to 3,468.92p and outperforming Europe’s tobacco equities overall by 31.4 percentage points.