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The 2016 All-Europe Research Team: Business & Employment Services, No. 3: Paul Sullivan & team
Making its debut appearance on this roster, Barclays captures the No. 3 position with a four-strong team under the direction of Paul Sullivan.
Total appearances: 1
Team debut: 2016
Making its debut appearance on this roster, Barclays captures the No. 3 position with a four-strong team under the direction ofPaul Sullivan. The London-based researchers publish on 33 business and employment services companies in the region and believe that the sector, overall, offers above-market earnings growth potential. “We have been procyclical in our stance, favoring European recovery plays such as Randstad [Holding] and Adecco; rerating stories tied to improving organic growth, such as ISS and Experian; and restructuring situations such as Rentokil [Initial],” reports Sullivan. “We have generally been cautious on the testing stocks, due to oil and gas and minerals exposure.” Netherlands-based Randstad, a multinational provider of recruiting and other human resources services, has long been among the team’s most favored names. Europe’s cyclical recovery is driving earnings gains, Sullivan and his associates note, and they foresee rerating potential and balance sheet repair. During the 12 months through mid-January, Randstad leaped 18.8 percent, to €49.30, while the regional sector slipped 1.3 percent. Sullivan, 43, graduated from England’s University of Exeter with a BA in economics. Before moving to Barclays in September 2009, he worked for 15 years at Bank of America Merrill Lynch (and predecessor firms), beginning in investment banking then joining the firm’s media research team.