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The 2016 All-Europe Research Team: Switzerland, No. 2: Daniele Brupbacher & team
After a three-year run in first place, UBS dips to No. 2. Daniele Brupbacher oversees ten Zurich-based analysts who follow some 80 Swiss names.
Total appearances: 31
Team debut: 1992
After a three-year run in first place, UBS dips to No. 2.Daniele Brupbacheroversees ten Zurich-based analysts who follow some 80 Swiss names. One fund manager hails their “good quantitative research” and values their presence on the ground, remarking that “their ability to add local color and speak to all the companies, especially in the industrials sectors, is what really gives them the edge.” Among the team’s favorite companies is a name in that space, Heerbrugg-headquartered SFS Group, which designs and manufactures machinery equipment for the aerospace, automotive, construction, electronics and medical components industries. “SFS should be able to drive organic growth by 4 to 5 percent in 2016 supported by supplying components for new projects in the autos industry,” Brupbacher explains. In addition, demand for smartphone device upgrades at key industry customers should likewise bolster performance, the researchers believe. Rated buy and trading at Sf62.25 in mid-January, the stock is projected to rise to Sf77. Another top pick is Zurich-based Julius Baer Group, the nation’s third-largest wealth manager. Known for providing services to an ultra-upscale clientele, the bank will reliably produce double-digit growth in earnings per share over the next three years, asserts the 41-year-old crew chief. Management’s having dealt with legacy topics — including a U.S. criminal tax evasion investigation, which Baer has agreed to settle with a $547 million payment to the Internal Revenue Service — should pave the way for expansion on multiple fronts, she and her colleagues believe. This would be facilitated by a war chest of “a few hundred million dollars in excess capital,” she notes, for M&A deals or cash returns in the form of higher dividend payments and share buybacks. Either way, the team reckons, shareholders would benefit. At Sf53, its price objective for Bear shares implies a 26.1 percent upside to their trading level in mid-January.