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The 2016 All-Europe Research Team: Retailing/Food, No. 3: Bruno Monteyne
Sanford C. Bernstein improves to third place from runner-up.
Total appearances: 5
Team debut: 2010
Sanford C. Bernstein improves to third place from runner-up. The firm’s coverage of seven European food retailers is handled byBruno Monteyne, 44, who joined Bernstein in August 2012 armed with more than a decade’s experience in the industry. Early in his financial career, Monteyne worked as a fixed-income researcher with the Bank for International Settlements and as a consultant for Boston Consulting Group. He founded Smarterwork.com, an online marketplace for business services, and served as its CEO until moving to British retailing giant Tesco, where his roles included supply chain director for Asia, supply chain development director for the U.K., and manager of online nonfood businesses. The analyst earned a master’s degree in applied physics from Belgium’s Universiteit Gent and an MBA from the Harvard Business School in Massachusetts. London-based Monteyne advises that in the year ahead some of Europe’s big food retailers will “have the opportunity to show material progress on their plans — a failure or success in delivering on those plans will be critical for the stocks.” His favorite self-help story is U.K.-based Tesco, which he believes has the most and best locations in the U.K., along with scale advantages, a strong management team and a track record of innovation. “With a new CEO and a sensible new strategy, they are well set to rebuild margins over the coming three years,” Monteyne contends. His target price for Tesco is 285p, which implies a 73.3 percent upside to the shares’ trading value in mid-January.