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The 2015 All-Europe Research Team: Italy, No. 1: Matteo Ghilotti, Stefano Lustig & team
The Equita S.I.M. squad co-piloted by Matteo Ghilotti and Stefano Lustig extends its winning streak to a third year and notches its sixth top finish since 2008.
总出场:18
Team Debut: 1992
The Equita S.I.M. squad co-piloted byMatteo Ghilottiand年代tefano Lustigextends its winning streak to a third year and notches its sixth top finish since 2008. Ghilotti, 50, and 49-year-old Lustig oversee 15 researchers in Milan who cover 111 Italian companies, winning praise from buy-siders for their reach and sectoral coverage. “Equita is very strong on telecommunications, media and utilities — and they’re also very good on corporate finance,” reports one client. “They give me a lot of details whenever there are IPOs and mergers.” A money manager in Milan adds: “Without question, they are the top local guys in Italy. They have good relationships with managements and good market access, and they’re the best at covering midcap industrial names. They are also very effective stock pickers. They’re a very solid, traditional firm.” One of the Equita groups favorite names is Fiat Chrysler Automobiles, a U.K-headquartered and Netherlands-registered giant formed by the October merger of Italian automaker Fiat and a holding company that included U.S. manufacturer Chrysler Group. Catalysts that inform the analysts’ buy rating include the stock’s reasonable valuation, management’s proposed spin-off of high-performance sports car maker Ferrari into a listed company, strong growth from the Maserati luxury brand — particularly its sales in Asia — and new models from the hot-selling Jeep unit. In addition, the June 2015 relaunch of the sporty Alfa Romeo Automobiles promises to be “challenging but doable, thanks to Chrysler’s impressive dealership network,” says Lustig. He and his teammates also recommend that investors prefer Rome-based defense contractor Finmeccanica. They expect chief executive Mauro Moretti to jettison the company’s loss-making AnsaldoBreda train manufacturer this year as part of management’s effort to streamline, reorganize and cut costs while pursuing M&A deals that bolster Finmeccanica’s core businesses. These efforts should return the company to positive free cash flow, the analysts contend.