Filippo Lo Franco.，44岁及他的五个成员J.P.Morgan Cazenove团队自2010年以来统治了这一河流。基于伦敦的分析师涵盖了39股股票，并正在考虑今年增加更多名字。They maintain an overweight stance on this sector, whose shares surged 38.6 percent last year and led the broad market by 20.5 percentage points — marking the fourth straight year Europe’s media segment has outperformed, Lo Franco notes, “the first time it has done so since 1974.” That trend will continue this year, “subject to macro,” he says, “as the European advertising cycle is still at trough levels and the accelerating digital revolution requires more content and more data analysis as hardware [and] networks are commoditized.” Two advertising agencies that continue to hold the group’s favor, France’s Publicis and England’s WPP, were added to J.P. Morgan’s selected list in June, each with an overweight rating. “No longer constrained by traditional [advertising and promotion] budgets,” Lo Franco explains, “ad agencies now have access to CIO-managed, multitrillion-dollar information technology budgets.” The researchers estimate that that market for IT spending “could be worth a massive $3 trillion,” he reports, which could drive earnings-per-share growth for Publicis and WPP by 10 to 15 percent over the next few years and propel reratings “to at least historical multiples — 15 to 16 times.” From the June selection through year end, WPP’s stock jumped 26.4 percent, just ahead of the Publicis shares’ 26 percent gain. Over the same period the sector climbed 23.6 percent. |
另见Filippo Lo Franco的个人资料2013年全欧洲研究团队和2012年全欧洲研究团队。