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Recognition in the 2025 Extel’s Developed Europe Survey is a valuable endorsement for us. We greatly appreciate your support for our analysts and specialist sales in this year’s survey.
Our Nominees
Chloé Lemarié
Aerospace & Defense
Chloé Lemarié
Aerospace & Defense
Chloé Lemarié joined Jefferies in November 2021, and has 15 years’ experience covering the European Aerospace and Defense sector. She joined from Exane, where she was part of the #1 ranked A&D team (Extel 2018, 2019) and earlier worked at Mainfirst, where she built the A&D coverage from scratch. Current & past coverage includes Airbus, Babcock, BAE Systems, Dassault Aviation, Leonardo, LISI, Meggitt, MTU Aero Engines, Rheinmetall, Rolls-Royce, Safran and Thales. Ben Brown joined her team in mid-2024, with two years’ experience at Société Générale.
What We Are Known For
- We are data geeks diligently reporting on flight data, aircraft testing, deliveries, and storage, to help shape the debate over the sector recovery and engine issues impacting aircraft grounding. We track closely Airbus’ production/delivery potential and Rolls-Royce Engine Flying Hours, through our data products The Runway in Motion, Beluga Watch, GTF AoG Tracker and The Flight Log. We know where to source the best data, and help you make sense of the noise.
- We strive to find the right balance between long-term view and sentiment shifts. We have a deep understanding of the industry and its long-term trends. But we are laser-focused on figuring out inflexion points.
Philippe Houchois
Autos & Auto Parts
Philippe Houchois
Autos & Auto Parts
Philippe Houchois covers European and US Autos. He has worked in and covered the automotive industry for more than 25 years, including working in industry. Michael Aspinall has worked in the equity research for 10 years and most recently joined the European Automotive research team to lead coverage of Automotive suppliers, Trucks and Tyres. Michael has covered chemicals, packaging, gaming, transport, energy & utilities across Jefferies, JP Morgan, Citibank, and CLSA. Owen Paterson joined Jefferies in 2020 after graduating from the LSE. Kiara Asinobi joined Jefferies in 2024 after graduating from King’s College London.
What We Are Known For
- Global perspective. Our Autos coverage is trans-Atlantic, and we work closely with global colleagues covering autos in the US, China and India to provide timely insights on global trends. This includes our ‘Plugged-in EV monthly’ covering adoption of electric vehicles around the globe & corporate access in the truck space.
- Anti-Consensual. We pride ourselves on detailed stock-focused research and non-consensus calls. In 2024, we initiated coverage of Trucks with a contrarian analysis of the truck industry being supply driven and a more constructive view on cyclical recovery. Contrary to most of our peers, we preferred MBG over BMW on cash returns. We also reviewed new CO2 regulation, highlighting changes that 1) make compliance more challenging for heavier vehicles and 2) could help Chinese OEMs compensate for import duties through pooling.
- Expert events and investor tours/access. We’ve been quick to provide access to unique insights with experts on hot topics like Unions, falling battery electric vehicle residual prices, and OEM-supplier relationships. We also hope that we’ve been helpful in providing differentiated access to management through events like our bus tours on Trucks (Vegas, Hannover, North Carolina, European Battery Value Chain and CES).
Allen Wells
Business & Employment Services
Allen Wells
Business & Employment Services
Simon Lechipre, Allen Wells and Ryan Flight are a highly experienced team with >20 years aggregate coverage of the Support Services sector. Allen has help lead the coverage at Jefferies since the start of 2022, while Simon joined the team during the year having covered the sector alongside Travel & Leisure since 2015. Ryan joined the team in 2023.
What We Are Known For
- The team brings s balanced approach to stock ratings with a meaningful proportion of Underperforms and anti-consensual calls. Industry-leading coverage across 30 stocks combining pan-European large-cap and UK small/midcap.
- A focus on growth drivers, earnings quality, FCF and accounting. Long-term sector knowledge and historical modelling, informing views on companies’ through-the-cycle trading and valuation.
- Proprietary tracking of staffing, catering, distribution, and equipment rental data. Comprehensive sector relationships, and use of expert access events, with a constant finger on the pulse for industries and stocks covered.
Rizk Maidi
Capital Goods
Rizk Maidi
Capital Goods
Rizk Maidi joined in 2019, to cover the European machinery stocks. He has been covering the industry for over 10 years.
Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and to cover the large cap Electrical companies. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Martha Ford joined the team in 2022, and covers the RV space. Billal Ismail joined Jefferies in 2024 as the Industrials Specialist Salesperson.
What We Are Known For
- We have longstanding experience across all main subsectors of Capital Goods, and a global focus.
- Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
- We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
- We add regular calls and channel checks with our expert network to further add to our research process.
Graham Hunt
Infrastructure
Graham Hunt
Infrastructure
Graham Hunt, CFA is the Head of the European Infrastructure Research Team at Jefferies, covering 14 stocks across Construction, Roads, Airports, Ports, and Telco Towers. Graham was previously a research analyst at Morgan Stanley, covering the European Consumer and Chemical sectors, and prior to that worked in the Private Equity Group at KPMG. Graham has over 10 years of experience in financial markets, holds a Master’s degree in Mechanical Engineering from Imperial College, London, and is a CFA charter holder. Gonzalo Riera Ripoll joined Jefferies in August 2023 after graduating from Durham University, having completed his third year at Bocconi University.
What We Are Known For
- Comprehensive Infrastructure coverage. Our coverage spans across 14 Road, Airport, Seaport, Contractor, and TowerCo players, allowing for a comprehensive perspective on European Infrastructure, as well top-down thematic views in collaboration with the Building Materials/UK House Builder team. Our Jefferies coverage is global, where we work closely with colleagues in other regions with our Global Airport and Global Towers research, to provide insights on trends across markets via research reports and expert events.
- Out of Consensus Calls. We focus on bottom-up stock-specific research to drive our out of consensus calls. In Jan-24 we turned positive on Skanska, double upgrading to Buy while the market remained sceptical on Commercial Property. Our top picks across sectors are based on a thematic approach, combining bottom-up asset by asset analysis, with a top-down macro and regulatory overlay, looking for meaningful catalysts over a 12M horizon.
- Expert events and investor access. We have hosted regular deep dives and expert calls on focus topics such as US Managed Lanes, growth drivers of European TowerCo’s,, and risk management for African TowerCo’s. We hosted Eiffage, Skanska, Hochtief, Balfour Beatty, and Fraport from our coverage at our Jefferies European Mid Cap conference in March, as well as ACS and Ferrovial at our US Industrials Conference in September. We also hosted management roadshows Skanska, Vinci, Helios Towers.
Philip Kett
Insurance
Philip Kett
Insurance
Philip Kett joined Jefferies in July 2017 and covers the EMEA and Asian (re)insurance companies at Jefferies, with more than 10 years of experience working with insurers or covering them as an analyst.
What I am Known For
- Global Insight The team covers 27 insurance companies from London, spanning across 10 countries and with a total market capitalisation of $700bn+. The team also writes the global insurance product as part of a broader team covering 95 companies in total, bringing global insight and collaboration into our product.
- Alternative Data We frequently embed the use of highly predictive data into our analysis (for example, our monthly UK motor claims inflation and premium tracker and our quarterly Hong Kong premium tracker) to draw insights into both our stock-specific and thematic research.
- Accessibility We seek to simplify what is often perceived to be a complex sector through our user-friendly financial models and digestible analysis.
Jaina Mistry
Entertainment & Hotels, Leisure
Jaina Mistry
Entertainment & Hotels, Leisure
Jaina Mistry has covered European consumer for c.10 years, European Hotels and Tour Operators since 2022, and Airlines since 2024. Jefferies Team Leisure has over 45 years cumulative research experience, with James Wheatcroft following the European Leisure sector for 30 years and is the longest serving online gambling analyst in Europe. David Katz has covered Gaming, Lodging and Leisure for almost 20 years. Matt Copeland joined the team in September 2021 and Diana Luca in September 2024.
What We Are Known For
- In-depth analysis of US online gambling with weekly Field Position data analysis of market share, promotional environment, regulatory changes, and operator revenue tracking, plus bottom-up state cohort interactive models.
- Collaboration with our US gaming and lodging counterparts enables a differentiated, data-heavy, and global understanding of key themes. Jefferies boasts one of the broadest cross-Atlantic gaming and lodging coverages.
- In-depth lodging industry research, assessing: the changing market dynamics; business model resilience, cycle analysis, inflation impact; real time RevPAR growth; China reopening dynamics.
- End-to-end travel expertise, with integration of the travel vertical from hotels and tour operators to airlines, providing a detailed view of consumer demand and booking cycles.
- Carbon deep-dive on airlines, ties together bottom-up fundamental research and the shifting ESG landscape to gain a differentiated insight on growth and margin trajectory.
- Data analysis around consumer trends in pubs, restaurants, gyms, and tour operators
James Grzinic
Luxury Goods, Retailing Food, Retailing General
James Grzinic
Luxury Goods, Retailing Food, Retailing General
James Grzinic joined Jefferies in London as a Senior Equity Research Analyst at the end of July 2009. His coverage is Pan-European Luxury, and General & Food Retail. James has almost 30 years of sell-side experience covering European Retail & Brands. Prior to joining Jefferies, he headed up the European retail team at Dresdner Kleinwort, which consistently achieved top rankings. Frederick Wild joined Jefferies in June 2018, having previously worked as a researcher for an MP. Bhumi Kanabar joined Jefferies in August 2022, after reading Economics & Management at the University of St Andrews.
What We Are Known For
- Holistic pan-European coverage of 23 companies across Luxury, Brands, General Retail, and Food Retail subsectors enables broad yet detailed analysis of the key trends and issues affecting the sector.
- Impactful, actionable top-down and bottom-up insights are backed by almost 30 years of experience and a large network of industry contacts.
- Our class-leading knowledge of key sector data sources allows us to identify their turning points. We also use constantly evolving methodology using the latest cutting-edge data, analytical tools, and capitalise on insights from our corporate and expert access.
- Anti-Consensual We are not scared to take anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
Tom Mills
Specialty & Other Finance
Tom Mills
Specialty & Other Finance
Tom Mills joined Jefferies in Sept 2019 having covered the Diversified Financials sector for over 15 years.
Julian Roberts joined Jefferies in September 2017 from Edison Investment Research. Laura Gris Trillo joined the team in August 2021 and Fangfei Li in May 2022.
What We Are Known For
- Broadest European Diversified Financials coverage on the Street. We cover 34 stocks across exchanges, traditional AMs, alternative AMs, wealth managers, asset gatherers and CFD brokers.
- Proprietary databases with regular research. Exchange volumes and market share, monthly volume tracker, web traffic, quarterly data analytics, dynamic exchange merger models, M&A comps, fund flow tracker, alts portfolio companies database, traditional asset managers database, alts exit tracker, Man Group performance fee tracker, ESG quarterly, UK wealth LBO models.
- Weekly Lenders & Spenders to clients setting the scene for the week ahead, previewing results and events and adding colour on wider themes.
- Expert calls seventeen expert calls since last year covering key debates across the exchange sector including assessing competition in fixed income trading, FX trading and equity trading; exchange-cloud provider partnership, post trade, PE secondaries, litigating against sovereigns, the UK advice market, and the US retirement savings space.
- AI & Capital markets event we hosted >60 institutional investors in Nov-24 at an event designed to educate and stimulate debate among key capital markets participants on the most important technological advancement in a generation.
- Deep dive reports ahead of key stock-specific catalysts: We have led the debate on multiple key topics in the last twelve months including ahead of Euronext, EQT and Bridgepoint’s Capital Markets Days and expert calls covering all the most pertinent industry debates.
Molly Wylenzek
Food Producers; Household & Personal Care
Molly Wylenzek
Food Producers; Household & Personal Care
Molly Wylenzek joined Jefferies in April 2019 and has been covering Food/HPC for over 10 years. Feng Zhang joined the team as a graduate in 2020, after finishing her master’s degree. David Hayes joined Jefferies in October 2023 to cover the European Food and HPC sectors. He has 20 years of experience covering the Staples sector.
What We Are Known For
- Identifying changes in growth dynamics Having seen the evolution of performance across Staples over a combined 30+ years, we are able to better consider what has changed. Why were companies like NESN, UNA posting over 5% underlying sales growth before c.2015 and then exhibiting just c.3% 2017/19? Are 2019 peak margin levels the right base level from here, what conditions help support this attainment, and so what now?
- Seeking insights through the supply chain The team provides regular and timely insights from suppliers and retailers, partners of the Food/HPC coverage names. This provides unique inputs to future cost dynamics & consumer demand trends.
- Detailed modelling, including logical reconciliation on margin evolution We are prepared to take anti-consensus views on estimates & ratings and provide detailed explanation on how we arrive at our forecasts.
David Hayes
Food Producers; Household & Personal Care
David Hayes
Food Producers; Household & Personal Care
David Hayes joined Jefferies in October 2023 to cover the European Food and HPC sectors. He has 20 years of experience covering the Staples sector. Molly Wylenzek joined Jefferies in April 2019 and has been covering Food/HPC for over 10 years. Feng Zhang joined the team as a graduate in 2020, after finishing her Masters.
What We Are Known For
- Identifying changes in traditional CPG growth dynamics, and where better performance now resides Having seen the evolution of performance across Staples over a combined 35 years of experience, we are able to better consider what has changed. Why were companies like NESN, ULVR posting over 5% underlying sales growth before c.2015? What has facilitated ORs step up in growth to HSD from MSD since 2016, what that means from here? What are potential new challenges and opportunities for the ‘consumer health’ names, RKT and HLN? Are 2019 peak margin levels the right base level from here?
- China cosmetics The deep analysis of shifts in China personal care trends has contributed to a highly differentiated view of drivers and dynamics the last 8 years. Providing valuable insights into the variable performance of different actors in the market.
- Seeking insights through the supply chain. The deep analysis of shifts in China personal care trends has contributed to a highly differentiated view of drivers and dynamics the last 8 years. Providing valuable insights into the variable performance of different actors in the market.
- Avoidance of company narrative credulousness. We don’t seek to gain favour with our coverage names just to garner corporate access. We seek to be impartial and fair, engaging with the companies with an aim of respectful sustained connectivity.
- Detailed modelling, including logical reconciliation on margin evolution. We are prepared to take anti-consensus views on estimates & ratings. We seek to clarify exactly how we arrive at our forecasts, avoiding tempering our conclusions to ‘stay within the pack’ or aligned with guidance.
Andrew Douglas
Capital Goods
Andrew Douglas
Capital Goods
Working closely with our Pan-Euro Capital Goods colleagues, we pride ourselves on stock-picking and with the team having significant industry experience, understanding both economic and end market cycles, we have a deep understanding of our sector. Andrew Douglas has over 20 years of equity research experience and joined Jefferies in February 2012 and is also Co-Head of UK Mid-Market Research. Both David Farrell and Vanessa Jeffriess joined in March 2021, and have 12 years and 6 years of experience, respectively.
What We Are Known For
- Long-term knowledge of the UK Industrials sectors, leveraging insights across multiple end markets (across multiple cycles), backed up with JEF Data notes and ‘deep-dive’ calls.
- Unrivalled knowledge of companies and management teams, giving deeper insights into companies’ performance and outlook, supported by fireside chats with management teams and Expert Calls.
- In-depth sector and initiation reports (FLSmidth, Metso and Judges Scientific in the last 12m) showcasing a thorough understanding of corporate divisions, ESG issues and market positioning relative to global peer groups.
- Unique coverage list of 35 UK Industrials stocks (the deepest coverage on the Street) and 2 European mining equipment stocks. providing differentiated insights into stocks usually covered by sector analysts and able to provide bigger picture portfolio thinking.
- A strong track record and corporate franchise resulting in being the ‘go-to’ UK Industrials analyst across a number of stocks.
- Strong and regular conviction ideas, with clearly articulated investment cases over short- and long-term time horizons.
- Working with US and European Industrials teams to get a more rounded and global sector view than most direct peers.
Mohit Kumar
Thematic Research
Mohit Kumar
Thematic Research
Mohit Kumar is our Chief European Economist and also runs rates strategy. Prior to Jefferies, he was the Global Head of Rates Research at Credit Agricole CIB and has worked in both research and trading prior to this. He is now responsible for Macro Strategy and Investment Recommendations across asset classes, with a particular focus on interest rates.
Ahmed Farman
Utilities & Clean Energy
Ahmed Farman
Utilities & Clean Energy
Ahmed Farman joined Jefferies in July 2015 as Head of the European Utilities team, bringing with him 8 years of sector experience. Prior to joining Jefferies, Ahmed worked as an equity analyst covering the Utility sector at Redburn and Liberum Capital. Before that he advised utilities regulators and infrastructure projects whilst working for PricewaterhouseCoopers. Zach Ho joined Jefferies in 2021 to help cover the utilities sector and has now gathered four years of sector expertise. Prior to joining Jefferies, he completed an internship on the buy-side in APAC. Arturo Murua joined Jefferies in 2024, having completed a Masters in Finance at LBS in 2023, and has seven years of experience in buy-side/sell-side research in Latam. Alejandra Botbol joined the team as a graduate in 2023.
What We Are Known For
- Unique industry experience afforded by broad regional (18 utility and renewable developers across Europe) and sub-sector coverage (renewables, networks, water and waste management and energy supply).
- Differentiated offerings Our team provides deep-dive thematic work, supported by proprietary databases, with a focus on earnings risk and self-help potential not appreciated by consensus. In addition, we have strong industry knowledge, with a wide network of industry contacts augmented by hosting regular expert events on topical issues as well as detailed/user-friendly models. We regularly provide unique access to management teams of companies by hosting them for investor lunches.
Simon Toennessen
Capital Goods
Simon Toennessen
Capital Goods
Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and to cover the large cap Electrical companies.
Rizk Maidi also joined in 2019, to cover the European machinery stocks. Both have been covering the industry for over 10 years. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Martha Ford joined the team in 2022, and covers the RV space. Billal Ismail joined Jefferies in 2024 as the Industrials Specialist Salesperson.
What We Are Known For
- We have longstanding experience across all main subsectors of Capital Goods, and a global focus.
- Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
- We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
- We add regular calls and channel checks with our expert network to further add to our research process.
Glynis Johnson
Building & Construction
Glynis Johnson
Building & Construction
Glynis Johnson and Priyal Woolf have a broad and lengthy experience in equity research and within the sector, providing valuable context and perspective. A combined broking experience of >34 years, with >20 years covering Building, Construction and Housebuilders. Laura Ojeil joined the team in 2023.
What We Are Known For
- Breadth of coverage Across four sub-sectors, widest range of coverage versus peers –strong UK housebuilder coverage with strong continental large and small-cap European build materials and distributors. Commercial and focused approach to recommendations across the breadth.
- Strength & commerciality of views Strong conviction recommendations, with clear articulate investment cases.
- Deep industry knowledge and analysis Deep-dive company reports providing value-added and differentiated analysis of themes key to investment performance.
Joe Dickerson
Banks
Joe Dickerson
Banks
Joseph Dickerson joined Jefferies in February 2013 to build European banks research at Jefferies. He has over 20 years of experience covering banks in Europe & globally in both a sell-side and buy-side capacity.
Jonathan Pierce joined in 2024 to partner in co-heading the team and brings over 25 years of experience as a UK banks analyst. Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies focusing on Financial Institutions. Inigo Vega joined Jefferies in 2023, after spending the previous 10 years at Nau Securities, where he built full coverage of banks and Fintech in Latam. He has over 20 years of experience covering Spanish and Latam banks. Alex Demetriou joined Jefferies in September 2023. He has covered banks on the sell-side in both Australia and Europe for the past six years. Theo Massing joined Jefferies in January 2022, helping with the coverage of French, Benelux & Swiss banks. Miruna Chirea joined Jefferies at the end of 2023, having covered European banks on the sell-side for the past 4 years. Priya Rathod joined Jefferies in May 2024, having previously covered the European banks on the sell-side for 3 years, supporting on the UK and Israel coverage. The analysts are joined by industry-leading specialist sales Duncan Farr.
What We Are Known For
- Driving the debate/thought leadership. We apply our knowledge, experience and empirical research to generate high conviction calls that test received wisdom in the sector.
- Globally integrated We are globally integrated, frequently collaborating (research products & global conference calls) with our colleagues in Hong Kong, USA, Dubai, and Latam.
- Local insight. We match global integration with locally-based capabilities – members of the banks team are based in London, Paris, Milan & Madrid – this provides differentiated insight and also local language capabilities.
- Anti-Consensual We have historically generated alpha by taking anti-consensus views where we have high conviction, even if that view may appear threatened in the short term
Mike Prew
Property/Real Estate
Mike Prew
Property/Real Estate
Mike Prew joined Jefferies in 2011 to lead coverage of the EMEA Real Estate sector, focusing on the UK, where he has over 30 years of sector experience. Sarim Chaudhry joined Jefferies in August 2023, previously from the industry, Sarim has 6 stocks under coverage and co-covers the rest of the UK Real Estate sector alongside Mike, with 25+ stocks under coverage.
Stephanie Dossmann and Pierre-Emmanuel Clouard joined in the course of 2023 to lead coverage of Continental European stocks and initially initiated on 24 companies. They recently increased their coverage with Swedish names, bringing the total number of stocks covered to 30.
Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 55+ across Europe, covering over 80% of the EPRA developed Europe index.
Our flagship UK REITonomics takes a bi-monthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
What We Are Known For
- We send out on a daily basis Top of the Blocks, summarising what you need to know in EMEA REITs. Our monthly The Yield Tracker report analyses market yield shifts in Europe across different sub sectors, and the implied equity pricing for more than 50 companies in Europe.
- Our quarterly report Thinking Outside The (Big) Box tracks key market data, trends, and implications on our coverage.
- In addition, we send out bi-weekly our GREAT (Global) & PRET (Euro) valuation sheets.
- Earnings challenges and higher cost of capital could precipitate REIT consolidation and a rerun of the early 2000s when deep discounts to book saw 43 bids and £35bn of public to privates.
- We analysed the ‘E’ in ESG and estimated the retrofitting costs of buildings to conform to EPC standards by 2030 and challenged patchy disclosure and estimated unbudgeted capex.
- Rewriting the Playbook: We challenge the sacred NAV cow and contributed to the RICS “Independent Review of Real Estate Valuations” which introduced stricter valuation procedures.
- Anti-Consensual We are not scared to take deeply anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
Vanessa Jeffriess
Capital Goods
Vanessa Jeffriess
Capital Goods
We pride ourselves on stock-picking, and with the team having significant industry experience, understanding both economic and end market cycles, we have a better understanding of our sector and the companies under coverage compared to our peers. Both Vanessa Jeffriess and David Farrell joined in March 2021, and have 13 years and 6 years of experience, respectively. Andrew Douglas has over 20 years of equity research experience and joined Jefferies in Feb-12. He is also Co-Head of UK Mid-Market Research
What We Are Known For
- Long-term knowledge of the UK Industrials sectors, leveraging insights across multiple end markets (across multiple cycles), backed up with JEF Data notes and ‘deep-dive’ calls
- Unrivalled knowledge of companies and management teams, giving deeper insights into companies’ performance and outlook, supported by fireside chats with management teams and Expert Calls.
- In-depth sector and initiation reports (FLSmidth, Metso and Judges Scientific in the last 12m) showcasing a thorough understanding of corporate divisions, ESG issues and market positioning relative to global peer groups.
- Unique coverage list of 35 UK Industrials stocks (the deepest coverage on the Street) and 2 European mining equipment stocks. providing differentiated insights into stocks usually covered by sector analysts and able to provide bigger picture portfolio thinking.
- A strong track record and corporate franchise resulting in being the ‘go-to’ UK Industrials analyst across a number of stocks.
- Strong and regular conviction ideas, with clearly articulated investment cases over short- and long-term time horizons.
- Working with US and European Industrials teams to get a more rounded and global sector view than most direct peers.
Charles Brennan
Technology / Software
Charles Brennan
Technology / Software
Charlie Brennan covers the European IT software and services sector. He has worked as a lead analyst in the sector for over 20 years. He has experience of covering companies across the market cap spectrum, with the full range of business models from traditional Software, to SaaS and to IT Services. Shimoni Agarwal has recently joined the team and comes with a background in Private Equity where she helped conduct due diligence for SaaS-based investment opportunities.
What We Are Known For
- Cash flow focus Alongside analysis of core industry trends, our research draws heavily on quality on earnings. We firmly believe that cash flows are a fundamental driver of value. Not only do we use free cash flow to drive the majority of our valuations, but we firmly believe that cash flows – especially working capital dynamics – are a reliable leading indicator of future P&L momentum.
- Leading debates We pride ourselves on trying to lead investor debates and are not afraid to make non-consensus calls. A good example is Dassault, where we have set the tone of investor debate for the past 2 years, focusing on business model transition issues. This has resulted in major cash flow disappointment throughout FY24 and pressure on earnings. This has had a direct negative impact on the share price.
- Expert events and industry data We supplement analysis of industry trends and company specific dynamics with relevant expert access. This includes key expert access around the changing distribution channels for Amadeus and reseller calls for Dassault. Elsewhere, we track industry hiring data for companies such as Capgemini and web-traffic for companies like Fortnox.
Stephanie Dossmann
Property/Real Estate
Stephanie Dossmann
Property/Real Estate
Stephanie Dossmann and Pierre-Emmanuel Clouard joined in the course of 2023 to lead coverage of Continental European stocks and initially initiated on 24 companies. They recently increased their coverage with Swedish names, bringing the total number of stocks covered to 30.
Mike Prew joined Jefferies in 2011 to lead coverage of the EMEA Real Estate sector, focusing on the UK, where he has over 30 years of sector experience. Sarim Chaudhry joined Jefferies in August 2023, previously from the industry, Sarim has 6 stocks under coverage and co-covers the rest of the UK Real Estate sector alongside Mike, with 25+ stocks under coverage.
Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 55+ across Europe, covering over 80% of the EPRA developed Europe index.
Our flagship UK REITonomics takes a bi-monthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
What We Are Known For
- We send out on a daily basis Top of the Blocks, summarising what you need to know in EMEA REITs. Our monthly The Yield Tracker report analyses market yield shifts in Europe across different sub sectors, and the implied equity pricing for more than 50 companies in Europe. Our quarterly report Thinking outside the (big) box tracks key market data, trends, and implications on our coverage.
- In addition, we send out bi-weekly our GREAT (Global) & PRET (Euro) valuation sheets.
- Earnings challenges and higher cost of capital could precipitate REIT consolidation and a rerun of the early 2000s when deep discounts to book saw 43 bids and £35bn of public to privates.
- We analysed the ‘E’ in ESG and estimated the retrofitting costs of buildings to conform to EPC standards by 2030 and challenged patchy disclosure and estimated unbudgeted capex.
- Rewriting the Playbook: We challenge the sacred NAV cow and contributed to the RICS “Independent Review of Real Estate Valuations” which introduced stricter valuation procedures.
- Anti-Consensual We are not scared to take deeply anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
Pierre-Emmanuel Clouard
Property/Real Estate
Pierre-Emmanuel Clouard
Property/Real Estate
Pierre-Emmanuel Clouard and Stephanie Dossman joined in the course of 2023 to lead coverage of Continental European stocks and initially initiated on 24 companies. They recently increased their coverage with Swedish names, bringing the total number of stocks covered to 30.
Mike Prew joined Jefferies in 2011 to lead coverage of the EMEA Real Estate sector, focusing on the UK, where he has over 30 years of sector experience. Sarim Chaudhry joined Jefferies in August 2023, previously from the industry, Sarim has 6 stocks under coverage and co-covers the rest of the UK Real Estate sector alongside Mike, with 25+ stocks under coverage.
Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 55+ across Europe, covering over 80% of the EPRA developed Europe index.
Our flagship UK REITonomics takes a bi-monthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
What We Are Known For
- We send out on a daily basis Top of the Blocks, summarising what you need to know in EMEA REITs. Our monthly The Yield Tracker report analyses market yield shifts in Europe across different sub sectors, and the implied equity pricing for more than 50 companies in Europe. Our quarterly report Thinking Outside The (Big) Box tracks key market data, trends, and implications on our coverage.
- In addition, we send out bi-weekly our GREAT (Global) & PRET (Euro) valuation sheets.
- Earnings challenges and higher cost of capital could precipitate REIT consolidation and a re-run of the early 2000s when deep discounts to book saw 43 bids and £35bn of public to privates.
- We analysed the ‘E’ in ESG and estimated the retrofitting costs of buildings to conform to EPC standards by 2030 and challenged patchy disclosure and estimated unbudgeted capex.
- Rewriting the Playbook: We challenged the ‘sacred’ NAV valuation methodology and contributed to the RICS “Independent Review of Real Estate Valuations” which introduced stricter valuations procedures.
- Anti-Consensual We are not scared to take strongly anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
James Wheatcroft
Entertainment & Hotels, Leisure
James Wheatcroft
Entertainment & Hotels, Leisure
Jefferies Team Leisure has over 45 years cumulative research experience, with James Wheatcroft following the European Leisure sector for 30 years and is the longest serving online gambling analyst in Europe. Jaina Mistry has covered European consumer for c.10 years, European Hotels and Tour Operators since 2022, and Airlines since 2024. David Katz has covered Gaming, Lodging and Leisure for almost 20 years. Matt Copeland joined the team in September 2021 and Diana Luca in September 2024.
What We Are Known For
- In-depth analysis of US online gambling with weekly Field Position data analysis of market share, promotional environment, regulatory changes, and operator revenue tracking, plus bottom-up state cohort interactive models.
- Collaboration with our US gaming and lodging counterparts enables a differentiated, data-heavy, and global understanding of key themes. Jefferies boasts one of the broadest cross-Atlantic gaming and lodging coverages.
- In-depth lodging industry research, assessing: the changing market dynamics; business model resilience, cycle analysis, inflation impact; real time RevPAR growth; China reopening dynamics.
- End-to-end travel expertise, with integration of the travel vertical from hotels and tour operators to airlines, providing a detailed view of consumer demand and booking cycles.
- Carbon deep-dive on airlines, ties together bottom-up fundamental research and the shifting ESG landscape to gain a differentiated insight on growth and margin trajectory.
- Data analysis around consumer trends in pubs, restaurants, gyms, and tour operators.
Mark Wilson
Oil Services; Oil & Gas Exploration & Production
Mark Wilson
Oil Services; Oil & Gas Exploration & Production
Bottom-up, Stock-specific analysis, Industry background. Jefferies Oil Field Services research is known for its bottom-up approach to sector data (Global Subsea/Offshore Capex Tracker, Offshore Wind Turbine Tracker) as well as to individual stock drivers which has led to numerous non-consensual or early stock calls because of a sharp focus on the key drivers and risks in Oil Service specific investment cases. The foundation for this approach is Mark Wilson’s 10-year international career with Baker Hughes (Saudi, Holland, Norway, USA, UK), prior to what is now a 15yrs+ equity research career covering both Oilfield Service and International E&P.
What We Are Known For
- Team resource, Sector commitment, Expanding coverage. While many Energy research teams have contracted in size or even exited the sector in recent years, Jefferies has consolidated its commitment & maintained industry experience in the analyst coverage. Jamie Franklin joined the team in 2018 following 6 years at Chevron & ConocoPhillips and has expanded sector coverage into OCTG (Vallourec, Tenaris) and Technip Energies, Maire and Offshore wind installers. Ruben Dewa has now expanded our OFS coverage into the Drilling sector with his initiation on ADNOC Drilling.
- Energy Transition – Jefferies is the research team for Offshore Wind. Jefferies “Do You Wanna Build a Windfarm…” series of notes and annual Wind Contractor Summit, now in its 5th year, leads the market for offshore wind value chain research insight. Jamie’s monthly Offshore Wind – Tracking Turbines is a unique & innovative publication which uses publicly available location data to track activity of Offshore Wind Turbine Installation Vessels (WTIVs). His coverage of turbine installation specialists Cadeler, Eneti & Seaway 7 before them has broadened sector coverage beyond conventional Oilfield Services to those with a key role in the Energy Transition.
- Weekly JEDI call with US Oilfield Service team led by Lloyd Byrne to bring a global perspective and live dialogue on a global basis championed & curated by Specialist Sales Marc Kofler.
Giacomo Romeo
Oil & Gas Exploration & Production
Giacomo Romeo
Oil & Gas Exploration & Production
Giacomo Romeo leads Jefferies European Integrated oil & gas stock coverage bringing over 10 years of sell-side equities and macro research experience in oil & gas on top of a career started in Shell’s supply & trading business. Consistency, Stability & Commerciality. Senior members of the Jefferies Oil & Gas E&P research team have a working relationship going back over 15 years which, combined with industry experience, provides cyclical insight from both a sales & research perspective with commercial stock calls the fundamental deliverable.
Mark Wilson has covered an extensive European Independent E&P and Oil field service list of companies for over 15 years following a 10-year international engineering career with Baker Hughes which allows for specific, and many-times anti-consensual, bottom-up stock insights. Bringing the research message together via spec sales is Marc Kofler, with an IOC-research background of his own that allows for both qualification & challenge of research views. Jefferies’ commitment to stability & consistency in research is also visible via the growing E&P coverage of Ruben Dewa who joined the team in February 2021 focused on mid-cap producers, Kai Ye Loh who joined in September 2023 as dedicated associate support on the Integrated IOC names and Niraj Bhosale who joined in the past year as associate support on the independent E&P names.
What We Are Known For
- Broadest Euro E&P sector coverage at 26 stocks From Shell to Galp in Integrated IOC names and Aker BP to NewMed Energy in Independent E&P, Jefferies has the broadest active Euro E&P research coverage at 26 stocks. This, combined with our US E&P coverage led by Lloyd Bryne and weekly JEDI video webinar, brings a broad and global perspective to our research.
- Energy macro analysis performed by the team rather than additional commodity-specific analysts and has seen leadership on natural gas & LNG markets via detailed bottom-up modelling.
- ESG and Energy Transition. In-depth and unique analysis regarding ESG issues in the sector combined with expert events on key energy transition topics / issues.
- Anti-Consensual We are comfortable taking anti-consensus views where we have high conviction in research-led insights.
Frederick Wild
Luxury Goods, Retailing Food, Retailing General
Frederick Wild
Luxury Goods, Retailing Food, Retailing General
Frederick Wild joined Jefferies in June 2018, having previously worked as a researcher for an MP. James Grzinic joined Jefferies in London as a Senior Equity Research Analyst at the end of July 2009. His coverage is Pan-European Luxury, and General & Food Retail. James has almost 30 years of sell-side experience covering European Retail & Brands. Prior to joining Jefferies, he headed up the European retail team at Dresdner Kleinwort, which consistently achieved top rankings. Bhumi Kanabar joined Jefferies in August 2022, after reading Economics & Management at the University of St Andrews.
What We Are Known For
- Holistic pan-European coverage of 26 companies across Luxury, Brands, General Retail, and Food Retail subsectors enables broad yet detailed analysis of the key trends and issues affecting the sector.
- Impactful, actionable top-down and bottom-up insights are backed by almost 30 years of experience and a large network of industry contacts.
- Our class-leading knowledge of key sector data sources allows us to identify their turning points. We also use constantly evolving methodology using the latest cutting-edge data, analytical tools, and capitalise on insights from our corporate and expert access.
- Anti-Consensual We are not scared to take anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
Priyal Woolf
Building & Construction
Priyal Woolf
Building & Construction
Priyal Woolf and Glynis Johnson have a broad and lengthy experience in equity research and within the sector, providing valuable context and perspective. A combined broking experience of >34 years, with >20 years covering Building, Construction and Housebuilders. Laura Ojeil joined the team in 2023.
What We Are Known For
- Breadth of coverage Across four sub-sectors, widest range of coverage versus peers –strong UK housebuilder coverage with strong continental large and small-cap European build materials and distributors. Commercial and focused approach to recommendations across the breadth.
- Strength & commerciality of views Strong conviction recommendations, with clear articulate investment cases.
- Deep industry knowledge and analysis Deep-dive company reports providing value-added and differentiated analysis of themes key to investment performance.
Peter Welford
Pharmaceuticals & Biotechnology
Peter Welford
Pharmaceuticals & Biotechnology
Peter Welford joined Jefferies in January 2009 to cover European Pharmaceuticals & Biotechnology, in addition to European Life Sciences. He has over 20 years of experience covering his respective sectors, with a more specific focus on European Large-Cap Pharma. Lucy Codrington joined Jefferies in January 2016 and has been covering the Healthcare sector for almost a decade, with expertise in European Small-Mid Cap Biotechnology and Biopharmaceuticals. Brian Balchin joined Jefferies in May 2022 and swifty ramped-up coverage across a range of European Pharmaceutical & Biotechnology companies. Benjamin Jackson joined Jefferies in January 2023, primarily aiding European Large-Cap Pharma research, with a focus on obesity. Shan Hama joined the team as a graduate in September 2023, providing support to the Biotechnology and Biopharmaceuticals coverage.
What We Are Known For
- Differentiated Insights. Whether it is alternative data, our Weighing In series or predicting hazard ratios for interim trial results, we bring unique and extensive insights into every corner of our industry.
- Global Access. Complementary to our differentiated insights, we endeavour to bring investors access to management and experts from all across the globe, as evidenced by the abundance of conferences and roadshows we host, plus attendance at industry congresses.
- Anti-Consensual. We are confident in our anti-consensus views and, as a result, lead the debate in areas the market may pay less mind to.
- Expert events and surveys. We utilise experts to deliver unique insights on key topics like obesity, dermatology (in particular, atopic dermatitis and hidradenitis suppurativa), haemophilia and multiple sclerosis, plus adjacent issues such as GLP-1 manufacturing and the semi-conductor space. We endeavour to collaborate with our US healthcare plus non-sector colleagues to provide broad and differentiated perspectives. We also hope that we have been helpful through the surveys we have conducted, both expert and buy-side, plus our weekly monitoring of US prescription data to frame the debate for markets such as obesity and RSV, but also stocks such as UCB.
Adela Dashian
Small & Midcap Stocks
Adela Dashian
Small & Midcap Stocks
Adela Dashian joined Jefferies in 2022 to cover Small & Mid-Cap stocks in the Nordic region. With nearly a decade of experience as a sell-side analyst in the US and Europe, she brings a wealth of expertise across several sectors. Adela is a member of the Jefferies European midcap team, working closely with David Kerstens (Benelux), and Martin Comtesse, Constantin Hesse, Henrik Paganetty, and Fabian Piasta (DACH).
This year, we hosted our fifth Pan-European Mid-Cap Conference in London (19-21 March) where we had over 60 DACH midcap names and a total of over 150 corporates participating in-person.
What We Are Known For
- Uncovering the under-covered: Over the last 5 years we have built one of the broadest Mid-Cap franchises where we provide deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names, across Continental Europe. We always focus on timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one the broadest mid-cap coverages on the street.
- Local to global: We leverage the global Jefferies platform and work closely with colleagues around the world that offer us unique insights into the relevant sector expertise. We think that this unique combination of a local Research hub on the ground and global expertise sets us apart from most competitors. The result are regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Expert events and investor access: Strong relationships with corporate management, providing quick and reliable investor access is of the essence in SMID. We’ve been quick to provide access to unique insights with experts and field trips such as Intersolar and our Hydrogen call series, with a primary focus on providing additional value on key themes in clean tech. We also hope that we’ve been helpful in providing differentiated access to management through events like our Pan-European Mid-Cap Conference in London as well as ad-hoc management calls whenever major company-specific events occurred (eg CTS, Do&Co).
Christopher Counihan
Chemicals
Christopher Counihan
Chemicals
Chris Counihan joined Jefferies in Aug 2021 to lead coverage of the European Chemicals sector. Chris has covered European/Global Chemicals for >15 years. Charlie Bentley joined Jefferies in July 2021 and has covered European Chemicals and Specialty Ingredients for 8 years. Charlie specializes in the Consumer Ingredients, Ag and Chemical Auto suppliers. Marcus Dunford-Castro joined the team in 2023. Helena Xu joined the team in 2024. Kirsten Buchan joined the Specialist Sales desk following two years in Research.
What We Are Known For
- Long-standing expertise: We have long-term knowledge of the European Chemicals coverage, management, strategic change across the space, providing detailed company and industry outlook across the European diversified and specialty chemicals coverage. We present a deep dive into key themes (e.g. European Gas impact, Decarbonisation of chemicals) with models underpinning actionable conclusions.
- Exceptional analysis and valuable resources: Our chemical spreads/energy/gas intensity models support analysis of live profitability by company. Additionally, our bottom-up supply/demand analysis across key chemicals helps identify where earnings can be materially different to consensus, while global trade flow monitors across key chemicals, inventory models by end market to track stock levels at both company and customer level supports volume conclusions. For our Consumer ingredients coverage, our “Ingredients vs. Staples” outgrowth framework and our Proprietary Raw Material underpin both preferences within the sector and vs. the end-market.
- Leveraging alternative data to support investment conclusions: In the last year, we have added differentiated alternative data sources across many end-markets (paint pricing, skin care ingredients price/volume trends, perfumery social media heat).
- Global insights: We collaborate with global colleagues to form global views across subsectors and chemistries, such as leading on our Global Monthly Ag – particularly important as the sector continues to consolidate assets and change portfolios. Our newly launched Monthly global “Chemi-call” brings a global sector perspective to clients on a recurring basis.
Lucy Codrington
Pharmaceuticals & Biotechnology
Lucy Codrington
Pharmaceuticals & Biotechnology
Lucy Codrington joined Jefferies in January 2016 and has been covering the Healthcare sector for almost a decade, with expertise in European Small-Mid Cap Biotechnology and Biopharmaceuticals.
Peter Welford joined Jefferies in January 2009 to cover European Pharmaceuticals & Biotechnology, in addition to European Life Sciences. He has over 20 years of experience covering his respective sectors, with a more specific focus on European Large-Cap Pharma.
Brian Balchin joined Jefferies in May 2022 and swifty ramped-up coverage across a range of European Pharmaceutical & Biotechnology companies.
Benjamin Jackson joined Jefferies in January 2023, primarily aiding European Large-Cap Pharma research, with a focus on obesity.
Shan Hama joined the team as a graduate in September 2023, providing support to the Biotechnology and Biopharmaceuticals coverage.
What We Are Known For
- Differentiated Insights Whether it is alternative data, our Weighing In series or predicting hazard ratios for interim trial results, we bring unique and extensive insights into every corner of our industry.
- Global Access Complementary to our differentiated insights, we endeavour to bring investors access to management and experts from all across the globe, as evidenced by the abundance of conferences and roadshows we host, plus attendance at industry congresses.
- Anti-Consensual We are confident in our anti-consensus views and, as a result, lead the debate in areas the market may pay less mind to.
- Expert events and surveys We utilise experts to deliver unique insights on key topics like obesity, dermatology (in particular, atopic dermatitis and hidradenitis suppurativa), haemophilia and multiple sclerosis, plus adjacent issues such as GLP-1 manufacturing and the semi-conductor space. We endeavour to collaborate with our US healthcare plus non-sector colleagues to provide broad and differentiated perspectives. We also hope that we have been helpful through the surveys we have conducted, both expert and buy-side, plus our weekly monitoring of US prescription data to frame the debate for markets such as obesity and RSV, but also stocks such as UCB.
Charles Bentley
Chemicals
Charles Bentley
Chemicals
Charlie Bentley joined Jefferies in July 2021 and has covered European Chemicals and Specialty Ingredients for 8 years. Charlie specializes in the Consumer Ingredients, Ag and Chemical Auto suppliers.
Chris Counihan joined Jefferies in Aug 2021 to lead coverage of the European Chemicals sector. Chris has covered European/Global Chemicals for >15 years. Marcus Dunford-Castro joined the team in 2023. Helena Xu joined the team in 2024. Kirsten Buchan joined the Specialist Sales desk following two years in Research
What We Are Known For
- Long-standing expertise: We have long-term knowledge of the European Chemicals coverage, management, strategic change across the space, providing detailed company and industry outlook across the European diversified and specialty chemicals coverage. We present a deep dive into key themes (e.g. European Gas impact, Decarbonisation of chemicals) with models underpinning actionable conclusions.
- Exceptional analysis and valuable resources: Our chemical spreads/energy/gas intensity models support analysis of live profitability by company. Additionally, our bottom-up supply/demand analysis across key chemicals helps identify where earnings can be materially different to consensus, while global trade flow monitors across key chemicals, inventory models by end market to track stock levels at both company and customer level supports volume conclusions. For our Consumer ingredients coverage, our “Ingredients vs. Staples” outgrowth framework and our Proprietary Raw Material underpin both preferences within the sector and vs. the end-market.
- Leveraging alternative data to support investment conclusions: In the last year, we have added differentiated alternative data sources across many end-markets (paint pricing, skin care ingredients price/volume trends, perfumery social media heat).
- Global insights: We collaborate with global colleagues to form global views across subsectors and chemistries, such as leading on our Global Monthly Ag – particularly important as the sector continues to consolidate assets and change portfolios. Our newly launched Monthly global “Chemi-call” brings a global sector perspective to clients on a recurring basis.
Chris LaFemina
Metals & Mining
Chris LaFemina
Metals & Mining
Chris LaFemina joined Jefferies in 2011 to cover the European and US Metals & Mining sector after having covered the sector at Lehman Brothers and Barclays for 10+ years. His global approach to the sector is truly unique as he follows metals and mining companies covering a wide range of market caps and commodity exposures with listings in multiple regions, including the US, Canada, the UK, Australia and Asia. His research includes in-depth supply/demand analysis of commodity markets as well as detailed, bottom-up company analysis. His background is in chemical engineering, and he worked as an engineer for six years before starting his career as a Mining analyst. Chris is a CFA charterholder and received an MBA from the Wharton School. Patricia Hove joined the team in 2011 and previously worked as a geologist. Albert Realini joined the team in December 2021. Before joining Jefferies, he had worked as a licensed CPA in public accounting. Alex Rickard joined the team in 2023 as a graduate.
What We Are Known For
- Historical Analysis: Having been through several commodity cycles over the past 25 years, Chris and his team bring extensive insight into the industry’s historic cyclicality, including signposts to watch for inflection points in the cycle. The team’s valuation analysis provides a framework to identify optimal entry and exit points in mining shares during periods of significant macro risk.
- Commodity Market Analysis: The team frequently publishes unique, in-depth analysis of important commodity markets and mine-by-mine supply trends. Their work often leads them to differentiated views (met coal) and has helped them identify key structural market changes relatively early (copper, iron ore).
- Tactical Calls: While Chris is most focused on fundamental factors that will impact the sector most over a relatively long duration, he also makes shorter-term tactical calls to help investors navigate through the volatility of the mining sector.
Janardan Menon
Technology / Hardware
Janardan Menon
Technology / Hardware
Janardan Menon joined Jefferies in November 2021 to cover the European Semiconductor and Telecom Equipment sectors. He has over 27 years of experience covering the semiconductor and technology hardware sectors across both Europe and Asia. Olivia Honychurch joined Jefferies in September 2021 and has been covering the technology sector for 6 years, with a focus on SMID cap semiconductor and semicap stocks. Om Bakhda joined the team as an associate in 2024.
What We Are Known For
- Industry experience Having been through many semiconductor cycles and inventory corrections since the mid-90s, we bring extensive insight into the industry’s cyclicality, its warning signs, opportunities from mispricing and the behaviour of share prices across the cycle. We understand the complex aspects of technology as well as the global interconnections of the industry, and are able to apply this knowledge to our more technical stock recommendations such as ASMI and SUSS. We have been instrumental in demystifying complex technologies such as Gate-All-Around transistor architecture, 4F2, etc.
- Strong directional views We have been one of the most cautious on the auto/industrial inventory correction over the past couple of years, and our EPS forecast for STM has been consistently 25-30% below consensus through the most recent 4 quarters. We also remain positive on semicap stocks like ASML and ASM, despite the recent 2025 re-set at ASML which we see as a temporary setback.
- Global perspective We take a collaborative approach to our coverage of the Tech Hardware space, and frequently host calls with our US and Asian counterparts to discuss key sector themes as well as the possible impact of global macro dynamics. We often take differing views versus our colleagues, which we believe adds to more constructive, insightful debate.
James Vane-Tempest
Medical Technologies & Services
James Vane-Tempest
Medical Technologies & Services
James Vane-Tempest joined Jefferies in 2009 and has covered the healthcare sector for > 20 years, expanding into a wide range of subsectors which gives a unique perspective of the industry. In 2017, James was named #1 stock picker in the UK across all sectors in the Thomson Reuters Analyst Awards. Julien Dormois joined Jefferies in May 2023 to cover EU Medical Technologies companies. Julien has almost 20 years of experience covering MedTech across Europe, and his team consistently ranked Top 3 with pan-European investors for the last 12 years. Martinien Rula joined Jefferies in July 2023 and has been covering EU MedTech companies for 2 years. Christopher Richardson, ACA, joined Jefferies in July 2024, having covered EU large cap pharma companies for 2 years prior and is a qualified chartered accountant.
What We Are Known For
- Breadth of coverage allows the team to bring a diverse range of often under-covered opportunities to investors. The team provides stock specific insights against a backdrop of extreme market volatility, subsector dynamics & expectation trends.
- View from the Field and Expert series: industry conferences and expert events where frontier sector issues are discussed by KOLs to provide insights and feedback on MedTech, Healthcare Services as well as wider Tools, Pharma Packaging and Specialty Pharma.
- Scenario & Divisional Analysis: We regularly provide sensitivities to earnings and valuation to core guidance assumptions as well as divisional valuation assessments.
Julien Dormois
Medical Technologies & Services
Julien Dormois
Medical Technologies & Services
Julien Dormois joined Jefferies in May 2023 to cover EU Medical Technologies companies. Julien has almost 20 years of experience covering MedTech across Europe, and his team consistently ranked Top 3 with pan-European investors for the last 12 years. James Vane-Tempest joined Jefferies in 2009 and has covered the healthcare sector for > 20 years, expanding into a wide range of subsectors which gives a unique perspective of the industry. In 2017, James was named #1 stock picker in the UK across all sectors in the Thomson Reuters Analyst Awards. Martinien Rula joined Jefferies in July 2023 and has been covering EU MedTech companies for 2 years. Christopher Richardson, ACA, joined Jefferies in July 2024, having covered EU large cap pharma companies for 2 years prior and is a qualified chartered accountant.
What We Are Known For
- Breadth of coverage allows the team to bring a diverse range of often under-covered opportunities to investors. The team provides stock specific insights against a backdrop of extreme market volatility, subsector dynamics & expectation trends.
- View from the Field and Expert series: industry conferences and expert events where frontier sector issues are discussed by KOLs to provide insights and feedback on MedTech, Healthcare Services as well as wider Tools, Pharma Packaging and Specialty Pharma.
- Scenario & Divisional Analysis: We regularly provide sensitivities to earnings and valuation to core guidance assumptions as well as divisional valuation assessments.
Hannes Leitner
Payments
Hannes Leitner
Payments
Hannes Leitner joined Jefferies in September 2022 to cover the European Payments and FinTech sector. Prior to Jefferies, he spent 5 years at UBS within the European Software & IT Services team, where he ranked #2 individually and as a team in Payments, while in Software #11 and #3, respectively, in the 2022 II survey. Marco Maglioli joined in December 2023 and has been working in equity research for over 2 years. In the 2024 II survey, Hannes and the team ranked #3.
What We Are Known For
- Detailed bottom-up overlaid with data-based research. We believe in detail, meaning our models are bottom-up based with detailed history around individual drivers. We support our forecast with primary research and data-driven intelligence in collaboration with JefData.
- Technology Framework. We understand the complexity around payment facilitation, acceptance, and payment flows. Through leveraging our network of industry participants and expert networks we provide tailor-made knowledge tours via field trips and special thematic days, allowing investors to receive first-hand experience in the dynamic Payments & FinTech industry.
- Industry Submersion & Alternative Data Approach. We launched several new data sets to support our research process. For Wise, we launched the Web Traffic & App Tracker, while for Eurowag and Edenred we introduced a company-tailored Mobility tracker. We also moved our annual merchant survey to global level.
Andy Wade
Retailing General
Andy Wade
Retailing General
Andy Wade joined Jefferies in 2019 to cover the SMID General Retail sector and has since expanded that remit to include a broader range of Consumer stocks. He has 15 years of experience with SMID companies, and his corporate clients include Frasers Group, Pinewood Technologies, Premier Foods, and THG. Now with 5 years’ experience in Research, Grace Gilberg joined the team in 2021, and covers the Home sub-sector, including Kingfisher and Dunelm.
What We Are Known For
- A broad and consistent coverage of the more niche SMID Retail names, including the likes of Greggs, DFS, Games Workshop, and Pets at Home, as well as the mid-cap Food Producers – Premier Foods, Cranswick, and Greencore.
- The use of Primary data for pricing and brand insights, as well as the foundation of our flagship bi-weekly data product – ‘Real-Time Retail Round-up’, that has been a consistently useful lead indicator of trading trends. Other examples include pet food pricing and our regular Sandwich Price Tracker. We have also hosted a series of Expert calls, including in the Vet space (relevant to Pets at Home), the DMS market, and for Games Workshop.
- Deep-dive single-stock analyses, with longer reports in 2024 including the likes of Kingfisher and B&M, alongside initiations on Pinewood Technologies and Frasers.
- A cautiously positive stance on the sector: Looking ahead, we expect consumer spending to be supported by wage inflation outstripping household cost increases, particularly now the savings ratio has recovered to multi-year ex-COVID highs. Although NIC and NLW headwinds are an unhelpful opex pressure for the sector, it is much smaller in quantum than the inflationary pressures of recent years, and we expect a year of robust progress in 2025.
Martin Comtesse
Small & Midcap Stocks
Martin Comtesse
Small & Midcap Stocks
Martin Comtesse joined Jefferies in 2019 to build out European Mid-Cap research at Jefferies. He has been covering German Midcaps across various sectors and has been recognised as a top-ranked analyst in the II survey multiple times (#1 analyst for German Midcaps in the 2022 and 2023 II survey). Together with Constantin Hesse, Henrik Paganetty and Fabian Piasta the team reached #1 rank as a team for German Midcaps last year and continue to expand Jefferies’ footprint on the continent. With the addition of the Nordics (Adela Dashian) and Benelux (David Kerstens) the team has now grown to 6 analysts covering a sector-agnostic universe of around 80 stocks.
This year we hosted our fourth Pan-European Mid-Cap Conference in London (19-21 March) where we had over 60 DACH midcap names and a total of 200 corporates participating in-person.
What We Are Known For
- Uncovering the under-covered: Over the last 5 years, we have built one of the broadest Mid-Cap franchises where we provide deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names, across Continental Europe. We always focus on timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one the broadest mid-cap coverages on the street.
- Local to global: We leverage the global Jefferies platform and work closely with colleagues around the world that offer us unique insights into the relevant sector expertise. We think that this unique combination of a local Research hub on the ground and global expertise sets us apart from most competitors. The result are regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Expert events and investor access: Strong relationships with corporate management, providing quick and reliable investor access is of the essence in SMID. We’ve been quick to provide access to unique insights with experts and field trips such as Intersolar and our Hydrogen call series, with a primary focus on providing additional value on key themes in clean tech. We also hope that we’ve been helpful in providing differentiated access to management through events like our Pan-European Mid-Cap Conference in London as well as ad-hoc mgmt calls whenever major company-specific events occurred (eg CTS, Do&Co).
David Kerstens
Small & Midcap Stocks
David Kerstens
Small & Midcap Stocks
David Kerstens joined Jefferies in 2013 to cover Small & Mid-Cap stocks in the Benelux region. He has 30 years of experience as a sell-side equity analyst, having covered different sectors across Europe, and has been recognised as a top-ranked analyst in the II survey multiple times. David is a member of the Jefferies European midcap team, working closely with Adela Dashian covering the Nordics region, and Martin Comtesse, Constantin Hesse, Henrik Paganetty, and Fabian Piasta covering the DACH region.
What We Are Known For
- Uncovering the under-covered: Over the last 5 years we have built one of the broadest Mid-Cap franchises where we provide deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names, across Continental Europe. We always focus on timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one the broadest mid-cap coverages on the street.
- Differentiated Coverage of 16 Benelux Mid & Small Caps, capitalizing on Jefferies’ strong industry knowledge and sector expertise in offshore wind, automotive, chemicals, and oil services sectors.
- The Jefferies European Mid-Cap Conference in London, with c.200 European midcaps, including many corporates attending from the Benelux, as well as strong corporate access through non-deal roadshows and Benelux field trips.
- The Jefferies Benelux Mid-Cap Tour, a two-day in-person trip visiting eight interesting Benelux midcaps around Amsterdam.
- Highlights from the Lowlands, a weekly recap of key developments in Benelux midcaps.
- Anti-Consensual Views. We are not scared to take deeply anti-consensus views where we have high conviction, for example with an anti-consensus Underperform rating on Alfen ahead of a de-stocking cycle in EV charging equipment.
- Detailed fundamental valuations, based on DCF analysis and EVA analysis, cross-checked with peer group multiple valuations.
Constantin Hesse
Small & Midcap Stocks, Utilities & Clean Energy
Constantin Hesse
Small & Midcap Stocks, Utilities & Clean Energy
Martin Comtesse joined Jefferies in 2019 to head and build up the European Mid-Cap research at Jefferies. He has been covering German Midcaps across various sectors and has been recognised as a top-ranked analyst in the II survey multiple times. Together with Constantin Hesse, Henrik Paganetty and Fabian Piasta the team reached #1 rank also as a team for German Midcaps in the last two years and continue to expand Jefferies’ footprint on the continent. With the addition of the Nordics (Adela Dashian) and Benelux (David Kerstens), the team has now grown to 6 analysts covering a sector-agnostic universe of around 90 stocks.
What We Are Known For
- This year, we hosted our fifth Pan-European Mid-Cap Conference in London (19-21 March) where we had over 60 DACH midcap names and a total of over 150 corporates participating in-person.
- Uncovering the under-covered: Over the last 5 years, we have built one of the broadest Mid-Cap franchises where we provide deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names, across Continental Europe. We always focus on timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one the broadest mid-cap coverages on the street.
- Local to global: We leverage the global Jefferies platform and work closely with colleagues around the world that offer us unique insights into the relevant sector expertise. We think that this unique combination of a local Research hub on the ground and global expertise sets us apart from most competitors. The result are regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Expert events and investor access: Strong relationships with corporate management, providing quick and reliable investor access is of the essence in SMID. We’ve been quick to provide access to unique insights with experts and field trips such as Intersolar and our Hydrogen call series, with a primary focus on providing additional value on key themes in clean tech. We also hope that we’ve been helpful in providing differentiated access to management through events like our Pan-European Mid-Cap Conference in London as well as ad-hoc mgmt calls whenever major company-specific events occurred (eg CTS, Do&Co).
Giles Thorne
Internet
Giles Thorne
Internet
Giles Thorne is the Head of European Internet research, with 15 years of experience in equity research. He joined Jefferies in February 2012, first in Telecoms before transitioning to Internet in 2018, specialising in online food delivery and online classifieds. Sebastian Patulea joined Jefferies in February 2017, and focuses on video games, meal kits and e-commerce. Prior to Jefferies, he was an equity analyst at Bloomberg for 2 years. Oliver Conroy joined the team as an associate in March 2021 and has recently initiated on online media.
What We Are Known For
- Primary research. We carry out our own primary research to understand the fundamental operations of the business from the ground-up. The highlight of this work is our “My Week…” series of notes, first published in 2019 with the seminal note, “My Week Delivering For Deliveroo”. This has included stints delivering food for Uber Eats and staking out a Getir dark store.
- Thematic Research. We produce thematic research that allow for multi-year investment frameworks. Our recent outlook notes across Online Food Delivery, Online Classifieds and AI speak to this as we aim to frame key investor debates and revisit them, as and when the individual sector themes evolve.
- The FOODIE and The TRADER. Our weekly newsletters, the FOODIE (for the eFood names) and the TRADER (for online classifieds names) provide a summary of relevant news flow in the recent weeks, looking at any sector developments, often with a tongue-in-cheek perspective, and how they add / detract from prevailing debates on the names in our coverage.
- Corporate Access. We complement our research with corporate access events with a strong lean towards private company access and insights.
Ed Mundy
Beverages & Tobacco
Ed Mundy
Beverages & Tobacco
Ed Mundy is a Senior Research Analyst covering European Beverages at Jefferies, having joined Jefferies in 2016. He has 20 years industry experience across equity research and corporate finance at SABMiller. Andrei Andon-Ionita joined Jefferies in September 2022 and has five years of equity research experience in the Consumer space.
What We Are Known For
- Comprehensive analysis of beer volume pools, beer industry cost profile, spirits volume and value pools and wholesaler inventories, global alcoholic drinks category cycles going over the past 60 years and detailed returns analysis.
- Detailed stock-focused work on Diageo upgrade focusing on growth, cost and returns analysis, Pernod and the move from an analogue to a digital model, AB Inbev and the recovery post-Bud Light, Heineken and the multi-year change programme, CCEP and its contribution to retailer growth and Royal Unibrew’s changing model.
- Publication of regular data products such as our de-premiumisation tracker, European beer portfolio tracker, wholesaler inventory tracker, global weather reports, global valuation tracker.
- Expert events Fireside chats with experts in their fields, including a leading tequila influencer, a Tier 1 China wholesaler, a Vietnam beer expert, and the CEO of US alcohol disruptor BeatBox, amongst others.
Olivia Honychurch
Technology / Hardware
Olivia Honychurch
Technology / Hardware
Olivia Honychurch joined Jefferies in September 2021 and has been covering the technology sector for 6 years, with a focus on SMID cap semiconductor and semicap stocks. Om Bakhda joined the team as an associate in 2024. Janardan Menon joined Jefferies in November 2021 to cover the European Semiconductor and Telecom Equipment sectors. He has over 27 years of experience covering the semiconductor and technology hardware sectors across both Europe and Asia
What We Are Known For
- Industry experience Having been through many semiconductor cycles and inventory corrections since the mid-90s, we bring extensive insight into the industry’s cyclicality, its warning signs, opportunities from mispricing and the behaviour of share prices across the cycle. We understand the complex aspects of technology as well as the global interconnections of the industry, and are able to apply this knowledge to our more technical stock recommendations such as ASMI and SUSS. We have been instrumental in demystifying complex technologies such as Gate-All-Around transistor architecture, 4F2, etc.
- Strong directional views We have been one of the most cautious on the auto/industrial inventory correction over the past couple of years, and our EPS forecast for STM has been consistently 25-30% below consensus through the most recent 4 quarters. We also remain positive on semicap stocks like ASML and ASM, despite the recent 2025 re-set at ASML which we see as a temporary setback.
- Global perspective We take a collaborative approach to our coverage of the Tech Hardware space, and frequently host calls with our US and Asian counterparts to discuss key sector themes as well as the possible impact of global macro dynamics. We often take differing views versus our colleagues, which we believe adds to more constructive, insightful debate.
Aniket Shah
Sustainability (ESG), Thematic Research
Aniket Shah
Sustainability (ESG), Thematic Research
Aniket Shah is Global Head of the Sustainability and Transition Strategy team at Jefferies. Formerly head of ESG at Oppenheimer Funds and UBS, Aniket has over 15 years in the industry.
Luke Sussams leads the team in EMEA. With over 12 years working in ESG, Luke brings expertise across the field with a focus on climate, nature and the energy transition. Jacqueline Murdock is a Senior Associate on the team and has driven unparalleled investor access to Brussels policymakers. Grace Elshafei is a Senior Associate and has made natural capital, water, and the European heat pump market areas of real expertise. Overall, the team was the No. 1 ranked ESG team in the US, Europe, Japan and Australia in the 2023/24 survey.
What We Are Known For
- Public policy analysis and unrivalled access in Brussels and Washington. As we entered the year of the election, it became clear that we needed to add deep public policy analysis to our approach to sustainability-related analysis. We now bring (geo)political, policy and financial analysis together in a way that draws unique and actionable investment insights for our clients. Best examples of this work include the investment implications we drew out of the European Parliament, UK and French elections.
- Legal insights. We continue to leverage our connections within the legal community to provide investors with detailed teach-ins on EU sustainability-related regulations. Our monthly teach-in series sees lawyers provide details both on how corporates/investors will need to comply with the regulation in question and, crucially, what the market implications of the law could be. Examples include our sessions on the EU’s Deforestation Regulation, the EU CSDDD, PFAS laws and more.
- Advancing the debate, rather than rehashing news flow. Our events advance investors’ understanding of key topics and do not shy away from lively debates such as those around geoengineering, CCUS and gene-editing. This year, this has included two flagship boutique conferences: our Climate Day, and our Natural Capital Conference: How to Invest in Nature.
Cole Hathorn
Forestry, Paper & Packaging, Metals & Mining
Cole Hathorn
Forestry, Paper & Packaging, Metals & Mining
Cole Hathorn joined Jefferies in 2014, following several years of financial services experience across various roles in investment management, advisory, risk and audit. He is a chartered accountant CA(SA) and CFA charter holder. Cole now leads the European Forestry, Paper & Packaging coverage along with European Steel coverage.
What We Are Known For
- Detailed cash cost curve analysis in packaging & pulp Our supply & demand analysis is combined with our detailed work on industry cost curves to frame where we are in the cycle and how we think about P&P pricing. We see low-cost producers with scale, customer & end market mix advantages as relative winners in a fragmented containerboard & box market, where the cost curve has steepened.
- Expert calls & Jefferies Paper & Packaging Summit with C-suite management We host regular industry expert outlook calls, and expert panels on pulp, wood products, packaging & graphic paper to help provide investors differentiated non-banking industry and expert perspectives.
- Strong industry knowledge and a differentiated perspective on packaging. Detailed company and 2023/24 industry outlook & company specific reports across the European paper, pulp and packaging coverage. Covering topics including M&A, sustainability (plastic to paper, forest & wood products carbon benefits) and e-commerce reports.
Matthew Hose
UK SMID – Investment Trusts
Matthew Hose
UK SMID – Investment Trusts
Matthew Hose counts 15 years of experience covering closed-end funds, with eight years at Jefferies. He started his career at the Financial Services Authority (FSA) before joining J.P. Morgan Cazenove’s UK Investment Trusts team. Fiona Huang joined Jefferies in September 2022 and previously covered European Software and Payments at Barclays. She also has prior experience working at ICP Group’s Private Equity/Real Estate division.
What We Are Known For
- Alternative specialists We cover 56 funds featuring a wide range of alternative asset classes, including private equity, venture capital, infrastructure, renewables, energy storage, shipping, aircraft leasing, hedge funds, specialist credit, and others.
- Fundamental valuation & thematic research We are focused on the underlying valuations of portfolio assets, whereas most investment company analysts restrict their views to the overall premium/discount of funds. We perform sub-sector deep-dives, and use a wide range of approaches to anticipate NAV movements and to identify long-term secular opportunities.
Christopher Wood
Thematic Research
Christopher Wood
Thematic Research
Chris Wood is our Global Head of Equity Strategy, with over 30 years of experience. Chris publishes his globally renowned weekly GREED & fear since July 1996. The author of three acclaimed books and has regularly ranked as the #1 equity strategist in Asia Money polls. His insights and analysis have made him a well-known and respected voice in global macro economics and policy.
David Farrell
Capital Goods
David Farrell
Capital Goods
We pride ourselves on stock-picking, and with the team having significant industry experience, understanding both economic and end market cycles, we have a better understanding of our sector and the companies under coverage compared to our peers. Andrew Douglas has over 20 years of equity research experience and joined Jefferies in Feb-12. He is also Co-Head of UK Mid-Market Research. Both David Farrell and Vanessa Jeffriess joined in March 2021, and have 13 years and 6 years of experience, respectively.
What We Are Known For
- Long-term knowledge of the UK Industrials sectors, leveraging insights across multiple end markets (across multiple cycles), backed up with JEF Data notes and ‘deep-dive’ calls.
- Unrivalled knowledge of companies and management teams, giving deeper insights into companies’ performance and outlook, supported by fireside chats with management teams and Expert Calls.
- In-depth sector and initiation reports (Renishaw, Dowlais & AB Dynamics in the last 12m) showcasing a thorough understanding of corporate divisions, ESG issues and market positioning relative to global peer groups.
- Unique coverage list of 34 stocks (the broadest coverage on the Street) providing differentiated insights into stocks usually covered by sector analysts and able to provide bigger picture portfolio thinking.
- A strong track record and corporate franchise resulting in being the ‘go-to’ UK Industrials analysts across a number of stocks.
- Strong and regular conviction ideas, with clearly articulated investment cases over short- and long-term time horizons.
- Working with US and European Industrials teams to get a more rounded and global sector view than most direct peers.
Modupe Adegbembo
Thematic Research
Modupe Adegbembo
Thematic Research
Modupe joined Jefferies as an Economist in November 2023. In her role she focuses on the macroeconomic outlook and view on central bank policy for the Europe and UK. Prior to joining Jefferies Modupe worked at AXA IM as a G7 Economist and as an Economist in the UK Civil Service in the Department for International Trade. Modupe holds a master’s degree in Economics from University College London and a bachelor’s degree in Economics from the University of Warwick.
Simon Lechipre
Business & Employment Services
Simon Lechipre
Business & Employment Services
Simon Lechipre, Allen Wells and Ryan Flight are a highly experienced team with >20 years aggregate coverage of the Support Services sector. Allen has help lead the coverage at Jefferies since the start of 2022, while Simon joined the team during the year having covered the sector alongside Travel & Leisure since 2015. Ryan joined the team in 2023.
What We Are Known For
- The team brings s balanced approach to stock ratings with a meaningful proportion of Underperforms and anti-consensual calls. Industry-leading coverage across 30 stocks combining pan-European large-cap and UK small/midcap.
- A focus on growth drivers, earnings quality, FCF and accounting. Long-term sector knowledge and historical modelling, informing views on companies’ through-the-cycle trading and valuation.
- Proprietary tracking of staffing, catering, distribution, and equipment rental data. Comprehensive sector relationships, and use of expert access events, with a constant finger on the pulse for industries and stocks covered.
Luke Sussams
Sustainability (ESG), Thematic Research
Luke Sussams
Sustainability (ESG), Thematic Research
Luke Sussams leads the team in EMEA. With over 12 years working in ESG, Luke brings expertise across the field with a focus on climate, nature and the energy transition. Aniket Shah is Global Head of the Sustainability and Transition Strategy team at Jefferies. Formerly head of ESG at Oppenheimer Funds and UBS, Aniket has over 15 years in the industry.
Jacqueline Murdock is a Senior Associate on the team and has driven unparalleled investor access to Brussels policymakers. Grace Elshafei is a Senior Associate and has made natural capital, water, and the European heat pump market areas of real expertise. Overall, the team was the No. 1 ranked ESG team in the US, Europe, Japan and Australia in the 2023/24 survey.
What We Are Known For
- Public policy analysis and unrivalled access in Brussels and Washington. As we entered the year of the election, it became clear that we needed to add deep public policy analysis to our approach to sustainability-related analysis. We now bring (geo)political, policy and financial analysis together in a way that draws unique and actionable investment insights for our clients. Best examples of this work include the investment implications we drew out of the European Parliament, UK and French elections.
- Legal insights. We continue to leverage our connections within the legal community to provide investors with detailed teach-ins on EU sustainability-related regulations. Our monthly teach-in series sees lawyers provide details both on how corporates/investors will need to comply with the regulation in question and, crucially, what the market implications of the law could be. Examples include our sessions on the EU’s Deforestation Regulation, the EU CSDDD, PFAS laws and more.
- Advancing the debate, rather than rehashing news flow. Our events advance investors’ understanding of key topics and do not shy away from lively debates such as those around geoengineering, CCUS and gene-editing. This year, this has included two flagship boutique conferences: our Climate Day, and our Natural Capital Conference: How to Invest in Nature.
Raj Jilka
Thematic Research
Raj Jilka
Thematic Research
Raj Jilka works in EMEA Research management and leads the publication of European thematic content, bringing together the top-down views of our global strategists and the bottom-up analysis from sector analysts. Raj has 15+ years’ experience at leading Buy & Sell side institutions.
Michael Aspinall
Autos & Auto Parts
Michael Aspinall
Autos & Auto Parts
Michael Aspinall has worked in the equity research for 0 years and most recently joined the European Automotive research team to lead coverage of Automotive suppliers, Trucks and Tyres. Michael has covered chemicals, packaging, gaming, transport, energy & utilities across Jefferies, JP Morgan, Citibank, and CLSA.
What We Are Known For
- Global perspective Our Autos coverage is trans-Atlantic, and we work closely with global colleagues covering autos in the US, China and India to provide timely insights on global trends. This includes our ‘Plugged-in EV monthly’ covering adoption of electric vehicles around the globe & corporate access in the truck space.
- Anti-Consensual We pride ourselves on detailed stock-focused research and non-consensus calls. In 2024, we initiated coverage of Trucks with a contrarian analysis of the truck industry being supply driven and a more constructive view on cyclical recovery. Contrary to most of our peers, we preferred MBG over BMW on cash returns. We also reviewed new CO2 regulation, highlighting changes that:
1. Make compliance more challenging for heavier vehicles
2. Could help Chinese OEMs compensate for import duties through pooling. - Expert events and investor tours/access We’ve been quick to provide access to unique insights with experts on hot topics like Unions, falling battery electric vehicle residual prices, and OEM-supplier relationships. We also hope that we’ve been helpful in providing differentiated access to management through events like our bus tours on Trucks (Vegas, Hannover, North Carolina, European Battery Value Chain and CES).
Lucas Ferhani
Capital Goods
Lucas Ferhani
Capital Goods
Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and to cover the large cap Electrical companies. Rizk Maidi also joined in 2019, to cover the European machinery stocks. Both have been covering the industry for over 10 years. Martha Ford joined the team in 2022, and covers the RV space. Billal Ismail joined Jefferies in 2024 as the Industrials Specialist Salesperson..
What We Are Known For
- We have longstanding experience across all main subsectors of Capital Goods, and a global focus.
- Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
- We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
- We add regular calls and channel checks with our expert network to further add to our research process.
Marco Nicolai
Banks
Marco Nicolai
Banks
Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies focusing on Financial Institutions. Joseph Dickerson joined Jefferies in February 2013 to build European banks research at Jefferies. He has over 20 years of experience covering banks in Europe & globally in both a sell-side and buy-side capacity. Jonathan Pierce joined in 2024 to partner in co-heading the team and brings over 25 years of experience as a UK banks analyst. Inigo Vega joined Jefferies in 2023, after spending the previous 10 years at Nau Securities, where he built full coverage of banks and Fintech in Latam. He has over 20 years of experience covering Spanish and Latam banks. Alex Demetriou joined Jefferies in September 2023. He has covered banks on the sell-side in both Australia and Europe for the past six years. Theo Massing joined Jefferies in January 2022, helping with the coverage of French, Benelux & Swiss banks. Miruna Chirea joined Jefferies at the end of 2023, having covered European banks on the sell-side for the past 4 years. Priya Rathod joined Jefferies in May 2024, having previously covered the European banks on the sell-side for 3 years, supporting on the UK and Israel coverage. The analysts are joined by industry-leading specialist sales Duncan Farr.
What We Are Known For
- Driving the debate/thought leadership. We apply our knowledge, experience and empirical research to generate high conviction calls that test received wisdom in the sector.
- Global connectivity We are globally connected, frequently collaborating (research products & global conference calls) with our colleagues in Hong Kong, USA, Dubai, and Latam.
- Local insight. We match global connectivity with locally-based capabilities – members of the banks team are based in London, Paris, Milan & Madrid – this provides differentiated insight and also local language capabilities (including our popular weekly email “Jefferies Banques Européennes – Le récap de la semaine”)
- Anti-Consensual We have historically generated alpha by taking anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
Alexander Demetriou
Banks
Alexander Demetriou
Banks
Alex Demetriou joined Jefferies in September 2023. He has covered banks on the sell-side in both Australia and Europe for the past six years.
Joseph Dickerson joined Jefferies in February 2013 to build European banks research at Jefferies. He has over 20 years of experience covering banks in Europe & globally in both a sell-side and buy-side capacity. Jonathan Pierce joined in 2024 to partner in co-heading the team and brings over 25 years of experience as a UK banks analyst.
Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies focusing on Financial Institutions. Inigo Vega joined Jefferies in 2023, after spending the previous 10 years at Nau Securities, where he built full coverage of banks and Fintech in Latam. He has over 20 years of experience covering Spanish and Latam banks. Theo Massing joined Jefferies in January 2022, helping with the coverage of French, Benelux & Swiss banks. Miruna Chirea joined Jefferies at the end of 2023, having covered European banks on the sell-side for the past 4 years.
Priya Rathod joined Jefferies in May 2024, having previously covered the European banks on the sell-side for 3 years, supporting on the UK and Israel coverage. The analysts are joined by industry-leading specialist sales Duncan Farr.
What We Are Known For
- Driving the debate/thought leadership. We apply our knowledge, experience and empirical research to generate high conviction calls that test received wisdom in the sector.
- Globally integrated. We are globally integrated, frequently collaborating (research products & global conference calls) with our colleagues in Hong Kong, USA, Dubai, and Latam.
- Local insight. We match global integration with locally-based capabilities – members of the banks team are based in London, Paris, Milan & Madrid – this provides differentiated insight and also local language capabilities.
- Anti-Consensual. We have historically generated alpha by taking anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
Sarim Chaudhry
Property/Real Estate
Sarim Chaudhry
Property/Real Estate
Sarim Chaudhry joined Jefferies in August 2023, previously from the industry, Sarim has 6 stocks under coverage and co-covers the rest of the UK Real Estate sector alongside Mike, with 25+ stocks under coverage.
Mike Prew joined Jefferies in 2011 to lead coverage of the EMEA Real Estate sector, focusing on the UK, where he has over 30 years of sector experience.
Stephanie Dossmann and Pierre-Emmanuel Clouard joined in the course of 2023 to lead coverage of Continental European stocks and initially initiated on 24 companies. They recently increased their coverage with Swedish names, bringing the total number of stocks covered to 30.
Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 55+ across Europe, covering over 80% of the EPRA developed Europe index.
Our flagship UK REITonomics takes a bi-monthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
What We Are Known For
- We send out on a daily basis Top of the Blocks, summarising what you need to know in EMEA REITs. Our monthly The Yield Tracker report analyses market yield shifts in Europe across different sub sectors, and the implied equity pricing for more than 50 companies in Europe. Our quarterly report Thinking outside the (big) box tracks key market data, trends, and implications on our coverage.
- In addition, we send out bi-weekly our GREAT (Global) & PRET (Euro) valuation sheets.
- Earnings challenges and higher cost of capital could precipitate REIT consolidation and a re-run of the early 2000s when deep discounts to book saw 43 bids and £35bn of public to privates.
- We analysed the ‘E’ in ESG and estimated the retrofitting costs of buildings to conform to EPC standards by 2030 and challenged patchy disclosure and estimated unbudgeted capex.
- Rewriting the Playbook: We challenged the ‘sacred’ NAV valuation methodology and contributed to the RICS “Independent Review of Real Estate Valuations” which introduced stricter valuations procedures.
- Anti-Consensual We are not scared to take strongly anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
Julian Roberts
Speciality & Other Finance
Julian Roberts
Speciality & Other Finance
Julian Roberts joined Jefferies in September 2017 from Edison Investment Research. Laura Gris Trillo joined the team in August 2021 and Fangfei Li in May 2022. Tom Mills joined Jefferies in Sept 2019 having covered the Diversified Financials sector for over 15 years.
What We Are Known For
- Broadest European Diversified Financials coverage on the Street. We cover 34 stocks across exchanges, traditional AMs, alternative AMs, wealth managers, asset gatherers and CFD brokers.
- Proprietary databases with regular research. Exchange volumes and market share, monthly volume tracker, web traffic, quarterly data analytics, dynamic exchange merger models, M&A comps, fund flow tracker, alts portfolio companies database, traditional asset managers database, alts exit tracker, Man Group performance fee tracker, ESG quarterly, UK wealth LBO models.
- Weekly Lenders & Spenders to clients setting the scene for the week ahead, previewing results and events and adding colour on wider themes.
- Expert calls seventeen expert calls since last year covering key debates across the exchange sector including assessing competition in fixed income trading, FX trading and equity trading; exchange-cloud provider partnership, post trade, PE secondaries, litigating against sovereigns, the UK advice market, and the US retirement savings space.
- AI & Capital markets event we hosted >60 institutional investors in Nov-24 at an event designed to educate and stimulate debate among key capital markets participants on the most important technological advancement in a generation.
- Deep dive reports ahead of key stock-specific catalysts: We have led the debate on multiple key topics in the last twelve months including ahead of Euronext, EQT and Bridgepoint’s Capital Markets Days and expert calls covering all the most pertinent industry debates
Daniel Kirsche
Equity Technical Analysis & Charting, Thematic Research
Daniel Kirsche
Equity Technical Analysis & Charting, Thematic Research
Daniel Kirsche has been at Jefferies since 2008, where he spent 14 years on the Sales and Trading side, having developed a very thorough understanding for markets and their behaviour. Technical analysis has always been Daniel’s passion and keen interest in his over 20 years career in the financial industry and has thus always been the core of Daniel’s work. Since 2022 Daniel has become Jefferies’ dedicated Technical Analyst and Strategist, covering all Equities, Indices and other assets through Technical Analysis, where he produces daily notes on markets and macro frameworks. In his first year Daniel became the top ranked analyst for Technical Analysis in the II survey for Europe.
What we are known for:
- Combining Technical Analysis with the broader market and macro picture to produce a highly differentiated product, that stands out from conventional Technical Analysis
- Focused on Market Timing with specialised indicators and systems
- Always having a clear view and direction with no Ifs or Buts
- Anti consensual and contrarian views to predict sentiment and narrative turning points
- Views and Coverage on Global Markets, Single Stocks and all other important assets and commodities
Brian Balchin
Pharmaceuticals & Biotechnology
Brian Balchin
Pharmaceuticals & Biotechnology
Brian Balchin joined Jefferies in May 2022 and swifty ramped-up coverage across a range of European Pharmaceutical & Biotechnology companies.
Peter Welford joined Jefferies in January 2009 to cover European Pharmaceuticals & Biotechnology, in addition to European Life Sciences. He has over 20 years of experience covering his respective sectors, with a more specific focus on European Large-Cap Pharma.
Lucy Codrington joined Jefferies in January 2016 and has been covering the Healthcare sector for almost a decade, with expertise in European Small-Mid Cap Biotechnology and Biopharmaceuticals.
Benjamin Jackson joined Jefferies in January 2023, primarily aiding European Large-Cap Pharma research, with a focus on obesity.
Shan Hama joined the team as a graduate in September 2023, providing support to the Biotechnology and Biopharmaceuticals coverage.
What We Are Known For
- Differentiated Insights Whether it is alternative data, our Weighing In series or predicting hazard ratios for interim trial results, we bring unique and extensive insights into every corner of our industry.
- Global Access Complementary to our differentiated insights, we endeavour to bring investors access to management and experts from all across the globe, as evidenced by the abundance of conferences and roadshows we host, plus attendance at industry congresses.
- Anti-Consensual We are confident in our anti-consensus views and, as a result, lead the debate in areas the market may pay less mind to.
- Expert events and surveys We utilise experts to deliver unique insights on key topics like obesity, dermatology (in particular, atopic dermatitis and hidradenitis suppurativa), haemophilia and multiple sclerosis, plus adjacent issues such as GLP-1 manufacturing and the semi-conductor space. We endeavour to collaborate with our US healthcare plus non-sector colleagues to provide broad and differentiated perspectives. We also hope that we have been helpful through the surveys we have conducted, both expert and buy-side, plus our weekly monitoring of US prescription data to frame the debate for markets such as obesity and RSV, but also stocks such as UCB.
Jamie Franklin
Oil Services
Jamie Franklin
Oil Services
Jamie Franklin joined the team in September 2018 following 6 years at Chevron and ConocoPhillips. Mark Wilson has covered both the Oil Services sector and the E&P sector for over 10 years following a 10-year international career with Oil Service company Baker Hughes including field operational experience in Saudi Arabia (5yrs), Holland (3yrs) and Norway, UK & USA.
What We Are Known For
- Bottom-up, Stock-specific analysis, Industry background. Jefferies Oil field Services research is known for its bottom-up approach to sector data (Global Subsea/Offshore Capex Tracker, Offshore Wind Turbine Tracker) as well as to individual stock drivers which has led to numerous non-consensual or early stock calls because of a sharp focus on the key drivers and risks in Oil Service specific investment cases. The foundation for this approach is Mark Wilson’s 10-year international career with Baker Hughes (Saudi, Holland, Norway, USA, UK), prior to what is now a 15-year equity research career covering both Oilfield Services and International E&P.
- Team resource, Sector commitment, Expanding coverage. While many Energy research teams have contracted in size or even exited the sector in recent years, Jefferies has consolidated its commitment & maintained industry experience in the analyst coverage. Jamie Franklin joined the team in 2018 following 6 years at Chevron & ConocoPhillips and has expanded sector coverage into OCTG (Vallourec, Tenaris), Technip Energies, Maire and Offshore wind installers. Ruben Dewa has now expanded our OFS coverage into the Drilling sector with his initiation on ADNOC Drilling.
- Energy Transition – Jefferies is the research team for Offshore Wind Jefferies “Do You Wanna Build a Windfarm…” series of notes and annual Wind Contractor Summit leads the market for offshore wind value chain research insight. Jamie’s monthly Offshore Wind – Tracking Turbines is a unique & innovative publication which uses publicly available location data to track activity of Offshore Wind Turbine Installation Vessels (WTIVs). His coverage of turbine installation specialists Cadeler, Eneti & Seaway 7 before them has broadened sector coverage beyond conventional Oilfield Services to those with a key role in the Energy Transition.
- Weekly JEDI call with US Oilfield Service team led by Lloyd Byrne to bring a global perspective and live dialogue on a global basis championed & curated by Specialist Sales Marc Kofler.
Andrei Andon-Ionita
Beverages & Tobacco
Andrei Andon-Ionita
Beverages & Tobacco
Andrei Andon-Ionita joined Jefferies in September 2022 and has five years of equity research experience in the Consumer space. Ed Mundy is a Senior Research Analyst covering European Beverages at Jefferies, having joined Jefferies in 2016. He has 20 years industry experience across equity research and corporate finance at SABMiller.
What We Are Known For
- Comprehensive analysis of beer volume pools, beer industry cost profile, spirits volume and value pools and wholesaler inventories, global alcoholic drinks category cycles going over the past 60 years and detailed returns analysis.
- Detailed stock-focused work on Diageo upgrade focusing on growth, cost and returns analysis, Pernod and the move from an analogue to a digital model, AB Inbev and the recovery post-Bud Light, Heineken and the multi-year change programme, CCEP and its contribution to retailer growth and Royal Unibrew’s changing model.
- Publication of regular data products such as our de-premiumisation tracker, European beer portfolio tracker, wholesaler inventory tracker, global weather reports, global valuation tracker.
- Expert events Fireside chats with experts in their fields, including a leading tequila influencer, a Tier 1 China wholesaler, a Vietnam beer expert, and the CEO of US alcohol disruptor BeatBox, amongst others.
Henrik Paganetty
Small & Midcap Stocks
Henrik Paganetty
Small & Midcap Stocks
Martin Comtesse joined Jefferies in 2019 to head and build up the European Mid-Cap research at Jefferies. He has been covering German Midcaps across various sectors and has been recognised as a top-ranked analyst in the II survey multiple times. Together with Constantin Hesse, Henrik Paganetty and Fabian Piasta the team reached #1 rank also as a team for German Midcaps in the last two years and continue to expand Jefferies’ footprint on the continent. With the addition of the Nordics (Adela Dashian) and Benelux (David Kerstens), the team has now grown to 6 analysts covering a sector-agnostic universe of around 90 stocks.
What We Are Known For
- This year, we hosted our fifth Pan-European Mid-Cap Conference in London (19-21 March) where we had over 60 DACH midcap names and a total of over 150 corporates participating in-person.
- Uncovering the under-covered: Over the last 5 years, we have built one of the broadest Mid-Cap franchises where we provide deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names, across Continental Europe. We always focus on timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one the broadest mid-cap coverages on the street.
- Local to global: We leverage the global Jefferies platform and work closely with colleagues around the world that offer us unique insights into the relevant sector expertise. We think that this unique combination of a local Research hub on the ground and global expertise sets us apart from most competitors. The result are regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Expert events and investor access: Strong relationships with corporate management, providing quick and reliable investor access is of the essence in SMID. We’ve been quick to provide access to unique insights with experts and field trips such as Intersolar and our Hydrogen call series, with a primary focus on providing additional value on key themes in clean tech. We also hope that we’ve been helpful in providing differentiated access to management through events like our Pan-European Mid-Cap Conference in London as well as ad-hoc mgmt calls whenever major company-specific events occurred (eg CTS, Do&Co).
Fiona Huang
Investment Companies
Fiona Huang
Investment Companies
Fiona Huang joined Jefferies in September 2022 and previously covered European Software and Payments at Barclays. She also has prior experience working at ICP Group’s Private Equity/Real Estate division.
Matthew Hose counts 15 years of experience covering closed-end funds, with eight years at Jefferies. He started his career at the Financial Services Authority (FSA) before joining J.P. Morgan Cazenove’s UK Investment Trusts team.
What We Are Known For
- Alternative specialists We cover 56 funds featuring a wide range of alternative asset classes, including private equity, venture capital, infrastructure, renewables, energy storage, shipping, aircraft leasing, hedge funds, specialist credit, and others.
- Fundamental valuation & thematic research We are focused on the underlying valuations of portfolio assets, whereas most investment company analysts restrict their views to the overall premium/discount of funds. We perform sub-sector deep-dives, and use a wide range of approaches to anticipate NAV movements and to identify long-term secular opportunities
Feng Zhang
Food Producers; Household & Personal Care
Feng Zhang
Food Producers; Household & Personal Care
Feng Zhang joined the team as a graduate in 2020, after finishing her master’s degree.
Molly Wylenzek joined Jefferies in April 2019 and has been covering Food/HPC for over 10 years. David Hayes joined Jefferies in October 2023 to cover the European Food and HPC sectors. He has 20 years of experience covering the Staples sector.
What We Are Known For
- Identifying changes in growth dynamics Having seen the evolution of performance across Staples over a combined 30+ years, we are able to better consider what has changed. Why were companies like NESN, UNA posting over 5% underlying sales growth before c.2015 and then exhibiting just c.3% 2017/19? Are 2019 peak margin levels the right base level from here, what conditions help support this attainment, and so what now?
- Seeking insights through the supply chain The team provides regular and timely insights from suppliers and retailers, partners of the Food/HPC coverage names. This provides unique inputs to future cost dynamics & consumer demand trends.
- Detailed modelling, including logical reconciliation on margin evolution We are prepared to take anti-consensus views on estimates & ratings and provide detailed explanation on how we arrive at our forecasts.
Jonathan Pierce
Banks
Jonathan Pierce
Banks
Jonathan Pierce joined in 2024 to partner in co-heading the team and brings over 25 years of experience as a UK banks analyst. Joseph Dickerson joined Jefferies in February 2013 to build European banks research at Jefferies. He has over 20 years of experience covering banks in Europe & globally in both a sell-side and buy-side capacity. Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies focusing on Financial Institutions. Inigo Vega joined Jefferies in 2023, after spending the previous 10 years at Nau Securities, where he built full coverage of banks and Fintech in Latam. He has over 20 years of experience covering Spanish and Latam banks. Alex Demetriou joined Jefferies in September 2023. He has covered banks on the sell-side in both Australia and Europe for the past six years. Theo Massing joined Jefferies in January 2022, helping with the coverage of French, Benelux & Swiss banks. Miruna Chirea joined Jefferies at the end of 2023, having covered European banks on the sell-side for the past 4 years. Priya Rathod joined Jefferies in May 2024, having previously covered the European banks on the sell-side for 3 years, supporting on the UK and Israel coverage. The analysts are joined by industry-leading specialist sales Duncan Farr.
What We Are Known For
- Driving the debate/thought leadership. We apply our knowledge, experience and empirical research to generate high conviction calls that test received wisdom in the sector.
- Globally integrated We are globally integrated, frequently collaborating (research products & global conference calls) with our colleagues in Hong Kong, USA, Dubai, and Latam.
- Local insight. We match global integration with locally-based capabilities – members of the banks team are based in London, Paris, Milan & Madrid – this provides differentiated insight and also local language capabilities.
- Anti-Consensual We have historically generated alpha by taking anti-consensus views where we have high conviction, even if that view may appear threatened in the short term
Owen Paterson
Autos & Auto Parts
Owen Paterson
Autos & Auto Parts
Owen Paterson joined Jefferies in 2020 after graduating from the LSE.
Philippe Houchois covers European and US Autos. He has worked in and covered the automotive industry for more than 25 years, including working in industry. Michael Aspinall has worked in the equity research for 10 years and most recently joined the European Automotive research team to lead coverage of Automotive suppliers, Trucks and Tyres. Michael has covered chemicals, packaging, gaming, transport, energy & utilities across Jefferies, JP Morgan, Citibank, and CLSA. Kiara Asinobi joined Jefferies in 2024 after graduating from King’s College London.
What We Are Known For
- Global perspective Our Autos coverage is trans-Atlantic, and we work closely with global colleagues covering autos in the US, China and India to provide timely insights on global trends. This includes our ‘Plugged-in EV monthly’ covering adoption of electric vehicles around the globe & corporate access in the truck space.
- Anti-Consensual We pride ourselves on detailed stock-focused research and non-consensus calls. In 2024, we initiated coverage of Trucks with a contrarian analysis of the truck industry being supply driven and a more constructive view on cyclical recovery. Contrary to most of our peers, we preferred MBG over BMW on cash returns. We also reviewed new CO2 regulation, highlighting changes that 1) make compliance more challenging for heavier vehicles and 2) could help Chinese OEMs compensate for import duties through pooling.
- Expert events and investor tours/access We’ve been quick to provide access to unique insights with experts on hot topics like Unions, falling battery electric vehicle residual prices, and OEM-supplier relationships. We also hope that we’ve been helpful in providing differentiated access to management through events like our bus tours on Trucks (Vegas, Hannover, North Carolina, European Battery Value Chain and CES).
Arturo Murua
Utilities & Clean Energy
Arturo Murua
Utilities & Clean Energy
Arturo Murua joined Jefferies in 2024, having completed a Masters in Finance at LBS in 2023, and has seven years of experience in buy-side/sell-side research in Latam. Ahmed Farman joined Jefferies in July 2015 as Head of the European Utilities team, bringing with him 8 years of sector experience. Prior to joining Jefferies, Ahmed worked as an equity analyst covering the Utility sector at Redburn and Liberum Capital. Before that he advised utilities regulators and infrastructure projects whilst working for PricewaterhouseCoopers. Zach Ho joined Jefferies in 2021 to help cover the utilities sector and has now gathered four years of sector expertise. Prior to joining Jefferies, he completed an internship on the buy-side in APAC. Alejandra Botbol joined the team as a graduate in 2023.
What We Are Known For
- Unique industry experience afforded by broad regional (18 utility and renewable developers across Europe) and sub-sector coverage (renewables, networks, water and waste management and energy supply).
- Differentiated offerings Our team provides deep-dive thematic work, supported by proprietary databases, with a focus on earnings risk and self-help potential not appreciated by consensus. In addition, we have strong industry knowledge, with a wide network of industry contacts augmented by hosting regular expert events on topical issues as well as detailed/user-friendly models. We regularly provide unique access to management teams of companies by hosting them for investor lunches.
Martha Ford
Capital Goods
Martha Ford
Capital Goods
Martha Ford joined the team in 2022, and covers the RV space.
Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and to cover the large cap Electrical companies. Rizk Maidi also joined in 2019, to cover the European machinery stocks. Both have been covering the industry for over 10 years. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Billal Ismail joined Jefferies in 2024 as the Industrials Specialist Salesperson.
What We Are Known For
- We have longstanding experience across all main subsectors of Capital Goods, and a global focus.
- Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
- We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
- We add regular calls and channel checks with our expert network to further add to our research process.
Oliver Conroy
Internet
Oliver Conroy
Internet
Oliver Conroy joined the team as an associate in March 2021 and has lead coverage of online media. Giles Thorne is the Head of European Internet research, with 15 years of experience in equity research. He re-joined Jefferies in February 2012, first in Telecoms before transitioning to Internet in 2018, specialising in eFood and online classifieds.
What We Are Known For
- Primary research We carry out our own primary research to understand the fundamental operations of the business from the ground-up. The highlight of this work is our “My Week…” series of notes, first published in 2019 with the seminal note, “My Week Delivering For Deliveroo”. This has included stints delivering food for Uber Eats and staking out a Getir dark store.
- Thematic Research We produce thematic research that allow for multi-year investment frameworks. Our recent outlook notes across Online Food Delivery, Online Classifieds and AI speak to this as we aim to frame key investor debates and revisit them, as and when the individual sector themes evolve.
- The FOODIE and The TRADER. Our weekly newsletters, the FOODIE (for the eFood names) and the TRADER (for online classifieds names) provide a summary of relevant news flow in the recent weeks, looking at any sector developments, often with a tongue-in-cheek perspective, and how they add / detract from prevailing debates on the names in our coverage.
- Corporate Access We complement our research with corporate access events with a strong lean towards private company access and insights.
Matthew Copeland
Leisure, Entertainment & Hotels
Matthew Copeland
Leisure, Entertainment & Hotels
Matt Copeland joined the team in September 2021 and Diana Luca in September 2024. Jefferies Team Leisure has over 45 years cumulative research experience, with James Wheatcroft following the European Leisure sector for 30 years and is the longest serving online gambling analyst in Europe. Jaina Mistry has covered European consumer for c.10 years, European Hotels and Tour Operators since 2022, and Airlines since 2024. David Katz has covered Gaming, Lodging and Leisure for almost 20 years.
What We Are Known For
- In-depth analysis of US online gambling with weekly Field Position data analysis of market share, promotional environment, regulatory changes, and operator revenue tracking, plus bottom-up state cohort interactive models.
- Collaboration with our US gaming and lodging counterparts enables a differentiated, data-heavy, and global understanding of key themes. Jefferies boasts one of the broadest cross-Atlantic gaming and lodging coverages.
- In-depth lodging industry research, assessing: the changing market dynamics; business model resilience, cycle analysis, inflation impact; real time RevPAR growth; China reopening dynamics.
- End-to-end travel expertise, with integration of the travel vertical from hotels and tour operators to airlines, providing a detailed view of consumer demand and booking cycles.
- Carbon deep-dive on airlines, ties together bottom-up fundamental research and the shifting ESG landscape to gain a differentiated insight on growth and margin trajectory.
- Data analysis around consumer trends in pubs, restaurants, gyms, and tour operators.
Zach Ho
Utilities & Clean Energy
Zach Ho
Utilities & Clean Energy
Zach Ho joined Jefferies in 2021 to help cover the utilities sector and has now gathered four years of sector expertise. Prior to joining Jefferies, he completed an internship on the buy-side in APAC. Arturo Murua joined Jefferies in 2024, having completed a Masters in Finance at LBS in 2023, and has seven years of experience in buy-side/sell-side research in Latam. Alejandra Botbol joined the team as a graduate in 2023. Ahmed Farman joined Jefferies in July 2015 as Head of the European Utilities team, bringing with him 8 years of sector experience. Prior to joining Jefferies, Ahmed worked as an equity analyst covering the Utility sector at Redburn and Liberum Capital. Before that he advised utilities regulators and infrastructure projects whilst working for PricewaterhouseCoopers.
What We Are Known For
- Unique industry experience afforded by broad regional (18 utility and renewable developers across Europe) and sub-sector coverage (renewables, networks, water and waste management and energy supply).
- Differentiated offerings Our team provides deep-dive thematic work, supported by proprietary databases, with a focus on earnings risk and self-help potential not appreciated by consensus. In addition, we have strong industry knowledge, with a wide network of industry contacts augmented by hosting regular expert events on topical issues as well as detailed/user-friendly models. We regularly provide unique access to management teams of companies by hosting them for investor lunches.
Miruna Chirea
Banks
Miruna Chirea
Banks
Miruna Chirea joined Jefferies at the end of 2023, having covered European banks on the sell-side for the past 4 years.
Priya Rathod joined Jefferies in May 2024, having previously covered the European banks on the sell-side for 3 years, supporting on the UK and Israel coverage. The analysts are joined by industry-leading specialist sales Duncan Farr. Joseph Dickerson joined Jefferies in February 2013 to build European banks research at Jefferies. He has over 20 years of experience covering banks in Europe & globally in both a sell-side and buy-side capacity. Jonathan Pierce joined in 2024 to partner in co-heading the team and brings over 25 years of experience as a UK banks analyst. Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies focusing on Financial Institutions. Inigo Vega joined Jefferies in 2023, after spending the previous 10 years at Nau Securities, where he built full coverage of banks and Fintech in Latam. He has over 20 years of experience covering Spanish and Latam banks. Alex Demetriou joined Jefferies in September 2023. He has covered banks on the sell-side in both Australia and Europe for the past six years. Theo Massing joined Jefferies in January 2022, helping with the coverage of French, Benelux & Swiss banks.
What We Are Known For
- Driving the debate/thought leadership. We apply our knowledge, experience and empirical research to generate high conviction calls that test received wisdom in the sector.
- Global connectivity We are globally connected, frequently collaborating (research products & global conference calls) with our colleagues in Hong Kong, USA, Dubai, and Latam.
- Local insight. We match global connectivity with locally-based capabilities – members of the banks team are based in London, Paris, Milan & Madrid – this provides differentiated insight and also local language capabilities.
- Anti-Consensual We have historically generated alpha by taking anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.
Laura Gris Trillo
Speciality & Other Finance
Laura Gris Trillo
Speciality & Other Finance
Laura Gris Trillo joined the team in August 2021 and Fangfei Li in May 2022. Tom Mills joined Jefferies in Sept 2019 having covered the Diversified Financials sector for over 15 years. Julian Roberts joined Jefferies in September 2017 from Edison Investment Research.
What We Are Known For
- Broadest European Diversified Financials coverage on the Street. We cover 34 stocks across exchanges, traditional AMs, alternative AMs, wealth managers, asset gatherers and CFD brokers.
- Proprietary databases with regular research. Exchange volumes and market share, monthly volume tracker, web traffic, quarterly data analytics, dynamic exchange merger models, M&A comps, fund flow tracker, alts portfolio companies database, traditional asset managers database, alts exit tracker, Man Group performance fee tracker, ESG quarterly, UK wealth LBO models.
- Weekly Lenders & Spenders to clients setting the scene for the week ahead, previewing results and events and adding colour on wider themes.
- Expert calls seventeen expert calls since last year covering key debates across the exchange sector including assessing competition in fixed income trading, FX trading and equity trading; exchange-cloud provider partnership, post trade, PE secondaries, litigating against sovereigns, the UK advice market, and the US retirement savings space.
- AI & Capital markets event we hosted >60 institutional investors in Nov-24 at an event designed to educate and stimulate debate among key capital markets participants on the most important technological advancement in a generation.
- Deep dive reports ahead of key stock-specific catalysts: We have led the debate on multiple key topics in the last twelve months including ahead of Euronext, EQT and Bridgepoint’s Capital Markets Days and expert calls covering all the most pertinent industry debates.
Tommaso Castello
Metals & Mining
Tommaso Castello
Metals & Mining
Tommaso Castello joined the team in 2023. Before joining Jefferies, he had worked as a mechanical engineer in the steel industry and pursued an MBA from Judge Business School.
Cole Hathorn joined Jefferies in 2014, following several years of financial services experience across various roles in investment management, advisory, risk and audit. He is a chartered accountant CA(SA), and CFA charter holder. Cole now leads the European Steel coverage along with the European Forestry, Paper & Packaging coverage.
What We Are Known For
- Value over volume: European steelmakers are going through a period full of changes and uncertainties. Starting from an overall European flat demand, the continuing issues in the Chinese construction industry and the crackdown on cutting CO2 emissions, we see EU steel producers increasingly focusing on value over volumes. Given the steepening of the cost curve due to the incremental cost of having to purchase CO2 allowances, we expect those lower-cost producers that can credibly decarbonise to be relative winners in the EU.
- Expert calls, seminar and conferences: We host and participate in events, congresses and conferences with industry experts regarding topics such as CBAM implementation, trade tariffs, import/export quotas, and decarbonisation projects, to help provide investors with useful insights from a different perspective and differentiate our stock recommendations.
Decarbonization & capex needs in Europe: The steel industry accounts for 5-6% of CO2 emissions in Europe and environmental regulations are increasingly requiring steel companies to decarbonize or buy CO2. The free EU ETS allocation will decline from 2026 and will be phased out to zero by 2034. The ruling out of free carbon allocations will be accompanied by the implementation of CBAM (Carbon Border Adjusted Mechanism), a European policy aimed to level the playing field by imposing a carbon tax on steel products imported from countries without or with lower carbon taxes. - We see implications not only for steel producers but also smaller distributor service centers that might not be able to afford or manage regulatory costs/admin of importing steel and switch to domestic European steel suppliers. And for the steel companies, increasingly relevant is the capex needs to decarbonize, the implications for balance sheets, FCF generation and capital returns.
Grace Gilberg
Retailing General
Grace Gilberg
Retailing General
Grace Gilberg joined the team in 2021, and covers the Home sub-sector, including Kingfisher and Dunelm. Andy Wade joined Jefferies in 2019 to cover the SMID General Retail sector and has since expanded that remit to include a broader range of Consumer stocks. He has 15 years of experience with SMID companies, and his corporate clients include Frasers Group, Pinewood Technologies, Premier Foods, and THG. Now with 5 years’ experience in Research.
What We Are Known For
- A broad and consistent coverage of the more niche SMID Retail names, including the likes of Greggs, DFS, Games Workshop, and Pets at Home, as well as the mid-cap Food Producers – Premier Foods, Cranswick, and Greencore.
- The use of Primary data for pricing and brand insights, as well as the foundation of our flagship bi-weekly data product – ‘Real-Time Retail Round-up’, that has been a consistently useful lead indicator of trading trends. Other examples include pet food pricing and our regular Sandwich Price Tracker. We have also hosted a series of Expert calls, including in the Vet space (relevant to Pets at Home), the DMS market, and for Games Workshop.
- Deep-dive single-stock analyses, with longer reports in 2024 including the likes of Kingfisher and B&M, alongside initiations on Pinewood Technologies and Frasers.
- A cautiously positive stance on the sector: Looking ahead, we expect consumer spending to be supported by wage inflation outstripping household cost increases, particularly now the savings ratio has recovered to multi-year ex-COVID highs. Although NIC and NLW headwinds are an unhelpful opex pressure for the sector, it is much smaller in quantum than the inflationary pressures of recent years, and we expect a year of robust progress in 2025.
Fabian Piasta
Small & Midcap Stocks
Fabian Piasta
Small & Midcap Stocks
Martin Comtesse joined Jefferies in 2019 to head and build up the European Mid-Cap research at Jefferies. He has been covering German Midcaps across various sectors and has been recognised as a top-ranked analyst in the II survey multiple times. Together with Constantin Hesse, Henrik Paganetty and Fabian Piasta the team reached #1 rank also as a team for German Midcaps in the last two years and continue to expand Jefferies’ footprint on the continent. With the addition of the Nordics (Adela Dashian) and Benelux (David Kerstens), the team has now grown to 6 analysts covering a sector-agnostic universe of around 90 stocks.
What We Are Known For
- This year, we hosted our fifth Pan-European Mid-Cap Conference in London (19-21 March) where we had over 60 DACH midcap names and a total of over 150 corporates participating in-person.
- Uncovering the under-covered: Over the last 5 years, we have built one of the broadest Mid-Cap franchises where we provide deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names, across Continental Europe. We always focus on timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one the broadest mid-cap coverages on the street.
- Local to global: We leverage the global Jefferies platform and work closely with colleagues around the world that offer us unique insights into the relevant sector expertise. We think that this unique combination of a local Research hub on the ground and global expertise sets us apart from most competitors. The result are regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Expert events and investor access: Strong relationships with corporate management, providing quick and reliable investor access is of the essence in SMID. We’ve been quick to provide access to unique insights with experts and field trips such as Intersolar and our Hydrogen call series, with a primary focus on providing additional value on key themes in clean tech. We also hope that we’ve been helpful in providing differentiated access to management through events like our Pan-European Mid-Cap Conference in London as well as ad-hoc mgmt calls whenever major company-specific events occurred (eg CTS, Do&Co).
Ryan Flight
Business & Employment Services
Ryan Flight
Business & Employment Services
Ryan Flight, Allen Wells and Simon Lechipre are a highly experienced team with >20 years aggregate coverage of the Support Services sector. Allen has help lead the coverage at Jefferies since the start of 2022, while Simon joined the team during the year having covered the sector alongside Travel & Leisure since 2015. Ryan joined the team in 2023.
What We Are Known For
- The team brings s balanced approach to stock ratings with a meaningful proportion of Underperforms and anti-consensual calls. Industry-leading coverage across 30 stocks combining pan-European large-cap and UK small/midcap.
- A focus on growth drivers, earnings quality, FCF and accounting. Long-term sector knowledge and historical modelling, informing views on companies’ through-the-cycle trading and valuation.
- Proprietary tracking of staffing, catering, distribution, and equipment rental data. Comprehensive sector relationships, and use of expert access events, with a constant finger on the pulse for industries and stocks covered.
Fangfei Li
Speciality & Other Finance
Fangfei Li
Speciality & Other Finance
Fangfei Li joined the team in May 2022 and Laura Gris Trillo in August 2021.
Tom Mills joined Jefferies in Sept 2019 having covered the Diversified Financials sector for over 15 years.
Julian Roberts joined Jefferies in September 2017 from Edison Investment Research.
What We Are Known For
- Broadest European Diversified Financials coverage on the Street. We cover 34 stocks across exchanges, traditional AMs, alternative AMs, wealth managers, asset gatherers and CFD brokers.
- Proprietary databases with regular research. Exchange volumes and market share, monthly volume tracker, web traffic, quarterly data analytics, dynamic exchange merger models, M&A comps, fund flow tracker, alts portfolio companies database, traditional asset managers database, alts exit tracker, Man Group performance fee tracker, ESG quarterly, UK wealth LBO models.
- Weekly Lenders & Spenders to clients setting the scene for the week ahead, previewing results and events and adding colour on wider themes.
- Expert calls seventeen expert calls since last year covering key debates across the exchange sector including assessing competition in fixed income trading, FX trading and equity trading; exchange-cloud provider partnership, post trade, PE secondaries, litigating against sovereigns, the UK advice market, and the US retirement savings space.
- AI & Capital markets event we hosted >60 institutional investors in Nov-24 at an event designed to educate and stimulate debate among key capital markets participants on the most important technological advancement in a generation.
- Deep dive reports ahead of key stock-specific catalysts: We have led the debate on multiple key topics in the last twelve months including ahead of Euronext, EQT and Bridgepoint’s Capital Markets Days and expert calls covering all the most pertinent industry debates.
Jacqueline Murdock
Sustainability (ESG)
Jacqueline Murdock
Sustainability (ESG)
Jacqueline Murdock is a Senior Associate on the team and has driven unparalleled investor access to Brussels policymakers.
Grace Elshafei is a Senior Associate and has made natural capital, water, and the European heat pump market areas of real expertise. Overall, the team was the No. 1 ranked ESG team in the US, Europe, Japan and Australia in the 2023/24 survey. Aniket Shah is Global Head of the Sustainability and Transition Strategy team at Jefferies. Formerly head of ESG at Oppenheimer Funds and UBS, Aniket has over 15 years in the industry. Luke Sussams leads the team in EMEA. With over 12 years working in ESG, Luke brings expertise across the field with a focus on climate, nature and the energy transition.
What We Are Known For
- Public policy analysis and unrivalled access in Brussels and Washington. As we entered the year of the election, it became clear that we needed to add deep public policy analysis to our approach to sustainability-related analysis. We now bring (geo)political, policy and financial analysis together in a way that draws unique and actionable investment insights for our clients. Best examples of this work include the investment implications we drew out of the European Parliament, UK and French elections.
- Legal insights. We continue to leverage our connections within the legal community to provide investors with detailed teach-ins on EU sustainability-related regulations. Our monthly teach-in series sees lawyers provide details both on how corporates/investors will need to comply with the regulation in question and, crucially, what the market implications of the law could be. Examples include our sessions on the EU’s Deforestation Regulation, the EU CSDDD, PFAS laws and more.
- Advancing the debate, rather than rehashing news flow. Our events advance investors’ understanding of key topics and do not shy away from lively debates such as those around geoengineering, CCUS and gene-editing. This year, this has included two flagship boutique conferences: our Climate Day, and our Natural Capital Conference: How to Invest in Nature
Benjamin Jackson
Pharmaceuticals & Biotechnology
Benjamin Jackson
Pharmaceuticals & Biotechnology
Benjamin Jackson joined Jefferies in January 2023, primarily aiding European Large-Cap Pharma research, with a focus on obesity.
Shan Hama joined the team as a graduate in September 2023, providing support to the Biotechnology and Biopharmaceuticals coverage. Peter Welford joined Jefferies in January 2009 to cover European Pharmaceuticals & Biotechnology, in addition to European Life Sciences. He has over 20 years of experience covering his respective sectors, with a more specific focus on European Large-Cap Pharma. Lucy Codrington joined Jefferies in January 2016 and has been covering the Healthcare sector for almost a decade, with expertise in European Small-Mid Cap Biotechnology and Biopharmaceuticals. Brian Balchin joined Jefferies in May 2022 and swiftly ramped-up coverage across a range of European Pharmaceutical & Biotechnology companies.
What We Are Known For
- Differentiated Insights Whether it is alternative data, our “Weighing In” series or predicting hazard ratios for interim trial results, we bring unique and extensive insights into every corner of our industry.
- Global Access Complementary to our differentiated insights, we endeavour to bring investors access to management and experts from across the globe, as evidenced by the abundance of conferences, roadshows and expert calls we host.
- Anti-Consensual We are confident in our anti-consensus views and, as a result, lead the debate in areas the market may pay less attention to.
- Expert events and surveys We utilise experts to deliver unique insights on key topics like obesity, dermatology (in particular, atopic dermatitis and hidradenitis suppurativa), haemophilia and multiple sclerosis, plus adjacent issues such as GLP-1 manufacturing and the semi-conductor space. We endeavour to collaborate with our US healthcare plus non-sector colleagues to provide broad and differentiated perspectives. We also hope that we have been helpful through the surveys we have conducted, both expert and buy-side, plus our weekly monitoring of US prescription data to frame the debate for markets such as obesity and RSV, but also stocks such as UCB.
Ruben Dewa
Oil & Gas Exploration & Production, Oil Services
Ruben Dewa
Oil & Gas Exploration & Production, Oil Services
Jefferies’commitment to stability & consistency in research is also visible via the growing E&P coverage of Ruben Dewa who joined the team in February 2021 focused on mid-cap producers. Kai Ye Loh who joined in September 2023 as dedicated associate support on the Integrated IOC names and Niraj Bhosale who joined in the past year as associate support on the independent E&P names.
Consistency, Stability & Commerciality. Senior members of the Jefferies Oil & Gas E&P research team have a working relationship going back over 15 years which, combined with industry experience, provides cyclical insight from both a sales & research perspective with commercial stock calls the fundamental deliverable. Giacomo Romeo leads Jefferies European Integrated oil & gas stock coverage bringing over 10 years of sell-side equities and macro research experience in oil & gas on top of a career started in Shell’s supply & trading business. Mark Wilson has covered an extensive European Independent E&P and Oil field service list of companies for over 15 years following a 10-year international engineering career with Baker Hughes which allows for specific, and many-times anti-consensual, bottom-up stock insights. Bringing the research message together via spec sales is Marc Kofler, with an IOC-research background of his own that allows for both qualification & challenge of research views.
What We Are Known For
- Broadest Euro E&P sector coverage at 26 stocks From Shell to Galp in Integrated IOC names and Aker BP to NewMed Energy in Independent E&P, Jefferies has the broadest active Euro E&P research coverage at 26 stocks. This, combined with our US E&P coverage led by Lloyd Bryne and weekly JEDI video webinar, brings a broad and global perspective to our research.
- Energy macro analysis performed by the team rather than additional commodity-specific analysts and has seen leadership on natural gas & LNG markets via detailed bottom-up modelling.
- ESG and Energy Transition. In-depth and unique analysis regarding ESG issues in the sector combined with expert events on key energy transition topics / issues. Anti-Consensual We are comfortable taking anti-consensus views where we have high conviction in research-led insights.
Benjamin Brown
Aerospace & Defense
Benjamin Brown
Aerospace & Defense
Ben Brown joined her team in mid-2024, with two years’ experience at Société Générale. Chloé Lemarié joined Jefferies in November 2021, and has 15 years’ experience covering the European Aerospace and Defense sector. She joined from Exane, where she was part of the #1 ranked A&D team (Extel 2018, 2019) and earlier worked at Mainfirst, where she built the A&D coverage from scratch. Current & past coverage includes Airbus, Babcock, BAE Systems, Dassault Aviation, Leonardo, LISI, Meggitt, MTU Aero Engines, Rheinmetall, Rolls-Royce, Safran and Thales.
What We Are Known For
- We are data geeks diligently reporting on flight data, aircraft testing, deliveries, and storage, to help shape the debate over the sector recovery and engine issues impacting aircraft grounding. We track closely Airbus’ production/delivery potential and Rolls-Royce Engine Flying Hours, through our data products The Runway in Motion, Beluga Watch, GTF AoG Tracker and The Flight Log. We know where to source the best data, and help you make sense of the noise.
- We strive to find the right balance between long-term view and sentiment shifts. We have a deep understanding of the industry and its long-term trends. But we are laser-focused on figuring out inflexion points.
Grace Elshafei
Sustainability (ESG)
Grace Elshafei
Sustainability (ESG)
Grace Elshafei is a Senior Associate and has made natural capital, water, and the European heat pump market areas of real expertise. Overall, the team was the No. 1 ranked ESG team in the US, Europe, Japan and Australia in the 2023/24 survey.
Aniket Shah is Global Head of the Sustainability and Transition Strategy team at Jefferies. Formerly head of ESG at Oppenheimer Funds and UBS, Aniket has over 15 years in the industry. Luke Sussams leads the team in EMEA. With over 12 years working in ESG, Luke brings expertise across the field with a focus on climate, nature and the energy transition. Jacqueline Murdock is a Senior Associate on the team and has driven unparalleled investor access to Brussels policymakers.
What We Are Known For
- Public policy analysis and unrivalled access in Brussels and Washington. As we entered the year of the election, it became clear that we needed to add deep public policy analysis to our approach to sustainability-related analysis. We now bring (geo)political, policy and financial analysis together in a way that draws unique and actionable investment insights for our clients. Best examples of this work include the investment implications we drew out of the European Parliament, UK and French elections.
- Legal insights. We continue to leverage our connections within the legal community to provide investors with detailed teach-ins on EU sustainability-related regulations. Our monthly teach-in series sees lawyers provide details both on how corporates/investors will need to comply with the regulation in question and, crucially, what the market implications of the law could be. Examples include our sessions on the EU’s Deforestation Regulation, the EU CSDDD, PFAS laws and more.
- Advancing the debate, rather than rehashing news flow. Our events advance investors’ understanding of key topics and do not shy away from lively debates such as those around geoengineering, CCUS and gene-editing. This year, this has included two flagship boutique conferences: our Climate Day, and our Natural Capital Conference: How to Invest in Nature.
Christopher Richardson
Medical Technologies & Services
Christopher Richardson
Medical Technologies & Services
Christopher Richardson, ACA, joined Jefferies in July 2024, having covered EU large cap pharma companies for 2 years prior and is a qualified chartered accountant.
James Vane-Tempest joined Jefferies in 2009 and has covered the healthcare sector for > 20 years, expanding into a wide range of subsectors which gives a unique perspective of the industry. In 2017, James was named #1 stock picker in the UK across all sectors in the Thomson Reuters Analyst Awards. Julien Dormois joined Jefferies in May 2023 to cover EU Medical Technologies companies. Julien has almost 20 years of experience covering MedTech across Europe, and his team consistently ranked Top 3 with pan-European investors for the last 12 years. Martinien Rula joined Jefferies in July 2023 and has been covering EU MedTech companies for 2 years.
What We Are Known For
Breadth of coverage allows the team to bring a diverse range of often under-covered opportunities to investors. The team provides stock specific insights against a backdrop of extreme market volatility, subsector dynamics & expectation trends.
View from the Field and Expert series: industry conferences and expert events where frontier sector issues are discussed by KOLs to provide insights and feedback on MedTech, Healthcare Services as well as wider Tools, Pharma Packaging and Specialty Pharma.
Scenario & Divisional Analysis: We regularly provide sensitivities to earnings and valuation to core guidance assumptions as well as divisional valuation assessments.
Martinien Rula
Medical Technologies & Services
Martinien Rula
Medical Technologies & Services
Martinien Rula joined Jefferies in July 2023 and has been covering EU MedTech companies for 2 years.
James Vane-Tempest joined Jefferies in 2009 and has covered the healthcare sector for > 20 years, expanding into a wide range of subsectors which gives a unique perspective of the industry. In 2017, James was named #1 stock picker in the UK across all sectors in the Thomson Reuters Analyst Awards. Julien Dormois joined Jefferies in May 2023 to cover EU Medical Technologies companies. Julien has almost 20 years of experience covering MedTech across Europe, and his team consistently ranked Top 3 with pan-European investors for the last 12 years.
Christopher Richardson, ACA, joined Jefferies in July 2024, having covered EU large cap pharma companies for 2 years prior and is a qualified chartered accountant.
What We Are Known For
Breadth of coverage allows the team to bring a diverse range of often under-covered opportunities to investors. The team provides stock specific insights against a backdrop of extreme market volatility, subsector dynamics & expectation trends.
View from the Field and Expert series: industry conferences and expert events where frontier sector issues are discussed by KOLs to provide insights and feedback on MedTech, Healthcare Services as well as wider Tools, Pharma Packaging and Specialty Pharma.
Scenario & Divisional Analysis: We regularly provide sensitivities to earnings and valuation to core guidance assumptions as well as divisional valuation assessments.