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Recognition in the 2024 Developed Europe Institutional Investor 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
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 20 years, including JP Morgan and UBS, both after working in industry.
What We Are Known For
- Global perspective Our Autos coverage is transatlantic and we work closely with global colleagues covering autos in China, India, and Japan to provide timely insights on global trends. This includes our ‘Plugged-in EV monthly’ covering adoption of electric vehicles around the globe.
- Anti-Consensual We pride ourselves on detailed stock-focused research and non-consensus calls. In late 2023, we turned positive on Volkswagen after two years as an Underperform. Contrary to most of our peers, we preferred BMW to MBG over the course of 2023 and were early, vocal opponents to Renault’s planned EV-business IPO.
- Expert events and investor tours/access We’ve been quick to provide access to unique insights with experts on hot topics like the US union negotiations, plummeting 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 European Battery Value Chain bus tour.
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
- Timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one of the broadest mid-cap coverages on the street.
- Deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names.
- Regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Clear, up-to-date and in-depth financial models. Regular and accurate company updates of valuations and forecasts.
- Strong relationships with corporate management, providing quick and reliable investor access.
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. James Pearse joined Jefferies in April 2021 and has also been working in the insurance industry for over a decade. He currently focuses on UK insurers and listed Lloyd’s insurers. Nairah Majid joined the team as an intern in 2021 and a graduate in 2022.
What We Are Known For
- Global Insight The team covers 30 insurance companies from London, spanning across 10 countries and with a total market capitalisation of $650bn+. The team also writes the global insurance product as part of a broader team covering 96 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.
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. Elizabeth Moore joined Jefferies in August 2021, after qualifying as a Chartered Accountant.
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.
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
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.
James Wheatcroft
Entertainment & Hotels, Leisure
James Wheatcroft
Entertainment & Hotels, Leisure
Jefferies Team Leisure has c45 years cumulative research experience, with James Wheatcroft following the European Leisure sector for almost 30 years and is the longest serving online sports betting analyst in Europe. Jaina Mistry has covered European consumer for c.10 years and European Hotels and Tour Operators since 2022. Darragh O’Sullivan joined the team in November 2020 and covers SSP and DOM, with Matt Copeland joining in September 2021.
What We Are Known For
- 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.
- Data analysis around consumer trends in pubs, restaurants, gyms and tour operators.
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
has 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.
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 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.
Mark Wilson
Oil Services; Oil & Gas Exploration & Production
Mark Wilson
Oil Services; Oil & Gas Exploration & Production
Consistency, Stability & Commerciality Senior members of the Jefferies Oil & Gas E&P research team have a working relationship going back almost 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. 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 and Kai Ye Loh, who joined in the past year as dedicated associate support on the Integrated IOC 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.
- 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 and Offshore wind installers. Active partnership with US Oilfield Service team led by Lloyd Byrne including Jefferies weekly “JEDI” investor call is a key initiative to bring a global perspective championed & curated by Specialist Sales Marc Kofler.
- 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
Lucy Codrington
Pharmaceuticals & Biotechnology
Lucy Codrington
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 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.
Giacomo Romeo
Oil & Gas Exploration & Production
Giacomo Romeo
Oil & Gas Exploration & Production
Consistency, Stability & Commerciality Senior members of the Jefferies Oil & Gas E&P research team have a working relationship going back almost 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. 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 and Kai Ye Loh, who joined in the past year as dedicated associate support on the Integrated IOC 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.
Molly Wylenzek
Food Producers; Household & Personal Care
Molly Wylenzek
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, UNA posting over 5% underlying sales growth before c2015? What has facilitated OR’s step up in growth to HSD from MSD since 2016, and what does that mean 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 in the last 8 years. We provide valuable insights into the variable performance of different actors in the market.
- 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 not scared to take anti-consensus views on estimates & ratings and provide detailed explanation on how we arrive at our forecasts.
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.
Jaina Mistry
Entertainment & Hotels, Leisure
Jaina Mistry
Entertainment & Hotels, Leisure
Jefferies Team Leisure has c45 years cumulative research experience, with James Wheatcroft following the European Leisure sector for almost 30 years and is the longest serving online sports betting analyst in Europe. Jaina Mistry has covered European consumer for c.10 years and European Hotels and Tour Operators since 2022. Darragh O’Sullivan joined the team in November 2020 and covers SSP and DOM, with Matt Copeland joining in September 2021
What We Are Known For
- 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.
- Data analysis around consumer trends in pubs, restaurants, gyms and tour operators.
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. Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies including Moody’s and DBRS 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. Aqil Taiyeb joined in 2018 supporting on the UK and bringing extensive sector audit experience. Theo Massing joined Jefferies in January 2022, helping on 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. 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.
Christopher Counihan
Chemicals
Christopher Counihan
Chemicals
Chris Counihan joined Jefferies in August 2021 to lead coverage of the European Chemicals sector. Chris has covered European/Global Chemicals for >15 years. Charles 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.
What We Are Known For
- Long-term knowledge of the European Chemicals coverage, management, strategic change across the space.
- Chemical spreads/energy/gas intensity models which provide live profitability by company.
- Inventory models by end market to track stock levels at both company and customer level – key through FY23 destocking/FY24 restocking.
- Bottom-up supply/demand analysis across key chemicals to identify where earnings can be materially different to consensus. Global trade flow monitors across key chemicals.
- Detailed company and industry outlook across the European diversified and specialty chemicals coverage.
- Deep dive into key themes (e.g: European Gas impact, Decarbonisation of chemicals) with models underpinning actionable conclusions.
- Collaboration with global colleagues to form global views across subsectors and chemistries – particularly important as the sector continues to consolidate assets and change portfolios.
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, UNA posting over 5% underlying sales growth before c2015? What has facilitated OR’s step up in growth to HSD from MSD since 2016, and what does that mean 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 in the last 8 years. We provide valuable insights into the variable performance of different actors in the market.
- 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 not scared to take anti-consensus views on estimates & ratings and provide detailed explanation on how we arrive at our forecasts.
Hannes Leitner
Payments
Hannes Leitner
Payments
Hannes Leitner joined 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 Jefferies in December 2023 and has been working in equity research for 2+ years.
What We Are Known For
- 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 experiences in the dynamic Payments & FinTech industry.
- Industry Submersion & Alternative Data Approach Our analysis is supported by regular industry expert interactions and building proprietary industry/company models to better assess company commentary and industry trends.
- Payments continues to see structural tailwinds With consumers shifting towards non-cash payments via an ‘explosion’ in payment methods, the sector enjoys higher-than-average growth rates boosted by a wave of consolidation.
Frederick Wild
Luxury Goods, Retailing Food, Retailing General
Frederick Wild
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. Elizabeth Moore joined Jefferies in August 2021, after qualifying as a Chartered Accountant.
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.
Priyal Woolf
Building & Construction
Priyal Woolf
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
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.
James Pearse
Insurance
James Pearse
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. James Pearse joined Jefferies in April 2021 and has also been working in the insurance industry for over a decade. He currently focuses on UK insurers and listed Lloyd’s insurers. Nairah Majid joined the team as an intern in 2021 and a graduate in 2022.
What We Are Known For
- Global Insight The team covers 30 insurance companies from London, spanning across 10 countries and with a total market capitalisation of $650bn+. The team also writes the global insurance product as part of a broader team covering 96 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.
Michael Aspinall
Autos & Auto Parts
Michael Aspinall
Autos & Auto Parts
Michael Aspinall has worked in the equity research for 9 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 transatlantic and we work closely with global colleagues covering autos in China, India, and Japan to provide timely insights on global trends. This includes our ‘Plugged-in EV monthly’ covering adoption of electric vehicles around the globe.
- Anti-Consensual We pride ourselves on detailed stock-focused research and non-consensus calls. In late 2023, we turned positive on Volkswagen after two years as an Underperform. Contrary to most of our peers, we preferred BMW to MBG over the course of 2023 and were early, vocal opponents to Renault’s planned EV-business IPO.
- Expert events and investor tours/access We’ve been quick to provide access to unique insights with experts on hot topics like the US union negotiations, plummeting 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 European Battery Value Chain bus tour.
Julien Dormois
Medical Technologies & Services
Julien Dormois
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
has 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.
Brian Balchin
Pharmaceuticals & Biotechnology
Brian Balchin
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 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.
Grace Gilberg
Retailing General
Grace Gilberg
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 has a particular focus on the online sector, including AO World, boohoo, Naked Wines, and THG. Grace Gilberg has five years of experience in Research and joined the team in 2021 from Goldman Sachs.
What We Are Known For
- A broad and consistent coverage of niche SMID Retail names, including the likes of Greggs, DFS, Games Workshop, and Pets at Home, as well as taking on the SMID Food Producers – Premier Foods, Cranswick, and Greencore.
- Strong industry knowledge and relationships, particularly in the online space.
- 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’. Other examples include pet food pricing, Warhammer forum analysis, 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) and for Games Workshop.
- A cautiously optimistic outlook for the Retail/Consumer space, with gross margin pressures fading, 2024 consumer spending set to be supported by wage inflation outstripping household cost increases, and a sector multiple below the mid-cycle average.
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 10 years. He spent 4 years at sector specialist Keefe, Bruyette & Woods and latterly 5 years at Credit Suisse. 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 35 stocks across exchanges, traditional asset managers, alternative asset managers, 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 (Sunday) email and Lenders & Spenders to clients setting the scene for the week ahead, previewing results and events and adding colour on wider themes.
- Expert calls 12 expert calls since last year covering key debates across the exchange sector including DB1’s acquisition of Simcorp, FCA wholesale data market study, consolidated tape, desktops & enterprise data, index, anti-financial crime, PE secondaries, litigating against sovereigns, and the UK advice marketBack to basics deep dives on EQT and LSEG
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 cover the large cap Electricals. Rizk Maidi also joined in 2019 to cover European Machinery. Both have covered the industry for 10+ years. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Martha Ford joined the team in 2022.
What We Are Known For
- Experience through the cycle We have longstanding experience across all main subsectors of Capital Goods with a global focus.
- Differentiated bottom-up analysis Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
- Proprietary tools We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
- Channel checks Regular expert calls and channel checks supplement our investment process.
Chloé Lemarié
Aerospace & Defense
Chloé Lemarié
Aerospace & Defense
Chloé Lemarié joined Jefferies in November 2021, with over 10 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 and past coverage includes Airbus, Babcock, BAE Systems, Dassault Aviation, Leonardo, LISI, Meggitt, MTU Aero Engines, Rheinmetall, Rolls-Royce, Safran and Thales. Romain Pierredon joined her team early 2023, with two years’ experience at AlphaValue.
What We Are Known For
- Data driven analysis Wediligently report on flight data, aircraft testing, deliveries, and storage, to help shape the debate on the sector recovery and engine issues impacting aircraft grounding. We track closely Airbus’ production/delivery potential and Rolls-Royce’s Engine Flying Hours, through our data products The Runway in Motion, Beluga Watch 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. At the beginning of 2023, we saw China reopening as a key catalyst for Rolls-Royce and upgraded it to Buy. In October, we saw Airbus’ production data accelerating ahead of sentiment and similarly upgraded.
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 on infrastructure projects whilst working for PricewaterhouseCoopers. Zach Ho joined Jefferies in 2021 to help cover the utilities sector and now has three 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 (15 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.
Kean Marden
Business & Employment Services
Kean Marden
Business & Employment Services
Kean Marden, Allen Wells and Ryan Flight are a highly experienced team with more than 40 years aggregate coverage of the Support Services sector.
What We Are Known For
- A 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 covered.Securing third-party insight into industry prospects for IPO research.
Stephanie Dossmann
Property/Real Estate
Stephanie Dossmann
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 been co-covering the UK Real Estate sector alongside Mike with 27 stocks under coverage.
Stephanie Dossmann and Pierre-Emmanuel Clouard joined in 2023 to lead coverage of Continental Europe stocks and have initiated on 24 companies.
What We Are Known For
- Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 50+ across Europe covering over 70% of the EPRA developed Europe index.
- Our flagship UK REITonomics takes a bimonthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
- Our Top of the Blocks dailysummarises what you need to know in EMEA REITs. Our monthly Yield Tracker analyses market yield shifts and implied equity pricing for more than 30 companies. In addition, we send out on a bi-weekly basis 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.
Pierre-Emmanuel Clouard
Property/Real Estate
Pierre-Emmanuel Clouard
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 been co-covering the UK Real Estate sector alongside Mike with 27 stocks under coverage.
Stephanie Dossmann and Pierre-Emmanuel Clouard joined in 2023 to lead coverage of Continental Europe stocks and have initiated on 24 companies.
What We Are Known For
- Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 50+ across Europe covering over 70% of the EPRA developed Europe index.
- Our flagship UK REITonomics takes a bimonthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
- Our Top of the Blocks dailysummarises what you need to know in EMEA REITs. Our monthly Yield Tracker analyses market yield shifts and implied equity pricing for more than 30 companies. In addition, we send out on a bi-weekly basis 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.
Graham Hunt
Infrastructure
Graham Hunt
Infrastructure
Graham Hunt joined Jefferies in 2022 to lead the European Infrastructure team, covering the listed Toll Roads, Airports, Construction, and Towers universe. Graham has 10 years of industry experience and takes a wholistic approach to the sector, combining a top-down macro view with bottom up, asset-by-asset analysis. Working alongside the broader Building & Construction team allows for an independent focus on infrastructure, while leveraging synergies and read-across from common industrial themes.
What We Are Known For
- Wide sector coverage Wide European coverage across 14 Road, Airport, Seaport, Contractor, and Tower players. A consistent scope of coverage within Infrastructure allows for a focussed perspective on European real assets, as well top-down thematic views in collaboration with the Building Materials/UK House Builder team.
- Thematic approach. Our top picks are based on a thematic approach combined with bottom up supporting analysis of asset portfolios, and regulatory environments, to identify unique opportunities.
- High frequency product. Regular contact with corporates and industry experts maintains a live perspective on current sector debates, market sentiment, and relevant earnings forecasts.
Allen Wells
Business & Employment Services
Allen Wells
Business & Employment Services
Kean Marden, Allen Wells and Ryan Flight are a highly experienced team with more than 40 years aggregate coverage of the Support Services sector.
What We Are Known For
- A 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 covered.Securing third-party insight into industry prospects for IPO research.
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 has a particular focus on the online sector, including AO World, boohoo, Naked Wines, and THG. Grace Gilberg has five years of experience in Research and joined the team in 2021 from Goldman Sachs.
What We Are Known For
- A broad and consistent coverage of niche SMID Retail names, including the likes of Greggs, DFS, Games Workshop, and Pets at Home, as well as taking on the SMID Food Producers – Premier Foods, Cranswick, and Greencore.
- Strong industry knowledge and relationships, particularly in the online space.
- 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’. Other examples include pet food pricing, Warhammer forum analysis, 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) and for Games Workshop.
- A cautiously optimistic outlook for the Retail/Consumer space, with gross margin pressures fading, 2024 consumer spending set to be supported by wage inflation outstripping household cost increases, and a sector multiple below the mid-cycle average.
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. She has close to 10 years of experience as a sell-side equity analyst, having covered different sectors across the US and Europe. Adela is a member of the Jefferies European midcap team, working closely with David Kerstens covering Benelux, and Martin Comtesse, Constantin Hesse, Henrik Paganetty, and Fabian Piasta covering the DACH region.
What We Are Known For
- Differentiated Coverage of Nordic SMID capitalizing on Jefferies’ strong industry knowledge and sector expertise in the consumer, industrials, and animal health sector.
- Anti-Consensual Views We are not scared to take strongly anti-consensus views where we have high conviction, for example with our initiation on Tomra with an Underperform rating, based on its lofty valuation as well as limited near-term catalysts and margin deterioration.
- Detailed fundamental valuations, based on DCF analysis, cross-checked with peer group multiple valuations.
- Expert Insights We hosted an in-depth session on the HVAC value and supply chain, discussing the interplay of main stakeholders as well as the factors that are shaping market trajectories (i.e., regulatory drivers and innovation trends).
- 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.
- Swedish Mid-Cap Tour, a two-day in-person trip visiting six interesting Swedish companies.
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 (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.
Rizk Maidi
Capital Goods
Rizk Maidi
Capital Goods
Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and cover the large cap Electricals. Rizk Maidi also joined in 2019 to cover European Machinery. Both have covered the industry for 10+ years. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Martha Ford joined the team in 2022.
What We Are Known For
- Experience through the cycle We have longstanding experience across all main subsectors of Capital Goods with a global focus.
- Differentiated bottom-up analysis Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
- Proprietary tools We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
- Channel checks Regular expert calls and channel checks supplement our investment process.
Vanessa Jeffriess
Capital Goods
Vanessa Jeffriess
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 (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.
Julian Roberts
Speciality & Other Finance
Julian Roberts
Speciality & Other Finance
Tom Mills joined Jefferies in Sept 2019 having covered the Diversified Financials sector for over 10 years. He spent 4 years at sector specialist Keefe, Bruyette & Woods and latterly 5 years at Credit Suisse. 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 35 stocks across exchanges, traditional asset managers, alternative asset managers, 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 (Sunday) email and Lenders & Spenders to clients setting the scene for the week ahead, previewing results and events and adding colour on wider themes.
- Expert calls 12 expert calls since last year covering key debates across the exchange sector including DB1’s acquisition of Simcorp, FCA wholesale data market study, consolidated tape, desktops & enterprise data, index, anti-financial crime, PE secondaries, litigating against sovereigns, and the UK advice marketBack to basics deep dives on EQT and LSEG
Constantin Hesse
Small & Midcap Stocks, Utilities & Clean Energy
Constantin Hesse
Small & Midcap Stocks, Utilities & Clean Energy
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.
What We Are Known For
- Timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one of the broadest mid-cap coverages on the street.
- Deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names.
- Regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Clear, up-to-date and in-depth financial models. Regular and accurate company updates of valuations and forecasts.
- Strong relationships with corporate management, providing quick and reliable investor access.
Henrik Paganetty
Small & Midcap Stocks
Henrik Paganetty
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.
What We Are Known For
- Timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one of the broadest mid-cap coverages on the street.
- Deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names.
- Regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Clear, up-to-date and in-depth financial models. Regular and accurate company updates of valuations and forecasts.
- Strong relationships with corporate management, providing quick and reliable investor access.
Cole Hathorn
Forestry, Paper & Packaging
Cole Hathorn
Forestry, Paper & Packaging
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.
Luke Sussams
Sustainability (ESG)
Luke Sussams
Sustainability (ESG)
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 joined in the last year as a Senior Associate with 8 years of work experience. Grace Elshafei is a Senior Associate on the team and has made natural capital, biodiversity and water an area team differentiation. Overall, the team was the No. 1 ranked ESG team in the US, Europe, Japan and Australia in the 2022/23 survey.
What We Are Known For
- A focus on financial materiality We take a bottom-up, practical approach to ESG and Sustainability – from our focus on the national over the regional, reflecting the fact that no two nations’ energy transitions are the same, to the stock-level analysis in our ESG integration work, to our step-by-step guides to understanding the financial materiality of nature-related risks, such as deforestation.
- Sectoral, technological and thematic expertise We regularly publish on our thematic pillars of Climate and Nature, Policy & Regulation and Human Capital Management. We expose investors to deep expertise on specific technologies such as desalination, heat pumps and sustainable aviation fuels (SAFs).
- Leading the industry debate We host events that advance investors’ understanding of key topics and do not shy away from the most fractious debates, including degrowth, deep-sea mining, and geoengineering. We also hosted the Climate Finance Day of New York City Climate Week at the Jefferies office in New York.
Aniket Shah
Sustainability (ESG)
Aniket Shah
Sustainability (ESG)
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 joined in the last year as a Senior Associate with 8 years of work experience. Grace Elshafei is a Senior Associate on the team and has made natural capital, biodiversity and water an area team differentiation. Overall, the team was the No. 1 ranked ESG team in the US, Europe, Japan and Australia in the 2022/23 survey.
What We Are Known For
A focus on financial materiality We take a bottom-up, practical approach to ESG and Sustainability – from our focus on the national over the regional, reflecting the fact that no two nations’ energy transitions are the same, to the stock-level analysis in our ESG integration work, to our step-by-step guides to understanding the financial materiality of nature-related risks, such as deforestation.
Sectoral, technological and thematic expertise We regularly publish on our thematic pillars of Climate and Nature, Policy & Regulation and Human Capital Management. We expose investors to deep expertise on specific technologies such as desalination, heat pumps and sustainable aviation fuels (SAFs).
Leading the industry debate We host events that advance investors’ understanding of key topics and do not shy away from the most fractious debates, including degrowth, deep-sea mining, and geoengineering. We also hosted the Climate Finance Day of New York City Climate Week at the Jefferies office in New York.
Ed Mundy
Beverages
Ed Mundy
Beverages
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 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 and the tequila cycle, Pernod and the move from an analogue to a digital model, AB Inbev and the recovery potential post Bud Light, Heineken and the multi-year change programme, CCEP and its contribution to retailer growth and Royal Unibrew’s changing model and risk of reinvestment.
- Publication of regular data products such as our de-premiumisation tracker, inventory tracker, global weather reports, global valuation tracker.
- Expert events Fireside chats with experts in their fields, including a leading tequila influencer, Tier 1 China wholesaler, Global beer expert, cognac expert and Russia geopolitical analyst.
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 53 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, music royalties, forestry and others.
- Fundamental valuation & thematic research We are highly focused on the underlying valuations of portfolio assets, whereas most investment company analysts restrict their views to the overall premium/discount of the 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.
Charles Bentley
Chemicals
Charles Bentley
Chemicals
Chris Counihan joined Jefferies in August 2021 to lead coverage of the European Chemicals sector. Chris has covered European/Global Chemicals for >15 years. Charles 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.
What We Are Known For
- Long-term knowledge of the European Chemicals coverage, management, strategic change across the space.
- Chemical spreads/energy/gas intensity models which provide live profitability by company.
- Inventory models by end market to track stock levels at both company and customer level – key through FY23 destocking/FY24 restocking.
- Bottom-up supply/demand analysis across key chemicals to identify where earnings can be materially different to consensus. Global trade flow monitors across key chemicals.
- Detailed company and industry outlook across the European diversified and specialty chemicals coverage.
- Deep dive into key themes (e.g: European Gas impact, Decarbonisation of chemicals) with models underpinning actionable conclusions.
- Collaboration with global colleagues to form global views across subsectors and chemistries – particularly important as the sector continues to consolidate assets and change portfolios.
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 over five years. Lukas Tamulevicius joined the team in 2022.
What We Are Known For
- Multi-cycle insight Having been through many semiconductor cycles and inventory corrections since the mid-90s, we bring extensive insight into the industry’s cyclicality, its potential upside and warning signs, and the behaviour of share prices across the cycle.
- Technology 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 differentiated stock recommendations such as ASML, ASMI, VAT, Infineon, Aixtron, Soitec, Ericsson and Nokia.
- 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. On most stocks where we are bullish we have/had street-high Price Targets and estimates (ASML, VAT, ASM), with the converse being true on stocks where we are cautious (STM, Melexis, Infineon
Charles Brennan
Technology / Software
Charles Brennan
Technology / Software
Charlie Brennan joined Jefferies in May 2021 to head up the European Software and IT Services franchise. He has over 20 years of experience as a lead analyst in the space. He is perhaps best known as Charlie “Cash Flow” Brennan for his detailed work on quality of earnings, cash flow and anti-consensual views. Alex Nguyen joined Jefferies in November 2021 and has been covering the software and services space for two years.
What We Are Known For
- 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 experiences in the dynamic Payments & FinTech industry.
- Industry Submersion & Alternative Data Approach Our analysis is supported by regular industry expert interactions and building proprietary industry/company models to better assess company commentary and industry trends.
- Payments continues to see structural tailwinds With consumers shifting towards non-cash payments via an ‘explosion’ in payment methods, the sector enjoys higher-than-average growth rates boosted by a wave of consolidation.
- Earnings sustainability We have published a variety of reports focused on quality of earnings topics such as share-based payments, R&D capitalisation, and contract structures. As accounting treatments diverge across the sector, we believe understanding these treatments is an important guide to assess both the sustainability of earnings and comparative valuations.
- Cash flow We place a heavy emphasis on understanding a company’s cash flow profile. We believe monitoring mismatches between profit and cash is a guide to future P&L trends. Our analysis suggests sustained mismatches have been a better leading indicator of future profits than the P&L itself. Anti-consensual views We have often taken the other side of the debates on consensual names such as our prior cautious view on SAP and Underperform rating on Dassault.
Olivia Honychurch
Technology / Hardware
Olivia Honychurch
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 over five years. Lukas Tamulevicius joined the team in 2022.
What We Are Known For
- Multi-cycle insight Having been through many semiconductor cycles and inventory corrections since the mid-90s, we bring extensive insight into the industry’s cyclicality, its potential upside and warning signs, and the behaviour of share prices across the cycle.
- Technology 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 differentiated stock recommendations such as ASML, ASMI, VAT, Infineon, Aixtron, Soitec, Ericsson and Nokia.
- 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. On most stocks where we are bullish we have/had street-high Price Targets and estimates (ASML, VAT, ASM), with the converse being true on stocks where we are cautious (STM, Melexis, Infineon).
Owen Bennett
Tobacco
Owen Bennett
Tobacco
Owen Bennett is the lead analyst of the global tobacco and cannabis sectors, covering a total of 16 companies, across the two spaces, including all the international tobacco players. He began his career in audit at Deloitte in London, then had a short spell at BDO in New York, before moving to work in strategy at P&G in Geneva. He moved over to research in 2010, and has been at Jefferies since 2016. He has covered tobacco specifically for over 13 years and was the first analyst on the street to look at the industry globally. He has a BA in Business Studies, an MA in Globalisation of Business, and is also an ACA and CFA charterholder.
What We Are Known For
- Leading industry voice Sector gravitas, with both Owen and Mark covering the space for over 13 years. This brings with it a number of advantages. First, is a deep understanding of industry, which has included coverage of ALL global tobacco names since 2013 (British American Tobacco, Imperial Brands, Philip Morris, Altria, and Japan Tobacco)— Owen being the first analyst on the street to adopt such an approach. Second, both have witnessed the change from combustibles to RRP from the beginning. And third, extensive knowledge of regulatory policies around the globe.
- Detailed modeling including a proprietary smoking/reduced-risk population conversion model.
- In-depth analysis on key debates Sustainability of cigarettes, RRP economics, Beyond Nicotine, Regulation, ESG.
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 been co-covering the UK Real Estate sector alongside Mike with 27 stocks under coverage.
Stephanie Dossmann and Pierre-Emmanuel Clouard joined in 2023 to lead coverage of Continental Europe stocks and have initiated on 24 companies
What We Are Known For
- Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 50+ across Europe covering over 70% of the EPRA developed Europe index.
- Our flagship UK REITonomics takes a bimonthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
- Our Top of the Blocks dailysummarises what you need to know in EMEA REITs. Our monthly Yield Tracker analyses market yield shifts and implied equity pricing for more than 30 companies. In addition, we send out on a bi-weekly basis 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.
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. This has included stints delivering food for Deliveroo and staking out a Getir dark store.
- Thematic Research We produce thematic research that allows for multi-year investment frameworks. Our recent outlook notes across Online Food Delivery, Video Games and AI speak to this as we aim to frame key investor debates and revisit them, as and when the individual sector themes evolve.
- Weekly Newsletters Our weekly FOODIE and TRADER newsletters provide a summary of relevant news flow in recent weeks, looking at any sector developments 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.
Fiona Huang
Investment Companies
Fiona Huang
Investment Companies
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 53 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, music royalties, forestry and others.
- Fundamental valuation & thematic research We are highly focused on the underlying valuations of portfolio assets, whereas most investment company analysts restrict their views to the overall premium/discount of the 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.
David Farrell
Capital Goods
David Farrell
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 (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.
Alex Nguyen
Technology / Software
Alex Nguyen
Technology / Software
Charlie Brennan joined Jefferies in May 2021 to head up the European Software and IT Services franchise. He has over 20 years of experience as a lead analyst in the space. He is perhaps best known as Charlie “Cash Flow” Brennan for his detailed work on quality of earnings, cash flow and anti-consensual views. Alex Nguyen joined Jefferies in November 2021 and has been covering the software and services space for two years
What We Are Known For
- Earnings sustainability We have published a variety of reports focused on quality of earnings topics such as share-based payments, R&D capitalisation, and contract structures. As accounting treatments diverge across the sector, we believe understanding these treatments is an important guide to assess both the sustainability of earnings and comparative valuations.
- Cash flow We place a heavy emphasis on understanding a company’s cash flow profile. We believe monitoring mismatches between profit and cash is a guide to future P&L trends. Our analysis suggests sustained mismatches have been a better leading indicator of future profits than the P&L itself.
- Anti-consensual views We have often taken the other side of the debates on consensual names such as our prior cautious view on SAP and Underperform rating on Dassault.
Grace Elshafei
Sustainability (ESG)
Grace Elshafei
Sustainability (ESG)
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 joined in the last year as a Senior Associate with 8 years of work experience. Grace Elshafei is a Senior Associate on the team and has made natural capital, biodiversity and water an area team differentiation. Overall, the team was the No. 1 ranked ESG team in the US, Europe, Japan and Australia in the 2022/23 survey.
What We Are Known For
- A focus on financial materiality We take a bottom-up, practical approach to ESG and Sustainability – from our focus on the national over the regional, reflecting the fact that no two nations’ energy transitions are the same, to the stock-level analysis in our ESG integration work, to our step-by-step guides to understanding the financial materiality of nature-related risks, such as deforestation.
- Sectoral, technological and thematic expertise We regularly publish on our thematic pillars of Climate and Nature, Policy & Regulation and Human Capital Management. We expose investors to deep expertise on specific technologies such as desalination, heat pumps and sustainable aviation fuels (SAFs).
- Leading the industry debate We host events that advance investors’ understanding of key topics and do not shy away from the most fractious debates, including degrowth, deep-sea mining, and geoengineering. We also hosted the Climate Finance Day of New York City Climate Week at the Jefferies office in New York.
Alejandro Demichelis
Capital Goods, Infrastructure, Oil & Gas Exploration & Production, Oil Services
Alejandro Demichelis
Capital Goods, Infrastructure, Oil & Gas Exploration & Production, Oil Services
Alejandro Demichelis joined Jefferies in 2023 a Managing Director in the Latin American equity research team from Nau Securities to cover energy, infrastructure, and industrials. Alejandro has an MBA from University of Edinburgh and was previously Head of EMEA Oil & Gas equity research at BAML and Exane-BNPP as well as portfolio manager at Abu Dhabi sovereign wealth fund IPIC (now Mubadala) and a senior consultant with energy research firm Wood Mackenzie.
Alexander Demetriou
Banks
Alexander Demetriou
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. Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies including Moody’s and DBRS 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. Aqil Taiyeb joined in 2018 supporting on the UK and bringing extensive sector audit experience. Theo Massing joined Jefferies in January 2022, helping on 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. 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 Wright
Beverages, Communication Services
Alexander Wright
Beverages, Communication Services
Alex Wright joined Jefferies in 2023 as a Senior Analyst covering Latin America, primarily the Consumer and Telecom sectors. Alex previously was at Nau Securities for eight years covering the Telecoms, E-commerce and Payments sectors, prior to which he was at UBS, where he was responsible for coverage of the EMEA Telecom and Media sectors, and also coordinated the GEM Telecom sector strategy product. Alex graduated from Durham University with a BA in Modern Languages.
Andrei Andon-Ionita
Beverages
Andrei Andon-Ionita
Beverages
Andrei Andon-Ionita joined Jefferies in September 2022 and has five years of equity research experience in the Consumer space.
- Comprehensive analysis of beer volume pools, beer industry cost profile, spirits volume 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 and the tequila cycle, Pernod and the move from an analogue to a digital model, AB Inbev and the recovery potential post Bud Light, Heineken and the multi-year change programme, CCEP and its contribution to retailer growth and Royal Unibrew’s changing model and risk of reinvestment.
- Publication of regular data products such as our de-premiumisation tracker, inventory tracker, global weather reports, global valuation tracker.
- Expert events Fireside chats with experts in their fields, including a leading tequila influencer, Tier 1 China wholesaler, Global beer expert, cognac expert and Russia geopolitical analyst.
Benjamin Jackson
Pharmaceuticals & Biotechnology
Benjamin Jackson
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 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.
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
- Differentiated Coverage of 15 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.
- Anti-Consensual Views. We are not scared to take strong 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.
- Highlights from the Lowlands, a weekly recap of key developments in Benelux midcaps.
- Benelux Mid-Cap Tour, a two-day in-person trip visiting six interesting Benelux midcaps.
Fabian Piasta
Small & Midcap Stocks
Fabian Piasta
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.
What We Are Known For
- Differentiated Coverage of 15 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.
- Anti-Consensual Views. We are not scared to take strong 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.
- Highlights from the Lowlands, a weekly recap of key developments in Benelux midcaps.
- Benelux Mid-Cap Tour, a two-day in-person trip visiting six interesting Benelux midcaps.
- Timely and actionable conviction ideas, with clearly articulated investment cases to capture alpha in one of the broadest mid-cap coverages on the street.
- Deep-dive company reports providing differentiated analysis on ‘under-covered’ mid-cap names.
- Regular pan-sector idea pieces paired with thematic research on structural long-term trends.
- Clear, up-to-date and in-depth financial models. Regular and accurate company updates of valuations and forecasts.
- Strong relationships with corporate management, providing quick and reliable investor access.
- Differentiated Coverage of Nordic SMID capitalizing on Jefferies’ strong industry knowledge and sector expertise in the consumer, industrials, and animal health sector.
- Anti-Consensual Views We are not scared to take strongly anti-consensus views where we have high conviction, for example with our initiation on Tomra with an Underperform rating, based on its lofty valuation as well as limited near-term catalysts and margin deterioration.
- Detailed fundamental valuations, based on DCF analysis, cross-checked with peer group multiple valuations.
- Expert Insights We hosted an in-depth session on the HVAC value and supply chain, discussing the interplay of main stakeholders as well as the factors that are shaping market trajectories (i.e., regulatory drivers and innovation trends).
- 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.
- Swedish Mid-Cap Tour, a two-day in-person trip visiting six interesting Swedish companies.
Fangfei Li
Speciality & Other Finance
Fangfei Li
Speciality & Other Finance
Tom Mills joined Jefferies in Sept 2019 having covered the Diversified Financials sector for over 10 years. He spent 4 years at sector specialist Keefe, Bruyette & Woods and latterly 5 years at Credit Suisse. 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 35 stocks across exchanges, traditional asset managers, alternative asset managers, 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 (Sunday) email and Lenders & Spenders to clients setting the scene for the week ahead, previewing results and events and adding colour on wider themes.
- Expert calls 12 expert calls since last year covering key debates across the exchange sector including DB1’s acquisition of Simcorp, FCA wholesale data market study, consolidated tape, desktops & enterprise data, index, anti-financial crime, PE secondaries, litigating against sovereigns, and the UK advice marketBack to basics deep dives on EQT and LSEG
Feng Zhang
Food Producers; Household & Personal Care
Feng Zhang
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, UNA posting over 5% underlying sales growth before c2015? What has facilitated OR’s step up in growth to HSD from MSD since 2016, and what does that mean 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 in the last 8 years. We provide valuable insights into the variable performance of different actors in the market.
- 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 not scared to take anti-consensus views on estimates & ratings and provide detailed explanation on how we arrive at our forecasts.
Inigo Vega
Banks
Inigo Vega
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. Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies including Moody’s and DBRS 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. Aqil Taiyeb joined in 2018 supporting on the UK and bringing extensive sector audit experience. Theo Massing joined Jefferies in January 2022, helping on 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. 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
Jacqueline Murdock
Sustainability (ESG)
Jacqueline Murdock
Sustainability (ESG)
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 joined in the last year as a Senior Associate with 8 years of work experience. Grace Elshafei is a Senior Associate on the team and has made natural capital, biodiversity and water an area team differentiation. Overall, the team was the No. 1 ranked ESG team in the US, Europe, Japan and Australia in the 2022/23 survey.
What We Are Known For
- A focus on financial materiality We take a bottom-up, practical approach to ESG and Sustainability – from our focus on the national over the regional, reflecting the fact that no two nations’ energy transitions are the same, to the stock-level analysis in our ESG integration work, to our step-by-step guides to understanding the financial materiality of nature-related risks, such as deforestation.
- Sectoral, technological and thematic expertise We regularly publish on our thematic pillars of Climate and Nature, Policy & Regulation and Human Capital Management. We expose investors to deep expertise on specific technologies such as desalination, heat pumps and sustainable aviation fuels (SAFs).
- Leading the industry debate We host events that advance investors’ understanding of key topics and do not shy away from the most fractious debates, including degrowth, deep-sea mining, and geoengineering. We also hosted the Climate Finance Day of New York City Climate Week at the Jefferies office in New York.
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 and Offshore wind installers. Active partnership with US Oilfield Service team led by Lloyd Byrne including Jefferies weekly “JEDI” investor call is a key initiative to bring a global perspective championed & curated by Specialist Sales Marc Kofler.
- 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.
Laura Gris Trillo
Speciality & Other Finance
Laura Gris Trillo
Speciality & Other Finance
Tom Mills joined Jefferies in Sept 2019 having covered the Diversified Financials sector for over 10 years. He spent 4 years at sector specialist Keefe, Bruyette & Woods and latterly 5 years at Credit Suisse. 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 35 stocks across exchanges, traditional asset managers, alternative asset managers, 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 (Sunday) email and Lenders & Spenders to clients setting the scene for the week ahead, previewing results and events and adding colour on wider themes.
- Expert calls 12 expert calls since last year covering key debates across the exchange sector including DB1’s acquisition of Simcorp, FCA wholesale data market study, consolidated tape, desktops & enterprise data, index, anti-financial crime, PE secondaries, litigating against sovereigns, and the UK advice marketBack to basics deep dives on EQT and LSEG
Lucas Ferhani
Capital Goods
Lucas Ferhani
Capital Goods
Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and cover the large cap Electricals. Rizk Maidi also joined in 2019 to cover European Machinery. Both have covered the industry for 10+ years. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Martha Ford joined the team in 2022.
What We Are Known For
- Experience through the cycle We have longstanding experience across all main subsectors of Capital Goods with a global focus.
- Differentiated bottom-up analysis Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
- Proprietary tools We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
- Channel checks Regular expert calls and channel checks supplement our investment process.
Ruben Dewa
Oil & Gas Exploration & Production
Ruben Dewa
Oil & Gas Exploration & Production
Consistency, Stability & Commerciality Senior members of the Jefferies Oil & Gas E&P research team have a working relationship going back almost 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. 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 and Kai Ye Loh, who joined in the past year as dedicated associate support on the Integrated IOC 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.
Marco Nicolai
Banks
Marco Nicolai
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. Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies including Moody’s and DBRS 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. Aqil Taiyeb joined in 2018 supporting on the UK and bringing extensive sector audit experience. Theo Massing joined Jefferies in January 2022, helping on 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. 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.
Martha Ford
Capital Goods
Martha Ford
Capital Goods
Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and cover the large cap Electricals. Rizk Maidi also joined in 2019 to cover European Machinery. Both have covered the industry for 10+ years. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Martha Ford joined the team in 2022.
What We Are Known For
- Experience through the cycle We have longstanding experience across all main subsectors of Capital Goods with a global focus.
- Differentiated bottom-up analysis Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
- Proprietary tools We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
- Channel checks Regular expert calls and channel checks supplement our investment process.
Matthew Copeland
Leisure, Entertainment & Hotels
Matthew Copeland
Leisure, Entertainment & Hotels
Jefferies Team Leisure has c45 years cumulative research experience, with James Wheatcroft following the European Leisure sector for almost 30 years and is the longest serving online sports betting analyst in Europe. Jaina Mistry has covered European consumer for c.10 years and European Hotels and Tour Operators since 2022. Darragh O’Sullivan joined the team in November 2020 and covers SSP and DOM, with Matt Copeland joining in September 2021.
What We Are Known For
- 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.
- Data analysis around consumer trends in pubs, restaurants, gyms and tour operators.
Miruna Chirea
Banks
Miruna Chirea
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. Marco Nicolai, CFA joined Jefferies in September 2017, covering Southern European Banks. Prior to that Marco spent two years at rating agencies including Moody’s and DBRS 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. Aqil Taiyeb joined in 2018 supporting on the UK and bringing extensive sector audit experience. Theo Massing joined Jefferies in January 2022, helping on 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. 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.
Oliver Conroy
Internet
Oliver Conroy
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. This has included stints delivering food for Deliveroo and staking out a Getir dark store.
- Thematic Research We produce thematic research that allows for multi-year investment frameworks. Our recent outlook notes across Online Food Delivery, Video Games and AI speak to this as we aim to frame key investor debates and revisit them, as and when the individual sector themes evolve.
- Weekly Newsletters Our weekly FOODIE and TRADER newsletters provide a summary of relevant news flow in recent weeks, looking at any sector developments 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.
Pedro Baptista
Speciality & Other Finance
Pedro Baptista
Speciality & Other Finance
Pedro Baptista joined Jefferies in 2023 as Head of Latin American equities research, responsible for consumer and special situations (inc. Holding companies). He has been covering Latin America over the past 12 years at Nau Securities. Pedro was previously Head of EMEA and European Small and Midcap Equities Research as well as Deputy Head of European Equities research at UBS.
Ryan Flight
Business & Employment Services
Ryan Flight
Business & Employment Services
Kean Marden, Allen Wells and Ryan Flight are a highly experienced team with more than 40 years aggregate coverage of the Support Services sector.
What We Are Known For
- A 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 covered.Securing third-party insight into industry prospects for IPO research.
Sarim Chaudhry
Property/Real Estate
Sarim Chaudhry
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 been co-covering the UK Real Estate sector alongside Mike with 27 stocks under coverage.
Stephanie Dossmann and Pierre-Emmanuel Clouard joined in 2023 to lead coverage of Continental Europe stocks and have initiated on 24 companies
What We Are Known For
- Since the expansion of the EMEA Real Estate research team, the number of stocks under coverage is now 50+ across Europe covering over 70% of the EPRA developed Europe index.
- Our flagship UK REITonomics takes a bimonthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
- Our Top of the Blocks dailysummarises what you need to know in EMEA REITs. Our monthly Yield Tracker analyses market yield shifts and implied equity pricing for more than 30 companies. In addition, we send out on a bi-weekly basis 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.
Sebastian Patulea
Internet
Sebastian Patulea
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. This has included stints delivering food for Deliveroo and staking out a Getir dark store.
- Thematic Research We produce thematic research that allows for multi-year investment frameworks. Our recent outlook notes across Online Food Delivery, Video Games and AI speak to this as we aim to frame key investor debates and revisit them, as and when the individual sector themes evolve.
- Weekly Newsletters Our weekly FOODIE and TRADER newsletters provide a summary of relevant news flow in recent weeks, looking at any sector developments 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.
Mohit Kumar
Economics, Equity Strategy
Mohit Kumar
Economics, Equity Strategy
Mohit Kumar is a Managing Director and Chief Economist for Jefferies Europe. In his current role, he is responsible for Macro Strategy and Investment Recommendations across asset classes, with a particular focus on central bank policies and outlook for G7 interest rates and equities. Prior to joining Jefferies, he was the Global Head of Rates Research at Credit Agricole CIB. He has worked in both Research and Trading including as a Portfolio Manager at MAN GLG and Prop Trader at Goldman Sachs.
Mohit holds a B. Tech in Computer Science from IIT Delhi and a Post Graduate from IIM Ahmedabad.
Christopher Wood
Equity Strategy
Desh Peramunetilleke
Equity Strategy, Quantitative Research
Desh Peramunetilleke
Equity Strategy, Quantitative Research
What We Are Known For
- Style watch – Our main global product that guides investors on investment styles and strategies
- Dividend watch – A longstanding product on global equity income and buybacks
- MicroEdge – A data-driven regular product that provides periodic market updates and diagnostic screens
- Quantamentals – In-depth thought-pieces that explore topics such as incremental ROIC/Quality/Value, etc
- Top trades – Our long-short product that identifies baskets based on macro and micro factors affecting markets
- Governance watch – Product focused on the ever-growing importance of governance in investing
- Multibaggers – A small-cap product aimed at using quantitative strategies to identify future winners
- Bespoke requests – Analytics focused on portfolio analysis, idea generation, strategy backtesting, etc
- Automated requests – Automated and ad-hoc screens, data, charts etc
Daniel Kirsche
Equity Strategy, Equity Technical Analysis & Charting.
Daniel Kirsche
Equity Strategy, Equity Technical Analysis & Charting.
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
Kaasha Saini
Equity Strategy, Index Analysis
Kaasha Saini
Equity Strategy, Index Analysis
Kaasha Saini is a Managing Director and Head of Index Strategy in the Electronic and Portfolio Trading Group at Jefferies. Since joining the firm in January 2022, she has been responsible for leading the buildout of the Americas and Europe Index Strategy businesses. Prior to joining Jefferies, she was at Bank of America, where she had worked for 7 years, most recently running the Americas Index Strategy desk and previously as a Portfolio Trader on the ETF Creation & Redemption desk. Kaasha has experience in various roles within the Portfolio Trading umbrella, including providing coverage of global rebalances as well as previous experience trading her own index predictions. She received her Bachelor of Science from Cornell University, where she studied Biometry & Statistics, and Applied Economics and Management.
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
Mahesh Kedia
Equity Strategy, Quantitative Research
Mahesh Kedia
Equity Strategy, Quantitative Research
What We Are Known For
- Style watch – Our main global product that guides investors on investment styles and strategies
- Dividend watch – A longstanding product on global equity income and buybacks
- MicroEdge – A data-driven regular product that provides periodic market updates and diagnostic screens
- Quantamentals – In-depth thought-pieces that explore topics such as incremental ROIC/Quality/Value, etc
- Top trades – Our long-short product that identifies baskets based on macro and micro factors affecting markets
- Governance watch – Product focused on the ever-growing importance of governance in investing
- Multibaggers – A small-cap product aimed at using quantitative strategies to identify future winners
- Bespoke requests – Analytics focused on portfolio analysis, idea generation, strategy backtesting, etc
- Automated requests – Automated and ad-hoc screens, data, charts etc
Shrikant Kale
Equity Strategy, Quantitative Research
Shrikant Kale
Equity Strategy, Quantitative Research
What we are known for
- Style watch – Our main global product that guides investors on investment styles and strategies
- Dividend watch – A longstanding product on global equity income and buybacks
- MicroEdge – A data-driven regular product that provides periodic market updates and diagnostic screens
- Quantamentals – In-depth thought-pieces that explore topics such as incremental ROIC/Quality/Value, etc
- Top trades – Our long-short product that identifies baskets based on macro and micro factors affecting markets
- Governance watch – Product focused on the ever-growing importance of governance in investing
- Multibaggers – A small-cap product aimed at using quantitative strategies to identify future winners
- Bespoke requests – Analytics focused on portfolio analysis, idea generation, strategy backtesting, etc
- Automated requests – Automated and ad-hoc screens, data, charts etc
Modupe Adegbembo
Economics, Equity Strategy
Modupe Adegbembo
Economics, Equity Strategy
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.