Jeffrey Stent heads a four-person team at Exane BNP Paribas that debuted in the runner-up position last year and climbs one rung to third place this year. The London-based group covers 15 food producers, household and personal care product manufacturers and tobacco companies. The researchers downgraded France’s Danone, a maker and distributor of dairy products, from neutral to sell in January 2012, at €47.04, arguing that market expectations were too high; they reiterated that view in April. In June the company issued a profit warning, citing plunging sales in southern Europe and higher-than-expected prices for raw materials. The stock ended the year at €49.90, for a gain of 6.1 percent that trailed the sector by 4.3 percentage points. “I highly praise Jeff’s work on Danone this year — he highlighted the challenges the company would face in a precise manner way before other analysts,” explains one Paris-based buy-side counterpart. — Katie Gilbert |
Consumers – Food Producers: Third