< The 2014 All-Europe Research Team

2014-03-tom-johnson-all-europe-research-team-matteo-ghilotti.jpg

2014-03-tom-johnson-all-europe-research-team-stefano-lustig.jpg
Matteo Ghilotti,
Stefano Lustig
& team
Equita S.I.M.
First-Place Appearances: 5

Total Appearances: 17

Team Debut: 1992

Notching its second straight No. 1 — and its fifth top finish in seven years — Equita S.I.M.’s troupe of 14 analysts co-led by Matteo Ghilotti, 49, and Stefano Lustig, 48, wins particular praise this year for its stock picking. The Milan-based researchers provide “really good coverage on all the big names,” according to one investor. Another client agrees that “they had some really good ideas in 2013, such as [financial services firms] Fondiaria and Unipol.” Of the 150 Italian companies the team tracks, top picks for 2014 include Turin-based automaker Fiat and Davide Campari-Milano, a beverages producer and distributor headquartered in Milan. Fiat earns favor for consolidating its ownership of U.S. manufacturer Chrysler Group by buying back shares from a minority shareholder and for relaunching premium brands Alfa Romeo and Maserati. In addition, the crew forecasts higher margins for Chrysler’s Jeep sales. It rates the shares a buy and holds a target price of €7.10; they closed last year at €5.95. As for Campari, the analysts advise that recent investments in new bottling plants give the company nearly complete control over both production and distribution. Moreover, they anticipate that top-line growth will return to historical averages, with efficiency gains and synergies driving earnings per share higher. The team forecasts a 15.1 percent upside to the stock’s €6.08 price in late December.

See also Matteo Ghilotti and Stefano Lustig's profile in the 2013 All-Europe Research Team and 2012 All-Europe Research Team.