< The 2014 All-Europe Research Team

2014-03-tom-johnson-all-europe-research-team-barry-dixon.jpg
Barry Dixon
& team
Davy
First-Place Appearances: 14

Total Appearances: 15

Team Debut: 1998

Barry Dixon guides his 21-strong Davy troupe in Dublin to its sixth straight No. 1 finish. They distinguish themselves with “excellent macro coverage,” cheers one portfolio manager. “When you include their good corporate relations with all the Irish companies, you’re looking at a high-quality, independent franchise.” Among the 51 Irish stocks they cover across five industries, UDG Healthcare — an outsourcer for health care companies in Europe and the U.S. — is a projected outperformer. The Dublin-based company’s specialist supply services unit is emerging as a key growth driver as the pharmaceuticals industry increasingly engages third parties for such noncore functions as marketing, packaging and sales. Partnerships with several leading global pharma companies, the 46-year-old team leader reports, are producing strong cash flow and a healthy balance sheet that not only fund UDG’s organic growth but supply the outfit with “ample firepower to grow through acquisitions.” Finally, UDG enjoys an attractive price-earnings ratio and, Dixon notes, “generates returns on capital twice its cost of capital and yet trades at just 1.4 times invested capital.” His crew also likes Aryzta, a leading player in the global bakery ingredients market that is headquartered in Zurich and listed domestically and on the Irish Stock Exchange. Through a series of acquisitions, Aryzta “has built a list of world-class customers, including McDonald’s, Subway and Starbucks,” Dixon notes. “The next stage of growth,” he asserts, “will be leveraging the company’s extensive products across this customer base in the U.S.”

See also Barry Dixon's profile in the 2013 All-Europe Research Team and 2012 All-Europe Research Team.