< The 2015 All-Europe Research Team
Lars Kjellberg & team
Credit Suisse
First-Place Appearances: 2
Total Appearances: 20
Team Debut: 1990
In its 20th appearance on this roster, Credit Suisse advances from second place to reclaim the No. 1 spot it earned in 2013. From his base in Stockholm, team leader Lars Kjellberg, 52, directs the firm’s global research on paper and packaging names and manages coverage of 14 regional companies. “He is one of the few analysts in this space with a broad enough perspective to really add value,” attests one asset manager. In October, when Smurfit Kappa Group’s stock dipped to €15.45, Kjellberg’s group reiterated its outperform rating on the Irish containerboard producer, which is Europe’s largest maker of paper-based packaging, by revenue. “Sentiment has (again) overtaken fundamentals,” the analysts noted in a report. They believed, however, that rising commodities prices and the sluggish economy were no match for the company’s margin stability and earnings growth. Although the stock had already soared 109.9 percent since they first rated it outperform, in March 2012, at €7.36 — far outdistancing the regional market’s 15.7 percent gain — Kjellberg and his associates foresaw additional upside. They were right: By the end of last month, the stock had advanced by an additional 51.3 percent, climbing to €21.86, and bested the broad market by 39.9 percentage points. They expect the trend to continue and assign Smurfit Kappa a target price of €23.40. Kjellberg’s “industry insights lead to differentiated calls,” observes another booster.
