Industries: Telecommunications Services – Second
J.P. Morgan Cazenove returns to second place after a year in first.
Hannes Wittig & team, J.P. Morgan Cazenove
J.P. Morgan Cazenove returns to second place after a year in first. Hannes Wittig helms the seven-member squad alone these days; former co-leader Paul Howard took a leave of absence from the firm last March. The team “combines a deep knowledge of the sector’s threats and latest developments with an accurate market view of the investment opportunities in terms of individual stocks,” according to one buy-side supporter. Covering 36 stocks, the London-based analysts “are a little cautious on European telecommunications companies due to generic revenue deflation and resulting pressure on margins and cash flow,” says Wittig. “We believe consensus projections of stabilization of earnings before interest, taxes, depreciation and amortization are too optimistic in the near to medium term.” The sector slumped 7.9 percent in 2011.