< The 2016 All-Europe Research Team
Geoffrey Ruddell & team
Morgan Stanley
First-place appearances: 5
Total appearances: 19
Team debut: 1989
After a year at No. 1, the Morgan Stanley squad directed by Geoffrey Ruddell slips back to second place. "I like their in-depth base reports, which are unusual in this industry, as well as their comprehensive and consistent coverage," one fund manager remarks. The team holds a circumspect view on European general retailers, says London-based Ruddell, 44. Although high consumer confidence, low unemployment and rising disposable incomes in the U.K. last year combined to create an operating environment for business that was as favorable as any country has provided in 20 years, he says, his squad’s coverage universe is likely to deliver less than 5 percent earnings-per-share growth for the year. This seeming contradiction is explained by the growing structural pressures faced in the industry, he contends, especially the expansion of online retailing. "When the operating backdrop becomes less favorable — as we think likely during 2016 — the retail industry will be left looking very exposed," Ruddell cautions.
