< The 2016 All-Europe Research Team
Adam Spielman & team
Citi
First-place appearances: 6
Total appearances: 17
Team debut: 1986
Repeating in third place are Citi’s Adam Spielman and his teammate, who work out of London and Mumbai, respectively. “Adam has been covering tobacco for a long time and has a great knowledge of the companies and the dynamics of the sector,” observes one supporter. Of the three names in their regional sector portfolio, Imperial Tobacco Group is the analysts’ favorite. In June the U.K.-based multinational completed its $7.1 billion purchase of five American brands offloaded in the $27.4 billion merger between U.S. rivals Lorillard and Reynolds American, solidifying its presence in that market. It has “all the benefits of staples — predictable demand and positive cash — but fewer negatives,” says Spielman, 49. For example, Imperial operates with less emerging-markets risk than other majors and its shares trade at a low price-to-earnings multiple, he explains.