< The 2016 All-Europe Research Team
Celine Pannuti & team
J.P. Morgan Cazenove
First-place appearances: 0
Total appearances: 10
Team debut: 2001
Advancing from runner-up to claim its first top-three finish is J.P. Morgan Cazenove, whose four-strong crew is helmed by Celine Pannuti. The team’s members work out of Geneva, London and Mumbai, reporting on eight regional food producers. Pannuti, 41, says she is optimistic about her sector. “Despite the slowdown in demand leading to slowing top-line growth, companies have managed to deliver profit growth through a sharper focus on costs that has led to enhanced margin increase,” she explains. One of the analysts’ favorite names in the group is global industry leader Nestlé. Pannuti and her colleagues have written about the Swiss company’s restructuring opportunity, which has started to take shape, she says. They also project that strong potential for cost savings, can continue to buoy the company into 2016. At Sf80, their price objective for Nestlé implies a 14.2 percent upside to its trading value in mid-January. Pannuti holds one master’s degree in management studies from England’s University of Cambridge Judge Business School and another in general engineering from the Ecole Centrale de Lyon. She covered cosmetics, food and household equities for Citigroup before signing on with J.P. Morgan in August 2004. This year Pannuti also shepherds a troupe to runner-up on the Household & Personal Care Products roster.