< The 2015 All-Europe Research Team
Trevor Stirling
Sanford C. Bernstein
First-Place Appearances: 5
Total Appearances: 8
Team Debut: 2008
It’s five consecutive years in first place for Sanford C. Bernstein, whose Trevor Stirling maintains the “best connections to company managements,” according to one portfolio manager. Now reporting on seven European beverages companies by himself, the 53-year-old researcher believes that the group could struggle to generate top-line growth in 2015, owing to broad-scale weaknesses in emerging markets. One exception: Pernod Ricard, a French producer and distributor of wines and spirits, whose extensive list of brands includes Absolut Vodka; Beefeater and Seagram’s gin; G.H. Mumm & Cie. and Perrier-Jouët champagne; Ballantine’s, Chivas Regal and Glenlivet scotch; Jacob’s Creek Australian wine; Martell cognac; and Ricard pastis. Stirling issued a buy call on the stock in early September, making the case that cognac will see revenue growth in China this year and that the Jameson Irish Whiskey brand will continue its strong performance worldwide. “Given this relatively positive outlook, we think Pernod Ricard does not deserve its current discount to peers,” says Stirling, who operates out of London. By the end of January, the stock had climbed 19 percent, to €106.60, besting the sector by 6 percentage points.