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The 2015 All-Europe Research Team: Chemicals, No. 1: Timothy Jones & team
Under the leadership of Timothy Jones, 42, Deutsche Bank’s troupe extends its dominance of this roster to a fifth year.
Total Appearances: 24
Team Debut: 1988
Under the leadership of Timothy Jones, 42, Deutsche Bank’s troupe extends its dominance of this roster to a fifth year. The four London-based analysts monitor 26 regional chemicals companies with “best-in-class attention to detail,” as one portfolio manager puts it. In November 2013, Jones and his colleagues upgraded Germany’s Symrise from hold to buy. The producer of consumer specialty chemicals for use in perfumes and seasonings was benefiting from strong sales growth that resulted in part from its penetration of emerging markets, they noted, as well as presold contracts from its newly launched menthol plant. Through last month, Symrise recorded stunning gains, soaring 83.1 percent, to €58.14, and trouncing its regional peers by 75.2 percentage points. “They pegged the top stock in the sector,” another fan acknowledges. Going forward, the researchers favor Dutch paint and coatings supplier Akzo Nobel, crediting improving stability in its end markets and increased efficiencies following on a widespread internal reorganization. “But the biggest theme for 2015,” says Jones, “will be the deflationary oil prices’ driving lower raw-materials costs,” which in turn will bolster margins.