Hall of Fame researcher David Adelman of Morgan Stanley successfully defends his title, extending his run at the top to 11 years. “David has the best long-term lens for looking at this industry,” avers one money manager. “His clear writing cuts to the heart of complex litigation and regulatory issues.” Adelman, 46, says that, thanks to that long-term view, he hasn’t changed any ratings over the past year. But going forward, he is “more positive on the international tobacco manufacturers” such as Philip Morris International. “They have stronger secular growth, a far more geographically diversified — and therefore lower-risk — business model, a strong presence in many dynamic emerging markets; and trade at the low end of their traditional valuation premiums,” Adelman reasons. Shares of New York–based cigarette maker Philip Morris, a long-time favorite, dipped 4.2 percent in the 12 months through August, but that was still better than the sector’s 4.9 percent decline. “He is the thought leader of the sector,” insists one investor. “His analysis is thoughtful and balanced — he is just as comfortable discussing the negatives as he is the positives.” — Katie Gilbert |
The 2013 All-America Research Team: Tobacco, No. 1: David Adelman
