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The 2014 Emerging EMEA Research Team: Telecommunications, No. 1: Edward Hill-Wood, Cesar Tiron & team

Cesar Tiron
& team
Morgan Stanley
First-Place Appearances: 1

Total Appearances: 4

Team Debut: 2011

Rocketing from third place to secure the firm’s first top finish on this lineup is the five-strong Morgan Stanley crew under the guidance of Edward Hill-Wood and Cesar Tiron. “Within the somewhat uniform [Middle East & North Africa] telecommunications sector, the Morgan Stanley team offers convincing research,” remarks one supporter. Covering 30 regional telecoms names from their bases in Dubai, London and Moscow, the analysts are upbeat. “After a mixed start due to macro and political conditions, we remain optimistic,” says Tiron, 36. “The sector offers an attractive mix of growth and shareholder remuneration.” Smartphone penetration will see gains from a decline in prices for the devices, he adds, “while industry winners are well positioned to monetize data growth. As a tactical trade, the recent macro-related sell-off in Russian equities offers an attractive entry level for long-term investors.” His 40-year-old co-captain points to additional catalysts. “The coming year should provide confidence to investors that a number of specific headwinds will disappear for key stocks in the sector,” says Hill-Wood. For example, in the mobile services space, South Africa–based MTN Group “will improve its execution in South Africa and move to double-digit revenue growth in Nigeria,” he notes; and Turkcell “will reinstate its dividends in 2015, which will increase its appeal to a wider range of investors.” Finally, a joint venture between state-controlled Rostelecom and mobile operator Tele2 Russia “will not pressurize industry profitability in Russia,” Hill-Wood advises. “We expect that stronger market confidence on these issues will contribute to stock price appreciation.” This year, Hill-Wood also leads the first-place squad in Information Technology & Media. He holds a master’s degree in history from England’s University of Bristol and joined Morgan Stanley in 2004 from Citi, where he tracked European media names. He was appointed head of emerging Europe, Middle East & Africa technology, media and telecommunications research in January 2011. Tiron earned a degree in finance at the Edhec Business School and moved to the firm in 2010 from broadcaster Central European Media Enterprises, where he worked as an M&A manager. He previously covered this sector at J.P. Morgan.

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