The Financial Times and StarMine Present the Top Analysts of 2009 for Developed Europe
The Financial Times and StarMine, a Thomson Reuters company, are pleased to announce the results of StarMine's 2009 annual survey of analyst performance for Europe. StarMine, the leading provider of objective ratings of securities analysts, measures analysts' performance based on the return of their stock recommendations and the accuracy of their earnings estimates. The 2009 StarMine Analyst Awards program utilizes the I/B/E/S system as its data source. The 2009 awards for Europe are based on the period January 1, 2008 thru December 31, 2008.
Analyst Spotlight: Vincent Rech
Methodology: View our awards methodology
| StarMine Analyst Awards
Methodology |
|
| StarMine, a Thomson Reuters
company, objectively measures the performance of analysts based on
the returns of their buy/sell recommendations and the accuracy of
their earnings estimates. The FT | StarMine Analyst Awards are
based on the 2008 calendar-year performance of recommendations and
estimates on companies that are based in Developed Europe. Data Source The awards for Developed Europe are based on the estimates and recommendations as recorded in the Thomson Reuters I/B/E/S database. StarMine uses the GICS (Global Industry Classification System) for its industry definitions. In some instances in Europe, the GICS has resulted in industries that are not large enough for ranking purposes. When this has been the case, StarMine has combined multiple industries to reflect the way analysts in Developed Europe organize their coverage. For example, StarMine's "Financial Services" industry is a composite of the following GICS industries: Capital Markets, Consumer Finance and Diversified Financial Services. Industry Stock Picking Awards Analysts are ranked according to their Industry Excess Return, computed from a portfolio simulation that measures each analyst relative to an industry-based benchmark. The top three qualifying analysts in each industry receive an award. Calculation of Industry Excess Return: All analyst returns are calculated relative to the return on a market capitalization-weighted portfolio of all of the stocks in a given industry. For comparison purposes, StarMine builds a non-leveraged portfolio for each analyst based on his recommendations. For each "Buy" recommendation, the portfolio is one unit long the stock and simultaneously one unit short the benchmark. The result gives the analyst credit for the amount by which the stock outperformed the benchmark. "Strong Buys" get a larger investment of two units long the stock and two units short the benchmark. "Holds" invest one unit in the benchmark (i.e., for an excess return of zero). "Sells" are the reverse: long the benchmark and short the stock. "Strong Sells" get a larger investment of two units long the benchmark and short the stock. The portfolio return is opportunity adjusted to facilitate a fair comparison of analyst performance regardless of their coverage universe. The resulting portfolio is rebalanced each month and whenever the analyst adds coverage, drops coverage, or changes a rating. Qualification Criteria: To qualify for an Industry Stock Picking Award, an analyst must have met the following criteria:
Overall Stock Picking Awards go to the top ten qualifying analysts, based on overall excess return. To calculate overall excess return, StarMine uses the weighted average of each analyst's Industry Excess Returns, where weighting is based on the number of stocks the analyst covers in each industry. Qualification Criteria: To qualify for the overall stock-picking awards, analysts must have covered at least five stocks in Developed Europe. In addition, StarMine requires analysts to have earned at least a 5-star rating on their overall coverage (i.e., for all industries covered), as measured by StarMine's Coverage-Relative Rating. Overview of Earnings Estimate Awards StarMine's proprietary metric, Single-stock Estimate Score (SES), measures the accuracy of each analyst's earnings forecasts. SES is a measure of relative accuracy; that is, analysts are compared against their peers. An analyst's SES can range from 0 to 100, with 50 representing the average analyst. To get a score higher than 50, an analyst must make estimates that are both significantly different from and more accurate than other analysts' estimates. SES takes into account many factors: the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analysts' errors, the timing of the estimates, and the absolute value of the actual earnings for the stock. SES is computed daily and aggregated to provide scores on individual stocks, industries (the Industry Estimate Score), and the analyst overall (the Overall Estimate Score). Industry Earnings Estimate Awards To determine the winners of Industry Earnings Estimate Awards, StarMine ranks qualifying analysts based on their Industry Estimate Score for the stocks in a specific industry. Qualification Criteria: An analyst must have covered at least five stocks in a given industry throughout 2008. If an industry has fewer than 15 stocks, an analyst must have covered a minimum of three stocks or 1/3 of the stocks in the industry, whichever is greater. Overall Earnings Estimate Awards The ten qualifying analysts with the highest Overall Estimate Scores earn StarMine's Overall Earnings Estimate Awards. Qualification Criteria: To qualify for StarMine's Top Ten list, an analyst must have had coverage on at least five stocks in the region throughout 2008. Top Ten Brokers Awards go to the ten brokerage firms that have accumulated the greatest number of individual analyst awards. If an analyst has changed firms during an awards year, performance is attributed to the firm where the analyst worked for the majority of the year. Most Productive Brokers Most Productive Broker awards go to the three firms that have earned the highest number of individual analyst awards relative to the total number of qualifying analysts in their firm. To be considered for this award, a firm must have a minimum of ten analysts who qualified for a 2009 FT | StarMine Analyst Award. Non-Participating Firms The following firms did not participate in the 2009 FT | StarMine Analyst Awards for Developed Europe: Handelsbanken Capital Markets and Sanford C. Bernstein & Co. |
Trophies: Place an order
| Rank | Analyst | Firm | Industries |
|---|---|---|---|
| 1 | Rech, Vincent | SG Securities | Technology Hardware; Communications Equipment |
| 2 | da Silva, Carla Antunes | J.P. Morgan | Banks |
| 3 | Rocci, Alessio | Kepler Capital Markets | Construction & Materials; Others |
| 4 | Grübling, Thorsten | SRH AlsterResearch | Industrials; Health Care; Personal & Luxury Products |
| 5 | Anderson, Denise | Kepler Capital Markets | Biotechnology; Pharmaceuticals |
| 6 | D'Haese, Hans | ESN Partnership (Bank Degroof) | Financial Services; Food & Household Products |
| 7 | Thoresen, Fredrik | DnB NOR Markets | Software & Internet Services; Technology Hardware |
| 8 | El-Haik, Fabien | Exane BNP Paribas | Business & Consumer Services; Technology Hardware |
| 9 | Pierce, Jonathan | Credit Suisse | Banks |
| 10 | Rauhala, Hannu | Pohjola Bank Markets | Industrials; Technology Hardware; IT services |
| Rank | Analyst | Firm | Industries |
|---|---|---|---|
| 1 | Villani, Gianantonio | Gruppo Banca Leonardo | Insurance; Financial Services |
| 2 | Kirkøen, Bengt | Fondsfinans | Banks |
| 3 | Mateus, João | Millenium Investment Banking | Paper & Packaging |
| 4 | Numis Aerospace & Defense Team | Numis Securities | Aerospace & Defense; Business & Consumer Services |
| 5 | Blé, Séverine | Fortis Bank | Food & Household Products; Non-Food Retail |
| 6 | Pechmeze, Pierre-Alexandre | Oddo Securities | Banks |
| 7 | Critchlow, Anne | SG Securities | Non-Food Retail |
| 8 | Stent, Jeff | Citigroup | Food & Household Products |
| 9 | Tramontana, Luigi | ESN Partnership (Banca Akros) | Banks |
| 10 | Tarr, Henry | Goldman Sachs | Energy |
| Rank | Analyst | Number of Awards |
|---|---|---|
| 1 | CA Cheuvreux | 15 |
| 2 | BAS-ML | 11 |
| 2 | Citigroup | 11 |
| 4 | Goldman Sachs | 9 |
| 5 | UBS | 8 |
| 6 | Credit Suisse | 7 |
| 6 | ESN Partnership | 7 |
| 6 | J.P. Morgan | 7 |
| 6 | Oddo Securities | 7 |
| 10 | Deutsche Bank Securities | 6 |
| 10 | Kepler Capital Markets | 6 |
| 10 | SG Securities | 6 |
Select an industry below to view results
Automobiles
Hotels & Leisure
Media
Non-Food Retail
Personal & Luxury Products
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Cortes, Manuel Maria | BBVA Global Markets Research |
| 2 | Vecchio, Massimo | Mediobanca |
| 3 | Besson, Thomas | BAS-ML |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Möhringer, Heiko | Landesbank Baden-Württemberg |
| 2 | Pieper, Jürgen | Bankhaus Metzler |
| 3 | Punzet, Michael | DZ Bank |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Rolland, Catherine | Kepler Capital Markets |
| 2 | Rascoussier, Guillaume | Oddo Securities |
| 3 | Zarka, Leslie | Citigroup |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Thomas, Nick | Landsbanki UK |
| 2 | Desmarais, Matthias | Exane BNP Paribas |
| 3 | Lewis, Vaughan | Morgan Stanley |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Hounhouayenou, Lazare | Fortis Bank |
| 2 | Sullivan, Paul | BAS-ML |
| 3 | Montalti, Giovanni | CA Cheuvreux |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Davison, Laurie | Goldman Sachs |
| 2 | Moral, Olivier | HSBC |
| 3 | Davies, Simon | Royal Bank of Scotland |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Kränzle, Klaus | GSC Research |
| 2 | Walker, Christopher | Nomura |
| 3 | Baillie, John | SG Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Critchlow, Anne | SG Securities |
| 2 | Patel, Mal* | BAS-ML |
| 3 | Hubbard, Bruce* | Citigroup |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Schlipf, Alexander | Bankhaus Metzler |
| 2 | Pecciarini, Paola | Gruppo Banca Leonardo |
| 3 | CA Cheuvreux Personal & Luxury Products Team | CA Cheuvreux |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Rolland, Catherine | Kepler Capital Markets |
| 2 | Pecciarini, Paola | Gruppo Banca Leonardo |
| 3 | Sottanella, Elena | AbaxBank |
Select an industry below to view results
Beverages & Tobacco
Food & Household Products
Food & Staples Retail
Household & Leisure Goods
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Faes, Nikolaas and Trocherie, Isalina | Exane BNP Paribas |
| 2 | Lambrechts, Nico | BAS-ML |
| 3 | Fell, Jonathan | Deutsche Bank Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Lambrechts, Nico | BAS-ML |
| 2 | Fell, Jonathan | Deutsche Bank Securities |
| 3 | Gibbs, Mike | J.P. Morgan |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Ruiz, Francisco | Fortis Bank |
| 2 | Lenz, Claudia | Bank Vontobel |
| 3 | Molina Vela, Pablo Jesus* | BBVA Global Markets Research |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Stent, Jeff | Citigroup |
| 2 | Palacios, Jorge | Grupo Santander |
| 3 | Erskine, Alan | UBS |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Anstead, James | Citigroup |
| 2 | Kasoulis, Andrew | Credit Suisse |
| 3 | Roquas, Patrick | Rabo Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | de Boer, Fernand | Petercam |
| 2 | Joly, Arnaud | CA Cheuvreux |
| 3 | Anstead, James* | Citigroup |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | CA Cheuvreux Household & Leisure Goods Team | CA Cheuvreux |
| 2 | Alzuyeta, Thomas | Fortis Bank |
| 3 | Chaput, Christophe | Oddo Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Jones, William | Royal Bank of Scotland |
| 2 | Emsellem, Sarah | Natixis Securities |
| 3 | Stewart, Alastair* | Dresdner Kleinwort |
Select an industry below to view results
Energy
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Griffith, Richard | Evolution Securities |
| 2 | Pareto E&P Team | Pareto |
| 3 | Lucas, Fred | Cazenove |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Tarr, Henry | Goldman Sachs |
| 2 | Tonks, Katherine | Credit Suisse |
| 3 | Spedding, Paul | HSBC |
Select an industry below to view results
Banks
Financial Services
Insurance
Real Estate
| Rank | Analyst | Firm |
|---|---|---|
| 1 | da Silva, Carla Antunes | J.P. Morgan |
| 2 | Pierce, Jonathan | Credit Suisse |
| 3 | Webb, Abigail | Credit Suisse |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Kirkøen, Bengt | Fondsfinans |
| 2 | Pechmeze, Pierre-Alexandre | Oddo Securities |
| 3 | Malmer, Christoffer* | Goldman Sachs |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | D'Haese, Hans | ESN Partnership (Bank Degroof) |
| 2 | Glorie, Willem | Dexia Financial Markets |
| 3 | Baptista, Pedro | UBS |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Ghose, Rupak | Credit Suisse |
| 2 | Darwish, Elie-Laurent | Exane BNP Paribas |
| 3 | Venditti, Andreas | Zürcher Kantonalbank |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Parsons, Joanna | Royal Bank of Scotland |
| 2 | Marti, Georg | Zürcher Kantonalbank |
| 3 | Numis Insurance Team | Numis Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Villani, Gianantonio | Gruppo Banca Leonardo |
| 2 | Pantarrotas, Atanasio | CA Cheuvreux |
| 3 | Stewart, Blair | BAS-ML |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Van Der Loos, Herman* | ING Financial Markets |
| 2 | Laager, Patrick | Bank Vontobel |
| 3 | Van den Hauwe, Mickael | Dexia Bank Belgium |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Gysens, Bart | Morgan Stanley |
| 2 | Perry, John | Deutsche Bank Securities |
| 3 | Fraser-Andrews, John | HSBC |
Select an industry below to view results
Biotechnology
Health Care
Pharmaceuticals
| Rank | Analyst | Firm |
|---|---|---|
| 1 | White, Brian* | Deutsche Bank Securities |
| 2 | Oppenheim Biotechnology Team | Oppenheim Research |
| 3 | Verschueren, Huub** | ESN Partnership (SNS Securities) |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Fazeli, Sam | Piper Jaffray |
| 2 | Wijman, Marcel | ESN Partnership (SNS Securities) |
| 3 | Whittaker, Erica* | BAS-ML |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Iltgen, Leslie | Bankhaus Lampe |
| 2 | Possienke, Martin | ESN Partnership (equinet) |
| 3 | Oppenheim Health Care Team | Oppenheim Research |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Boström, Hans | Goldman Sachs |
| 2 | Oppenheim Health Care Team | Oppenheim Research |
| 3 | André-Pinard, Murielle | HSBC |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | ABG Sundal Collier Pharmaceuticals Team | ABG Sundal Collier |
| 2 | Saurymper, Dani | Goldman Sachs |
| 3 | Hauber, Alexandra | J.P. Morgan |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Bradshaw, Karl | Morgan Stanley |
| 2 | Exane BNP Paribas Pharmaceuticals Team | Exane BNP Paribas |
| 3 | Weiss, Andrew | Bank Vontobel |
Select an industry below to view results
Aerospace & Defense
Business & Consumer Services
Industrials
Machinery
Transportation
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Webster, Graham | Arden Partners |
| 2 | Liberge-Dondoux, Harald | ESN Partnership (CM-CIC Securities) |
| 3 | CA Cheuvreux Aerospace & Defense Team | CA Cheuvreux |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Middleton, John | Cazenove |
| 2 | Numis Aerospace & Defense Team | Numis Securities |
| 3 | East, Steve | Credit Suisse |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Wright, Ed | Altium Securities |
| 2 | Vanderpump, William | Royal Bank of Scotland |
| 3 | Brent, Joe | Citigroup |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Ripper, Andrew | BAS-ML |
| 2 | Brent, Joe | Citigroup |
| 3 | Forsythe, Hector* | Evolution Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Rauhala, Hannu | Pohjola Bank Markets |
| 2 | CA Cheuvreux Industrials Team | CA Cheuvreux |
| 3 | Bishop, Alastair* | Dresdner Kleinwort |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Bishop, Alastair* | Dresdner Kleinwort |
| 2 | CA Cheuvreux Industrials Team | CA Cheuvreux |
| 3 | Schaumann, Malte | SES Research |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Dyett, Chris | Investec |
| 2 | Eriksson, Anders | SEB Enskilda |
| 3 | Axén, Magnus | Evli Bank |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Bridge, Roderick | SG Securities |
| 2 | Abedi, Asad | BAS-ML |
| 3 | Trocmé, Johan | Nordea Markets |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Knutsen, Bjørn | First Securities |
| 2 | Brooker, Steven | SEB Enskilda |
| 3 | Neal, Oliver | Goldman Sachs |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Bendriss, Rachid | Carnegie Investment Bank |
| 2 | Reid, Chris* | Deutsche Bank Securities |
| 3 | Brewer, Damian | J.P. Morgan |
Select an industry below to view results
IT Services
Software & Internet Services
Technology Hardware
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Evans, Gareth | Investec |
| 2 | Imlah, Jonathan | Altium Securities |
| 3 | Vos, Gerardus | Citigroup |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Vos, Gerardus | Citigroup |
| 2 | Berglund, Karl | ABG Sundal Collier |
| 3 | Daure, Laurent | Kepler Capital Markets |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Clark, Graeme | Piper Jaffray |
| 2 | UBS Software Team | UBS |
| 3 | Swedbank Software & Services Team | Swedbank Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Briest, Michael | UBS |
| 2 | Hollup, Hallgeir | ABG Sundal Collier |
| 3 | Marcon, Derric* | Kepler Capital Markets |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Langer, Thomas | WestLB Capital Markets |
| 2 | Matot, Emmanuel | Oddo Securities |
| 3 | Rauhala, Hannu | Pohjola Bank Markets |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Deshpande, Sandeep | J.P. Morgan |
| 2 | Boddy, Tim | Goldman Sachs |
| 3 | Scemama, Didier | Royal Bank of Scotland |
Select an industry below to view results
Chemicals
Construction & Materials
Metals & Mining
Paper & Packaging
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Dopke, Sven | M.M. Warburg Bank |
| 2 | Rödiger, Martin | CA Cheuvreux |
| 3 | Weiz, Christian | UniCredit Markets & Investment Banking |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Dopke, Sven | M.M. Warburg Bank |
| 2 | Rödiger, Martin | CA Cheuvreux |
| 3 | Boucher-Ferte, Virginie | Deutsche Bank Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Verbiesen, Dirk | Kempen & Co |
| 2 | Bueno, Aránzazu | Grupo Santander |
| 3 | UBS Construction Team | UBS |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Pinkney, Mike | Citigroup |
| 2 | CA Cheuvreux Construction & Materials Team | CA Cheuvreux |
| 3 | Roeg, Michael* | Rabo Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Pez, Luc | Oddo Securities |
| 2 | Watson, Keith | Evolution Securities |
| 3 | Fairclough, Daniel* | BAS-ML |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Snowdowne, Andrew | UBS |
| 2 | Galloway, Paul and Sporre, Grant* | UBS |
| 3 | Potts, Martin** | Landsbanki UK |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Keitaanniemi, Katja | eQ Bank |
| 2 | Sjöberg, Johan | Carnegie Investment Bank |
| 3 | Mikkola, Mika* | Kaupthing Bank |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Toorabally, Eshan | Goldman Sachs |
| 2 | Jáfs, Mikael | CA Cheuvreux |
| 3 | Rasmuson, Claes and Södermark, Ola | Swedbank Securities |
Select an industry below to view results
Telecommunication Services
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Dann, Jonathan | J.P. Morgan |
| 2 | Labbe, Jean-Christophe | BAS-ML |
| 3 | Tastet, Guillaume | Oddo Securities |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Pratsch, Marcus | DZ Bank |
| 2 | Janssens, Laura and Papadoupoulou, Argiro | UBS |
| 3 | Beyazian, Stéphane | SG Securities |
Select an industry below to view results
Utilities
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Silva, Bruno | Banco Português de Investimento |
| 2 | Escher, Andreas | Bank Vontobel |
| 3 | CA Cheuvreux Utilities Team | CA Cheuvreux |
| Rank | Analyst | Firm |
|---|---|---|
| 1 | Voss, Stefan* | Bayerische Landesbank |
| 2 | Pezzoli, Francesca | CA Cheuvreux |
| 3 | CA Cheuvreux Utilities Team | CA Cheuvreux |
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