Western European Countries – France: Second
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Western European Countries – France: Second

Fabrice Théveneau & team

Société Générale

Société Générale slipped to runner-up in 2012 but the team rebounds this year to make its best showing so far: second place. Headed by Paris-based Fabrice Théveneau, the 34-analyst group reports on 158 French names. “They’re very good at providing access to key management,” observes one buy-side backer. “They made money for us last year by advising us on shorting stocks first, then going long.” The team is bullish on Vinci, the world’s largest construction outfit in terms of annual revenue. The company, which is headquartered in Rueil-Malmaison, should show “resilience during periods of weak economic growth,” Théveneau says, and also benefits from low interest rates. The shares were trading at €35.96 in late December, which the team leader deems a “strong discount to fair value”; the researchers have a target price of €47 on the stock. — Paul Sweeney


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