Technology, Media & Telecommunications – Telecommunications Services: First
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Technology, Media & Telecommunications – Telecommunications Services: First


Hannes Wittig

& team

J.P. Morgan Cazenove

"I find their research timely and insightful, and they have good financial models."

The J.P. Morgan Cazenove team has been alternating between first place and second since 2009, when Hannes Wittig took charge of the seven-member squad. This year the London-based analysts are back on top, thanks in part to research that is "very thorough and clear and to the point," as one money manager puts it. Telecommunications services providers will be under pressure as sales of fixed-line and mobile units continues to contract, and smartphone replacement cycles will put pressure on margins, Wittig says. "Current consensus expectations for a 2014 stabilization seem overly hopeful," the 48-year-old believes. "As in 2012 we believe companies with high visibility and near- to medium-term stable or growing [earnings before interest, taxes, depreciation and amortization] will outperform, with near-term valuation multiples being less important. Thematically, this continues to favor cable, U.K. fixed-line, Scandinavian telecoms, and satellite operators." — Pam Baker

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