Western European Countries – Germany: First
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Western European Countries – Germany: First

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Andreas Neubauer

& team

Deutsche Bank

"Their reports are very good and in-depth — they are real experts."

He's done it again: Andreas Neubauer guides Deutsche Bank's group of 17 Frankfurt-based analysts and strategists to a 17th consecutive first-place finish. "They just know everyone," marvels one buy-side advocate. "It doesn't matter whether it's in banking or utilities or autos, they have access. That gives them the edge." The team tracks 134 German companies, six fewer than last year, and believes Volkswagen will outperform again this year. The Wolfsburg-based automaker has "one of the most successful business models within the industry and also shows a very impressive cash generation," says Neubauer, 48. The stock soared 60.1 percent last year and bested the benchmark DAX index by 31 percentage points, but the analysts remain bullish, noting that sales in emerging markets account for more than 40 percent of Volkswagen's total and will continue to do so for the foreseeable future. Plus, the company has a "superior balance sheet," the team leader says — including €11 billion ($14.8 billion) in net cash reserves, which enable it to offer affordable customer financing. The shares ended last year at €162.75, roughly 20 percent below the team's €200 target price. — Paul Sweeney


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