The 2015 All-Europe Research Team: Iberia, No. 1: Juan Ramón Correas & team
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The 2015 All-Europe Research Team: Iberia, No. 1: Juan Ramón Correas & team

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It’s six years in a row at No. 1 on this roster for Santander Investment Bolsa — and the second consecutive top finish under head of research Juan Ramón Correas, 46.

< The 2015 All-Europe Research Team

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Juan Ramón Correas & team

Santander Investment Bolsa

First-Place Appearances: 11


Total Appearances: 19


Team Debut: 1996


It’s six years in a row at No. 1 on this roster for Santander Investment Bolsa — and the second consecutive top finish under head of research Juan Ramón Correas, 46. The 18-person, Madrid-based squad is “a good team doing high-quality work,” one backer declares. “They’re very thorough, and you can rely on their judgment. We’ve worked the most with their top bank analyst, who has very good instincts.” Among the 70 Iberian names the researchers monitor, Spanish stainless steel manufacturer Acerinox is a Santander favorite. The steel industry is showing marked improvement as global demand catches up with supply, says Correas, and with roughly 50 percent of group sales ocurring in the Americas, “the company is the player best-positioned to benefit from the U.S. recovery.” In addition, Acerinox has been diversifying geographically, including penetrating Asian markets, and will benefit as European regulators continue to crack down on such anticompetitive practices as dumping and subsidizing steel exports by China and Taiwan. The team’s target price of €15 for Acerinox’s shares implies a 13.6 percent upside to their value at the end of January. Another preferred company is Spain’s Meliá Hotels International, which the analysts recommend buying thanks in part to its “exposure to the fastest-growing regions — Asia-Pacific and Latin America and the Carribean — in the resort segment,” Correas reports. Already operating more than 350 locations in 35 countries, the hotelier is also undertaking a “robust expansion plan,” he adds, even as its Spanish properties are expected to appreciate in value. In late January the stock was trading at €10.19, and the Santander crew forecasts a rise to €10.50.



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