The 2015 All-Europe Research Team: Tobacco, No. 1: James Bushnell & team
Institutional Investor Research is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

The 2015 All-Europe Research Team: Tobacco, No. 1: James Bushnell & team

2015-03-tom-johnson-all-europe-research-team-james-bushnell.jpg

James Bushnell and his Exane BNP Paribas crew rocket to first place in just the firm’s second appearance on this list.

< The 2015 All-Europe Research Team

2015-03-tom-johnson-all-europe-research-team-james-bushnell.jpg

James Bushnell & team

Exane BNP Paribas

First-Place Appearances: 1


Total Appearances: 2


Team Debut: 2014


James Bushnell and his Exane BNP Paribas crew rocket to first place in just the firm’s second appearance on this list. The 34-year-old team leader earned a bachelor’s degree in mathematics from England’s University of Bristol then worked for three years as a chartered accountant at PricewaterhouseCoopers. He moved into equity research in January 2008, joining Citi as an analyst covering food producers. At the end of the following year, Bushnell jumped to Exane and in early 2012 inaugurated the firm’s coverage of European tobacco names. “James always takes a box to meetings with product samples to explain and display products — that is his mark,” reports one adherent. “He almost seems like he breathes the sector.” The group’s shares performed well over the 12 months through January, climbing 33.8 percent to outperform the European market by 25.8 percentage points — and the Exane team is generally positive on the names. One that stands out from the pack, the analysts believe, is Imperial Tobacco Group of the U.K. Their opinion has changed dramatically on the world’s No. 3 cigarette maker. Until early September they had assigned the stock an underpeform rating going back to April 2012, when they initiated coverage, at 2,535p. But heartened, in part, by an attractive U.S. acquisition — pending regulatory approval — and recent management changes, they boosted the shares to outperform. Over the life of their negative call, Imperial’s stock climbed 3.8 percent, to 2,631p, and lagged its peers by 5.5 percentage points. Subsequently, it leaped 18.7 percent, to end January at 3,124p and beat the sector by 13.4 percentage points.



Gift this article