The 2015 All-Europe Research Team: Capital Goods, No. 3: Benedict Uglow & team
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The 2015 All-Europe Research Team: Capital Goods, No. 3: Benedict Uglow & team

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For a third consecutive year, Benedict Uglow’s Morgan Stanley team captures third place.

< The 2015 All-Europe Research Team

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Benedict Uglow & team

Morgan Stanley

First-place appearances: 2


Total appearances: 21


Team debut: 1992


For a third consecutive year, Benedict Uglow’s Morgan Stanley team captures third place. The researchers track 27 European capital goods names from their base in London. Among them is France’s Schneider Electric, a manufacturer of automation and electronic-control systems. They reinstated coverage last February with an overweight rating, thanks in part to its growing exposure to the liquefied-natural-gas industry, and by June the stock had jumped 15.3 percent, to €70.11, pacing its regional peers by 11.7 percentage points. The analysts then reduced their rating to equal weight, largely on valuation. At the end of January, Schneider was trading at €67, down 4.4 percent and lagging the sector by 3.4 percentage points. Going forward, Uglow and his crew prefer Netherlands-based Royal Philips, which manufactures medical equipment and domestic appliances. Management’s planned separation of the company’s lighting and health care technology divisions should boost returns and reduce volatility, they contend. At €30.10, their target price represents a 22.6 percent premium to the shares’ value at the end of last month. Uglow, 48, is a “good communicator with sharp analytical skills,” one portfolio manager remarks.



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