The 2015 All-Europe Research Team: Specialty & Other Finance, No. 1: Arnaud Giblat & team
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The 2015 All-Europe Research Team: Specialty & Other Finance, No. 1: Arnaud Giblat & team

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The London-based crew piloted by Arnaud Giblat climbs from second place to notch UBS’s first No. 1 finish on this lineup since 1995.

< The 2015 All-Europe Research Team

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Arnaud Giblat & team

UBS

First-Place Appearances: 6


Total Appearances: 43


Team Debut: 1986


The London-based crew piloted by Arnaud Giblat climbs from second place to notch UBS’s first No. 1 finish on this lineup since 1995. Giblat and his teammate are generally upbeat on their sector but expect performance to continue to vary by subsector. Reporting on 15 regional specialty finance stocks, they are particularly bullish on the asset management group, noting that it is trading in line with its market multiple for the first time since 2009. With €59 billion ($67 billion) in assets under management, Anima Holding is Italy’s largest player in this field. It’s also the UBS squad’s favorite name and appears on the firm’s Key Call list. The analysts have assigned the stock a €5 price target, marking a 12.9 percent upside from its value at the end of January. “We see attractive structural drivers from the Italian market that support flows and earnings growth above European sector averages, combined with an attractive valuation,” explains Giblat. “Anima is the cheapest stock we cover, at 9.8 times price to earnings in the calendar year for 2015, despite having the best flow outlook.” Looking into 2015, they project that demand for mutual fund products from affluent Italian retail clients will continue to grow alongside an improving macroeconomic outlook, a zero interest rate and a 12 percent domestic savings rate. “Anima’s strategic partner banks target 10 to 15 percent growth in commissions from asset management, as they move toward asset-light business models,” Giblat adds. “We also see attractive optionality from Anima’s being a consolidator in the Italian market, given their track record and the opportunities for economies of scale.” The 39-year-old researcher earned an MBA at England’s Manchester Business School after receiving a master’s degree in general engineering from Ecole Centrale de Nantes in France. Giblat worked as a project manager in the automotive industry at Montupet, a French aluminum foundry, before joining the sell side. He was an analyst on the Bank of America Merrill Lynch team that claimed first place on this roster from 2006 through 2009, the year he moved to UBS.



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