The 2015 All-Europe Research Team: Italy, No. 2: Carola Bardelli & team
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The 2015 All-Europe Research Team: Italy, No. 2: Carola Bardelli & team

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Carola Bardelli guides her four-strong Deutsche Bank crew in Milan from runner-up back to the No. 2 position the team earned in 2013.

< The 2015 All-Europe Research Team

2015-03-tom-johnson-all-europe-research-team-carola-bardelli.jpg

Carola Bardelli & team

Deutsche Bank

First-place appearances: 1


Total appearances: 8


Team debut: 2002


Carola Bardelli guides her four-strong Deutsche Bank crew in Milan from runner-up back to the No. 2 position the team earned in 2013. “All the analysts are seasoned veterans,” one backer observes, “and because it’s Deutsche Bank, they do the best job of covering Italian sectors from a broader European and global perspective.” One favorite among the 40 Italian companies the researchers track is Banco Popolare, which is headquartered in Verona. They credit the cooperative bank’s earnings power and management’s commitment to returning capital in the form of dividends. In addition, Popolare is poised to benefit from the European Central Bank’s asset-purchase scheme — a monetary policy likened to the U.S. Federal Reserve’s recent round of quantitative easing — because the lender “may do well in a beta rally,” Bardelli says, “especially in the first quarter.” She and her colleagues believe that fundamentals justify a share price of €16; Popolare closed January at €11.22. At French-Italian clothier Moncler, also a preferred name, “a great management team is transforming a niche player into a global luxury brand — and brand momentum is strong,” the team leader advises. “We see no risks to consensus numbers.” The Milan-based fashion house has added to its retail channel mix and expanded its range of products, she adds, which “should allow for 13 percent annual sales growth and 20 percent earnings growth into 2017.” Deutsche’s target price for Moncler is €14, which implies a 6.2 percent upside to their value at the end of last month.



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