The 2015 All-Europe Research Team: Banks, No. 2: Jason Napier, Matt Spick & team
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The 2015 All-Europe Research Team: Banks, No. 2: Jason Napier, Matt Spick & team

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The eight-strong Deutsche Bank troupe under the direction of Jason Napier, 40, and Matt Spick, 43, rises one notch to claim second-place honors.

< The 2015 All-Europe Research Team

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Jason Napier, Matt Spick & team

Deutsche Bank

First-place appearances: 2


Total appearances: 10


Team debut: 1999


The eight-strong Deutsche Bank troupe under the direction of Jason Napier, 40, and Matt Spick, 43, rises one notch to claim second-place honors. Investors value the analysts’ comprehensive research. “They think about the equity valuation of the bank and about the capital structure, the regulatory constraints, the cost of capital and the distributable reserve that is relevant for anyone investing in the bank, from an equity investor to a debt holder,” marvels one adherent. From their offices in Frankfurt, London, Milan and Paris, the team members report on 47 European banks and recommend that clients favor UBS. Switzerland’s largest bank, UBS is attractive thanks to its solid and sustainable earnings-per-share growth and capital return at a reasonable valuation, reports Spick. He and his colleagues also are impressed with management’s “clean business model,” he says, which focuses on the firm’s advisory, equity and wealth management businesses. “Capital is a strength, allowing for reinvestment in the business and a healthy dividend. Hidden value in the form of unrecognized deferred tax assets is also a big plus,” the crew chief sums up. Together, these drivers lead Deutsche’s researchers to project considerable upside for UBS. They assign the stock a price objective of Sf21, which implies a 37.7 percent upside to its value at the end of January. Considering the sector as a whole, they believe that performance in 2015 will be similar to that of 2014 — European banks slipped 2.4 percent last year, against the regional market’s 2 percent rise — based on weak but marginally positive gross domestic product trends in Europe. “The best risk-return will be in banks with healthy dividend and [net asset value] growth,” Spick contends. “They set the debate, work incredibly hard and get their numbers right,” another backer cheers.



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