< The 2014 All-Europe Research Team

Wim Gille & team
ABN Amro Bank
First-place appearances: 1

Total appearances: 10

Team debut: 1992

Making its first appearance since 1996, ABN Amro Bank captures third place. Under the direction of newcomer Wim Gille, the Amsterdam-based team of 15 researchers covers more than 120 Benelux names. “They’re always proactive,” one money manager cheers, “keeping in mind what’s important to me and keeping me informed when either their thinking has changed or some new information or data has come out. Frankly, these people work really hard.” The team’s conviction list for 2014 includes property developer and construction services provider Heijmans, which Gille touts as “the best stock to play the Dutch housing market recovery” thanks to its “sizable land bank and high housing market exposure.” At 20 percent of estimated sales revenues in 2013, Heijmans’s position easily bests those of its two major domestic competitors (roughly 13 percent for Ballast Nedam and 12 percent for Royal BAM Group). Moreover, the company’s underperforming nonresidential division should finally “move into positive earnings territory” this year, Gille reports, and “further push earnings momentum.” He cites, in addition, the turnover in top executives and introduction of new risk-management systems over the past two years as supportive of a buy rating for the company’s shares. The group’s target price is €15, a 42.7 percent upside to their late December value.