< The 2014 All-Europe Research Team

Benedict Uglow & team
Morgan Stanley
First-place appearances: 2

Total appearances: 20

Team debut: 1992

Benedict Uglow leads his Morgan Stanley troupe of five to a repeat third-place showing. Working out of London, the analysts monitor 25 companies, a year-over-year increase of more than 30 percent, and intend to further expand coverage of U.K. and midcap names. A favorite since 2012 has been French wire distributor Rexel. Despite declining volumes, they contend, the company’s pricing power and gross margin expansion support an overweight rating of the shares. Sure enough, the supplier’s stock bolted 28.7 percent in 2013, to €19.08, outperforming the sector by 5.4 percentage points. Uglow’s team deems Rexel still undervalued. “Ben writes the most interesting research in which he examines arguments from all sides,” attests one Scandinavian fund manager, citing in particular a 76-page September report that examined three-dimensional printing and why it will complement, not replace, traditional manufacturing.

See also Benedict Uglow's profile in the 2013 All-Europe Research Team.