< The 2014 All-Europe Research Team

Christyan Malek & team
Nomura International
First-place appearances: 7

Total appearances: 13

Team debut: 1994

Jumping from runner-up to No. 2 is the Nomura International duo under London-based Christyan Malek, who became leader of this team in 2011. The squad monitors 18 companies with “unmatched insights and an energetic pursuit of the truth,” in the words of one portfolio manager in the U.K. One name the analysts are advising clients to steer clear of is Italian offshore drilling construction provider Saipem. Weak offshore spending was exerting pressure on earnings, they noted in October 2012, prompting them to downgrade the shares from buy to neutral. When in September the stock had fallen 54 percent, to €16.73, they cut their rating again, this time to reduce. Capital expenditures were slowing around the world, they advised clients. And, indeed, by the end of the year, Saipem’s shares had slipped 7 percent further, against the sector’s 8.6 percent decline. Looking ahead, the researchers recommend London-based AMEC, a U.K.-based oil-drilling engineering and construction company. They cite its appeal for M&A activity and favor its exposure to the undersupplied high-end subsea segment.