< The 2014 All-Europe Research Team

Antonio Guglielmi & team
Mediobanca
First-place appearances: 0

Total appearances: 5

Team debut: 2009

After a year’s absence, Mediobanca’s Milan-based squad returns to the lineup in third place, led by newcomer Antonio Guglielmi. The crew of 13 analysts tracks 80 Italian stocks, earning particular praise from one investor for its coverage of utilities names. “They have good access to the companies, and they’ve been around for a long time,” says the client. “They’re expert on government and how regulations evolved over time.” Rome-based electric power company Terna is their top long pick in that sector. Its “business plan is completely aligned with government’s goal to increase the efficiency of the Italian electricity system to regain competitiveness,” Guglielmi says, “while dividends are very well supported.” The operator’s shares are rated outperform, with a target price of €3.90; they traded at €3.63 in late December. His team is likewise bullish on Rome’s Eni, on expectations that the multinational integrated oil and gas concern will benefit from an aggressive share buyback program launched last month, the government’s disposal of its ownership assets and an anticipated boost in dividends. At €20.80, the researchers’ target for the stock represents an 18.9 percent upside to its year-end 2013 value.