< The 2014 All-Europe Research Team

David Tailleur & team
Rabobank
First-place appearances: 2

Total appearances: 8

Team debut: 1998

David Tailleur and his crew of nine at Rabobank ascend one notch to No. 2. Headquartered in Utrecht, Netherlands, the researchers cover 95 stocks and are “always one step ahead of the competition,” according to one fan. “They’re local brokers who are good at finding local angles that the London-based brokers invariably miss when they’re just reading the newspapers.” SBM Offshore, a marine-services provider to the offshore oil and gas industry, is one Dutch name with strong international exposure that has captured the analysts’ attention. Management has refocused the company, Tailleur says, steadily overcoming legacy issues that have been a drag on earnings and bolstering operations in the floating production, storage and off-loading, or FPSO, segment. In August the executives raised their revenue guidance for 2013 by $300 million, to $4.3 billion, crediting in part new orders for two FPSO facilities from Brazil’s Petróleo Brasileiro. Already “very well positioned” in that market, he notes, SBM expects soon to provide similar services to French oil giant Total in its Kaombo project off the coast of Angola. Rated buy, the shares traded at €14.80 at year-end 2013; the analysts’ target price is €17.50.