< The 2015 All-Europe Research Team
Karl Berglund & team
ABG Sundal Collier
First-place appearances: 4
Total appearances: 14
Team debut: 2001
Although ABG Sundal Collier’s Karl Berglund and his cohorts slip to second place after two straight years at No. 1, clients remain enthusiastic. “I’m fine with historical markets and older established companies,” says one portfolio manager, “but where I sometimes need help is with the newer companies — and they always seem to know whether they’re managed well.” Stationed in Oslo and Stockholm and reporting on 220 Nordic names, the 32 analysts are touting Sweden’s Alfa Laval. The Swedish heavy industry manufacturer — known for its pumps, valves and heat separators — is “a highly cash-generative” company that has fallen out of favor with investors, Berglund says, because of its exposure to depressed marine and oil-and-gas markets. “However,” the 38-year-old crew chief adds, “this is not the entire story, as other segments are growing and cost cuts have been implemented, paving the way for significant earnings growth.” On the other hand, ABG’s researchers are bearish on Wärtsilä Corp., a Finnish maker of large combustion engines for marine shippers and power plants, as well as gas storage systems for the energy industry. Managements at those customers are likely to put off big-ticket purchases and other investment decisions “because of emerging-markets [exposure] and energy price volatility,” Berglund contends.
