Research

Our Housing, Building Materials and Merchants coverage includes all of the UK listed housebuilders, the builders merchants/DIY specialists, the building materials companies, and estate agents.

Clyde Lewis leads our coverage of the sector. He has over 32 years’ experience as an equity analyst including 25 years covering the Building sector. He headed up the building team at both Citigroup and HSBC and has been consistently highly ranked in surveys. He has an Economics degree from Bath University and joined Peel Hunt in 2013. He is also Deputy Head of Research.

Sam Cullen joined Peel Hunt in 2020. He has over 10 years’ experience as a UK housing and building analyst, having covered the sector at both Jefferies and Berenberg. He has a degree in Natural Sciences from Durham University. 

Andrew Nussey joined Peel Hunt in 2008 and has over 25 years of experience in equity research including head of support services research at Deutsche Bank. He continues to be consistently ranked in all major investor surveys including Europe’s Best Support Services analyst (Wall Street Journal) and top stock picker (Starmine). Andrew holds an honours degree in Accounting from Aberdeen University.

Clyde Lewis, Deputy Head of Research

+44 (0) 20 7418 8949 | EMAIL

Sam Cullen, Research Analyst

+44 (0) 207 418 8944 | EMAIL

Andrew Nussey, Research Analyst

+44 (0) 207 418 8826 | EMAIL

The team covers a broad range of sub-sectors including Agribusiness, Beverages, Food Producers and Household Products. 

Charles Hall joined Peel Hunt as head of research in October 2008 as well as leading the experienced consumer sector. His career includes nine years at Panmure Gordon as head of small & mid cap research and nine years at Cazenove. In the 2021 Institutional Investor (Extel) Survey, for the fifth consecutive year, Charles was the top ranked analyst in the UK Mid & Small cap market overall. Charles read Politics and Economics at Durham University.

Andrew Ford joined the consumer team at Peel Hunt in 2017. He qualified as a chartered accountant and chartered tax advisor with KPMG before joining an SME in the sports retail sector as Strategy Director. He has a BSc in Geophysics from Durham University.

Charles Hall, Head of Research

+44 (0) 20 7418 8955 | EMAIL

Andrew Ford, Research Analyst

+44 (0) 20 7418 8932 | EMAIL

We provide independent economic analysis and forecasts for major global economies including the UK, the US, the Eurozone, Japan and China. We cover central banks, politics, and financial markets. We provide our clients with the necessary economic insights to understand and manage macro-risk across all investment horizons. 

Kallum Pickering is Chief Economist at Peel Hunt. His distinguished career in economic analysis and forecasting spans over a decade. He writes a column for The Daily Telegraph and regularly appears on Bloomberg, CNBC and BBC. He has also written for The Evening Standard and City AM. He frequently interacts with policymakers, including the UK Prime Minister’s economics team, the Bank of England, the European Central Bank, and the EU Commission.

Prior to joining Peel Hunt, he worked as Senior Economist for Berenberg Bank covering major advanced economies. He holds a bachelor’s degree in economics from the University of Sheffield and a master’s degree in economics from the University of Warwick. 

The sector itself is comprised of a number of relatively discrete sub-sectors, from wealth and asset managers, investment platforms, trading businesses, and specialist lenders (from home credit to mortgage lenders).

The team has been recognised for a number of years for having broad research coverage of over 35 stocks across the Diversified Financials sector, backed up by leading Specialist Sales capability. We pride ourselves on being relatively agnostic as to the size of company followed, meaning our research includes a number of FTSE-100 companies, down to smaller AIM listed stocks.

The range of research produced, from longer notes to shorter results commentary, is backed up by insightful specialist sales commentary that adds genuine value around the investment cases in the sector.

Rae and Ross both join from Panmure Liberum, where they focused on Equity Research. Rae brings a wealth of expertise across equity research, fund management and institutional broking, with a career spanning senior roles at leading investment banks, brokers and asset managers. Ross also brings extensive experience covering UK financial services companies across the market cap spectrum.

RAE MAILE, Research Analyst

+44 20 7418 8936 | EMAIL

The team has an established reputation for independence and for identifying assets that offer exciting therapeutics potential or where services & products (or management’s execution) mean that companies or technologies stand out from the peer group and improve care outcomes.

We have a high level of technical expertise – from bench science to the complexities of the NHS – and an ability to explain complex topics from across all the sub-sectors.

Miles Dixon joined Peel Hunt in 2017 after several years working for FTI Consulting’s Corporate Finance & Restructuring vertical where he specialised in operational turnaround for strained healthcare organisations. Prior to that he worked at Serco Group, initially in business development for their healthcare interests but latterly in a wider strategic capacity for their Local & Regional Government division across UK&E. Miles also has a number of years’ experience in life scientific research, completing postdoctoral positions in Cell Signalling & Immunology – working with both Academia and Pharma in a novel collaboration – after a bachelors in Biochemistry, a masters in Cell Biology and a doctorate in Molecular Physiology. Miles is a Fellow of the Royal Society of Biology.

Miles Dixon, Research Analyst

+44 (0) 20 3597 8663 | EMAIL

Industrials is a broad, international sector consisting of around six sub-sectors across nearly every geographic region. 

We therefore try to take a holistic approach to our research, with waterfront coverage of the UK listed stocks seen as a starting point. In addition, we monitor a large number of international companies which gives us valuable read across, and enables us to put UK equity stories into wider context in a way that differentiates us from our peers. We pride ourselves on our long-standing relationships with companies and management teams across the sector, and being able to bridge the gap between them and the international investor base.

Harry Philips joined Peel Hunt in 2016 from Canaccord Genuity having spent much of his career at Panmure Gordon and Evolution. He has covered UK Industrials since 1988 and has been consistently highly ranked in surveys. He has a degree in Politics from Reading University.

Lauren Baker Iguaz joined the industrials team at Peel Hunt in January 2023. Prior to joining, Lauren worked as a Research Associate at Arden Partners. Before working in equity research, Lauren had nearly 4 years of investment consulting experience. She graduated from the University of Warwick with a BSc Hons in Mathematics, Operational Research, Statistics and Economics. She is currently studying to become a CFA charterholder.

Andrew Humphrey is a research analyst in the Industrials sector. He has over 20 years’ equity research experience covering a range of areas. His coverage has included Aerospace & Defence, where he previously headed the European research team at Morgan Stanley as part of a broader Industrials franchise. He has also covered Technology and Renewables. He joined Peel Hunt to cover UK Industrials in 2024. He has a degree in English Language & Literature from the University of Oxford and became a CFA Charterholder in 2010.

Harry Philips, Research Analyst

+44 (0) 20 3597 8670 | EMAIL

Lauren Baker-Iguaz, Research Analyst

+44 (0) 20 3597 8873 | EMAIL

Andrew Humphrey, Research Analyst

+44 (0) 20 7418 8819 | EMAIL

The insurance team covers a wide range of specialist mid-cap insurers listed on the London Stock exchange.

The primary focus is on non-life insurers including the Lloyd’s market insurers and UK motor insurers. In addition, Peel Hunt covers the specialist Life insurance companies, including the annuity writers and life back-book consolidators. The insurance team organises a number of conferences each year and regular roundtables with management teams from listed and non-listed insurance companies. 

Andreas van Embden joined Peel Hunt as an Insurance analyst in May 2015, previously having been part of the Insurance team at Cazenove and subsequently J.P Morgan covering UK and European Life & Non-Life Insurers. Prior to this, he worked at MeesPierson covering Dutch banks and insurers. He has an Economics degree from the University of Amsterdam.

Andreas van Embden, Research Analyst

+44 (0) 20 7418 8913 | EMAIL

The team has over 40 companies under formal coverage across both equity and alternative investment companies sectors, and supplement this with a deep knowledge and understanding of many other London listed investment companies not formally under coverage.

The team focus on producing value-add research tailored for fund selectors/investors, and welcome the chance to discuss ideas and topics with clients – regularly conducting client roadshows to present ideas and discuss recent notes (e.g. sector and thematic pieces). Additionally, the team host biannual investor conferences to provide investors with interactive exposure to a selection of leading investment company fund managers.

The team also produce quantitative analysis via a daily data sheet, including a proprietary value screen, and provide regular written valuation analysis and commentary through a periodic quarterly note (The Good, The Bad and The Ugly).

Anthony Leatham joined Peel Hunt in 2015 from Investec Wealth & Investment to help build the growing Investment Companies arm. He leads our Investment Companies Research team, with over 30 years of combined fund analysis and investment companies experience across both the buy- and sell-side. Anthony was at Investec for 10 years, working for the last eight years in the Funds Research team, where he covered global, sector specialist, US, European and emerging market equity open and closed ended funds. Prior to this, Anthony was a regulatory consultant at Deloitte, a position he held for five years, giving advisory services to a range of asset managers and investment banks. 

Markuz Jaffe joined Peel Hunt in 2021 having covered UK listed Investment Companies since 2016 at previous sell side research analyst roles with Singer Capital Markets and Cantor Fitzgerald. Prior to this Markuz spent four years as a buy side fund analyst within the managed portfolio service team at FE fundinfo, contributing to the risk-targeted portfolio range and recommended funds list. Markuz is a CFA charterholder and has a degree in mathematics from the University of Bath.

Anthony Leatham, Research Analyst

+44 (0) 20 3597 8648 | EMAIL

Markuz Jaffe, Research Analyst

+44 (0) 20 3597 8668 | EMAIL

The UK Media sector has significantly evolved in the last decade. Whereas there is still a focus on advertising, there has been a transition into all things digital. We now cover a range of companies spanning online platforms, events, broadcasters, B2B, publishers and marketing services groups.

In conjunction with the Technology team, we host a successful annual TMT conference where we delve into thematic ideas in the combined sectors. Alongside this, throughout the year we host a number of smaller events such as the “Future of the car market” with the retail sector.

Jessica Pok joined Peel Hunt in 2017. Prior to joining, she covered Pan-European Media and Internet at Berenberg. Before that, she was a Quantitative Research Analyst at Barclays Wealth and Investment Management. Jessica is a CFA Charterholder and has an MSc in Investment Management from Cass Business School.

Prior to joining Peel Hunt, Melanie was an audit assistant manager in EY London, TMT sector. Melanie has 4 years’ experience in external audit and is ACA qualified (ICAEW). She did her BA degree in Business Journalism from University of International Business and Economics in Beijing and completed her MsC in Media and Communications in LSE. 

Jessica Pok, Research Analyst

+44 (0) 20 3579 8687 | EMAIL

Melanie Yang, Research Analyst

+44 20 7418 8985 | EMAIL

Our mining team takes decades of broking experience across several sectors, to bring insight to mid & small-cap mining.

We cover a range of mining companies, from large multi asset producers to companies with development projects. These companies produce gold, silver, diamonds and platinum group metals on the precious side. We also cover copper, zinc, chrome, nickel and potash producers and developers. Lastly we have coverage of two royalty and streaming businesses, one precious and one industrial.

Peter Mallin-Jones joined Peel Hunt in May 2015 with 15 years of broking experience with both Goldman Sachs and latterly Canaccord Genuity. He led mining focused research teams at both houses. Peter has covered a wide range of metals and mining companies over that time from bulk commodities, base and precious metals through to specialty steel manufacturers. A chartered accountant, Peter holds an MA in Natural Sciences from Cambridge.

Peter Mallin Jones | Research Analyst

+44 (0) 20 3597 8644 | Email

Kieron Hodgson | Research Analyst

+44 (0) 20 7418 8962| Email

Oil & Gas research always starts with the subsurface, therefore as Petroleum Geoscientists, our research and financial analysis is grounded in a solid technical understanding which helps differentiate us.

Long-standing relationships with corporate management teams provide high-level access that also enables us to keep clients informed in a timely manner on key sector and company-specific events. The Oil & Gas team ranked 1st in the 2018 - 2021 Institutional Investor Surveys.

As a jargon-intensive sector, it is vital to distil the investment cases of our coverage into as clear a message as possible. This is disseminated to a wide client base by various research products from standalone notes, to podcasts and live investment webinars to help maximise market impact.

Werner Riding joined Peel Hunt in October 2011 to start the Oil & Gas franchise and leads our sector coverage. He brings strong industry knowledge and his detailed company analysis results from a solid technical background having completed an MSc in Petroleum Geoscience from Imperial College. This has proved invaluable to both corporate and institutional clients and has resulted in Werner being ranked 1st for six years in a row in the Institutional Investor Surveys.

Sam Wahab joined Peel Hunt’s Oil & Gas team from Liberum where he covered the Energy sector. He has 17 years’ experience including roles as Head of Oil & Gas Research at Cantor Fitzgerald Europe and SP Angel. Prior to moving into equity research, he qualified as a Chartered Accountant at PwC. 

Werner Riding, Research Analyst

+44 (0) 20 7418 8855 | EMAIL

Sam Wahab, Research Analyst

+44 (0) 20 7418 8863 | EMAIL

The Real Estate team is highly experienced and respected in the industry. The team enjoys a reputation for getting behind the numbers and helping to focus on what is really driving company performance. 

With over 35 companies under coverage, the team has the widest coverage of any UK real estate team and this comprises companies of all shapes and sizes. Sectors under coverage include offices, retail, logistics, student accommodation, self-storage, healthcare and residential.

James Carswell joined Peel Hunt’s real estate research team in 2011. He studied mathematics and physics at the University of Durham where he graduated in 2009 and previously worked at Barclays.

Matthew Saperia joined Peel Hunt in 2017. Prior to joining Peel Hunt, Matthew was a partner at The Lazarus Partnership where he established their real estate research business. He has over 20 years of experience in researching UK and European public real estate companies, including roles at ABN AMRO, AEW, and Citigroup. Matthew has a Masters degree in Financial Economics from the University of St Andrews, and is a CFA charterholder. 

James Carswell, Research Analyst

+44 (0) 20 7418 8903 | EMAIL

Matthew Saperia, Research Analyst

+44 (0) 20 3597 8631 | EMAIL

The team focuses on companies engaged in the commercialisation, mass deployment and operation of technologies and business models that provide solutions to the challenges presented by global warming and climate change. 

Areas of focus include fuel cells (for stationary, mobility, rail, maritime and aerospace applications); hydrogen production, storage and distribution; wind, solar PV and geothermal renewable energy generation; wave and tidal energy; carbon capture, storage and usage technologies; energy storage technologies; decarbonised home heating and efficient building management; EV charging and hydrogen fuelling infrastructure; waste-to-energy / waste-to-value / circular economy recycling technologies; sustainable materials (e.g. non-fossil fuel replacements for plastics, concrete, combustible fuels, bio fuels, yarns for apparel manufacture); sustainable agriculture, vertical farms and forestry and water technologies (including drinking water purification technologies and industrial water remediation and reuse).

The retail team likes to travel around to get a feel for real consumer activity across the UK’s High Streets and shopping centres. In an increasingly online world, the team matches site visits with online engagement studies to highlight those companies that truly understand their customer.

John Stevenson joined Peel Hunt in 2008 having covered the General Retail sector for eight years at Charterhouse and Shore Capital. He qualified as a Chartered Accountant with KPMG before working in the retail sector at Matalan. He has an Economics degree from Hull University.

Jonathan Pritchard joined Peel Hunt in 2015 with over 20 years’ experience in research as a UK and European Retail Analyst. Prior to this, he was a Retail Analyst at Stifel for 10 years and has also worked at UBS Phillips and Drew and Morgan Stanley. Jonathan has a Philosophy, Politics and Economics degree from Oxford University.

John Stevenson, Research Analyst

+44 (0) 20 7418 8859 | EMAIL

Jonathan Pritchard, Research Analyst

+44 (0) 207 418 8815 | EMAIL

Support Services is a diverse sector offering a wide range of investment propositions and business models.

Although there are some recognisable subsectors, we highlight the importance of detailed ‘bottom-up’ company analysis. In particular, the requirement for rigorous evaluation of management, corporate strategies and financial strength. We further differentiate our insight through working with our valued Peel Hunt colleagues given Support Services companies often rely on the fortunes of a range of end markets. As trained accountants, we also take particular pride in helping investors navigate often highly complex financial statements. The sector devil is often in the detail. Overall we consider that our breadth of coverage, long-term experience and conviction-led approach provide unique insight to both investors and corporates.  

Andrew Nussey joined Peel Hunt in 2008 and has over 25 years of experience in Equity Research including Head of Support Services Research at Deutsche Bank. He continues to be consistently ranked in all major investor surveys. Andrew holds an honours degree in Accounting from Aberdeen University. 

Christopher Bamberry joined Peel Hunt in 2010 and has over 26 years of equity market experience. Prior to Peel Hunt, Chris spent eight years as an Investment Director at Scottish Widows managing UK focused Small & Mid Cap funds, which gives him a deep understanding of the client perspective and their requirements. Chris also spent three years with Deutsche Bank where he was part of their Top 3 rated sector research team. He continues to be consistently ranked in all major investor surveys and his research has been recognised in the number one bestseller ‘The Signs Were There’ (2018). Chris read Law at Edinburgh University (LL.B Hons) and is a qualified Chartered Accountant (CA).

Clyde Lewis leads our coverage of the sector. He has over 32 years’ experience as an equity analyst including 25 years covering the Building sector. He headed up the building team at both Citigroup and HSBC and has been consistently highly ranked in surveys. He has an Economics degree from Bath University and joined Peel Hunt in 2013. He is also Deputy Head of Research.

Andrew Nussey, Research Analyst

+44 (0) 207 418 8835 | EMAIL

Christopher Bamberry, Research Analyst

+44 (0) 207 418 8826 | EMAIL

Clyde Lewis, Deputy Head of Research

+44 (0) 20 7418 8949 | EMAIL

The technology team is not only known for their deep understanding of UK listed technology companies, but also their broad understanding of technologies that underpin these companies.

Contrarian calls like Darktrace and Sage, to uncovering jewels like Boku and Ten Lifestyle, have helped solidify this reputation.

The team hosts some of the best attended tech and video games conferences, and regularly publishes on thematics like AI, Quantum Computing and Blockchain. The team’s views are not only sought after by the institutional buy-side, but also by both public and private company executives. The team's sub-sector expertise is broad (software, services, video games, payments, semis, etc) and it is one of the few research teams in the market that has in-house machine learning expertise. Already the team is leveraging ML to change the way sell-side research is done.

The FinTech & DX (Digital Experience) focuses on the UK FinTech sector and Digital Experience companies. The UK remains a hotbed for FinTech innovation across the different verticals of the ecosystem – payment processing, core banking, neo banks, remittance, Insurance tech, Reg tech etc.

With a reasonably well established listed public company universe and a rapidly growing list of well-funded private companies (which could come to the market in the next few years) there is significant attention from investors in this sector. Digital Experience is another area of high interest in the Tech sector. Digital spending is on the rise across different verticals which has given prominence to niche and nimble competitors to the legacy players in the IT services industry. These fast growth, high margin and cash generative companies are well positioned to drive the wave of digital spending across public and private sectors.

Prior to joining Peel Hunt in 2017, Damindu Jayaweera worked at Jefferies in the European Technology Research team for 10 years, working on IPOs like Worldpay and Softcat. Damindu also co-founded Microimage, an award winning Asian HR SaaS company and sits on the board of Antyra, a digital marketing agency. He has a Physics degree from Imperial College, London, and an MBA from ESLSCA, Paris. Damindu is well known in the institutional investor community for his deep domain expertise across Software to Semis, global perspectives and his ability to unbundle complex topics such as Quantum Computing and Neural Networks. 

James Lockyer also joined the team in 2017, having previously worked at Jefferies in the European Media & Internet Equity Research team where he did a number of IPOs including Zalando and Scout24, and prior to this, James was at Sky as a Financial Analyst. James has a Master of Philosophy in Finance from the University of Cambridge, and a Master of Mathematics from UEA and the University of California, Berkeley.

Micu Dulnoan joined the team in June 2021 from BlackRock’s Equity Index Investment Team, researching and projecting index changes for Portfolio Managers. Prior to this Micu worked in a number of roles primarily covering buy-side institutions in Account Management. Micu has a Masters in Commerce Accounting and Bachelor of Finance from the University of Adelaide. He has a unique skill-set in applying Machine Learning techniques for Data driven decision making.

Gautam Pillai joined Peel Hunt in May 2022 after spending almost 12 years at Goldman Sachs where he co-covered the European Software, IT services and Fintech sectors. He has extensive experience in UK and European IPOs including Worldline, Worldpay, Teamviewer, Nexi, Network International, Evry, SUSE and others. Gautam is a CFA charter holder and completed his MBA from NMIMS, Mumbai. He graduated in Mechanical Engineering from College of Engineering, Trivandrum (India) and started his career as a programmer in Cognizant Technology solutions. Gautam is well known to the institutional investor community across Europe & US for his domain expertise across the various Tech & Fintech verticals and in depth financial analysis.

Damindu Jayaweera, Research Analyst

+44 (0) 20 3597 8657 | EMAIL

James Lockyer, Research Analyst

+44 (0) 20 7418 8940 | EMAIL

Micu Dulnoan, Research Analyst

+44 (0) 20 7847 4703 | EMAIL

Gautam Pillai, Research Analyst

+44 (0) 20 3597 8660 | EMAIL

The team cover UK-listed leisure companies. They monitor industry and broader macro economic trends and focus on themes which are driving share prices in order to align their work with the interests of investors.

Ivor Jones joined Peel Hunt in 2016. He started covering Leisure companies in 1998 and latterly his focus has been on gambling companies while maintaining research coverage across the sector. Ivor worked at Citigroup as head of the European Leisure team for 10 years. He left Citi in 2006, and subsequently worked for Panmure Gordon, Evolution Securities and most recently Numis Securities for six years. Ivor read law at University College, London.

Douglas Jack joined Peel Hunt in January 2017. He has covered Leisure companies since 1997 with a focus on pub and restaurant companies, while maintaining coverage across other parts of the sector. Douglas read Economics at Newcastle University, and also has an ACMA and IMC.  

Ivor Jones, Research Analyst

+44 (0) 20 3597 8669 | EMAIL

Douglas Jack, Research Analyst

+44 (0) 20 7418 8832 | EMAIL