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 and has been awarded sector leading analyst (Institutional Investor (Extel) Survey), leading UK mid-cap analyst (Institutional Investor (Extel) Survey), Europe’s Best Support Services analyst (Wall Street Journal) and top stock picker (Starmine). 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).
Henry Carver joined Peel Hunt in 2008, having previously worked as an analyst at Panmure Gordon. He now principally covers Electronics, Electrical Equipment, Industrial Engineers and Distributors. Henry holds a degree in Modern Languages from Bristol University.
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. Clyde has ranked in the top 3 analysts in the sector in the last seven Institutional Investor (Extel) Surveys, where he ranked 1st in 2021. He has an Economics degree from Bath University and joined Peel Hunt in 2013. He is also Deputy Head of Research.
Latest sector note
Newsflow highlighted continued sector resilience to macroeconomic headwinds and M&A opportunities. Our conversations with management teams remain relatively upbeat, though ever mindful of the uncertainties. Estimates remain well based, but we acknowledge forward margin visibility remains somewhat limited.