Andrei Andon-Ionita

Andrei Andon-Ionita initiated coverage of Global Tobacco in July 2025, having previously worked alongside Ed on the European Beverages team. He has been a sell-side equity research analyst covering Consumer Staples since 2018. Ed Mundy is a Senior Research Analyst covering European Beverages at Jefferies, having joined Jefferies in 2016. He has 20 years industry experience across equity research and corporate finance at SABMiller.

What We Are Known For

• Beverages: deep sector expertise across categories. Our team brings depth across beer, spirits, and soft drinks, leveraging decades of experience. Led by Ed, who spent years inside the beer industry before moving to research, we understand the operational realities behind brewers, bottlers, and spirits players. This insider perspective ensures our analysis goes beyond numbers to capture strategic intent.
• Though leadership: Future of Alcohol Trilogy. The three part series included: (1) Fact vs fiction: a data-driven deep dive into 27 headwinds facing beverage alcohol whether current pressures are cyclical or structural (2) 3,600 person survey provided more insight into the underlying reasons for the current softness and how this differs across demographics and geographies. (3) Key conclusions: pressures largely cyclical however US downturn has further to fall. We cut numbers to reflect this.
• Global Tobacco Initiation featuring a proprietary Global Combustibles Model, a deep-dive on key upcoming regulation within the sector and a granular dissection of Next-Generation Products, highlighting their sustainable contribution to volume, top- and bottom-line growth in the sector. Detailed stock-focused work on British American Tobacco, highlighting its potential as a Next-Gen Products standout while trading at a discount to traditional category leader PMI.
• Publication of regular data products such as our de-premiumisation tracker, wholesaler inventory tracker, global weather reports, US Oral Nicotine Pouches tracker and global valuation tracker.
• Expert events Fireside chats with experts in their fields, including China wholesaler, Vietnam beer expert, tequila expert, leading alcohol journalist, THC beverages, alcohol free spirits, the International Alliance for Responsible Drinking and an FDA-specialist lawyer.