Grace Gilberg

Andy Wade joined Jefferies in 2019 to cover the SMID General Retail sector and has since expanded that remit to include a broader range of Consumer stocks, including food manufacturers. He has 15 years of experience with SMID companies and was joined in 2021 by Grace Gilberg, who has taken on coverage of home-related names including Kingfisher, Dunelm, and Wickes.

What We Are Known For

• A broad and consistent coverage of the more niche SMID Retail names, including the likes of Greggs, Games Workshop, Moonpig, DFS, Wickes, and Pets at Home, as well the SMID Food Producers – Premier Foods, Cranswick, and Greencore.
• Strong industry knowledge and relationships across the mid-cap space, backed by longstanding experience and deep-dive analysis.
• The use of Primary data for pricing and brand insights, as well as our flagship bi-weekly data product – ‘Real-Time Retail Round-up’. Other examples include our weekly JEF Price Tracker and Monthly UK Retail Sales Review. We have also hosted a series of Expert calls, including in the Vet space (relevant to Pets at Home).
• A more cautious sector stance, but there are compelling opportunities. A recent focal point for the UK Retail/Consumer sector was the recent Budget announcement – our take is that, while the key measures will exert incremental pressure on household disposable incomes, particularly those with higher incomes and assets, many of the measures are long-dated and we anticipate relatively little near-term direct impact on consumers. Although the ongoing convergence of CPI and wage inflation, alongside a savings ratio that remains stubbornly elevated, sees us lean toward a more cautious sector stance, we continue to see compelling opportunities to invest in the space.