Pierre-Emmanuel Clouard

Pierre-Emmanuel Clouard and Stephanie Dossmann joined in 2023 to lead coverage of Continental Europe and cover 30 stocks from the Nordics, Benelux, Germany, France and Spain. Stephane Afonso joined the team in October 2024 and has 4 stocks under coverage, bringing the total number of stocks covered in Continental Europe to 34. Mike Prew joined Jefferies in 2011 to lead coverage of the EMEA Real Estate sector, focusing on the UK, where he has over 30 years of sector experience. Sarim Chaudhry joined Jefferies in August 2023, previously from the industry. Sarim has 7 stocks under coverage and co-covers the rest of the UK Real Estate sector alongside Mike, with 25+ stocks under coverage.

What We Are Known For

• Since the expansion of the EMEA Real Estate research team, just two years ago, the number of stocks under coverage has increased to 59 across Europe, covering over 80% of the EPRA developed Europe index.
• Our flagship UK REITonomics takes a bi-monthly deep dive into the valuation and positioning of the UK REIT sector with REIT Week adding macro and micro analysis.
• We publish Top of the Blocks daily, summarising what you need to know in EMEA REITs. Our monthly The Yield Tracker report analyses market yield shifts in Europe across different sub sectors, and the implied equity pricing for more than 50 companies in Europe. Our quarterly reports include Thinking outside the (big) box, which tracks market trends and implications on our coverage, and the European Investment Tracker, which analyzes trends by sub-segment.
• In addition, we publish our GREAT (Global) & PRET (Euro) valuation sheets on a bi-weekly basis.
• Earnings challenges and higher cost of capital could precipitate REIT consolidation and a rerun of the early 2000s when deep discounts to book saw 43 bids and £35bn of public funding to privates.
• We analysed the ‘E’ in ESG and estimated the retrofitting costs of buildings to conform to EPC standards by 2030 and challenged patchy disclosure and estimated unbudgeted capex.
• Rewriting the Playbook: We challenged the sacred NAV cow and contributed to the RICS “Independent Review of Real Estate Valuations” which introduced stricter valuation procedures.
• Anti-Consensual We are not scared to take deep anti-consensus views where we have high conviction, even if that view may appear threatened in the short term.