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Globalization, age demographics, artificial intelligence, and other evolving technologies are driving consumer demands and affecting every corner of the economy from entertainment and transportation to healthcare and education. These are going to cause fundamental shifts in the growth of world economies moving forward.
Major trends that we think will dominate the landscape in the next five to ten years are self-paced learning and unbundling the class from the educational provider.
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As we have increased our knowledge level and understanding of our genes and the role genetics play, an opportunity has opened to treat people in a more targeted and personalized way.
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"William Blair" and "R*Docs" are registered trademarks of William Blair & Company, L.L.C. As used on this site, "William Blair" refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates. For more information about William Blair, please see About William Blair. This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. Statement of Financial Condition | NMS Rule 605 & 606 | Allocation Procedures for Partial Redemptions or Calls of Securities | Business Continuity Plan UK Disclosures | Cookie Policy | Social Media Disclaimer | Privacy & Security
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Richard de Chazal, CFA, joined William Blair International, Ltd. in 2001. He is a London-based macroeconomist with two decades of experience analyzing the U.S. economy and financial markets. Prior to joining William Blair, Mr. de Chazal worked for UBS Warburg in the Global Investment Strategy Department, and PaineWebber Intl. Ltd. in the London Economics Department.
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The views and opinions expressed are those of each individual as of the date of publication, are subject to change without notice as economic and market conditions dictate, and may not reflect the views and opinions of other investment professionals within William Blair. Factual information has been obtained from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. This material may include forecasts, estimates, outlooks, projections and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented. Stock ratings and valuation methodologies: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect the expected performance of the stock relative to the broader market (generally the S&P 500, unless otherwise indicated) over the next 12 months. The assessment of expected performance is a function of near-, intermediate-, and long-term company fundamentals, industry outlook, confidence in earnings estimates, valuation (and our valuation methodology), and other factors. Outperform (O) – stock expected to outperform the broader market over the next 12 months; Market Perform (M) – stock expected to perform approximately in line with the broader market over the next 12 months; Underperform (U) – stock expected to underperform the broader market over the next 12 months; not rated (NR) – the stock is not currently rated. The valuation methodologies include (but are not limited to) price-to-earnings multiple (P/E), relative P/E (compared with the relevant market), P/E-to-growth-rate (PEG) ratio, market capitalization/revenue multiple, enterprise value/EBITDA ratio, discounted cash flow, and others. Stock ratings and valuation methodologies should not be used or relied upon as investment advice. Past performance is not necessarily a guide to future performance. The ratings and valuation methodologies reflect the opinion of the individual analyst and are subject to change at any time. Our salespeople, traders, and other professionals may provide oral or written market commentary, short-term trade ideas, or trading strategies—to our clients, prospective clients, and our trading desks—that are contrary to opinions expressed in this research report. Certain outstanding research reports may contain discussions or investment opinions relating to securities, financial instruments and/or issuers that are no longer current. Always refer to the most recent report on a company or issuer. Our asset management and trading desks may make investment decisions that are inconsistent with recommendations or views expressed in this report. We will from time to time have long or short positions in, act as principal in, and buy or sell the securities referred to in this report. Our research is disseminated primarily electronically, and in some instances in printed form. Research is simultaneously available to all clients. This research report is for our clients only. No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of William Blair & Company, L.L.C. This is not in any sense an offer or solicitation for the purchase or sale of a security or financial instrument. The factual statements herein have been take from sources we believe to be reliable, but such statements are made without any representation as to accuracy or completeness or otherwise, except with respect to any disclosures relative to William Blair or its research analysts. Opinions expressed are our own unless otherwise stated and are subject to change without notice. Prices shown are approximate. This material is distributed in the United Kingdom and the European Economic Area (EEA) by William Blair International, Ltd., authorized and regulated by the Financial Conduct Authority (FCA). William Blair International, Limited is a limited liability company registered in England and Wales with company number 03619027. This material is only directed and issued to persons regarded as Professional investors or equivalent in their home jurisdiction, or persons falling within articles 19 (5), 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not “relevant persons.”
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The evolving expectations of consumers is at the heart of innovation. Consumers are increasingly spending more on experiences and less on hard goods. Our experts share their views in these videos below.
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In developed and emerging markets, consumers shift their spending to higher need categories.
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Parents and students challenged by the time and financial investment to earn a degree gives rise to more self-paced learning.
Eatertainment is the blending of dining and entertainment to appeal to a wide swath of customers who want to have a fun, engaging experience while eating. Within the restaurant industry, eatertainment is the fastest-growing category in dining.
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Technology is having an impact within the entire educational eco-system, from pre-K to corporate training. Institutions have better access to information that is allowing them to understand how individuals learn, changing the dynamics at every age group.
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The views and opinions expressed are those of each individual as of the date of publication, are subject to change without notice as economic and market conditions dictate, and may not reflect the views and opinions of other investment professionals within William Blair. Factual information has been obtained from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. This material may include forecasts, estimates, outlooks, projections and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented. Stock ratings and valuation methodologies: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect the expected performance of the stock relative to the broader market (generally the S&P 500, unless otherwise indicated) over the next 12 months. The assessment of expected performance is a function of near-, intermediate-, and long-term company fundamentals, industry outlook, confidence in earnings estimates, valuation (and our valuation methodology), and other factors. Outperform (O) – stock expected to outperform the broader market over the next 12 months; Market Perform (M) – stock expected to perform approximately in line with the broader market over the next 12 months; Underperform (U) – stock expected to underperform the broader market over the next 12 months; not rated (NR) – the stock is not currently rated. The valuation methodologies include (but are not limited to) price-to-earnings multiple (P/E), relative P/E (compared with the relevant market), P/E-to-growth-rate (PEG) ratio, market capitalization/revenue multiple, enterprise value/EBITDA ratio, discounted cash flow, and others. Stock ratings and valuation methodologies should not be used or relied upon as investment advice. Past performance is not necessarily a guide to future performance. The ratings and valuation methodologies reflect the opinion of the individual analyst and are subject to change at any time. Our salespeople, traders, and other professionals may provide oral or written market commentary, short-term trade ideas, or trading strategies—to our clients, prospective clients, and our trading desks—that are contrary to opinions expressed in this research report. Certain outstanding research reports may contain discussions or investment opinions relating to securities, financial instruments and/or issuers that are no longer current. Always refer to the most recent report on a company or issuer. Our asset management and trading desks may make investment decisions that are inconsistent with recommendations or views expressed in this report. We will from time to time have long or short positions in, act as principal in, and buy or sell the securities referred to in this report. Our research is disseminated primarily electronically, and in some instances in printed form. Research is simultaneously available to all clients. This research report is for our clients only. No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of William Blair & Company, L.L.C. This is not in any sense an offer or solicitation for the purchase or sale of a security or financial instrument. The factual statements herein have been take from sources we believe to be reliable, but such statements are made without any representation as to accuracy or completeness or otherwise, except with respect to any disclosures relative to William Blair or its research analysts. Opinions expressed are our own unless otherwise stated and are subject to change without notice. Prices shown are approximate. This material is distributed in the United Kingdom and the European Economic Area (EEA) by William Blair International, Ltd., authorized and regulated by the Financial Conduct Authority (FCA). William Blair International, Limited is a limited liability company registered in England and Wales with company number 03619027. This material is only directed and issued to persons regarded as Professional investors or equivalent in their home jurisdiction, or persons falling within articles 19 (5), 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not “relevant persons.”
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"William Blair" and "R*Docs" are registered trademarks of William Blair & Company, L.L.C. As used on this site, "William Blair" refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates. For more information about William Blair, please see About William Blair. This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. Statement of Financial Condition | NMS Rule 605 & 606 | Allocation Procedures for Partial Redemptions or Calls of Securities | Business Continuity Plan UK Disclosures | Cookie Policy | Social Media Disclaimer | Privacy & Security
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Eatertainment: High Volumes, Low Margins
Group Head of Consumer Sector, Equity Research
Sharon Zackfia, CFA, partner, joined the equity research group of William Blair in 2000. Her focus is on restaurants, leisure, and lifestyle brands. Previously, Ms. Zackfia worked in research at Credit Suisse First Boston and with the Nasdaq Stock Market and Jennison Associates. Ms. Zackfia was named No. 1 earnings estimator in the 2015 StarMine Analyst Awards for her coverage of restaurants, was recognized by The Wall Street Journal’s Best on the Street as the No. 1 stock analyst in restaurants in 2010 and 2011 while also ranking No. 2 in 2010 in leisure goods and services, and was named the No. 1 stock picker in restaurants in both 2009 and 2010 in the Financial Times/StarMine World’s Top Analysts listing. Ms. Zackfia received a B.A. from Yale University.
Leaders in eatertainment engage customers and potential consumers via social media.
Online Learning Impacts Pre-K to Corporate Training
Kwesi Smith is a global equity research analyst. He covers large-cap consumer companies. Before joining the firm in 2015, Kwesi was an equity research analyst for TimesSquare Capital Management for 10 years. In this role, he supported the firm’s research efforts across a variety of sectors, including healthcare, technology, media/cable, defense, and consumer, before focusing on healthcare. Before that, Kwesi worked at MetLife Investments as a technology, media/cable, and telecom fixed-income research analyst and provided credit analysis across a variety of fixed-income asset classes, including high yield, private placement, leveraged finance, and investment-grade public corporates. He is on the governing board of 3Arts and Breakthrough. He is also a member of the CFA Institute and the CFA Society of Chicago. Kwesi received a B.S. from the University of Virginia’s McIntire School of Commerce.
Head of Integrated Client Services, Investment Banking
Consumers, led by millennials, are increasingly spending more of their disposable income on experiences – going to movies, restaurants, events, places — and less on hard goods. This is shifting how companies connect with their customers and the products they offer.
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Eatertainment Disrupts Restaurant Universe
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Using Social Media to Extend Reach
Brandon Dobell is a Managing Director and Head of Integrated Client Services at William Blair. Previously, Brandon spent 15 years in William Blair’s Equity Research department where he was named #1 Stock Picker and Earnings Estimator in 2017 by Thomson Reuters before transitioning to the Investment Banking group to launch the ICS group. The Firm’s ICS Group focuses on delivering a full range of services to clients with an emphasis on serving public companies. Prior to joining William Blair, Brandon was a Group Head in the Global Services Equity Research department at Credit Suisse. Brandon graduated from UC San Diego and has an MBA from the University of Southern California.
Eatertainment is the fastest-growing category in dining.
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Lauren Thompson is a research analyst on the consumer sector team with William Blair Investment Management. In this role, she focuses on U.S. midcap companies. Before joining William Blair as a research associate in September 2014, Lauren was an equity research associate at Credit Suisse, first on the small-midcap strategy team and later covering the broadline retail sector. She is a member of the CFA Institute and CFA Society of Chicago. Lauren received a B.S. in mathematics and economics from the University of Notre Dame.
As brands face more competition, data analytics help them know their customers better.
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Consumer staple penetration in emerging markets remains low.
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Consumers looking for brands that respect their ideals.
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Consumers are shifting their buying to reflect their beliefs, spending more on discretionary items and less on consumer staples. This pattern is seen in both developed and emerging markets. Companies are paying close attention to the rising demand of these buyers, with a special focus on China.
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Industry leaders falling out of favor as consumer demand shifts.
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The views and opinions expressed are those of each individual as of the date of publication, are subject to change without notice as economic and market conditions dictate, and may not reflect the views and opinions of other investment professionals within William Blair. Factual information has been obtained from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. This material may include forecasts, estimates, outlooks, projections and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented. Stock ratings and valuation methodologies: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect the expected performance of the stock relative to the broader market (generally the S&P 500, unless otherwise indicated) over the next 12 months. The assessment of expected performance is a function of near-, intermediate-, and long-term company fundamentals, industry outlook, confidence in earnings estimates, valuation (and our valuation methodology), and other factors. Outperform (O) – stock expected to outperform the broader market over the next 12 months; Market Perform (M) – stock expected to perform approximately in line with the broader market over the next 12 months; Underperform (U) – stock expected to underperform the broader market over the next 12 months; not rated (NR) – the stock is not currently rated. The valuation methodologies include (but are not limited to) price-to-earnings multiple (P/E), relative P/E (compared with the relevant market), P/E-to-growth-rate (PEG) ratio, market capitalization/revenue multiple, enterprise value/EBITDA ratio, discounted cash flow, and others. Stock ratings and valuation methodologies should not be used or relied upon as investment advice. Past performance is not necessarily a guide to future performance. The ratings and valuation methodologies reflect the opinion of the individual analyst and are subject to change at any time. Our salespeople, traders, and other professionals may provide oral or written market commentary, short-term trade ideas, or trading strategies—to our clients, prospective clients, and our trading desks—that are contrary to opinions expressed in this research report. Certain outstanding research reports may contain discussions or investment opinions relating to securities, financial instruments and/or issuers that are no longer current. Always refer to the most recent report on a company or issuer. Our asset management and trading desks may make investment decisions that are inconsistent with recommendations or views expressed in this report. We will from time to time have long or short positions in, act as principal in, and buy or sell the securities referred to in this report. Our research is disseminated primarily electronically, and in some instances in printed form. Research is simultaneously available to all clients. This research report is for our clients only. No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of William Blair & Company, L.L.C. This is not in any sense an offer or solicitation for the purchase or sale of a security or financial instrument. The factual statements herein have been take from sources we believe to be reliable, but such statements are made without any representation as to accuracy or completeness or otherwise, except with respect to any disclosures relative to William Blair or its research analysts. Opinions expressed are our own unless otherwise stated and are subject to change without notice. Prices shown are approximate. This material is distributed in the United Kingdom and the European Economic Area (EEA) by William Blair International, Ltd., authorized and regulated by the Financial Conduct Authority (FCA). William Blair International, Limited is a limited liability company registered in England and Wales with company number 03619027. This material is only directed and issued to persons regarded as Professional investors or equivalent in their home jurisdiction, or persons falling within articles 19 (5), 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not “relevant persons.”
These hotspots control the deeplinking feature
Tommy Sternberg, CFA
Personalized medicine customizes the treatment for each patient using genetic information and gene therapies. It’s seen as the wave of the future for the drug industry, moving away from a one-size-fits-all approach to medicine to treating people in a more targeted and personalized way.
Steven Tole
"William Blair" and "R*Docs" are registered trademarks of William Blair & Company, L.L.C. As used on this site, "William Blair" refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates. For more information about William Blair, please see About William Blair. This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. Statement of Financial Condition | NMS Rule 605 & 606 | Allocation Procedures for Partial Redemptions or Calls of Securities | Business Continuity Plan UK Disclosures | Cookie Policy | Social Media Disclaimer | Privacy & Security
Patient engagement and related technologies have been among the hottest investment areas in all of healthcare information technology (HCIT) as patients want to be treated more like consumers. If current healthcare providers miss the opportunity to engage patients, non-traditional players like Apple, Google, Amazon, and Walmart will be there to capture the market.
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Healthcare requires a combination of technology and services.
Investment in technology that addresses cost is becoming increasingly acute.
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Understanding genetics results in targeted treatments and better patient outcomes.
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CAR-T and other advanced technologies transform healthcare.
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These hotspots control the deeplinking feature
The views and opinions expressed are those of each individual as of the date of publication, are subject to change without notice as economic and market conditions dictate, and may not reflect the views and opinions of other investment professionals within William Blair. Factual information has been obtained from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. This material may include forecasts, estimates, outlooks, projections and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented. Stock ratings and valuation methodologies: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect the expected performance of the stock relative to the broader market (generally the S&P 500, unless otherwise indicated) over the next 12 months. The assessment of expected performance is a function of near-, intermediate-, and long-term company fundamentals, industry outlook, confidence in earnings estimates, valuation (and our valuation methodology), and other factors. Outperform (O) – stock expected to outperform the broader market over the next 12 months; Market Perform (M) – stock expected to perform approximately in line with the broader market over the next 12 months; Underperform (U) – stock expected to underperform the broader market over the next 12 months; not rated (NR) – the stock is not currently rated. The valuation methodologies include (but are not limited to) price-to-earnings multiple (P/E), relative P/E (compared with the relevant market), P/E-to-growth-rate (PEG) ratio, market capitalization/revenue multiple, enterprise value/EBITDA ratio, discounted cash flow, and others. Stock ratings and valuation methodologies should not be used or relied upon as investment advice. Past performance is not necessarily a guide to future performance. The ratings and valuation methodologies reflect the opinion of the individual analyst and are subject to change at any time. Our salespeople, traders, and other professionals may provide oral or written market commentary, short-term trade ideas, or trading strategies—to our clients, prospective clients, and our trading desks—that are contrary to opinions expressed in this research report. Certain outstanding research reports may contain discussions or investment opinions relating to securities, financial instruments and/or issuers that are no longer current. Always refer to the most recent report on a company or issuer. Our asset management and trading desks may make investment decisions that are inconsistent with recommendations or views expressed in this report. We will from time to time have long or short positions in, act as principal in, and buy or sell the securities referred to in this report. Our research is disseminated primarily electronically, and in some instances in printed form. Research is simultaneously available to all clients. This research report is for our clients only. No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of William Blair & Company, L.L.C. This is not in any sense an offer or solicitation for the purchase or sale of a security or financial instrument. The factual statements herein have been take from sources we believe to be reliable, but such statements are made without any representation as to accuracy or completeness or otherwise, except with respect to any disclosures relative to William Blair or its research analysts. Opinions expressed are our own unless otherwise stated and are subject to change without notice. Prices shown are approximate. This material is distributed in the United Kingdom and the European Economic Area (EEA) by William Blair International, Ltd., authorized and regulated by the Financial Conduct Authority (FCA). William Blair International, Limited is a limited liability company registered in England and Wales with company number 03619027. This material is only directed and issued to persons regarded as Professional investors or equivalent in their home jurisdiction, or persons falling within articles 19 (5), 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not “relevant persons.”
Copyright © 2019 William Blair & Company, L.L.C.
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"William Blair" and "R*Docs" are registered trademarks of William Blair & Company, L.L.C. As used on this site, "William Blair" refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates. For more information about William Blair, please see About William Blair. This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. Statement of Financial Condition | NMS Rule 605 & 606 | Allocation Procedures for Partial Redemptions or Calls of Securities | Business Continuity Plan UK Disclosures | Cookie Policy | Social Media Disclaimer | Privacy & Security
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Internet healthcare consultation has tremendous growth prospects.
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Healthcare providers shift attention to the single largest population cohort in the U.S.
Consumer-centric companies see an enormous opportunity in healthcare.
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Changing the health of a population to impact the cost of care is a long-term commitment.
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Vendors struggle to drive awareness and acceptance of technology.
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Technology enables convenience and consumer-centric solutions in healthcare.
New Technology to Expand Care, Cut Costs
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Patients Slow to Engage Using Technology
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Managing Director, Investment Banking
Incentives Need to Engage and Satisfy Patients
Global Equity Research Analyst, Investment Management
Keeping the Human Touch in Healthcare
Investment Banking
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Consumerism: Key Investment Theme
Investors globally are looking at companies that help biomedical researchers find cures.
Ryan Daniels, CFA, partner, joined William Blair in 2002 and focuses on healthcare technology and healthcare services. Previously, he worked with Deloitte Consulting’s M&A Advisory Services Group. Mr. Daniels holds a B.A. in economics from Northwestern University and earned an MBA from the Kellogg School of Management.
The opportunity is to create a brand and capture a long-term revenue stream.
Patient engagement, personalized medicine, and CAR-T therapies are driving the healthcare space, raising questions of how to serve patients and address the skyrocketing cost of managing our health. Our experts share their views in the videos below.
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Consumers demand healthcare tech solutions similar to other industries.
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It is the early innings of healthcare consumerism and the shift toward value-based care.
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Steve Tole joined William Blair in 2011 and focuses on healthcare. Previously he worked at Great Lakes Scrip Center and National City Bank. Mr. Tole holds a B. A. from Michigan State University and an MBA from the University of Chicago. He serves on the Board of Directors of the Michigan State Financial Markets Institute.
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Healthcare Technology and Services Analyst, Equity Research
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As healthcare shifts towards value-based care, providers are getting smarter about how to engage patients through technology as well as how to track and measure outcomes. The most successful vendors are those that provide patients some technology solutions but with a high degree of human touch.
These hotspots control the deeplinking feature
Tommy Sternberg is a global equity research analyst. He covers large-cap healthcare companies. Previously, he was a research associate focused on the healthcare industry. Before joining William Blair in 2004, Tommy spent two years as an equity analyst in Oak Brook Bank’s investment management and trust department. He is a member of the CFA Institute and the CFA Society of Chicago. Tommy received a B.S. in economics from Duke University and an M.B.A. from the University of Chicago’s Booth School of Business.
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The commercial real estate sector has embraced the latest tech to design, develop, and construct buildings, which is saving time and money. Meanwhile the residential sector, traditionally slower to adopt technology, is now changing as home buyers have expectations of shorter closing times and overnight mortgages.
The industrial tech M&A market is one of the hottest in the overall industrial space.
These hotspots control the deeplinking feature
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The views and opinions expressed are those of each individual as of the date of publication, are subject to change without notice as economic and market conditions dictate, and may not reflect the views and opinions of other investment professionals within William Blair. Factual information has been obtained from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. This material may include forecasts, estimates, outlooks, projections and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented. Stock ratings and valuation methodologies: William Blair & Company, L.L.C. uses a three-point system to rate stocks. Individual ratings reflect the expected performance of the stock relative to the broader market (generally the S&P 500, unless otherwise indicated) over the next 12 months. The assessment of expected performance is a function of near-, intermediate-, and long-term company fundamentals, industry outlook, confidence in earnings estimates, valuation (and our valuation methodology), and other factors. Outperform (O) – stock expected to outperform the broader market over the next 12 months; Market Perform (M) – stock expected to perform approximately in line with the broader market over the next 12 months; Underperform (U) – stock expected to underperform the broader market over the next 12 months; not rated (NR) – the stock is not currently rated. The valuation methodologies include (but are not limited to) price-to-earnings multiple (P/E), relative P/E (compared with the relevant market), P/E-to-growth-rate (PEG) ratio, market capitalization/revenue multiple, enterprise value/EBITDA ratio, discounted cash flow, and others. Stock ratings and valuation methodologies should not be used or relied upon as investment advice. Past performance is not necessarily a guide to future performance. The ratings and valuation methodologies reflect the opinion of the individual analyst and are subject to change at any time. Our salespeople, traders, and other professionals may provide oral or written market commentary, short-term trade ideas, or trading strategies—to our clients, prospective clients, and our trading desks—that are contrary to opinions expressed in this research report. Certain outstanding research reports may contain discussions or investment opinions relating to securities, financial instruments and/or issuers that are no longer current. Always refer to the most recent report on a company or issuer. Our asset management and trading desks may make investment decisions that are inconsistent with recommendations or views expressed in this report. We will from time to time have long or short positions in, act as principal in, and buy or sell the securities referred to in this report. Our research is disseminated primarily electronically, and in some instances in printed form. Research is simultaneously available to all clients. This research report is for our clients only. No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of William Blair & Company, L.L.C. This is not in any sense an offer or solicitation for the purchase or sale of a security or financial instrument. The factual statements herein have been take from sources we believe to be reliable, but such statements are made without any representation as to accuracy or completeness or otherwise, except with respect to any disclosures relative to William Blair or its research analysts. Opinions expressed are our own unless otherwise stated and are subject to change without notice. Prices shown are approximate. This material is distributed in the United Kingdom and the European Economic Area (EEA) by William Blair International, Ltd., authorized and regulated by the Financial Conduct Authority (FCA). William Blair International, Limited is a limited liability company registered in England and Wales with company number 03619027. This material is only directed and issued to persons regarded as Professional investors or equivalent in their home jurisdiction, or persons falling within articles 19 (5), 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not “relevant persons.”
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Brandon Dobell is a Managing Director and Head of Integrated Client Services at William Blair. Previously, Brandon spent 15 years in William Blair’s Equity Research department where he was named #1 Stock Picker and Earnings Estimator in 2017 by Thomson Reuters before transitioning to the Investment Banking group to launch the ICS group. The Firm’s ICS Group focuses on delivering a full range of services to clients with an emphasis on serving public companies. Prior to joining William Blair, Brandon was a Group Head in the Global Services Equity Research department at Credit Suisse. Brandon graduated from UC San Diego and has an MBA from the University of Southern California.
Head of Integrated Client Services, Investment Banking
The industrial tech market is experiencing sweeping changes in how it delivers services to clients. Smarter hardware coupled with software solutions and new business models are driving the change and fueling M&A activity.
The convergence of smarter hardware, software, and automation is disrupting business processes. Early adopters lead in finding solutions for customers and earn performance value. Our experts share their views in the videos below.
The combination of multiple tech applications will create a friction-free environment for buyers and sellers.
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Brandon Dobell is a Managing Director and Head of Integrated Client Services at William Blair. Previously, Brandon spent 15 years in William Blair’s Equity Research department where he was named #1 Stock Picker and Earnings Estimator in 2017 by Thomson Reuters before transitioning to the Investment Banking group to launch the ICS group. The Firm’s ICS Group focuses on delivering a full range of services to clients with an emphasis on serving public companies. Prior to joining William Blair, Brandon was a Group Head in the Global Services Equity Research department at Credit Suisse. Brandon graduated from UC San Diego and has an MBA from the University of Southern California.
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"William Blair" and "R*Docs" are registered trademarks of William Blair & Company, L.L.C. As used on this site, "William Blair" refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates. For more information about William Blair, please see About William Blair. This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. Statement of Financial Condition | NMS Rule 605 & 606 | Allocation Procedures for Partial Redemptions or Calls of Securities | Business Continuity Plan UK Disclosures | Cookie Policy | Social Media Disclaimer | Privacy & Security
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