Consumer >> Sector Roundtables >> May 25, 1998

Roundtable Forum: Beverage Industry

MICHAEL J. BRANCA is a Managing Director at Lehman Brothers Global Equity Research and Investment Bank in New York. He is the Senior Analyst on Lehman Brothers United States Consumer Franchise research team, which covers the Beverages, Food, Household Products, Restaurant and Tobacco business sectors. As the Lehman Brothers Beverage analyst, he has consistently been very highly ranked by the prestigious Institutional Investor All-American Research Team poll and ranked by the annual Greenwich Associates Institutional Research Services Poll in every year since 1991. Mr. Branca has also consistently been highly ranked in the Reuters Global Investment Research Survey and frequently been named to The Wall Street Journal Analyst Poll (for both stock picking and estimate accuracy) since the inception of both surveys in the mid-1990s. Mr. Branca has actively served as a guest speaker at various beverage and consumer product company meetings as well as industry conferences and trade meetings. He is also quoted extensively in the general press and in the trade and business press. As a Senior Securities Analyst, he was previously associated with NatWest Securities, Mabon Nugent Securities and Value Line. Mr. Branca is a member of the Consumer Analyst Group of New York. He is a graduate of Bucknell University and served as a Captain with the U.S. Army Corps of Engineers as an International Liaison Officer. Profile
EMANUEL GOLDMAN is a Global Coordinator for Beverage and Tobacco Research with Merrill Lynch. Previously, he was associated with PaineWebber, Inc., Montgomery Securities, and Sanford C. Bernstein & Company. A member of the NYSSA, Mr. Goldman earned both his Bachelor's degree and a Master's degree from the University of California at Berkley. He also holds an M.B.A. from Fairleigh Dickinson University. Mr. Goldman is married and has three children. Profile
CAROLINE LEVY is a Research Analyst/Beverages at Schroder & Company, Inc. She was previously associated with Lehman Brothers. She earned her Bachelor of Commerce degree from the University of Cape Town. Mr. Levy is married, has one child, and includes reading, entertaining and travel among her personal interests. Profile
ANDREW CONWAY is a Principal of Morgan Stanley Dean Witter. He was previously associated with Coca-Cola and Salomon Brothers. He earned his Bachelor's degree in finance from Lehigh University and his M.B.A. from the Emory Business School. Mr. Conway is married, has one child, and includes tennis, golf, reading and opera among his personal interests. Profile
TWST: I'd like to start by asking each of the panelists to comment on

the performance of the beverage stocks over the past six to 12 months.

Caroline, would you start?

Ms. Levy: To backtrack