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    Alasdair Leslie

    Senior Analyst at Bernstein

    Alasdair Leslie is a Senior Analyst at Bernstein specializing in the European Capital Goods sector, with coverage of major listed companies including Rexel and Prysmian. He has made 141 stock ratings across several high-profile European industrial stocks and achieved a success rate of approximately 42% with an average return per rating of -0.6%; his top call yielded a 65.4% return on Weir Group plc. Leslie began his career before joining Société Générale in 2012 and now leverages over 20 years of industry experience at Bernstein, where he is recognized for his deep sector knowledge and institutional research leadership. His professional credentials include extensive sector expertise and a notable history of working with leading investment firms.

    Alasdair Leslie's questions to NXPRF leadership

    Alasdair Leslie's questions to NXPRF leadership • Q1 2025

    Question

    Asked for a comparison of transportation costs from Asia versus the U.S. to Europe, clarification on full-year growth expectations for the Transmission business, and details on the drivers of the Q2 recovery in the Connect segment.

    Answer

    Shipping from Japan is slightly more expensive and longer than from the U.S., but the difference is not material for high-margin projects. The Transmission business is expected to have double-digit organic growth for the full year. The Connect segment's growth is driven by commercial, industrial, and data center markets, as the residential market remains weak in Europe and North America.

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    Alasdair Leslie's questions to NXPRF leadership • Q3 2024

    Question

    Asked for an update on divestment plans, questioned the selectivity strategy in G&T, suggesting a more diversified backlog might be better, and requested guidance on G&T growth expectations for 2024 given project delays.

    Answer

    Updates on divestments will be announced in the coming weeks. The G&T strategy remains selective, focusing on risk and guarantees, not just volume, supported by new investments in land high-voltage. The G&T growth for 2024 will be lower than the initial 60% forecast due to the GSI delay but should still be in a 'good territory' for the year.

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    Alasdair Leslie's questions to ABBNY leadership

    Alasdair Leslie's questions to ABBNY leadership • Q2 2024

    Question

    Asked about the data center business, specifically regarding changes in order duration, lead time development, and the potential pace of sales acceleration.

    Answer

    The data center order book is very strong, extending out to the end of 2026. Customers are placing orders further in advance, around one year out compared to six months previously. The company is managing its capacity well and meeting these longer-dated delivery schedules effectively, suggesting a sustained period of strong sales.

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    Alasdair Leslie's questions to ALSTOM (ALSMY) leadership

    Alasdair Leslie's questions to ALSTOM (ALSMY) leadership • Q4 2023

    Question

    Alasdair Leslie from Societe Generale asked for more detail on the volume and mix component of the margin bridge and inquired about the execution timeline for zero-margin contracts, including the residual amount expected in fiscal '26.

    Answer

    Chairman and CEO Henri Poupart-Lafarge explained that the mix is impacted by the execution of the ex-Bombardier backlog but the long-term goal is for higher-margin services, signaling, and systems to reach 50% of sales. He confirmed the residual zero-margin sales in fiscal '26 would be around €0.5 billion, becoming marginal thereafter.

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    Alasdair Leslie's questions to ALSTOM (ALSMY) leadership • Q3 2022

    Question

    Alasdair Leslie of Societe Generale asked for more detail on the order pipeline, visibility into the next fiscal year, and whether there was a risk of a demand 'air pocket' forming.

    Answer

    CFO Laurent Martinez described the pipeline as very strong for the next 12-24 months, with no signs of delays. He highlighted that stimulus packages are creating upside and mentioned large, unbooked opportunities in Cairo, Ukraine, and Norway, expressing confidence in the market's positive momentum.

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    Alasdair Leslie's questions to ALSTOM (ALSMY) leadership • Q2 2022

    Question

    Alasdair Leslie followed up on H2 free cash flow, asking if the better-than-expected H1 performance alters the H2 outlook and requested an update on sensitivity to down payments and customer settlements.

    Answer

    CEO Henri Poupart-Lafarge explained that by maintaining the H2 guidance after a strong H1, they are effectively upgrading the full-year outlook. He cautioned that supply chain tensions pose a risk to delivery schedules and cash-in. CFO Laurent Martinez confirmed that a healthy flow of down payments is expected in H2, consistent with the pattern seen in H1.

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