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Aleksey V. Yefremov

Managing Director and Senior Chemicals Equity Research Analyst at Keybanc Capital Markets,inc /oh/

Aleksey V. Yefremov is a Managing Director and Senior Chemicals Equity Research Analyst at KeyBanc Capital Markets Inc., where he specializes in chemicals sector coverage for major companies such as Celanese and Element Solutions. He has issued over 700 price targets and ratings across 20 stocks, maintaining a price target met ratio of 58% and an average potential upside of over 26%, with standout recommendations such as a rapid profitable call on Spotify. Yefremov joined KeyBanc in December 2019 after five years covering chemicals at Nomura Securities and earlier analyst roles at BofA/Merrill Lynch; his career began as an Analysis Specialist at Accenture. He holds an MBA from Kellogg School of Management, a master's degree in finance from St. Petersburg University of Economics and Finance, and the Series 7, 63, 86, and 87 securities licenses, with FINRA registration.

Aleksey V. Yefremov's questions to RPM INTERNATIONAL INC/DE/ (RPM) leadership

Question · Q1 2026

Aleksey V. Yefremov questioned RPM's growth algorithms, asking if the current year's guidance (single-digit sales, high single-digit EBIT) reflects a normal year or temporary challenges, and if higher incremental margins are expected in a more typical growth environment, also inquiring about Consumer pricing intentions.

Answer

Frank Sullivan, Chairman and CEO, stated that the current year is not normal due to tariff uncertainty, raw material costs, stalled capital investment, and SG&A inflation. He believes that in a normal environment, 7% revenue growth should yield mid-teens earnings growth, and RPM's strategy is to outperform when markets improve. He confirmed that price increases enacted at the end of Q1 will benefit the Consumer Group in Q2.

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