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    Alexander Jones

    Wall Street Analyst at BofA

    Alexander Jones is a Wall Street Analyst at Bank of America Securities, specializing in coverage of global equities, with a primary focus on companies such as ICL and GB:0MQ2. He has recommended five key stocks over his tenure, achieving a success rate of 50% and an average return per transaction of 2.8%, including a notable +12.9% return on a buy rating for GB:0MQ2 in 2024. Jones began his analyst career in investment banking and transitioned to equity research at BofA, where he maintains professional credentials through FINRA securities licenses. His analytical expertise has contributed to actionable investment insights and measured performance in his field.

    Alexander Jones's questions to ARHUF leadership

    Alexander Jones's questions to ARHUF leadership • Q4 2024

    Question

    Asked if the full effect of cocoa reformulation has been realized or if more outperformance is possible, whether volume optimization in Food Ingredients will continue to be a headwind, and for more details on the restructured sourcing agreements.

    Answer

    The company believes reformulation activities are ongoing due to high cocoa prices, presenting continued opportunities for outperformance. The volume optimization in Food Ingredients was a tactical decision for the quarter and should not be extrapolated as a continuing trend; the focus remains on a healthy balance of value over volume. The restructured sourcing agreements are expected to deliver long-term financial and operational benefits, but will have a one-time negative working capital impact of SEK 500-600 million in Q1 2025 due to adjustments in transportation timing and payables.

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    Alexander Jones's questions to NOVOZYMES AS/FI (NVZMY) leadership

    Alexander Jones's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q2 2023

    Question

    Alexander Jones of Bank of America asked about the key drivers for the expected second-half growth acceleration in the Food, Beverages & Human Health segment and questioned what specifically worsened in Human Health to cause a full-year guidance downgrade.

    Answer

    EVP of Consumer Biosolutions, Anders Lund, explained the H2 Food & Bev improvement is based on destocking ending, normalizing consumer demand, and easier comparables, noting that early Q3 trends support this outlook. EVP of Strategy & Business Transformation, Amy Byrick, added that for Human Health, the market weakness is turning, supply chain constraints are resolved, and innovation-driven growth is accelerating, providing confidence for H2.

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    Alexander Jones's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q1 2023

    Question

    Alexander Jones of Bank of America asked for quantification of the positive impact from order timing in Q1 and for more details on the byproduct value capture opportunities driving growth in the Bioenergy segment.

    Answer

    CEO Ester Baiget acknowledged that the stronger-than-expected 5% growth was partly due to order timing at the end of the quarter, especially in Bioenergy and Agriculture, but stated the full-year outlook remains unchanged. EVP, Agriculture & Industrial Biosolutions, Tina Fanø, explained that Bioenergy growth is decoupled from U.S. ethanol production through byproduct value streams like the Fiberex platform, geographical expansion, and diversification into biodiesel and biomass, with significant growth runway remaining.

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    Alexander Jones's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q1 2023

    Question

    Alexander Jones of Bank of America Merrill Lynch asked for quantification of the positive impact from order timing in Q1 and inquired about growth trends seen in April. He also requested more detail on byproduct value capture opportunities in the Bioenergy segment.

    Answer

    President & CEO Ester Baiget acknowledged a strong start to the year partially due to order timing, especially in Bioenergy and Animal Nutrition, but did not quantify the impact, stating the full-year outlook remains unchanged. EVP, Agriculture & Industrial Biosolutions Tina Fanoe elaborated on Bioenergy, explaining that innovations like the Fiberex platform help capture value from byproducts, decoupling the business from pure ethanol production, and that significant growth runway remains.

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    Alexander Jones's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q4 2022

    Question

    Alexander Jones inquired about the visibility of the 2023 Bioenergy outlook, given its significant 25% outperformance in 2022, and questioned the drivers behind the reduced earnout for Microbiome Labs (MBL) and its long-term implications for the Human Health business.

    Answer

    EVP Tina Sejersgard Fano attributed the 2022 Bioenergy strength to innovation and diversification across geographies and outputs, noting the 2023 outlook assumes a flat US ethanol market. Regarding MBL, CFO Lars Green and EVP Amy Byrick explained the earnout adjustment was due to ambitious targets not being fully met, though the underlying business performance remains strong and within the original business case, with double-digit growth expected in 2023.

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    Alexander Jones's questions to ICL Group (ICL) leadership

    Alexander Jones's questions to ICL Group (ICL) leadership • Q1 2023

    Question

    Alexander Jones of Bank of America questioned ICL's confidence in its $1.1 billion specialties EBITDA guidance, noting the Q1 run-rate appears low. He also requested an update on the potential share buyback program discussed in the previous quarter.

    Answer

    President and CEO Raviv Zoller explained that the guidance assumes a softer first half and a stronger second half for the Industrial Products and Growing Solutions divisions, consistent with their 2023 plan. CFO Aviram Lahav added that the impact of high-cost inventory, which affected Q1 results, is expected to diminish as the year progresses, boosting EBITDA. Regarding capital allocation, Mr. Zoller stated that while the board considered additional shareholder returns, significant and expanding opportunities in the cathode materials business now require a re-evaluation of capital needs for accelerated growth. The priority is funding this long-term value creation, with a final decision on capital allocation to be made once future investment requirements are clearer.

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    Alexander Jones's questions to ICL Group (ICL) leadership • Q4 2022

    Question

    Alexander Jones from Bank of America asked about ICL's plans for shareholder distributions, such as dividends or buybacks, given the low net debt to EBITDA ratio. He also inquired about the 30% volume decline in Industrial Products and whether it was a strategic curtailment to support prices.

    Answer

    President and CEO Raviv Zoller explained the Industrial Products volume decline was due to normal seasonality against an extraordinarily strong Q4 2021, emphasizing a 'value over volume' strategy rather than market curtailment. He anticipates 2023 performance for the segment to be similar to 2021. Regarding capital allocation, Zoller confirmed the board is debating a share buyback and will announce a decision by the Q1 results. CFO Aviram Lahav added that their current 50% payout is already at the high end of peers.

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    Alexander Jones's questions to ICL Group (ICL) leadership • Q2 2022

    Question

    Alexander Jones of Bank of America asked about the sustainability of the high EBITDA growth in the Innovative Ag Solutions segment, excluding M&A. He also sought clarification on whether comments about the Industrial Products segment implied a significant pricing deceleration.

    Answer

    CEO Raviv Zoller responded that while tripling margins annually is not sustainable, the Innovative Ag Solutions business is benefiting from economies of scale, operational improvements, and market tailwinds, with a long-term margin target of 15%. He clarified that his earlier comment on Industrial Products revenue referred to an expected sequential decline from Q2 to Q3, not a year-over-year drop or a major pricing deceleration.

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