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    Andrew Orme • Wolfe Research

    Andrew Orme's questions to CF Industries Holdings Inc (CF) leadership

    Andrew Orme's questions to CF Industries Holdings Inc (CF) leadership • Q4 2024

    Question

    Andrew Orme, on behalf of Chris Parkinson, inquired about the 2025 outlook for cash conversion, the allocation between buybacks and CapEx, and the potential for long-term offtake agreements for the Blue Point project.

    Answer

    EVP & CFO Gregory Cameron confirmed plans to complete the current $1.6 billion share repurchase authorization in 2025 and expects the high EBITDA-to-free cash flow conversion rate to continue. EVP & COO Christopher Bohn noted that potential offtakes for Blue Point depend on the final partnership equity structure, while CEO W. Will highlighted significant pent-up market demand for low-carbon ammonia.

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    Andrew Orme's questions to Crown Holdings Inc (CCK) leadership

    Andrew Orme's questions to Crown Holdings Inc (CCK) leadership • Q4 2024

    Question

    Andrew Orme of Wolfe Research, on for Christopher Parkinson, asked about the sustainability of the strong momentum in European beverage can volumes and the outlook for the Asia Pacific segment on a go-forward basis.

    Answer

    President and CEO Timothy Donahue expressed confidence in the European market, citing various packaging directives and high recycling rates that favor the aluminum can, leading to continued conversion from glass. He expects another record year of earnings in Europe for 2025. For Asia, Donahue stated that while the consumer remains weak, the business has been rightsized and is positioned for future income improvement. He anticipates the segment will be marginally up in 2025, holding onto recent gains.

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