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Andrew Rosivach

Managing Director and Senior Research Analyst at Wolfe Research

Scottsdale, AZ, US

Andrew Rosivach is a Managing Director and Senior Research Analyst at Wolfe Research, specializing in real estate investment trusts (REITs) with coverage of companies such as STORE Capital and Jones Lang LaSalle. He has issued over 150 ratings and maintains a coverage focus across real estate, financials, and select consumer discretionary stocks, with a published analyst success rate of roughly 36% and an average return of -6.8%. Rosivach joined Wolfe Research in 2021 after serving as Executive Vice President and Chief Credit Officer at STORE Capital and previously was a Managing Director at Goldman Sachs, following additional REIT research roles at Credit Suisse, Piper Jaffray, and PaineWebber. He holds the Chartered Financial Analyst (CFA) designation and is affiliated with Wolfe Research Securities, a FINRA regulated broker-dealer.

Andrew Rosivach's questions to Nutrien (NTR) leadership

Question · Q4 2024

Andrew Rosivach, on for Chris Parkinson, asked about the current M&A environment, Nutrien's appetite for smaller global tuck-ins, and how these opportunities are weighed against share buybacks and dividends.

Answer

CEO Kenneth Seitz reiterated the commitment to a stable and growing dividend. CFO Mark Thompson detailed the capital allocation stack, emphasizing the focus on growing cash from operations. For 2025, after ~$2.1B in capital expenditures and ~$1B in dividends, any additional free cash flow will be allocated to two main areas: retail bolt-on acquisitions (primarily in the U.S. and Australia) and share repurchases. Thompson noted that share repurchases are currently an attractive use of capital and will continue to be a meaningful part of their framework.

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