Sign in

    Andrew Wong • RBC Capital Markets

    Andrew Wong's questions to Mosaic Co (MOS) leadership

    Andrew Wong's questions to Mosaic Co (MOS) leadership •

    Question

    Andrew Wong of RBC Capital Markets asked about measures taken to harden assets against hurricane season and whether the recent, extensive work on gypsum handling systems was a newly discovered issue or previously known.

    Answer

    Bruce Bodine, CEO, President & Director, detailed hurricane preparations, including hardening motor control centers and improving building wind resistance. He explained that the gypsum handling system issue at New Wales was a 'discoverable' that only became a bottleneck when attempting to push production to full rates for the first time in years. He assured that all major planned maintenance for asset health is now complete.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Mosaic Co (MOS) leadership • Q1 2025

    Question

    Andrew Wong asked how Mosaic's improving phosphate production would impact market supply-demand balances and pricing over the next 6 to 12 months.

    Answer

    President and CEO Bruce Bodine stated that even with Mosaic's increased output, the global phosphate market remains supply-constrained. EVP, Commercial Jenny Wang added that strong, pent-up demand from India is expected to absorb any incremental production, and robust demand in Brazil will offset any potential softness in North America.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Mosaic Co (MOS) leadership • Q4 2024

    Question

    Andrew Wong inquired about potential future asset monetizations beyond the Ma'aden and Patos de Minas deals, specifically mentioning the Carlsbad mine, and asked if the Ma'aden investment could be monetized before the lockup period expires.

    Answer

    President and CEO Bruce Bodine confirmed that all assets are under review for returns and that the company is optimistic about news regarding the Carlsbad mine. Luciano Pires, EVP and CFO, added that while there are ways to monetize the Ma'aden shares before the lockup, liquidity constraints would likely limit the size of any such transaction.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Mosaic Co (MOS) leadership • Q3 2024

    Question

    Andrew Wong sought clarification on the 7.8 to 8.2 million-ton phosphate production run rate, asking if it represents an annualized rate without turnarounds and what a realistic total annual production would be. He also asked about demand assumptions for 2025 based on pricing.

    Answer

    President and CEO Bruce Bodine clarified that the 7.8 to 8.2 million-ton range is an expected annualized production number that already accounts for historically normal turnarounds and weather disruptions. He stated that an 8 million-ton figure is a reasonable average realized number. Regarding demand, Jenny Wang, EVP of Commercial, suggested that 2025 demand growth is more dependent on supply availability than on price reductions, as the market remains supply-constrained.

    Ask Fintool Equity Research AI

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

    Andrew Wong's questions to CF Industries Holdings Inc (CF) leadership • Q2 2025

    Question

    Andrew Wong of RBC Capital Markets asked about the potential impact of a Russia-Ukraine truce on gas prices and the nitrogen market, and how Europe's Carbon Border Adjustment Mechanism (CBAM) will affect the market.

    Answer

    EVP & COO Christopher Bohn and EVP Bert Frost opined that a truce is unlikely to quickly restore Russian gas flows to Europe, and European curtailments will likely continue. Regarding CBAM, they see it as a significant opportunity, creating a 'carbon arbitrage' for CF's low-carbon ammonia, which will command a premium and have a cost advantage in the European market.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to CF Industries Holdings Inc (CF) leadership • Q1 2025

    Question

    Andrew Wong from RBC Capital Markets asked about the potential impact of EU tariffs on Russian UAN trade flows and how CF Industries is approaching pricing conversations for clean ammonia.

    Answer

    EVP Bert Frost stated that while EU tariffs on Russian products are being discussed, he expects Russian UAN flows to the U.S. to remain at current levels. For clean ammonia, he explained that they are establishing a clear value proposition with customers and intend to have a separate line item for the low-carbon premium, with demand expected to build over time.

    Ask Fintool Equity Research AI

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

    Question

    Andrew Wong asked how the Blue Point project compares to share buybacks for increasing nitrogen-per-share and questioned its return profile given the significant increase in capital expenditure.

    Answer

    CEO W. Will defended the project as part of a proven 'winning formula' of investing in the core business at high returns while using excess cash for buybacks. EVP & COO Christopher Bohn added that the project's new ATR technology offers higher production and 50% more carbon capture credits, justifying the cost, while EVP Bert Frost noted a potential market premium for low-carbon products.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to CF Industries Holdings Inc (CF) leadership • Q3 2024

    Question

    Andrew Wong of RBC Capital Markets inquired about the future of Europe as the marginal cost producer, considering capacity shutdowns and the CBAM, and how the global cost curve might evolve in the coming years.

    Answer

    EVP & COO Christopher Bohn projected that Europe's import needs will grow due to high energy costs, and the CBAM will create a significant margin advantage for CF's low-carbon products. He explained that while the cost curve may lower, new supply is unlikely to meet growing demand, meaning some high-cost assets will need to remain online to balance the market.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Nutrien Ltd (NTR) leadership

    Andrew Wong's questions to Nutrien Ltd (NTR) leadership • Q2 2025

    Question

    Andrew Wong from RBC Capital Markets asked about current farmer sentiment amid softer commodity prices and how fertilizer affordability, particularly the divergent price movements of N, P, and K, is impacting purchasing decisions.

    Answer

    President & CEO Ken Seitz acknowledged pressure on grower margins but highlighted strong Q3 field activity. EVP & President - Global Retail Jeff Tarsi added that grower engagement remains high, with farmers investing to protect yields. EVP & Chief Commercial Officer Chris Reynolds noted that the large impending harvest will necessitate nutrient replenishment, and customers are preparing for a strong fall application season, with potash remaining the most affordable nutrient.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Nutrien Ltd (NTR) leadership • Q1 2025

    Question

    Andrew Wong requested an update on the Brazil retail business, asking if it's on track to reach breakeven and what the long-term strategy looks like for 2026 and beyond.

    Answer

    President and CEO Kenneth Seitz affirmed the Brazil turnaround is on track for a cash-neutral position in 2025, supported by a strong soybean crop and operational improvements like idling blenders and reducing headcount. Executive Jeff Tarsi added that the focus is on expense management, margin improvement, and inventory reduction, with plans to grow proprietary products. For 2026, Seitz indicated a continuation of the improvement plan while closely monitoring competition from generic crop chemicals.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Nutrien Ltd (NTR) leadership • Q4 2024

    Question

    Andrew Wong questioned the key drivers behind the recent strengthening in potash prices, asking to what extent it is driven by tariff speculation versus fundamental supply issues, and about the sustainability of current prices.

    Answer

    CEO Kenneth Seitz asserted that tariff uncertainty has had little to no impact on current pricing, attributing the strength to market fundamentals. Executive Christopher Reynolds elaborated, noting that despite record global shipments in 2024, channel inventories remain low. He pointed to strong demand and price increases in North America, healthy spot demand in Brazil, and good demand in Asia, supported by strong palm oil prices, as reasons for a constructive outlook on the potash market.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Nutrien Ltd (NTR) leadership • Q2 2024

    Question

    Andrew Wong asked whether it would be more efficient to curtail production at a higher-cost potash mine and consolidate operations to save costs, given the current 80-85% operating rate.

    Answer

    CEO Kenneth Seitz explained that maintaining the six-mine network provides critical production flexibility to meet shifting customer demand between granular and standard-grade products. He asserted that this flexibility is a significant competitive advantage in the current market with shifting trade flows and creates value for shareholders, making a mine curtailment undesirable.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Nexgen Energy Ltd (NXE) leadership

    Andrew Wong's questions to Nexgen Energy Ltd (NXE) leadership • Q2 2025

    Question

    Andrew Wong from RBC Capital Markets inquired about the company's preferred financing path, asking if a strategic partner is the most likely route, supplemented by debt or equity. He also asked for an update on the project team's composition and any recent key hires in preparation for construction.

    Answer

    CEO Leigh Curyer and CCO Travis McPherson explained that NextGen has no single preferred financing path and is keeping all options open, including project equity, debt, and prepayments, to optimize value and maintain leverage to uranium prices. Regarding the team, Curyer stated they are well-staffed and 'probably over employed' with top-tier talent to ensure immediate construction readiness post-approval, operating on a constructor-operator model.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Nexgen Energy Ltd (NXE) leadership • Q1 2025

    Question

    Andrew Wong of RBC Capital Markets questioned if upcoming offtake contracts would maintain a preference for spot-market price exposure and if utilities were agreeable to these terms. He also asked about the impact of the recent Canadian federal election on the project's approval timeline and government discussions.

    Answer

    Chief Commercial Officer Travis McPherson confirmed the strategy remains focused on maximizing exposure to future prevailing prices, a structure utilities understand and are open to. CEO Leigh Curyer added that this strategy reflects the unique technical and economic strengths of the Rook I project. Regarding the election, Curyer expressed encouragement over the new Prime Minister's comments on streamlining approvals for major projects, which could be a positive development, but noted the hearing dates are firmly set.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Nexgen Energy Ltd (NXE) leadership • Q2 2024

    Question

    Andrew Wong inquired about NexGen's long-term development strategy for the Patterson Lake area, asking if shared infrastructure with nearby projects makes sense, and questioned if the company's uranium marketing strategy has evolved.

    Answer

    CEO Leigh Curyer stated that while synergies exist for other deposits to use the Rook I mill, NexGen is currently focused on its Arrow and PCE discoveries. Curyer and CCO Travis MacPherson reaffirmed their strategy to sell under contracts heavily weighted to market prices at delivery, noting that a recent surge in interest from new utilities validates this approach.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Cameco Corp (CCJ) leadership

    Andrew Wong's questions to Cameco Corp (CCJ) leadership • Q2 2025

    Question

    Andrew Wong of RBC Capital Markets asked about the nuclear industry's capacity to deliver on the large new build pipeline and sought an update on uranium contracting discussions, including pricing terms.

    Answer

    Executive VP & CFO Grant Isaac expressed confidence in the industry's capacity, emphasizing that a commitment to standardization and sequencing is the key to success. On contracting, he noted that low current activity defers demand into a riskier future, increasing pricing power. He confirmed Cameco remains disciplined, seeking contracts with floors starting at $70/lb and ceilings around $130/lb, escalated.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Cameco Corp (CCJ) leadership • Q1 2025

    Question

    Andrew Wong inquired about the nuclear growth opportunity in India for Cameco and Westinghouse, particularly regarding past liability issues. He also asked if utility customers still view inventory held by physical uranium funds as a viable future source of supply.

    Answer

    CEO Tim Gitzel confirmed India's ambitious plans and stated that Cameco has maintained a strong business-to-business supply relationship since 2015. He noted Westinghouse is also actively exploring opportunities there. Regarding physical funds, CFO Grant Isaac described the idea of that inventory coming to market as 'noise.' He stated that while some utilities hope it will save them from not contracting, the volumes are 'almost irrelevant' compared to the massive long-term structural supply deficit.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Cameco Corp (CCJ) leadership • Q4 2024

    Question

    Andrew Wong of RBC Capital Markets asked for an update on the value capture framework for new AP1000 builds, whether the Westinghouse-KHNP settlement expands new build opportunities, and what major project milestones to watch. He also posed a hypothetical question about the impact of lifting Russian sanctions on the uranium market and how utility customers are factoring this long-term uncertainty into their decisions.

    Answer

    Executive VP and CFO Grant Isaac detailed the multi-stage value flow for AP1000 projects, from design to long-term servicing, highlighting significant opportunities in Poland, Bulgaria, and the U.S. He emphasized the Korean settlement turns competitors into collaborators, creating upside not priced into the acquisition. Regarding Russia, President and CEO Timothy Gitzel and Grant Isaac both assessed the likelihood of sanctions being lifted as very low, citing U.S. energy dominance goals and the difficulty of unwinding legislative prohibitions. They argued the consequence would also be low due to structural market deficits and the long-term nature of Cameco's replacement contracts.

    Ask Fintool Equity Research AI

    Andrew Wong's questions to Cameco Corp (CCJ) leadership • Q3 2024

    Question

    Andrew Wong asked for Cameco's view on the US government's stance on data center power deals and the potential for McArthur/Key Lake to produce above 20 million pounds without major new CapEx.

    Answer

    Executive VP and CFO Grant Isaac framed the government's stance as a positive, requiring hyperscalers to co-invest in new nuclear capacity. President and CEO Timothy Gitzel confirmed they are evaluating debottlenecking McArthur/Key Lake, crediting prior investments for the strong performance. Grant Isaac added that any production increase would be tied to secured long-term contracts, not for the open market.

    Ask Fintool Equity Research AI