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    Antoine Legault

    Senior Equity Research Associate at Wedbush Securities

    Antoine Legault, CFA, is a Senior Equity Research Associate at Wedbush Securities, specializing in Consumer Retail research since July 2022, where he works closely with lead analyst Gerald Pascarelli. He covers major consumer companies within the retail and beverage sectors, contributing to coverage of firms like Celsius Holdings, Keurig Dr Pepper, Monster Beverage, PepsiCo, Coca-Cola, Boston Beer, Brown-Forman, Constellation Brands, MGP Ingredients, Molson Coors, and The Duckhorn Portfolio, supporting top-tier performance in sector research. Antoine's career began in audit and deal advisory roles at EY and KPMG, followed by equity research positions at ATB Financial from 2020 to 2022, before joining Wedbush. He holds a Chartered Financial Analyst (CFA) designation, has FINRA registration (CRD# 7611958), and advanced academic credentials, including a B.Com. from McGill University.

    Antoine Legault's questions to NCR Atleos (NATL) leadership

    Antoine Legault's questions to NCR Atleos (NATL) leadership • Q2 2025

    Question

    Antoine Legault from Wedbush Securities asked if the upcoming Windows end-of-life in October was driving any new customer demand or a refresh cycle.

    Answer

    President & CEO Tim Oliver clarified that the current hardware demand is not driven by a forced Windows upgrade. Instead, he attributed the strength to three factors: a normal 5-7 year hardware refresh cycle lapping the 2019 peak, Atleos winning a greater share of new bids, and an upgrade cycle toward more capable and expensive devices like recyclers.

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    Antoine Legault's questions to NCR Atleos (NATL) leadership • Q2 2025

    Question

    Antoine Legault questioned whether the upcoming Windows end-of-life in October is driving new customer demand or impacting the current ATM refresh cycle.

    Answer

    CEO Tim Oliver clarified that the current hardware demand is not driven by a forced Windows upgrade, unlike the 2019 migration. Instead, he attributed the strength to three factors: a normal 5-7 year hardware refresh cycle, market share gains, and an upgrade cycle toward more capable and expensive devices like recyclers, which offer new transaction types.

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    Antoine Legault's questions to DIEBOLD NIXDORF (DBD) leadership

    Antoine Legault's questions to DIEBOLD NIXDORF (DBD) leadership • Q2 2025

    Question

    Antoine Legault asked about the margin profile for ATMs in the Indian market, sought confirmation on the expected lift in retail gross margins in the second half, and inquired about the reasons for the reduced financial impact from tariffs.

    Answer

    President & CEO Octavio Marquez stated that purpose-built ATMs for India command margins similar to the rest of the APAC region and that growing the installed base there creates a strong service annuity. He confirmed expectations for sequential revenue and margin growth in retail in Q3 and Q4. On tariffs, Marquez highlighted mitigation efforts like localizing manufacturing to Ohio. EVP & CFO Thomas Timko added that the net tariff impact was reduced to a range of $5 to $10 million due to these successful mitigation strategies.

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    Antoine Legault's questions to DIEBOLD NIXDORF (DBD) leadership • Q2 2025

    Question

    Antoine Legault of Wedbush Securities asked about the margin profile of new ATMs in the Indian market, the broader opportunity in India, and sought confirmation on the expected second-half gross margin lift in the Retail segment. He also inquired about the financial impact of tariffs and the company's mitigation efforts.

    Answer

    President & CEO Octavio Marquez stated that the purpose-built ATMs for India command margins similar to the rest of the APAC region and help grow the installed base for future service revenue. He confirmed that retail margins and revenue are expected to grow sequentially in Q3 and Q4. EVP & CFO Thomas Timko added that the estimated tariff impact is now down to a $5-10 million range from an initial $20 million estimate, thanks to mitigation efforts like localizing manufacturing in Ohio.

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