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    Arnaud Lehmann

    Managing Director and Senior Research Analyst in Equity Research at Bank of America

    Arnaud Lehmann is a Managing Director and Senior Research Analyst in Equity Research at Bank of America Merrill Lynch, specializing in European building and construction materials. He covers major companies such as Buzzi Unicem, delivering expert insights for institutional investors and consistently earning recognition for his research, including sector team leadership in the Institutional Investor All-Europe Research Team rankings. Lehmann joined Merrill Lynch in June 2012, having built his reputation through extensive industry analysis and deep sector expertise. He holds advanced professional credentials and is regarded as a top analyst in his field for his rigorous financial analysis and performance-driven insights.

    Arnaud Lehmann's questions to RCWLY leadership

    Arnaud Lehmann's questions to RCWLY leadership • Q4 2024

    Question

    Requested more detail on the performance of different countries within Western Europe and asked about ROCKWOOL's potential role in the future reconstruction of Ukraine.

    Answer

    Within a generally flat Western Europe, the U.K. and Spain are performing well, while France, Germany, and the Nordics are soft. ROCKWOOL sees a significant opportunity to contribute to Ukraine's reconstruction, initially from nearby factories in Poland and Romania, and is in dialogue with Ukrainian authorities for longer-term plans.

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    Arnaud Lehmann's questions to RCWLY leadership • Q3 2024

    Question

    Inquired about the risk of market share shifting to cheaper insulation materials like foam due to a widening price gap, and whether the recent negative margin impact in the Systems segment is a structural change or a one-off.

    Answer

    The company believes the price difference is justified by stone wool's superior qualities beyond just price, such as fire safety, durability, acoustics, and circularity. The lower margin in the Systems segment in Q3 is not considered a structural change.

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    Arnaud Lehmann's questions to Balfour Beatty plc/ADR (BAFBF) leadership

    Arnaud Lehmann's questions to Balfour Beatty plc/ADR (BAFBF) leadership • H1 2023

    Question

    Arnaud Lehmann of Bank of America inquired about potential disadvantages of being a British-listed company when bidding for U.S. contracts and asked about Balfour Beatty's strategy for transitioning from the commercial sector to the riskier public infrastructure space in the U.S.

    Answer

    CEO Leo Quinn responded that the company's U.K. listing is not a disadvantage, as project awards are based on capability. He emphasized a cautious approach to the U.S. infrastructure market due to its fixed-price, lump-sum contract nature, stating they will wait for market terms to normalize rather than pursue high-risk growth. CFO Phil Harrison also commented.

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    Arnaud Lehmann's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership

    Arnaud Lehmann's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2021

    Question

    Arnaud Lehmann from Bank of America asked about management's confidence in achieving volume growth in 2022 given the high comparison base. He also requested details on the net profit impact from portfolio changes in H2, considering the divestment of low-margin assets and the acquisition of Chryso.

    Answer

    COO, CEO & Director Benoit Bazin expressed confidence in 2022 volume growth, citing strong underlying market trends, a high backlog for craftsmen in Europe, and robust housing momentum in the U.S. On the portfolio impact, CFO Sreedhar N. explained that while the negative sales impact from divestments will be significant, the effect on operating profit will be much smaller as the divested businesses were underperforming.

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    Arnaud Lehmann's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q1 2021

    Question

    Arnaud Lehmann of Bank of America questioned whether the confirmed CapEx spending of EUR 1.5 billion for the year is sufficient to support future growth, given the strong demand momentum and optimistic medium-term outlook.

    Answer

    Pierre-Andre de Chalendar stated he is comfortable with the EUR 1.5 billion figure, noting that the current priority is delivering on existing projects, which can face delays due to the COVID environment. CFO N. Sreedhar affirmed that the company will not compromise on necessary growth CapEx.

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    Arnaud Lehmann's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2020

    Question

    Arnaud Lehmann questioned the use of 2018 volumes as a baseline for the 2021 margin target, the potential for Brexit-related disruptions in the U.K., and how employee share issuances are factored into the share buyback target.

    Answer

    CEO Pierre-André de Chalendar explained that 2018 was the original baseline for the Transform & Grow plan. He stated the main Brexit risk is macroeconomic, not logistical, and clarified the 12 million share reduction target is in addition to the 6 million shares repurchased in H1 to offset employee plans. CFO N. Sreedhar added that the margin target's achievement depends on volume and mix, particularly the HPS recovery.

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    Arnaud Lehmann's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • H1 2019

    Question

    Arnaud Lehmann from Bank of America asked for confirmation on the CapEx split between maintenance and expansion, the outlook for the share count and buybacks, and an update on the company's CO2 emissions position.

    Answer

    CFO Sreedhar and COO Benoit Bazin confirmed a historical 60/40 maintenance-to-growth CapEx split is a fair average, with total 2019 CapEx to remain at the prior year's level. The CFO noted the share count has slightly decreased. CEO Pierre-André de Chalendar stated the company has no CO2 issues and expects no cost impact before 2027, highlighting Saint-Gobain's role as a net provider of CO2-saving solutions.

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