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    Arthur Sitbon

    CFA and Equity Analyst at Morgan Stanley

    Arthur Sitbon is a CFA and Equity Analyst at Morgan Stanley & Co. International plc specializing in coverage of leading companies within the AI, clean energy, and industrial technology sectors. He provides research and analysis for firms such as Nel Hydrogen, a major player in the hydrogen industry, and contributes to large-scale thematic investment projects, including mapping companies with significant AI exposure and growth potential. Sitbon joined Morgan Stanley prior to 2022 and has established a strong analyst reputation, leveraging quantitative expertise and an in-depth understanding of market trends, as evidenced by his published research and financial modeling. He holds the Chartered Financial Analyst (CFA) designation and is based in London, covering global equities for institutional clients.

    Arthur Sitbon's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership

    Arthur Sitbon's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Arthur Sitbon of Morgan Stanley asked if the 2026 network EBITDA guidance could be revised upwards following regulatory reviews in Brazil and Iberia. He also questioned the company's leverage strategy ahead of the Capital Markets Day, asking if the goal was to delever significantly or if the stable 2025 guidance implied dilution from disposals.

    Answer

    CEO Miguel Stilwell de Andrade explained that the current network guidance already incorporates assumptions for increased investment and returns. He stressed that the primary financial strategy is maintaining a BBB credit rating by balancing growth, balance sheet strength, and dividends, rather than aggressive deleveraging. He explicitly advised against interpreting the stable 2025 guidance as a signal of dilution from disposals.

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    Arthur Sitbon's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Arthur Sitbon asked if there was potential upside to the €1.6 billion EBITDA guidance for international networks in 2026, given regulatory reviews in Brazil and Iberia. He also questioned the company's financial leverage strategy ahead of the November Capital Markets Day, asking if the stable 2025 guidance assumed any dilution from disposals.

    Answer

    CEO Miguel de Andrade responded that the existing networks guidance already incorporated some assumptions for increased investment and returns. On leverage, he emphasized the commitment to a BBB credit rating by balancing growth, balance sheet, and dividends, with no plans for accelerated deleveraging. He clarified that the stable 2025 guidance reflects an increased integrated margin outlook offset by lower assumed capital gains at EDPR, not dilution from disposals.

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    Arthur Sitbon's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Arthur Sitbon from Morgan Stanley asked if the 2026 network EBITDA guidance of €1.6 billion could see an uplift from favorable regulatory reviews in Brazil and Iberia. He also inquired about the company's approach to financial leverage ahead of the November Capital Markets Day and whether the stable 2025 guidance assumes any dilution from asset disposals.

    Answer

    CEO Miguel Stilwell de Andrade explained that the existing guidance already includes assumptions for increased investment and returns, with final numbers pending regulatory decisions. He emphasized that the core financial strategy is maintaining a BBB credit rating by balancing growth, balance sheet health, and dividends, and clarified that the 2025 guidance does not assume any unexpected dilution from disposals.

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    Arthur Sitbon's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q3 2023

    Question

    Requested a breakdown of the key drivers for the net debt reduction from EUR 16.9B to EUR 15B by year-end, and questioned if the pricing power for renewables would erode if power prices fall while interest rates remain high.

    Answer

    The net debt reduction will be driven by a tariff deficit securitization of around EUR 1.3 billion and proceeds from the closing of an asset rotation deal in Brazil. The pricing power for renewables is tied to the PPA market adjusting to costs, not just spot power prices. Customers value price stability, and a bigger driver for lower PPA prices would be falling supply chain costs, not merchant price volatility.

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    Arthur Sitbon's questions to Red Electrica Corporacion SA/ADR (RDEIY) leadership

    Arthur Sitbon's questions to Red Electrica Corporacion SA/ADR (RDEIY) leadership • Q2 2022

    Question

    Arthur Sitbon of Morgan Stanley sought confirmation on the €80 million budget for critical maintenance costs, asked about targeted returns in the Brazilian transmission market, and questioned if Spanish transmission CapEx could approach €1 billion annually by 2025 and beyond.

    Answer

    CEO Roberto García Merino confirmed the €80 million maintenance budget for 2022-23 is unchanged. He noted that returns in Brazil are higher than in Spain and that it remains an attractive market for growth. He also affirmed that reaching €1 billion in annual CapEx is a mid-term target that will take 2-3 years to achieve, and this level of investment might continue as an average post-2025 to support the energy transition.

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