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    Aurelio Calderon

    Vice President and former Equity Analyst at Morgan Stanley

    Aurelio Calderon Tejedor is a Vice President and former Equity Analyst at Morgan Stanley, specializing in coverage of European industrials and water technology companies such as Spirax-Sarco Engineering and Aalberts NV. During his tenure at Morgan Stanley, he distinguished himself with incisive industry research and contributed to investment analysis on biopharma and semiconductor sectors. Calderon joined Morgan Stanley after completing his studies in Corporate Finance and Investment Banking with honors at Instituto de Estudios Bursátiles and holding earlier roles in financial analysis; he subsequently transitioned to Albar Capital Limited as an analyst in August 2022. As a CFA charterholder since August 2021, Calderon possesses advanced credentials in financial analysis, and is known for leveraging his expertise to support high-impact investment decisions.

    Aurelio Calderon's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership

    Aurelio Calderon's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership • Q2 2023

    Question

    Aurelio Calderon from Morgan Stanley inquired about the long-term growth and margin expectations for the Biopharma and Semicon industries, whether the company is moving toward a more integrated "one Group" operational model, and the drivers for the anticipated margin recovery in the organic ETS business in H2.

    Answer

    Group Chief Executive Nicholas Anderson affirmed that the long-term growth outlook for Watson-Marlow remains robust, viewing the current situation as a temporary blip. He confirmed a strategic move towards a more integrated group to leverage cross-business synergies while maintaining specialist focus. Both he and CFO Nimesh Patel attributed the H2 ETS margin recovery to seasonality, debottlenecking efforts, and the timing of recovery in the Semicon and Biopharm sectors.

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