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    Aurelio Calderon Tejedor

    former Vice President and Equity Analyst at Morgan Stanley

    Aurelio Calderon Tejedor is a former Vice President and Equity Analyst at Morgan Stanley & Co. International Plc, where he specialized in covering European industrials and water technology companies, including firms such as Aalberts NV and Spirax-Sarco Engineering. His research has contributed to high-profile sector reports and he engaged directly in earnings calls for covered companies. Calderon Tejedor began his finance career after earning his degree with honors from the Instituto de Estudios Bursátiles and the Universidad Politécnica de Madrid, and he holds the CFA charter, which he obtained after passing Level III in August 2021. Since August 2022, he has served as an Analyst at Albar Capital Limited in Spain, having developed strong analytical expertise and a robust professional network within the investment community.

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

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

    Question

    Aurelio Calderon Tejedor from Morgan Stanley questioned if long-term views on Biopharma and Semicon have changed, whether the company is integrating more into a "one group" structure, and the drivers behind the implied H2 margin recovery in the organic ETS business.

    Answer

    Group Chief Executive Nicholas Anderson affirmed that long-term growth expectations for key markets remain unchanged, viewing current issues as temporary. He confirmed the move towards a more integrated group to leverage cross-business synergies while maintaining specialist focus. CFO Nimesh Patel added that the H2 ETS margin recovery is driven by seasonality and operational improvements, but the guidance range reflects uncertainty on the timing of the Biopharma and Semicon recovery.

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