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    Ben Theurer

    Managing Director and Head of Latin America Equity Research at Barclays

    Ben Theurer is a Managing Director and Head of Latin America Equity Research at Barclays, specializing in coverage of Latin American agribusiness, consumer, and multi-industry companies such as BRF SA. He maintains a success rate of 51.52% on recommended stocks, reflecting a solid performance track record within the Consumer Defensive sector. Theurer began his career at DWS Investments, Deutsche Bank’s asset management branch, as a buy-side analyst and deputy fund manager for Latin American equities before joining Barclays in 2011. He holds a master’s degree in International Economics from the University of Innsbruck and Universidad Complutense de Madrid, and is recognized as an influential analyst and mentor within the financial industry.

    Ben Theurer's questions to Ingredion (INGR) leadership

    Ben Theurer's questions to Ingredion (INGR) leadership • Q1 2025

    Question

    An analyst on behalf of Ben Theurer from Barclays asked how a potential consumer trade-down would affect Ingredion's sales mix and margins. He also inquired if the company might exceed its $100 million share repurchase target for the year.

    Answer

    CEO Jim Zallie explained that consumer trade-downs have a limited impact on Ingredion's mix, as the company supplies ingredients to both branded and private label manufacturers. He highlighted that demand for higher-margin clean label solutions remains strong. CFO Jim Gray confirmed the company is currently comfortable with its $100 million share repurchase target but continuously evaluates it as part of its total shareholder return strategy.

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    Ben Theurer's questions to Lavoro (LVRO) leadership

    Ben Theurer's questions to Lavoro (LVRO) leadership • Q4 2024

    Question

    Asked about the current state of farmer profitability, changes in farmer purchasing behavior, and the impact of a competitor's bankruptcy on supplier relationships and credit availability.

    Answer

    Farmer profitability is improving based on the exchange ratio of grains to inputs, which has become more favorable. Farmers are still delaying purchases but are showing growing concern about input availability, which is accelerating demand. The credit environment has been conservative for some time due to last year's harvest, a situation that predates the competitor's bankruptcy, and is expected to improve as farmer liquidity recovers.

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    Ben Theurer's questions to ICL Group (ICL) leadership

    Ben Theurer's questions to ICL Group (ICL) leadership • Q1 2023

    Question

    Ben Theurer of Barclays asked for clarification on the upside and downside scenarios within ICL's reaffirmed full-year guidance range, seeking to understand the key risks and opportunities management is currently monitoring.

    Answer

    President and CEO Raviv Zoller identified the primary variables influencing the guidance range. The main risk factor is the uncertainty around potash prices in China and Asia for the second half of the year, as a price has not yet been settled. Another variable is the precise timing of the expected recovery in the specialties businesses later in the year. CFO Aviram Lahav noted that a key opportunity providing comfort is the strong performance of the Phosphate Specialties business, which is tracking ahead of its original budget for the year.

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    Ben Theurer's questions to ICL Group (ICL) leadership • Q4 2022

    Question

    Ben Theurer of Barclays inquired about the demand drivers and contracting outlook for 2023 across ICL's segments. He also asked a long-term strategic question about whether organic growth alone is sufficient to meet the company's 2027 targets or if M&A will be necessary.

    Answer

    President and CEO Raviv Zoller highlighted robust potash demand from Brazil and noted the company is sold out for Q1. On long-term strategy, he stated that while organic growth is key, M&A will account for approximately 30% of revenue growth in Growing Solutions and 15% in Phosphate Specialties to hit 2027 targets. CFO Aviram Lahav added that improved farmer affordability should drive robust fertilizer quantity demand in 2023 and that M&A could also be used to expand into new geographies.

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