Sign in

    Callum Elliott

    Director and Senior Equity Analyst at Bernstein

    Callum Elliott is a Director and Senior Equity Analyst at Bernstein, specializing in coverage of European Food, Household & Personal Products, and US Tobacco & Nicotine companies. He regularly covers major firms such as Danone, Beiersdorf (DE:BEI), Henkel (DE:HEN3), and L'Oréal (FR:OR), and his recommendations have achieved a 48% success rate with an average return per transaction of 3%, including a notable 38.1% gain on a single Monster Beverage (MNST) rating. Beginning his career at FTI Consulting in 2010 and advancing to Senior Consultant, he joined Bernstein in 2014, progressing from Vice President to his current Director-level role. Elliott is a CFA Charterholder and an ACA from the ICAEW, with a BSc from the University of Warwick.

    Callum Elliott's questions to Haleon (HLN) leadership

    Callum Elliott's questions to Haleon (HLN) leadership • H1 2025

    Question

    Callum Elliott of Bernstein requested more detail on the U.S. retailer environment, asking for the size of the drug channel as a percentage of revenue and what actions Haleon can take to offset this headwind. He also asked if the current business struggles would lead to a deprioritization of the ambitious strategic plans outlined at the Capital Markets Day, such as expanding access for lower-income consumers.

    Answer

    CEO Brian McNamara stated that while Walmart is their largest U.S. customer, the drug channel is also a significant portion of the business. He emphasized that Haleon's primary action is to drive market share and category growth. McNamara firmly stated that the Capital Markets Day ambitions remain unchanged, as significant productivity gains are providing the flexibility to fund these strategic initiatives while navigating current headwinds.

    Ask Fintool Equity Research AI

    Callum Elliott's questions to Haleon (HLN) leadership • H1 2025

    Question

    Callum Elliott asked for more detail on the U.S. retailer environment, specifically the size of the drug channel and what Haleon can do to offset this drag. He also questioned if current business struggles would deprioritize the ambitious strategic plans from the Capital Markets Day, such as expanding access for lower-income consumers.

    Answer

    CEO Brian McNamara stated that Walmart is their largest U.S. customer and the drug channel is smaller but significant. He emphasized that Haleon's role is to drive market growth and share gains. He affirmed that the Capital Markets Day ambitions remain unchanged, highlighting that productivity gains are funding strategic investments and providing flexibility to manage current headwinds.

    Ask Fintool Equity Research AI

    Callum Elliott's questions to Haleon (HLN) leadership • H1 2025

    Question

    Callum Elliott from Bernstein sought details on the U.S. retailer environment, asking for the channel split, the size of the drug channel, and what actions Haleon can take to mitigate these external pressures. He also questioned if current business challenges would deprioritize the long-term strategic initiatives outlined at the Capital Markets Day.

    Answer

    CEO Brian McNamara stated that Walmart is their largest U.S. customer, and while the drug channel is significant, it's smaller than Walmart. He emphasized that Haleon's role is to drive market growth and gain share, particularly in oral health. McNamara firmly stated that the Capital Markets Day ambitions remain unchanged, highlighting ongoing investments in lower-income consumer products and innovation, funded by strong productivity gains and gross margin improvement.

    Ask Fintool Equity Research AI

    Callum Elliott's questions to UNILEVER (UL) leadership

    Callum Elliott's questions to UNILEVER (UL) leadership • H1 2025

    Question

    Callum Elliott of Bernstein asked for an update on the organizational redesign segmenting markets and questioned if management was concerned about having 'too many plates spinning' with numerous strategic initiatives underway.

    Answer

    CEO Fernando Fernandez confirmed the new sales force structure in the top 24 markets is complete, while the 'one Unilever' markets are growing nearly 5% with a leaner organization. He addressed the concern about managing multiple initiatives by stating that portfolio rotation towards higher growth is a core responsibility and that speed and multitasking are essential in the FMCG sector.

    Ask Fintool Equity Research AI

    Callum Elliott's questions to Philip Morris International (PM) leadership

    Callum Elliott's questions to Philip Morris International (PM) leadership • Q2 2025

    Question

    Callum Elliott of Bernstein asked what has changed to drive the company's increased emphasis on VEEV and e-vapor, given previous reluctance. He also inquired about the cadence of ZYN's commercial activities and their role in the forecasted Q4 growth reacceleration.

    Answer

    CFO Emmanuel Babeau clarified that IQOS remains the top priority, with VEEV serving as a complementary product for certain consumers. He noted VEEV's profitability is rapidly improving, with the potential to reach combustible-like gross margin percentages. Regarding ZYN, he stated that the restart of commercial activities will be gradual through Q3 and is expected to boost the already strong offtake momentum seen in June and July.

    Ask Fintool Equity Research AI

    Callum Elliott's questions to ALTRIA GROUP (MO) leadership

    Callum Elliott's questions to ALTRIA GROUP (MO) leadership • Q3 2024

    Question

    Callum Elliott followed up on the NJOY litigation, asking about confidence in avoiding an import ban. He also questioned if JT's recent U.S. acquisition affects the Ploom partnership and asked for a timeline on the FDA's proposed rule for PMTA tracking numbers on imports.

    Answer

    CEO William Gifford stated that while litigation is unpredictable, NJOY's teams are working to avoid the fourth patent and that the lawsuit reflects JUUL's concern over NJOY's market success. He confirmed the Ploom JV is progressing well with no impact from JT's other activities. Regarding the FDA rule, Gifford said Altria has urged the FDA to act on its existing authority and could not provide a specific timeline for implementation.

    Ask Fintool Equity Research AI