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    Charles • Unknown

    Charles's questions to Armstrong World Industries Inc (AWI) leadership

    Charles's questions to Armstrong World Industries Inc (AWI) leadership • Q1 2025

    Question

    Charles asked for the rationale behind the cautious second-half outlook despite strong current orders, questioning if it was conservatism or signs of a slowdown. He also inquired about Mineral Fiber mix trends, the risk of trade-downs, and historical mix performance during downturns.

    Answer

    CEO Victor Grizzle explained that the second-half forecast is based on historical precedent where market uncertainty, such as that caused by tariffs, leads to a pause in discretionary renovation projects. He noted this is an experiential forecast, as current on-the-ground bidding activity remains steady. Grizzle also stated that the company is not seeing any signs of product trade-down; in fact, Q1 saw a positive mix, a trend that has persisted even through prior downturns, supported by innovation in higher-AUV products like TEMPLOK.

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    Charles's questions to BW LPG Ltd (BWLP) leadership

    Charles's questions to BW LPG Ltd (BWLP) leadership • Q4 2024

    Question

    An analyst identified as Charles asked about the strategy behind using share issuance for financing, the rationale for paying dividends in excess of shipping earnings, and the perceived reasons for the shipping industry's persistently low price-to-earnings multiples.

    Answer

    CEO Kristian Sørensen explained that the share issuance for the Avance Gas transaction was accretive, as it was done when the share price was near NAV. He clarified that the dividend was not in excess of total earnings, as it included a special payout from the profitable Product Services segment. He attributed low P/E multiples to earnings volatility, which BW LPG mitigates through time charters and diversification, and noted that current geopolitical risks also weigh on industry perception.

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