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    Christopher Nicholson

    Research Analyst at RMB Morgan Stanley

    Christopher Nicholson is Head of Research and Equity Analyst at RMB Morgan Stanley in Johannesburg, specializing in platinum group metals, battery metals, energy, and chemicals. He directly covers companies in the South African mining and chemical sectors, achieving a strong track record with multiple top-three analyst rankings, such as a third place in precious metals research and marginal market outperformance metrics. Nicholson joined RMB Morgan Stanley in 2011 after serving as Lead Manager at Deloitte Strategy and Innovation, and holds prior experience in consulting and assurance roles across South Africa, Canada, and the UK. He is a Chartered Accountant (CA(SA)), earned his MBA from Cambridge Judge Business School, and holds a BCommHons from the University of the Witwatersrand.

    Christopher Nicholson's questions to AngloGold Ashanti (AU) leadership

    Christopher Nicholson's questions to AngloGold Ashanti (AU) leadership • Q1 2025

    Question

    Christopher Nicholson asked how higher gold prices might impact mine plans, whether this influenced the Iduapriem decision, and for details on Cuiaba's production expansion.

    Answer

    CEO Alberto Calderon clarified that the company maintains a conservative reserve price to maximize margins and free cash flow, rather than processing lower-grade ore. He stated the Iduapriem decision was based on new geological understanding, not the gold price. He detailed that Cuiaba's production will grow to 300,000 ounces within 2-3 years by accessing deeper, higher-grade sections of the ore body.

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    Christopher Nicholson's questions to AngloGold Ashanti (AU) leadership • Q2 2024

    Question

    Christopher Nicholson of RMB Morgan Stanley asked about plans for the anticipated strong second-half free cash flow, particularly regarding dividend increases, and sought confirmation that recent hedging was a one-off event.

    Answer

    CEO Alberto Calderon confirmed the hedging was an exceptional measure to de-risk the Brazil operations with no plans for renewal. Regarding cash flow, he stated the dividend policy remains a minimum 20% payout but signaled confidence for a full-year payout above that minimum, with excess cash likely returned to shareholders via dividends.

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    Christopher Nicholson's questions to AngloGold Ashanti (AU) leadership • H1 2024

    Question

    Christopher Nicholson of RMB Morgan Stanley asked about capital allocation plans given the expectation for free cash flow to double in the second half, specifically regarding the potential for a higher dividend, and sought confirmation that the company's recent hedging was a one-off event.

    Answer

    CEO Alberto Calderon confirmed the recent hedges were an 'exception to the rule' due to prior uncertainty and there are no plans to renew them. Regarding capital allocation, he stated the dividend policy remains a minimum 20% payout but can go higher. He signaled confidence in a strong full year, suggesting the final dividend would 'most probably' be above the 20% minimum, but did not commit to a specific change in policy.

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    Christopher Nicholson's questions to AngloGold Ashanti (AU) leadership • Q2 2024

    Question

    Christopher Nicholson of RMB Morgan Stanley asked about the company's capital allocation plans for the anticipated doubling of free cash flow in the second half, specifically regarding the potential for a higher dividend. He also sought confirmation that the company's recent gold hedges were a one-off event with no plans to extend them into 2025.

    Answer

    CEO Alberto Calderon confirmed the hedges were an exception to the rule to de-risk the Brazil operations and will not be renewed or extended. Regarding capital allocation, he stated the dividend policy of a minimum 20% payout is unchanged but signaled confidence for a payout above that minimum for the full year, given the strong cash flow outlook. He indicated excess cash would likely be returned to shareholders via dividends.

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    Christopher Nicholson's questions to BRAINSTORM CELL THERAPEUTICS (BCLI) leadership

    Christopher Nicholson's questions to BRAINSTORM CELL THERAPEUTICS (BCLI) leadership • Q2 2024

    Question

    Christopher James Nicholson asked for details on the estimated cost of the upcoming trial, either overall or per patient, and the likely production cost per treatment course. He followed up by asking if current technological innovations in manufacturing are expected to help reduce production costs for NurOwn.

    Answer

    Executive Chaim Lebovits explained that the company could not yet provide specific trial or production costs, as manufacturing contracts are still being finalized. He noted the previous trial cost approximately $50 million. He confirmed that technological advancements, particularly a validated automated process, would dramatically decrease production costs, and that the company is actively working on R&D to make the process cheaper even if it remains manual.

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