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    Cole Hathorn

    Research Analyst at Jefferies Financial Group Inc.

    Cole Hathorn is Senior Vice President of Equity Research at Jefferies, specializing in the Forestry, Paper & Packaging and Metals & Mining sectors. He covers major publicly listed companies including ArcelorMittal (MT), Ence, and Smurfit Kappa, providing investment recommendations and regular target price updates across Europe. Since joining Jefferies in 2014, he has advanced from Vice President to his current role and is noted for detailed financial modeling and price target accuracy, with recent buy recommendations and target prices publicly tracked, though specific performance metrics such as success rates or returns remain undisclosed. Hathorn holds both Chartered Accountant and CFA charters, underlining his strong technical and regulatory credentials within the capital markets.

    Cole Hathorn's questions to MERCER INTERNATIONAL (MERC) leadership

    Cole Hathorn's questions to MERCER INTERNATIONAL (MERC) leadership • Q2 2025

    Question

    Cole Hathorn from Jefferies asked about the potential impact of US lumber duties on Canadian sawmill fiber supply and the knock-on effects for the pulp market. He also inquired about the relative profitability of Mercer's European versus Canadian pulp mills and the outlook for the German pallets and lumber business, including the possibility of energy rebates.

    Answer

    CEO Juan Carlos Bueno agreed that higher duties could pressure Canadian sawmills and tighten fiber supply, noting Mercer is well-positioned by sourcing fiber from the US for its Celgar mill. He described the European mills as highly competitive and profitable, with future value from bio-refinery projects. He sees a gradual recovery in Germany into 2026. CFO Richard Short added that no energy rebates are expected from Germany.

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    Cole Hathorn's questions to MERCER INTERNATIONAL (MERC) leadership • Q1 2025

    Question

    Cole Hathorn from Jefferies inquired about raw material cost trends, specifically the drivers for the 10% sawlog cost increase in Germany. He also asked for the rationale behind the expected pulp price stability in Europe and North America compared to China. In follow-ups, he questioned the dynamics of China's lower softwood futures price and its relation to import prices, and later asked about changes in customer order patterns.

    Answer

    Executive Juan Bueno attributed the German sawlog cost increase to lower availability of calamity wood while demand remains normal, particularly impacting the Torgau mill as it shifts to higher-quality lumber production. He reiterated that pulp price stability in the West is supported by constrained supply and rising producer costs due to currency shifts. Bueno agreed that the lower China futures price is heavily influenced by lower-quality Russian fiber and doesn't necessarily reflect the price for prime imported pulp. He concluded that customer order patterns in Europe and North America remain stable and contract-based.

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    Cole Hathorn's questions to MERCER INTERNATIONAL (MERC) leadership • Q4 2024

    Question

    Cole Hathorn of Jefferies sought clarification on whether German fiber cost inflation applied to both sawlogs and pulpwood, asked about any signs of recovery in the pallet business, and inquired about the future of the softwood-hardwood pulp price spread.

    Answer

    Juan Bueno (Executive) clarified that fiber cost inflation in Germany is expected to be higher for sawlogs (approx. 10%) than for pulp logs (approx. 5-6%). He reported no significant recovery in the pallet market, which remains subdued due to weakness in the German auto and chemical industries. Regarding pulp, Bueno expects the wide price gap between softwood and hardwood to persist through 2025, as strong supply constraints support softwood prices while hardwood prices rise from a low base due to producer maintenance.

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    Cole Hathorn's questions to MERCER INTERNATIONAL (MERC) leadership • Q3 2024

    Question

    Cole Hathorn asked for more detail on the uptick in European lumber markets, including regional drivers, and requested color on regional fiber cost trends in Europe versus Canada. He followed up by asking if the company's favorable cost position in Europe was leading to an improved order book due to competitor downtime.

    Answer

    Executive Juan Bueno identified the U.K. as the primary driver of the demand uptick in European lumber. He stated that fiber costs were flat quarter-over-quarter, crediting the Peace River woodroom and U.S. sourcing in Canada, and the logistics strength of their Mercer Holz subsidiary in Germany. Bueno clarified that the benefit from competitor downtime is reflected in strong overall softwood pulp prices rather than increased order volumes, as their mills are already running at full capacity with contracted sales.

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    Cole Hathorn's questions to ArcelorMittal (MT) leadership

    Cole Hathorn's questions to ArcelorMittal (MT) leadership • Q1 2025

    Question

    Cole Hathorn of Jefferies asked about the European market outlook, including plans to increase volumes and how competitors with idle capacity might react to improved spreads. He also inquired about the dynamics driving the expected Q2 improvement in the India JV, particularly regarding safeguard actions.

    Answer

    Group CFO Genuino Christino stated that European demand is being supported by a reduction in imports due to trade actions, which should allow domestic players to regain market share. He noted that restarting idle capacity is not simple for competitors due to high CO2 costs. For India, he cited strong demand growth, new safeguards supporting prices, and the completion of Q1 maintenance as key factors for an expected improvement in Q2 profitability.

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    Cole Hathorn's questions to ArcelorMittal (MT) leadership • Q4 2024

    Question

    Cole Hathorn asked for an outlook on the Indian market, whether new CapEx projects support structurally higher margins, and for a summary of actions taken over the past five years that have improved the business's margin profile.

    Answer

    CEO Aditya Mittal described the short-term Indian market as challenging due to a flood of imports but expressed confidence that the government will take appropriate safeguard action. He affirmed that the company's growth strategy is focused on value-accretive projects, not just crude steel capacity, to drive structurally higher margins. He cited portfolio optimization, high-quality acquisitions like Pecém, and downstream investments as key actions that have transformed the company's profitability.

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    Cole Hathorn's questions to ArcelorMittal (MT) leadership • Q2 2024

    Question

    Cole Hathorn asked about the impact of new trade barriers in Brazil and requested a recap of the portfolio changes that have improved the company's EBITDA per tonne. He also sought commentary on the political discussion around steel shipments from Mexico to the U.S.

    Answer

    Group CFO Genuino Christino noted that new quotas in Brazil are helpful but more action is needed against high import levels. He attributed the improved EBITDA per tonne to exiting lower-margin commodity businesses in Europe and acquiring higher-profitability assets in Brazil. Regarding Mexico, he clarified that all of ArcelorMittal's steel is smelted and poured in Mexico, placing it outside the circumvention debate.

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    Cole Hathorn's questions to Huhtamaki Oyj/ADR (HMKIY) leadership

    Cole Hathorn's questions to Huhtamaki Oyj/ADR (HMKIY) leadership • Q1 2025

    Question

    Cole Hathorn from Jefferies asked for the outlook on sequential volume improvement following a weak Q1 and for more detail on the drivers of North America's EBIT performance, especially in the retail tableware business.

    Answer

    Executive Ralf Wunderlich confirmed Q1 is seasonally the softest quarter and expects stronger quarters ahead, supported by seasonality and new investments in North America coming online later in the year. He reiterated that the North American retail tableware business, while a strong market, was uniquely impacted in Q1 by a volume pull-forward into the prior year and the timing of Easter.

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    Cole Hathorn's questions to Huhtamaki Oyj/ADR (HMKIY) leadership • Q1 2025

    Question

    Asked about the sequential volume outlook, the EBIT drivers for North America in Q2, and the potential impact of U.S. tariffs on sales.

    Answer

    Q1 is seasonally the weakest quarter, and performance is expected to improve sequentially due to seasonality and new capacity coming online. The Q1 weakness in North American retail tableware was a temporary effect from a Q4 pull-forward and late Easter. The company does not anticipate a significant impact from tariffs due to its 'local for local' model.

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