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    Cristian Nedelcu

    Senior Analyst at UBS

    Cristian Nedelcu is a Senior Analyst at UBS, specializing in European equity research with a broad focus across sectors and deep coverage in key markets including France, Germany, the UK, Italy, Spain, and the US. He covers 20 major companies, with DHL Group among his best-rated, and has issued 377 stock ratings to date, with a well-documented performance record: a 55% success rate and an average return per rating of 6.8%. Active at UBS since at least 2018, Nedelcu ranks among the top 25% of more than 9,000 Wall Street analysts tracked by TipRanks, reflecting a consistent and credible track record. His professional credentials and FINRA registration data are not publicly listed, but his analyst ranking and equity call accuracy demonstrate recognized expertise in European equities.

    Cristian Nedelcu's questions to Ferrovial (FER) leadership

    Cristian Nedelcu's questions to Ferrovial (FER) leadership • Q2 2025

    Question

    Cristian Nedelcu of UBS Group AG asked about the 407 ETR's dividend policy, the annual increase in the Schedule 22 traffic threshold, and the potential for the I-66 and I-77 capital structures to be optimized.

    Answer

    CFO Ernesto López Mozo acknowledged that rating agencies see headroom for higher dividend payouts from the 407 ETR and I-66, suggesting potential for future optimization. CEO Ignacio Madridejos explained the Schedule 22 threshold calculation is complex, with annual increases between 0-3% varying by segment, making a simple timeline prediction difficult.

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    Cristian Nedelcu's questions to Ferrovial (FER) leadership • Q1 2025

    Question

    Cristian Nedelcu requested a month-by-month breakdown of the 407 ETR's average revenue per trip growth in Q1 to better understand the impact of discounts. He also asked for the heavy vs. light vehicle mix on U.S. lanes and clarification on the persistence of heavy traffic. Finally, he inquired about FX translation headwinds and the duration of hedges.

    Answer

    Executive Ernesto Lopez Mozo declined to provide a monthly breakdown for the 407 ETR but reiterated that the 22% Q1 growth rate is not sustainable. He clarified that the higher heavy traffic mix is likely to persist on the NTE and LBJ lanes, while the 35 West requires more monitoring. He explained that FX hedges are for cash flow and net investment, not accounting P&L, and provided the approximate size of the current hedges.

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    Cristian Nedelcu's questions to AMKBY leadership

    Cristian Nedelcu's questions to AMKBY leadership • Q1 2025

    Question

    Inquired about how quickly withdrawn Transpacific capacity could be reactivated and the potential impact on Asia-Europe freight rates from repositioning this capacity.

    Answer

    Capacity can be reactivated very quickly, in less than 10 days, to meet a potential surge in demand if a trade deal is reached. So far, capacity management has not negatively impacted rates on other lanes; in fact, rates have been unusually stable for the past 6-8 weeks. The industry is showing more pricing discipline than it did in 2023, with prices normalizing at a sustainable level rather than hitting the floor.

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    Cristian Nedelcu's questions to AMKBY leadership • Q3 2024

    Question

    Asked about the risk of needing to price aggressively for the new Gemini Alliance, potential for higher initial costs during the transition, and for a comment on their interest in GXO.

    Answer

    The CEO stated that Maersk chose not to participate in the GXO process. Regarding Gemini, he expects immediate improvements in production costs upon transition and sees no reason to discount prices for a higher-quality, more reliable service. The full transition will take about 13 weeks.

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    Cristian Nedelcu's questions to Royal Mail plc/ADR (ROYMY) leadership

    Cristian Nedelcu's questions to Royal Mail plc/ADR (ROYMY) leadership • Q2 2024

    Question

    Questioned if weaker OpEx was behind the more cautious UK profit guidance. Also asked about the risk from increased competition at the Post Office and requested a breakdown of the drivers for Q2 domestic parcel volume movements.

    Answer

    Executives responded that OpEx is largely in line, but the guidance reflects investments in service quality. They view the Post Office competition as expected, as the relationship has been non-exclusive for years, and are confident in retaining customers due to brand trust and alternative services. They declined to provide a detailed breakdown of Q2 parcel volumes but stated that the key metric is outperforming the market, which they are currently doing.

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