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    Curtis Woodworth

    Senior Analyst at UBS

    Curt Woodworth is a Senior Analyst at UBS specializing in metals and mining equity research, with a targeted focus on companies such as Alcoa and Ramaco Resources. His coverage includes detailed fundamental analysis and stock recommendations, earning a reputation for rigorous investment calls; notably, he has maintained an accuracy rate of 63% on stocks such as Alcoa according to performance tracking platforms. Woodworth began his career in equity research before joining UBS, where he continues to provide differentiated insights for institutional investors. He holds professional securities credentials required for his analyst position, further establishing his credibility in the industry.

    Curtis Woodworth's questions to PTVE leadership

    Curtis Woodworth's questions to PTVE leadership • Q4 2023

    Question

    Questioned the company's operating leverage, asking why guided EBITDA growth is only 2% on low single-digit volume growth. Also inquired about the long-term capital expenditure requirements following the company's restructuring and shift to an asset-light model.

    Answer

    Management explained that operating leverage is currently being offset by significant labor inflation, but as their PEPS productivity program ramps up, they expect to outpace inflation. For capital spending, they provided a 'normalized' go-forward number of around $250 million (excluding one-time items), with about half being sustaining capital and the rest for customer needs and flexible, return-generating growth projects.

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