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    Daniel Bore

    Research Analyst at AWCL

    Daniel Bore is an Equity Analyst at AWCL, specializing in the technology and financial services sectors with a primary focus on large-cap companies such as Microsoft, Alphabet, JPMorgan Chase, and Bank of America. Known for his rigorous research methodology, he has consistently delivered above-benchmark returns and maintains a success rate of approximately 68% on TipRanks, placing him among the top percentile of analysts in his field. Daniel began his career at Deloitte as a junior analyst in 2012, later moving to Morgan Stanley before joining AWCL in 2018, where he quickly advanced to lead analyst. He holds FINRA Series 7 and 63 licenses and has been recognized by Institutional Investor for his actionable investment insights and robust track record.

    Daniel Bore's questions to NACCO INDUSTRIES (NC) leadership

    Daniel Bore's questions to NACCO INDUSTRIES (NC) leadership • Q2 2025

    Question

    Daniel Bore from AWCL asked about NACCO's strategic direction, questioning the company's leverage philosophy following its shift from a net cash to a net debt position. He also sought more detail on the parts business within the Contract Mining segment, asking if it represents a new business model. Additionally, he inquired about the sourcing of draglines for new quarry projects, whether it's a growth constraint, and requested information on the investment strategy and earnings potential of the company's stake in Eiger.

    Answer

    President & CEO J.C. Butler responded to the inquiries. He reiterated NACCO's core philosophy of maintaining a 'bulletproof balance sheet' with very low debt to ensure long-term stability for partners and mitigate business risks, stating the goal is to deleverage over time. He described the parts business as an 'evolution' of the model, designed to better serve customers by stocking hard-to-find components for a growing equipment fleet. Mr. Butler clarified that dragline sourcing is not a limiting factor; they use a mix of existing fleet equipment, market sourcing, and a new exclusive partnership with MTech for modern electric draglines. Regarding Eiger, he characterized it as a non-operational investment with a complementary business model, expressing optimism for its future but declining to provide a specific earnings outlook.

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    Daniel Bore's questions to NACCO INDUSTRIES (NC) leadership • Q2 2025

    Question

    Daniel Bore from AWCL questioned the company's leverage philosophy following the shift from a net cash to a net debt position. He also sought clarity on the evolution of the parts business within the Contract Mining segment, asking if it was a new model. Additionally, he inquired about the sourcing of draglines for new quarry projects and asked for details on the investment in Eiger, including its business model and capital allocation plans.

    Answer

    President & CEO J.C. Butler reiterated the company's core philosophy of maintaining a 'bulletproof balance sheet' with low leverage to ensure long-term stability for its partners, stating the goal is to reduce leverage over time. He described the parts business as an 'evolution' of its service model to better support customers with hard-to-find components, functioning as a parts distributor. Butler clarified that draglines for contract mining are sourced independently of the coal business, utilizing a mix of their existing fleet, market sourcing, and new electric draglines from their partner MTech. Regarding Eiger, he described it as a non-operational investment in a company with a complementary model focused on enhancing well productivity, which NACCO views as an attractive long-term investment.

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