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    David Marsh • Singular Research

    David Marsh's questions to Koppers Holdings Inc (KOP) leadership

    David Marsh's questions to Koppers Holdings Inc (KOP) leadership • Q1 2025

    Question

    David Marsh from Singular Research commented on the strong CM&C EBITDA performance and asked about potential incremental margins on a revenue recovery. He also inquired about capital allocation priorities, leverage management, and the potential for M&A opportunities, especially within the RUPS segment.

    Answer

    CEO Leroy Ball stated that a healthier market for the CM&C segment could drive margins back to the high teens, aided by operational simplification. He identified share repurchases and deleveraging as the top near-term priorities for cash flow. Regarding M&A, Ball noted that while the current environment could create opportunities, the company's primary focus for acquisitions is on expanding its Utility and Industrial Products business.

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    David Marsh's questions to Koppers Holdings Inc (KOP) leadership • Q3 2024

    Question

    David Marsh asked about the sustainability of the recent sequential decrease in SG&A expenses, the potential impact of recent Fed rate cuts on interest expense, and the company's priority order for acquisitions across its different business lines.

    Answer

    CEO Leroy M. Ball affirmed that the lower SG&A reflects a sustainable focus on resizing the organization to align with market conditions. CFO Jimmi Sue Smith quantified the impact of rate cuts, stating they would affect approximately $500 million of unhedged debt. Ball identified the utility business as the top priority for acquisitions due to significant growth opportunities, followed by the Performance Chemicals business, with limited interest in expanding the Rail or CM&C segments via M&A.

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    David Marsh's questions to Alliance Resource Partners LP (ARLP) leadership

    David Marsh's questions to Alliance Resource Partners LP (ARLP) leadership • Q4 2024

    Question

    David Marsh of Singular Research questioned the 2025 pricing forecast for the Illinois Basin and asked what factors could lead to an upside surprise. He also inquired about the company's strategy for its growing digital asset (Bitcoin) holdings and sought color on ARLP's engagement with the new presidential administration regarding energy policy.

    Answer

    Joseph Craft, Chairman, President, and CEO, responded that any pricing upside would likely stem from higher spot market prices in the second half of the year, driven by favorable weather and strong demand, as contract prices are largely set. On digital assets, he revealed a shift in strategy to hold all mined Bitcoin, pausing the practice of selling to cover expenses, based on a bullish outlook. Mr. Craft described ARLP's engagement with the new administration as 'very active,' involving open dialogue on removing inefficient regulations, tax policy, and ensuring grid reliability, noting that utilities are already extending coal plant lifespans.

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    David Marsh's questions to Alliance Resource Partners LP (ARLP) leadership • Q4 2024

    Question

    David Marsh of Singular Research asked about potential upside factors for the 2025 Illinois Basin pricing forecast, the company's strategy for its growing digital asset (Bitcoin) holdings, and the extent of engagement with the new presidential administration on energy policy.

    Answer

    CEO Joseph Craft stated that pricing upside depends on supply/demand, with weather being a key factor that could boost spot prices in the second half of the year. Regarding Bitcoin, he said the company is currently holding its assets, believing in price upside under a supportive administration, and will monitor policy to guide future strategy. Craft also described an active and open dialogue with the new administration, providing input on regulations to support grid reliability and the coal industry.

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