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    David Wright

    Research Analyst at Bank of America Merrill Lynch

    David Wright is Managing Director and Head of Telecoms Equity Research at Bank of America Merrill Lynch, specializing in telecommunications sector analysis across the UK and Europe. He covers leading companies such as Liberty Global, Sunrise, Virgin Media O2, VodafoneZiggo, Telenet, and Virgin Media Ireland, and is recognized for influential investment research impacting valuation and strategy among major telecom operators. With over 15 years in the industry, Wright began his banking career at Bank of America and has advanced to senior leadership, consistently delivering high-profile company coverage and thought leadership in his field. He is based in London and is registered with relevant UK and European regulatory bodies, holding advanced securities research certifications.

    David Wright's questions to WEYCO GROUP (WEYS) leadership

    David Wright's questions to WEYCO GROUP (WEYS) leadership • Q2 2025

    Question

    David Wright of Henry Investment Trust inquired about the impact of inventory pre-purchasing on current levels and future purchasing plans amid tariff uncertainty. He also asked for an update on the company's supply chain diversification efforts away from China, particularly concerning operations in India.

    Answer

    Chairman & CEO Thomas W. Florsheim, Jr. explained that the excess pre-purchased inventory has been largely utilized, with pair counts returning to normal levels, though the dollar value may rise due to tariffs. He detailed the progress in diversifying sourcing, with China now at 60% of the open order book, down from 75%, and outlined the company's methodical approach to managing new production in Vietnam, Cambodia, and India to maintain quality and navigate evolving tariff situations.

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    David Wright's questions to WEYCO GROUP (WEYS) leadership • Q4 2024

    Question

    David Wright asked for a detailed explanation of the mechanics of how Weyco Group pays tariffs, seeking to understand the cash flow from when goods are cleared to when payment is made to the U.S. government.

    Answer

    Chairman and CEO Thomas Florsheim, Jr., with input from executive Judy Anderson, explained that the company posts a bond and pays U.S. Customs directly when goods are cleared. The payment is based on a self-declaration of the shipment's value, which is subject to audit for up to five years. For example, a shoe with a $20 cost and a 36% tariff would require a direct payment of over $7 to customs.

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    David Wright's questions to WEYCO GROUP (WEYS) leadership • Q3 2024

    Question

    David Wright commended Weyco Group for its shareholder-friendly special dividend and asked for an update on the small Forsake brand's strategic fit and performance, and also inquired about the holiday season's impact on sales.

    Answer

    President and COO John Florsheim explained that Forsake, representing less than 1% of sales, has struggled to grow in an oversaturated post-pandemic outdoor market. Chairman and CEO Tom Florsheim, Jr. added that they want to give the brand more time, noting its unique 'sneaker boot' positioning. Regarding the holidays, Tom Florsheim stated that sales are more influenced by the onset of fall weather driving boot sales rather than gift-giving, though there is a pickup for holiday parties.

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    David Wright's questions to TELEFONICA S A (TEF) leadership

    David Wright's questions to TELEFONICA S A (TEF) leadership • Q2 2025

    Question

    David Wright of Bank of America referenced a comment in the release about 'mounting consumer reluctance to spend' in Germany and asked if this poses a barrier to implementing wider price increases in the market.

    Answer

    Telefónica Deutschland CEO Markus Haas responded that while smart tariff models are needed, the company sees a willingness from consumers to pay more for more data when the proposition is right, citing the success of 'unlimited on demand' plans which are ARPU accretive.

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    David Wright's questions to TELEFONICA S A (TEF) leadership • Q1 2024

    Question

    David Wright from Bank of America asked about market dynamics in Germany, specifically Telefonica's momentum in the family segment and the strategy for its fighter brand. He also pressed for more clarity on the Digi agreement, trying to understand if the 'sharing' component could involve shared infrastructure or spectrum.

    Answer

    Telefónica Deutschland CEO Markus Haas addressed the German market, noting it remains rational and that Q1 momentum was solid, driven by successful family offers aimed at capturing more household budget. On the Digi deal, COO Ángel Vilá Boix reiterated that it is a more structural, long-term agreement than simple roaming, which is necessary as Digi's acquired spectrum is insufficient to build a standalone network. He declined to provide further specifics on the deal's structure or financial contribution.

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    David Wright's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership

    David Wright's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q1 2026

    Question

    David Wright from Bank of America Merrill Lynch asked about a recent letter Vodafone sent regarding the regulation of fixed wholesale access, questioning if it was a defensive move to protect its cable network position against incumbent fiber rollouts.

    Answer

    Group CEO Margherita Della Valle clarified that while Vodafone supports simplifying telecom regulation, there must be a "red line" against the remonopolization of fixed networks. She argued that where a single infrastructure creates a natural monopoly, ex-ante regulation and fair access must be maintained. She stated this is a matter of principle and not a reflection of weakness in Vodafone's own infrastructure strategy.

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    David Wright's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q2 2024

    Question

    Questioned capital allocation for German fiber, asking if Vodafone would consider owning more of the build-out. He also asked about the future of the VodafoneZiggo JV in the Netherlands and challenged the long-term competitiveness of cable technology versus fiber.

    Answer

    Margherita Della Valle responded that they are comfortable with the current capital investment levels, which include both the fiber JV with Altice and the continued evolution of their own cable network via technologies like DOCSIS 4. She stated that in the Netherlands, they are competing effectively. She argued that cable networks are continuously being upgraded with more fiber and that the pace of a full fiber-to-the-home build-out depends on specific market conditions.

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    David Wright's questions to Liberty Global (LBTYA) leadership

    David Wright's questions to Liberty Global (LBTYA) leadership • Q1 2025

    Question

    David Wright from Bank of America questioned how comfortable Liberty Global is with waiting on its U.K. NetCo plan given the need for market consolidation, and asked about the departure of the McLaren team from Formula E.

    Answer

    Executive Chairman Michael Fries stated that the NetCo pause does not prevent strategic dialogue on consolidation, noting they will remain opportunistic. Regarding Formula E, he acknowledged McLaren's departure as a loss but expressed confidence in filling the slot with other compelling team owners, highlighting that McLaren was a team owner, not a manufacturer in the series.

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    David Wright's questions to Liberty Global (LBTYA) leadership • Q2 2024

    Question

    David Wright inquired about U.K. consolidation, asking if altnets' focus on loading networks creates M&A hurdles and whether regulators might view a potential acquisition of a distressed asset like TalkTalk differently.

    Answer

    Executive Michael Fries declined to comment on TalkTalk specifically but acknowledged the trend of altnets slowing build activity as capital becomes scarce. He outlined M&A evaluation criteria (overbuild, network quality, customer base), noting an existing subscriber base doesn't fundamentally alter the analysis. Executive Andrea Salvato added that a reset of valuation expectations is needed in the market before significant consolidation can occur.

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    David Wright's questions to AMPCO PITTSBURGH (AP) leadership

    David Wright's questions to AMPCO PITTSBURGH (AP) leadership • Q4 2024

    Question

    Asked for the year-end backlog by business segment, the future frequency of asbestos liability revaluations, and whether imported mill rolls are subject to tariffs.

    Answer

    The year-end backlog was $250.5 million for Forged and Cast Engineered Products and $128.4 million for Air and Liquid Processing. Asbestos revaluations will likely become an annual process. Mill rolls are not currently subject to tariffs as they are classified as rolling mill components, not steel products.

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    David Wright's questions to AMPCO PITTSBURGH (AP) leadership • Q4 2024

    Question

    David Wright requested a breakdown of the year-end backlog by business segment, asked about the new annual frequency for asbestos liability revaluations, and sought clarification on whether mill rolls imported from Europe are subject to U.S. tariffs.

    Answer

    CFO Michael McAuley provided the year-end 2024 backlog figures: $250.5 million for Forged and Cast Engineered Products and $128.4 million for Air and Liquid Processing. He also confirmed that the company will likely maintain an annual frequency for asbestos revaluations going forward. Sam Lyon, President of Union Electric Steel, clarified that mill rolls are classified as rolling mill components, not steel, and are therefore not subject to current U.S. tariffs when imported from Europe.

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    David Wright's questions to NWPX Infrastructure (NWPX) leadership

    David Wright's questions to NWPX Infrastructure (NWPX) leadership • Q3 2024

    Question

    David Wright from Henry Investment Trust asked for a comparison of Precast business performance in Texas versus Utah and sought clarification on the product mix changes that led to a decrease in the segment's average selling price.

    Answer

    President and CEO Scott Montross explained that the Utah (Geneva) residential business is performing exceptionally well with higher volumes and margins, while the Texas (Park) nonresidential business has been lighter. He attributed the lower average selling price to product mix, as the higher volume of Geneva's infrastructure products, which have a lower price point than Park's specialty products, now constitute a larger portion of the segment's sales.

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    David Wright's questions to Adicet Bio (ACET) leadership

    David Wright's questions to Adicet Bio (ACET) leadership • Q3 2018

    Question

    David Wright from Henry Investment Trust questioned whether to expect more failure-to-supply penalties in the fourth quarter, how these penalties are assessed, and what portion of the contingent consideration for the Rising assets is subject to clawback based on performance.

    Answer

    President and CEO Bill Kennally confirmed that some failure-to-supply penalties are expected in Q4 due to a reporting lag, but the issue is winding down. He explained that penalties are billed based on the cost difference of replacement products. Interim CFO Becky Roof noted that while she was still reviewing the specific terms of the $50 million deferred payment, a separate contingent consideration amount had been reduced.

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    David Wright's questions to HG Holdings (STLY) leadership

    David Wright's questions to HG Holdings (STLY) leadership • Q1 2015

    Question

    In a follow-up, David Wright of Henry Investment Trust requested more details on the life insurance policies, including annual premiums, cash value buildup, and the aggregate death benefit, to better understand the asset's value.

    Answer

    PFO Anita Wimmer described the policies as a complex but valuable asset, noting the current strategy of paying down loans is to reduce interest expense since tax benefits are not being realized due to NOLs. She confirmed small annual premiums are paid and the cash surrender value is approximately $26 million, but did not have the total death benefit figure available.

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