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    Detlef Winckelmann

    Research Analyst at JPMorgan Chase & Co.

    Detlef Winckelmann is a Research Analyst at JPMorgan Securities Plc, specializing in the consumer discretionary sector with a primary focus on packaging and containers companies such as International Paper and Smurfit Westrock. He has delivered a success rate of approximately 51% and an average return of 6.9% per rating since 2023, with notable calls including a 94.5% return on DS Smith. Winckelmann began his analyst career at JPMorgan Equities South Africa, later working at Arqaam Capital South Africa from 2017 to 2019 before joining JPMorgan Securities Plc in 2023. He is known for covering UK and US equities and operates from JPMorgan's London office, though specific details regarding FINRA registration or securities licenses are not publicly available.

    Detlef Winckelmann's questions to Smurfit Westrock (SW) leadership

    Detlef Winckelmann's questions to Smurfit Westrock (SW) leadership • Q2 2025

    Question

    Detlef Winckelmann of JPMorgan Chase & Co. questioned why the Q3 EBITDA bridge did not include a positive impact from recent linerboard price increases and asked for clarification on the synergy realization cadence, which seemed to imply a slowdown in the second half.

    Answer

    EVP & Group CFO Ken Bowles explained that the Q3 guidance is based on the most certain factors, like downtime and cost relief, with some conservatism on price and volume which are yet to play out. Regarding synergies, he stated that realization is not linear and occurs at a different pace for each initiative, emphasizing the focus is on achieving the full run-rate target by the end of 2025 rather than a constant quarterly achievement.

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    Detlef Winckelmann's questions to Smurfit Westrock (SW) leadership • Q1 2025

    Question

    Detlef Winckelmann asked for clarification on the $100 million of economic downtime planned for Q2, seeking to understand if this represents a permanent reduction in output for the year or if it is a temporary measure contained only to the second quarter.

    Answer

    CEO Tony Smurfit confirmed that the planned downtime is a 'one-off' issue specific to Q2. He explained that in Q3 and Q4, the system will be rebalanced by the permanent removal of capacity from the recently announced mill closures, making the Q2 economic downtime a temporary measure.

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    Detlef Winckelmann's questions to Smurfit Westrock (SW) leadership • Q2 2024

    Question

    Detlef Winckelmann of JPMorgan Chase & Co. questioned why the Q3 EBITDA bridge did not seem to include a positive impact from recent linerboard price increases. He also asked for clarification on the synergy realization cadence, noting that the full-year target implied a slowdown in H2 compared to H1.

    Answer

    EVP & Group CFO Ken Bowles explained that the Q3 guidance is based on the most certain factors, primarily lower downtime ($50M) and cost relief ($50M), with conservatism built in around price and volume. Regarding synergies, he stated that realization is not linear and occurs at a different pace for various initiatives, but the company remains confident in hitting its full run-rate target by the end of 2025.

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