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    Gael de-Bray

    CFA-qualified Senior Research Analyst at Deutsche Bank

    Gael de Bray is a CFA-qualified Senior Research Analyst at Deutsche Bank AG, where he leads the European Capital Goods team and specializes in covering large-cap electricals and Nordic machinery, including companies such as Siemens Energy. With over 18 years of industry experience, he has been recognized for his consistent equity research recommendations, including notable calls with 'Buy' ratings and upward target price revisions on leading sector players. De Bray began his career at SG Securities (Paris) before joining Deutsche Bank in 2015, building a strong track record across his coverage universe. His credentials include the Chartered Financial Analyst (CFA) designation and professional standing in equity research for major investment banks.

    Gael de-Bray's questions to ABBN.SW leadership

    Gael de-Bray's questions to ABBN.SW leadership • Q1 2025

    Question

    Gael de-Bray asked for commentary on the competitive environment for the Robotics business.

    Answer

    CEO Morten Wierod asserted that the Robotics business is a top performer among its peers in terms of both revenue and profitability. He highlighted the success of its 'China for China' strategy, which involves developing a specific product portfolio with local components to compete effectively in the unique and high-density Chinese robotics market.

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    Gael de-Bray's questions to ABB (ABLZF) leadership

    Gael de-Bray's questions to ABB (ABLZF) leadership • Q4 2024

    Question

    Gael de-Bray from Deutsche Bank questioned the high level of transformation expenses expected in 2025, asking when these costs should be considered recurring and what could be done to make performance cleaner.

    Answer

    Executive Morten Wierod explained that the costs are driven by two major transformation programs in finance and HR, which are set to conclude by mid-2025. Executive Ann-Sofie Nordh summarized that the specific line item for 'ABB transformation costs' is expected to 'basically disappear after 2025,' once these large, one-off projects are completed.

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    Gael de-Bray's questions to ABB (ABLZF) leadership • Q4 2024

    Question

    Gael de-Bray of Deutsche Bank AG asked about the high transformation expenses expected in 2025, questioning when they might be considered recurring, and also about the accountability for items below the adjusted EBITA line.

    Answer

    Executive Morten Wierod explained the costs are driven by two major transformation programs (Finance and HR) that are set to conclude by mid-2025. Executive Ann-Sofie Nordh clarified that the 'ABB transformation costs' line item is expected to 'basically disappear after 2025,' after which the focus will be on realizing the returns from these investments.

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    Gael de-Bray's questions to ABB (ABLZF) leadership • Q4 2024

    Question

    Gael de-Bray from Deutsche Bank AG questioned the high level of 'ABB Way transformation expenses' in 2025, asking if they should be considered recurring and how to improve performance transparency.

    Answer

    CEO Morten Wierod clarified that the costs are tied to two major, non-recurring transformation programs for finance and HR systems, which are set to conclude by mid-2025. Executive Ann-Sofie Nordh confirmed that this specific cost line item is expected to 'basically disappear after 2025,' leading to a cleaner performance profile.

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    Gael de-Bray's questions to ABBNY leadership

    Gael de-Bray's questions to ABBNY leadership • Q3 2024

    Question

    Questioned ABB's strategy for data center cooling solutions in light of competitor M&A, and asked if the new CEO shares the previous optimistic long-term margin and growth view for the Robotics & Discrete Automation business.

    Answer

    For data center cooling, management is confident in their current strategy of working with strong partners rather than acquiring assets. Regarding Robotics & Discrete Automation, the immediate focus is on improving its current unsatisfactory performance, not on long-term margin targets, though they remain confident in the long-term automation trend.

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    Gael de-Bray's questions to ABBNY leadership • Q1 2024

    Question

    Asked about the future of the company under the new CEO, wondering what is left to do with the ABB Way model. He also asked if the strong order intake in Electrification was due to market share gains in the U.S. or simply a reflection of an improving market.

    Answer

    The CEO stated that the company's focus is now shifting from profitability to growth, both organic and inorganic, with an active M&A pipeline. Regarding market share, he was cautious but noted that the acquisition of GIS has significantly improved their competitive position in North America, which is a key factor in their strong performance and high margins.

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    Gael de-Bray's questions to ABBNY leadership • Q4 2023

    Question

    Requested more detail on the 2024 growth and margin guidance, asking which business areas would be the main contributors and if Process Automation and Robotics would maintain margins of at least 15%.

    Answer

    The CEO expects Process Automation to maintain its strong margin performance around 14-15%, while Robotics will face margin pressure due to lower volumes but is taking corrective actions. The CFO added that for top-line growth, Electrification and Process Automation are expected to grow faster than the group average, with Motion slightly below and Robotics clearly below.

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    Gael de-Bray's questions to ALSTOM (ALSMY) leadership

    Gael de-Bray's questions to ALSTOM (ALSMY) leadership • Q1 2024

    Question

    Gael de-Bray of Deutsche Bank AG asked for new CFO Bernard Delpit's initial observations on the business and his priorities, and also inquired about the booking timeline for the major Toronto project.

    Answer

    CFO Laurent Martinez stated the multi-billion euro Toronto project will be booked by phase, with a large amount not expected this year but starting next fiscal year. EVP and CFO Bernard Delpit shared his early observations, highlighting the dedicated teams, the company's global reach, and its nature as a hybrid project-and-product company, deferring a detailed plan until H1 results.

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    Gael de-Bray's questions to ALSTOM (ALSMY) leadership • Q4 2023

    Question

    Gael de-Bray of Deutsche Bank asked under what circumstances Alstom would consider a capital increase and whether the H2 financial expense could be used as a run-rate for fiscal '24.

    Answer

    Chairman and CEO Henri Poupart-Lafarge firmly ruled out a capital increase, emphasizing that the company's risk profile has dramatically improved. CFO Laurent Martinez advised that the H2 financial expense is a good proxy for fiscal '24, though potentially slightly lower, noting the increase was driven by both higher interest rates and FX/bonding portfolio effects.

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    Gael de-Bray's questions to ALSTOM (ALSMY) leadership • Q3 2022

    Question

    In a follow-up, Gael de-Bray of Deutsche Bank asked for details on the one-third of the backlog not protected by inflation indexation clauses, including the typical contract duration.

    Answer

    CFO Laurent Martinez explained that this portion of the backlog consists of shorter-term contracts (1-2 years), which limits inflation risk. For any longer-term contracts in this group, Alstom secures firm, fixed-price offers from suppliers, creating a back-to-back hedge and mitigating exposure.

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    Gael de-Bray's questions to ALSTOM (ALSMY) leadership • Q2 2022

    Question

    Gael de-Bray asked about the cash usage of provisions for risks on BT legacy contracts in H1, the assumption for H2, and what developments might trigger a capital increase.

    Answer

    CFO Laurent Martinez stated that the cash usage of provisions was approximately EUR 130 million in H1, with a similar amount expected for H2. CEO Henri Poupart-Lafarge clarified that there are no plans for a capital increase, as the company is committed to its investment-grade rating and its current trajectory supports this. Any action would only be considered if this rating were endangered.

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