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    Gautam Narayan

    Research Analyst at RBC Capital Markets

    Gautam Narayan is an Equity Research Analyst at RBC Capital Markets, responsible for covering companies in the automotive and industrial sectors, including high-profile firms such as Magna International. He is recognized for his deep industry insights, contributing to pivotal earnings calls and strategy discussions for top-tier manufacturing and mobility companies. Gautam began his sell-side analyst career with RBC Capital Markets and has since built a reputation for his financial modeling and sector expertise, with regular appearances in industry events and corporate results briefings. He holds relevant securities licenses and maintains FINRA registration, reflecting his professional credentials within the U.S. capital markets.

    Gautam Narayan's questions to AMERICAN AXLE & MANUFACTURING HOLDINGS (AXL) leadership

    Gautam Narayan's questions to AMERICAN AXLE & MANUFACTURING HOLDINGS (AXL) leadership • Q1 2025

    Question

    Gautam Narayan, on for Tom Narayan, sought confirmation that AAM's direct tariff impact is limited due to USMCA compliance and asked for a high-level perspective on the recent sentiment shift regarding U.S. trade policy for the auto industry.

    Answer

    EVP and CFO Chris May confirmed that while most products are USMCA compliant, the company does have a few million dollars per month in tariff exposure from Rest of World imports that it is working to mitigate. Chairman and CEO David Dauch stated that he is supportive of the administration's long-term goal to strengthen the U.S. auto industry, viewing the current disruption as a necessary step toward creating a level playing field and future reshoring opportunities for AAM.

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    Gautam Narayan's questions to VISTEON (VC) leadership

    Gautam Narayan's questions to VISTEON (VC) leadership • Q1 2025

    Question

    Gautam Narayan, on behalf of Tom Narayan, inquired how OEM contracts handle production cuts and asked for Visteon's perspective on the current M&A environment.

    Answer

    CEO Sachin Lawande explained that contracts typically allow for a certain range of production volume; cuts beyond that range require negotiation for cost recoveries. Both he and CFO Jerome Rouquet stated that Visteon views the current market as a good environment for technology-accretive, bolt-on acquisitions and maintains an active pipeline, though navigating tariff uncertainty is the immediate priority.

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    Gautam Narayan's questions to VISTEON (VC) leadership • Q4 2024

    Question

    Gautam Narayan of RBC Capital Markets questioned if the 2025 production forecast was conservative, asked for the growth over market breakdown for China vs. ex-China, and inquired about Visteon's portfolio strategy amid the industry's 'urge to demerge' trend.

    Answer

    President and CEO Sachin Lawande confirmed the 2025 outlook is based on S&P Global forecasts, which could present upside if customer production plans materialize. He stated the growth over market dynamic in 2025 will be similar to 2024, with strong performance outside of China and a moderating negative impact from China. Regarding portfolio strategy, Lawande emphasized Visteon is focused on adding new product lines and technologies, like SmartCore HPC and power electronics, through organic development and tuck-in acquisitions to capture content growth.

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    Gautam Narayan's questions to Lucid Group (LCID) leadership

    Gautam Narayan's questions to Lucid Group (LCID) leadership • Q4 2024

    Question

    Gautam Narayan from RBC Capital Markets inquired about the specifics of Peter Rawlinson's new advisory role, whether the 6x total addressable market (TAM) for Gravity still holds, the potential impact from changes to IRA-related lease credits, and the status of licensing discussions with large OEMs.

    Answer

    Interim CEO Marc Winterhoff clarified that Peter Rawlinson's role is a senior technical advisor to the Chairman, with no day-to-day involvement. He affirmed the TAM for Gravity has not changed and that the current production guidance is supply-constrained, not demand-constrained. He added that the guidance already anticipates potential regulatory changes to the IRA and that higher-priced Gravity orders have lower price elasticity. Regarding OEM talks, he stated that while some are introductory, others are much further along and involve existing technology like the Zeus powertrain.

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    Gautam Narayan's questions to DANA (DAN) leadership

    Gautam Narayan's questions to DANA (DAN) leadership • Q4 2024

    Question

    Gautam Narayan of RBC Capital Markets inquired about the progress of the off-highway business divestiture, asking if the Q2 signing timeline is based on specific bidder interest. He also questioned the flat 2025 light vehicle guidance and requested a segment breakdown for the new business backlog.

    Answer

    CEO R. McDonald confirmed the divestiture process is 'well along' with multiple parties, supporting the early Q2 signing target. He clarified the light vehicle outlook is specific to Dana's key full-frame truck programs with Ford and Stellantis, not the broader market. He also stated the 'vast majority' of the backlog resides within the Light Vehicle and Power Technologies segments.

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    Gautam Narayan's questions to DANA (DAN) leadership • Q3 2024

    Question

    Gautam Narayan asked for clarification on the 2024 guidance changes, specifically why traditional organic EBITDA remained stable despite a $345 million revenue drop, and the mechanics behind the significant $45 million reduction in EV EBITDA guidance.

    Answer

    Timothy Kraus, SVP & CFO, explained that the traditional business's stability was due to strong cost efficiencies and favorable mix, as the sales decline was concentrated in lower-margin heavy vehicle markets. For the EV segment, Kraus attributed the sharp EBITDA drop to a dramatic falloff in demand, an unfavorable product mix change, and ongoing launch costs for new programs, particularly in battery cooling within Power Technologies.

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    Gautam Narayan's questions to MAGNA INTERNATIONAL (MGA) leadership

    Gautam Narayan's questions to MAGNA INTERNATIONAL (MGA) leadership • Q4 2024

    Question

    Gautam Narayan asked about the drivers for the decremental margins in the Seating segment for the 2025 outlook. He also followed up on portfolio strategy, asking about the role of synergies between business lines when considering divestitures, given the stock's apparent sum-of-the-parts discount.

    Answer

    CEO Seetarama Kotagiri explained that Seating margin pressure is due to input costs, lower program volumes, and a negative EV mix, but noted the business is operationally stable. Regarding synergies, he highlighted benefits in purchasing and technology proliferation but stressed these would not prevent a divestiture if a compelling strategic case existed. CFO Patrick McCann added that SG&A and tax planning synergies are also significant considerations.

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    Gautam Narayan's questions to Aptiv (APTV) leadership

    Gautam Narayan's questions to Aptiv (APTV) leadership • Q4 2024

    Question

    Gautam Narayan inquired about the level of OEM interest in Aptiv's advanced ADAS solutions and the outlook for the User Experience (UX) business. He also asked if the concern about a semiconductor shortage is an industry-wide issue.

    Answer

    CEO Kevin P. Clark reported growing OEM interest and discussions for their cost-effective, open-architecture ADAS solutions, expecting significant bookings in 2025. For UX, he noted the business model has shifted, with Aptiv's focus now on integrated cockpit controllers. Regarding semiconductors, he confirmed the concern is an industry-wide dynamic, driven by AI advancements pulling compute capacity, which is why a potential inventory build is factored into the cash flow outlook.

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    Gautam Narayan's questions to Mobileye Global (MBLY) leadership

    Gautam Narayan's questions to Mobileye Global (MBLY) leadership • Q4 2024

    Question

    Gautam Narayan of RBC Capital Markets sought clarification on the timing of imminent design wins and questioned if the market for 'good enough' L2+ systems poses a risk to the adoption of true eyes-off technology.

    Answer

    CEO Amnon Shashua and Executive Daniel Galves reiterated that nomination for a surround ADAS program is 'imminent' and a SuperVision decision is expected within months, while avoiding a precise date. Shashua addressed the L2+ risk by stating it's not a concern because Mobileye is developing both eyes-on (SuperVision) and eyes-off (Chauffeur) systems simultaneously with different partners, positioning the company to succeed regardless of which technology level prevails.

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    Gautam Narayan's questions to General Motors (GM) leadership

    Gautam Narayan's questions to General Motors (GM) leadership • Q4 2024

    Question

    Gautam Narayan questioned the North American pricing guidance, asking if the 1-1.5% decline implies a steeper drop for the ICE portfolio given rising EV volumes. He also asked whether Super Cruise adoption is driven more by regulatory support or by consumer demand.

    Answer

    EVP and CFO Paul Jacobson reiterated that the pricing guidance is a conservative planning assumption that models in potential incentive risk, which may not materialize. Chair and CEO Mary Barra stated that Super Cruise adoption is strongly consumer-demand driven, citing high regular usage rates and the fact that 80% of customers would want it on their next vehicle.

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    Gautam Narayan's questions to CPTN leadership

    Gautam Narayan's questions to CPTN leadership • Q3 2023

    Question

    Asked about the certainty of the delayed OEM program, the potential size of another OEM deal, the impact of the macroeconomic environment on lidar adoption, and the possibility of lobbying for regulatory mandates for lidar.

    Answer

    The company confirmed the OEM delay is temporary (a few months) for software fine-tuning and not a cancellation. The other potential OEM deal is similar in size or larger than the initial one, with a decision expected by year-end. Management believes lidar demand is resilient as it's a key safety feature for both EV and ICE vehicles and can be a profit source for OEMs. They also confirmed they are engaging with regulators like the Department of Transportation on the future of lidar as a standard safety feature.

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