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    George Galliers-Pratt • Goldman Sachs

    George Galliers-Pratt's questions to Ferrari NV (RACE) leadership

    George Galliers-Pratt's questions to Ferrari NV (RACE) leadership • Q2 2025

    Question

    George Galliers-Pratt asked for confirmation of the percentage of special series cars shipped in Q4, questioned the long-term relationship between D&A and the recent peak in CapEx, and inquired about the average number of orders per customer within the two-year-long order book.

    Answer

    CEO Benedetto Vigna confirmed that special series models constituted 6% of Q4 shipments. He explained that tracking average orders per client is not a meaningful metric due to the scattered distribution and variance by client type. CFO Antonio Piccon reiterated that the D&A to CapEx ratio is not expected to be 1:1, referencing the 2022 guidance of a ~1.2 ratio by 2026, with more details on the future outlook to come at the next Capital Market Day.

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    George Galliers-Pratt's questions to Ferrari NV (RACE) leadership • Q2 2024

    Question

    George Galliers-Pratt asked about geographic demand trends for the new 12Cilindri and requested specifics on the volume contribution from the Daytona SP3 and 499P models to the quarter's strong price/mix performance.

    Answer

    CEO Benedetto Vigna reported very strong global demand for the 12Cilindri, with the exception of China due to high taxes, which aligns with the company's strategy. CFO Antonio Piccon specified that Q2 shipments included 74 Daytona SP3s and 5 499P Modificata cars.

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    George Galliers-Pratt's questions to Autoliv Inc (ALV) leadership

    George Galliers-Pratt's questions to Autoliv Inc (ALV) leadership • Q4 2024

    Question

    George Galliers-Pratt of Goldman Sachs asked if the lower dollar value of order intake implied that absolute orders from new OEMs declined year-over-year and why. He also questioned if it was reasonable to expect another step-up in shareholder returns in 2025 and what the split between dividends and buybacks might be.

    Answer

    CEO Mikael Bratt attributed the lower order intake value to program delays by Western OEMs and shorter program lifetimes from Chinese OEMs, but affirmed the order book is sufficient to maintain a ~45% market share. Regarding shareholder returns, Bratt reiterated a strong commitment to being shareholder-friendly, supported by strong cash flow generation. While not committing to a specific action, he noted the ambition for a stable and increasing dividend.

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    George Galliers-Pratt's questions to Autoliv Inc (ALV) leadership • Q3 2024

    Question

    George Galliers-Pratt questioned if the current low customer call-off accuracy represents a 'new normal' and its potential risk to the 12% margin target. He also asked about the catalyst for Chinese OEMs to switch from buying components to full systems.

    Answer

    CEO Mikael Bratt asserted that current call-off volatility is not the new normal but a result of industry-wide disturbances, and that normalization is a key assumption for the 12% margin target. He also explained that a key catalyst for Chinese OEMs to adopt full systems is the globalization of their vehicle platforms, which makes system supply more efficient.

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    George Galliers-Pratt's questions to Mercedes-Benz Group AG (MBGYY) leadership

    George Galliers-Pratt's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q2 2024

    Question

    George Galliers-Pratt of Goldman Sachs asked for clarity on the financial implications of advanced ADAS features, questioning if they represent a material revenue stream, a price-point support, or simply a cost of competition. He also requested an update on the progress of the collaboration with NVIDIA for the next-generation MB.OS.

    Answer

    CEO Ola Kallenius explained that ADAS has always been core to Mercedes' safety and convenience philosophy. He announced a strategic shift starting with the CLA next year, where every new vehicle will feature a supercomputer and a comprehensive, redundant sensor set. Kallenius expressed conviction that this can be monetized, creating a profit pool beyond current assistance systems, though he reiterated a more cautious view on the earnings potential compared to others in the industry. He confirmed the next-gen system developed with NVIDIA is working well, including in China, and will be available for testing at launch next year.

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    George Galliers-Pratt's questions to Mercedes-Benz Group AG (MBGYY) leadership • Q1 2024

    Question

    George Galliers-Pratt of Goldman Sachs Group, Inc. asked for a breakdown of the Q1 wholesale volume drop, seeking to understand the contribution from the E-Class changeover, demand dynamics, and supply chain constraints. He also inquired about the company's stance on a potential review of EU fleet CO2 legislation and its potential economic impact.

    Answer

    Executive Harald Wilhelm ranked the drivers of the Q1 volume drop as: #1 product availability (especially E-Class), #2 product transitioning (particularly in the Top-End), and #3 general market softness in China. Regarding CO2 legislation, Wilhelm supported the pragmatic 2025 EU review of the 2035 ICE ban but firmly reiterated that the company's strategic commitment to electrification and CO2 neutrality remains unchanged.

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