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    Gregor Kuglitsch

    Research Analyst at UBS

    Gregor Kuglitsch is an Executive Director and Senior Equity Analyst at UBS in London, specializing in the European construction and materials sector with deep coverage of leading companies such as Ferguson Plc, CRH Plc, Eiffage SA, Ashtead Group, and LafargeHolcim. Recognized for his in-depth research and actionable investment calls, he has ranked among top sector analysts on independent platforms, with high success rates for his price targets and recommendations, including recent notable forecasts for Eiffage SA. Kuglitsch began his analyst career in 2007 at UBS Ltd. and advanced to his current role at UBS AG's London branch, building his expertise with a focus on European building materials. He holds recognized professional credentials including FINRA Series 7 and Series 63 licenses.

    Gregor Kuglitsch's questions to CRH PUBLIC LTD (CRH) leadership

    Gregor Kuglitsch's questions to CRH PUBLIC LTD (CRH) leadership • Q4 2024

    Question

    Gregor Kuglitsch asked about the company's margin expansion journey, questioning how much further upside exists and where CRH currently stands in that trajectory.

    Answer

    CEO Jim Mintern highlighted the 11 consecutive years of margin expansion, resulting in a 900-basis-point improvement. He attributed this to a differentiated solutions model, continuous improvement culture, cost control, and active portfolio management. He asserted that CRH has 'by no means, have reached the limit of our margin ambitions,' framing it as an ongoing journey rather than a final destination.

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    Gregor Kuglitsch's questions to CRH PUBLIC LTD (CRH) leadership • Q3 2024

    Question

    Gregor Kuglitsch of UBS asked for the outlook on input costs and the sustainability of a positive price-cost spread. He also requested guidance for the year-end 2024 net debt to EBITDA ratio.

    Answer

    Executive Jim Mintern stated that CRH continues to operate in an inflationary environment, with mid-single-digit cost increases expected for 2024, primarily in labor and materials. He anticipates this trend will continue into 2025, necessitating further price momentum. He also guided for a year-end 2024 net debt to EBITDA ratio of approximately 1.6x.

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    Gregor Kuglitsch's questions to Ferrovial (FER) leadership

    Gregor Kuglitsch's questions to Ferrovial (FER) leadership • Q1 2024

    Question

    Gregor Kuglitsch asked for details on the upcoming investor fact book, guidance on dividends from U.S. managed lanes, the expected traffic impact on the NTE from construction, and the potential equity check size for the SR-400 project.

    Answer

    CFO Ernesto Lopez Mozo confirmed the fact book will include historical data like revenue shares but not forecasts. He reiterated the expectation for first-time dividends from I-66 and I-77 this year but gave no further guidance. He stated that while the initial budget for the NTE traffic drop was over 10%, performance so far suggests a better outcome. He declined to comment on the SR-400 equity size until the bid winner is announced.

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    Gregor Kuglitsch's questions to HDELY leadership

    Gregor Kuglitsch's questions to HDELY leadership • Q1 2024

    Question

    Inquired about the sustainability of the cost deflation seen in Q1, whether European earnings could still grow for the full year, and asked for specifics on energy cost trends.

    Answer

    Variable cost deflation, particularly for energy, is expected to continue, though the comparison base gets tougher in H2. The company has not given up on achieving a strong result in Europe for 2024, highlighting the diverse performance of its sub-regions. Energy costs saw a double-digit percentage relief in Q1 and are expected to be deflationary for the full year.

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    Gregor Kuglitsch's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership

    Gregor Kuglitsch's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2021

    Question

    Gregor Kuglitsch from UBS questioned the sustainability of the automotive business's outperformance (down 5% vs. market down 15-20%). He also asked for an explanation for the near-zero volume growth in the Americas in Q3 and sought clarification on the breakdown of H1 volume growth between underlying demand and catch-up effects.

    Answer

    COO, CEO & Director Benoit Bazin explained the auto outperformance is due to market share gains in EVs but expects the market to remain difficult. For the Americas, he stated Q3 2020 had a high comparison base from selling down inventory, while the business is now on allocation, making year-to-date figures more relevant. CFO Sreedhar N. emphasized comparing to 2019, where group volume growth was 6.3%, and reiterated the medium-term 3-5% growth target.

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    Gregor Kuglitsch's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q1 2021

    Question

    Gregor Kuglitsch from UBS Group AG asked for the pricing percentage needed to cover the new raw material guidance, whether comments on acquisitions signaled larger deals, and for a rule of thumb on the margin impact from volume growth above the 2018 baseline.

    Answer

    CFO N. Sreedhar confirmed a price increase of '3%-ish' is needed for the industrial business to offset inflation. Pierre-Andre de Chalendar clarified his acquisition comment was not flagging anything special and that the company remains cautious on high valuations. He also acknowledged that if volumes remain significantly above 2018 levels, the margin should be better than the guided floor.

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    Gregor Kuglitsch's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2020

    Question

    Gregor Kuglitsch asked for technical guidance on H2 FX and M&A impacts, the underlying sales run rate for September/October, and clarification on the 2021 margin target given potential negative mix effects from the HPS segment.

    Answer

    CFO N. Sreedhar anticipated a more negative FX impact on H2 operating income than on sales due to currency depreciation in high-margin regions. CEO Pierre-André de Chalendar noted that September and October sales trends were similar to the Q3 average. Both executives reiterated the commitment to the 100 bps margin improvement over 2018 if volumes return, framing it as a "big picture" goal.

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    Gregor Kuglitsch's questions to Balfour Beatty plc/ADR (BAFBF) leadership

    Gregor Kuglitsch's questions to Balfour Beatty plc/ADR (BAFBF) leadership • Q2 2017

    Question

    Gregor Kuglitsch of UBS inquired about the competitive landscape following recent peer profit warnings, a potential revenue dip before major projects ramp up, and the unusual negative working capital in the Support Services division.

    Answer

    Group Chief Executive Leo M. Quinn stated that Balfour Beatty is focused on being a winner in the current landscape and that the HS2 win has attracted a flood of talent. He also expressed confidence in managing the order book and cost base. CFO Philip J. Harrison clarified that the negative working capital in Support Services was due to a couple of project mobilizations and is expected to return to a positive position by year-end.

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    Gregor Kuglitsch's questions to Balfour Beatty plc/ADR (BAFBF) leadership • FY 2016

    Question

    Gregor Kuglitsch from UBS inquired about the company's confidence in achieving its 2018 margin targets, the outlook for the support services segment after a revenue decline, and the long-term strategic fit of the Gammon joint venture.

    Answer

    CEO Leo Quinn expressed confidence in meeting the stated margin targets, citing strong business momentum. He noted a positive trajectory for support services, with the power business expected to return to profitability and contribute to a 5% margin. Regarding Gammon, he stated it is a good business and part of the portfolio, with no current plans other than to continue receiving its dividend.

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    Gregor Kuglitsch's questions to Balfour Beatty plc/ADR (BAFBF) leadership • Q2 2016

    Question

    Gregor Kuglitsch from UBS asked about the normalization of working capital to sales in the construction segment, the strategic future of the Hong Kong and Middle East assets, and guidance for average net cash in the second half of the year.

    Answer

    CEO Leo Quinn explained that negative working capital is fundamental to the construction model and new projects are bid with positive cash flow. CFO Phil Harrison added that working capital as a percentage of revenue should normalize to a lower 13-15% range as legacy issues fade and provided guidance for average net debt in H2. Quinn also discussed the strategic rationale for retaining the self-sufficient Hong Kong asset while noting the Middle East business's reliance on the group's balance sheet is less desirable.

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