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    Gregory Dahlberg • Wolfe Research, LLC

    Gregory Dahlberg's questions to StandardAero, Inc. (SARO) leadership

    Gregory Dahlberg's questions to StandardAero, Inc. (SARO) leadership • Q4 2024

    Question

    Gregory Dahlberg, on for Myles Walton, inquired about the M&A pipeline as a strategic priority, with a focus on the Component Repair Services (CRS) segment, and asked if valuations in that area have expanded.

    Answer

    Executive Alex Trapp confirmed strong interest in CRS acquisitions due to their accretive nature and successful integration history. He mentioned an active pipeline of opportunities but did not provide specifics on current market valuations, stating that M&A remains a key part of their value creation strategy.

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    Gregory Dahlberg's questions to Willis Lease Finance Corp (WLFC) leadership

    Gregory Dahlberg's questions to Willis Lease Finance Corp (WLFC) leadership • Q3 2024

    Question

    Gregory Dahlberg of Wolfe Research asked for the company's view on using PMA (Parts Manufacturer Approval) parts and inquired about recent engine acquisition activity and the availability of engines for purchase.

    Answer

    Executive Austin Willis explained the company's cautious stance on PMA parts, citing customer preference for OEM parts and potential negative impacts on asset remarketability. Regarding acquisitions, Willis described a broad origination strategy that includes direct OEM orders, programmatic sale-leaseback deals like the one with Air India, and open-market purchases, which are enabled by the company's integrated business model.

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    Gregory Dahlberg's questions to Barrick Gold Corp (B) leadership

    Gregory Dahlberg's questions to Barrick Gold Corp (B) leadership • Q2 2024

    Question

    Gregory Dahlberg asked for more detail on Q2 Aerospace margins, questioning why they weren't stronger given the favorable mix shift to aftermarket, and inquired about the path back to 100% cash conversion in 2025.

    Answer

    CFO Julie Streich explained that while the aftermarket segment was robust, the overall Aerospace margin was impacted by productivity challenges on the OEM side due to demand fluctuations and the costs of maintaining labor. Regarding cash flow, she stated the current dip is temporary, caused by an increase in working capital from OEM disruptions, and expects a return to normal cash conversion levels.

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    Gregory Dahlberg's questions to Barrick Gold Corp (B) leadership • Q2 2024

    Question

    Gregory Dahlberg inquired about the drivers behind the second-quarter Aerospace margins, which were lower than expected given the favorable mix, and asked about the path to 100% cash conversion in 2025.

    Answer

    SVP, Finance and CFO Julie Streich explained that while the aftermarket sales mix was a positive, overall Aerospace margins were weighed down by productivity challenges and inefficiencies on the OEM side due to fluctuating demand. Regarding cash flow, she stated the current dip is temporary, caused by an inventory build-up from OEM disruptions, and expects a return to normal cash conversion levels going forward.

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    Gregory Dahlberg's questions to Barrick Gold Corp (B) leadership • Q1 2024

    Question

    Gregory Dahlberg requested a breakdown of the moving pieces within the updated 2024 Aerospace sales outlook, specifically concerning the expectations for OE, aftermarket, and RSP.

    Answer

    CEO Thomas Hook detailed that the outlook reflects an expectation for stronger aftermarket growth, which is anticipated to offset potential tempering in OE growth resulting from adjustments in new aircraft delivery rates. He emphasized that strong overall travel demand supports all platforms and that the combined Barnes and MB Aerospace portfolio is geographically and technologically balanced to capitalize on market shifts. Hook also mentioned the company is proactively managing capacity and operational challenges to capture this favorable mix.

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