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    Jaime Katz

    Senior Equity Analyst specializing in consumer sector research at Morningstar

    Jaime M. Katz, CFA, is a Senior Equity Analyst specializing in consumer sector research at Morningstar, where she focuses on home improvement retailers and travel and leisure companies. She covers a range of notable names including Home Depot, Williams-Sonoma, Wayfair, Hasbro, Spin Master, Bath & Body Works, Norwegian Cruise Line Holdings, and BRP Inc, and she has been recognized for her top-tier performance—ranking first in the leisure goods and services industry in The Wall Street Journal’s ‘Best on the Street’ analysts survey in 2013. Katz began her career with asset management at Mesirow Financial, then moved into equity research at William Blair, and later joined Crédit Agricole Corporate and Investment Bank before starting at Morningstar in 2011. She holds a CFA charter, an MBA from the University of Chicago Booth School of Business, and a bachelor’s in economics from the University of Wisconsin.

    Jaime Katz's questions to MALIBU BOATS (MBUU) leadership

    Jaime Katz's questions to MALIBU BOATS (MBUU) leadership • Q4 2025

    Question

    Jaime Katz of Morningstar questioned the appearance of long-term debt on the balance sheet, asking if it signaled a change in capital strategy. She also asked for a sensitivity analysis on returning to double-digit EBITDA margins and inquired about the recent promotional cadence and fiscal 2026 CapEx plans.

    Answer

    CFO Bruce Beckman clarified there is no change in capital strategy, explaining that the company periodically draws on its credit facility for working capital and ended the year with a strong net cash position. He stated that market stabilization, which would end the need for destocking, is the first step toward higher margins. He also noted that promotions have normalized. For CapEx, Beckman expects spending levels similar to the more normalized levels of fiscal 2025, following the completion of major capacity expansions.

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    Jaime Katz's questions to MALIBU BOATS (MBUU) leadership • Q3 2025

    Question

    Jaime Katz asked for the rationale behind lowering the full-year adjusted EBITDA guidance despite a strong Q3 performance. She also questioned the future capital allocation strategy regarding share repurchases versus preserving cash.

    Answer

    CFO Bruce Beckman explained the guidance reduction was driven by a more cautious view of the retail market, which prompted a downward adjustment to production and shipment plans. On capital allocation, Beckman stated that while priorities remain, tactics will adapt to the market. Specifically, the pace of share repurchases will be modestly reduced in Q4, but buybacks will continue to be a part of their overall strategy to maximize shareholder value.

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    Jaime Katz's questions to MALIBU BOATS (MBUU) leadership • Q2 2025

    Question

    Jaime Katz asked for color on the Cobalt segment's unit growth and inquired about the consumer lending environment, including credit access and borrower quality.

    Answer

    CEO Steven Menneto attributed Cobalt's strong performance to market share gains, a robust dealer network, and exciting new models. Regarding lending, he noted that while consumer interest rates remain "stubbornly high," creating a headwind for the market, the company has not seen any indication of an increase in consumer loan defaults.

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    Jaime Katz's questions to MALIBU BOATS (MBUU) leadership • Q1 2025

    Question

    Jaime Katz sought more detail on the 'encouraging signs' mentioned in the press release and asked about the outlook for input cost inflation and potential margin leverage from higher production volumes.

    Answer

    CFO Bruce Beckman explained the optimism stems from the start of interest rate cuts, a healthy inventory position, and a strong new model lineup. He noted that input cost inflation is modest and expects future margin benefits to come from leveraging fixed costs on higher volumes rather than from input cost deflation.

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    Jaime Katz's questions to MALIBU BOATS (MBUU) leadership • Q4 2024

    Question

    Jaime Katz of Morningstar inquired about the revenue and macro fundamentals required to achieve historical mid-teen EBITDA margins, asked about recent trends in cash versus financed purchases, and questioned if the anticipation of rate cuts has caused a recent pause in consumer demand.

    Answer

    CFO Bruce Beckman explained that the historical 15% EBITDA margin target was based on a revenue level of roughly $1 billion, and the current guidance is based on a lower revenue figure. He also noted no significant change in the cash vs. finance purchase mix. CEO Steve Menneto stated he has not seen a recent pause in retail activity and has been pleased with summer performance.

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    Jaime Katz's questions to HARLEY-DAVIDSON (HOG) leadership

    Jaime Katz's questions to HARLEY-DAVIDSON (HOG) leadership • Q2 2025

    Question

    Jaime Katz from Morningstar asked for clarification on the timing of the HDFS transaction's operating income benefit and requested more details on the newly announced efficiency program.

    Answer

    CFO Jonathan Root indicated the HDFS transaction's financial impact would likely be split between Q3 and Q4. CEO Jochen Zeitz explained the new efficiency program is separate from the existing productivity plan and will leverage technology, including AI, for substantial cost savings. He noted that details would be shared in future calls and the plan is aligned with the incoming CEO.

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    Jaime Katz's questions to HARLEY-DAVIDSON (HOG) leadership • Q2 2025

    Question

    Jaime Katz of Morningstar asked for clarification on the timing of the HDFS transaction's ~$300 million operating income impact (Q3 or Q4) and requested more details on the new efficiency program's potential magnitude and focus.

    Answer

    CFO Jonathan Root indicated the HDFS transaction's financial impact would likely be split between Q3 and Q4 as different elements of the deal close. CEO Jochen Zeitz explained the new efficiency program will leverage technology, including AI, for substantial cost savings and productivity gains, with specific details to be outlined in future calls.

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    Jaime Katz's questions to HARLEY-DAVIDSON (HOG) leadership • Q2 2025

    Question

    Jaime Katz of Morningstar asked for clarification on the timing of the HDFS transaction's ~$300 million income benefit and requested details on the newly announced efficiency program.

    Answer

    CFO & President - Commercial, Jonathan Root, stated the HDFS transaction's financial impact would likely be split between Q3 and Q4. Chairman, President & CEO, Jochen Zeitz, explained the new efficiency program is separate from existing productivity plans and will leverage technology, including AI, to drive substantial cost savings. He noted that details would be shared in future calls and the plan is aligned with the incoming CEO.

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    Jaime Katz's questions to HARLEY-DAVIDSON (HOG) leadership • Q4 2024

    Question

    Jaime Katz of Morningstar questioned the strategic rationale for LiveWire launching a new Maxi scooter, asking about the purpose of investing in a new product for a low-demand EV segment and the associated profit potential.

    Answer

    LiveWire CEO Karim Donnez explained the launch is highly strategic as it leverages the existing S2 vehicle platform, avoiding the high cost of new platform development. He also noted it utilizes the expertise of shareholder Kymco and targets a growing EV Maxi scooter segment in Europe. CFO Jonathan Root reinforced that this approach allows LiveWire to reduce its operating loss and cash burn by focusing on line extensions rather than costly new platform investments.

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    Jaime Katz's questions to HARLEY-DAVIDSON (HOG) leadership • Q3 2024

    Question

    Jaime Katz of Morningstar, Inc. requested clarification on the 4% market share gain comment, as it didn't seem to match the slide deck. She also asked what would trigger a larger reevaluation of the company's manufacturing footprint given lower shipment volumes.

    Answer

    CEO Jochen Zeitz clarified that the significant market share gains were specifically within the Touring segment, where the company outperformed the industry each quarter. Regarding the operating profile, he assured that this is under constant review and that the company's plans are based on a conservative outlook, with OpEx adjustments already made and cost productivity being a key driver. CFO Jonathan Root added that the $400 million productivity goal involves significant work to optimize manufacturing.

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    Jaime Katz's questions to HARLEY-DAVIDSON (HOG) leadership • Q3 2024

    Question

    Jaime Katz of Morningstar requested clarification on the company's market share gain comments and asked about any plans to reassess the structural operating profile given lower shipment volumes.

    Answer

    CEO Jochen Zeitz clarified that significant market share gains were specifically within the Touring segment, and that overall retail sales declined less than the industry. He assured that the operating profile is constantly evaluated based on a conservative outlook, with a focus on OpEx and cost productivity. CFO Jonathan Root reinforced this by highlighting the commitment to the $400M productivity plan as a key part of this optimization.

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    Jaime Katz's questions to HARLEY-DAVIDSON (HOG) leadership • Q3 2024

    Question

    Jaime Katz from Morningstar sought clarification on the company's market share gain claims and asked what would trigger a major reevaluation of its structural operating profile and manufacturing footprint.

    Answer

    CEO Jochen Zeitz clarified that the significant market share gain was specifically within the Touring segment. Regarding the operating profile, he and CFO Jonathan Root assured that they constantly evaluate it and are basing future plans on a conservative outlook, with a focus on OpEx and the $400M cost productivity program to achieve their long-term margin goals.

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    Jaime Katz's questions to BRUNSWICK (BC) leadership

    Jaime Katz's questions to BRUNSWICK (BC) leadership • Q2 2025

    Question

    Jaime Katz of Morningstar inquired about the drivers for the projected return to growth in boat sales in the second half of the year, asking if it was due to product mix or rising dealer commitments. She also asked for insights into what is currently facilitating sales of value-priced boats and what indicators might signal a recovery in that segment.

    Answer

    CFO Ryan Gwillim attributed the projected H2 growth primarily to favorable year-over-year comparisons resulting from significant production cuts in H2 2024, along with positive momentum from July retail. CEO David Foulkes added that value consumers are more sensitive to economic uncertainty and interest rates, and sales in this segment often require promotions. He suggested that potential interest rate reductions would likely be a key catalyst for recovery in the value segment.

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    Jaime Katz's questions to BRUNSWICK (BC) leadership • Q1 2025

    Question

    Jaime Katz asked for insight on which types of retail incentives, such as rate buy-downs or cash-back promos, are proving most effective with consumers.

    Answer

    David Foulkes (executive) responded that cash-back offers have the most consistent appeal. He also noted that Brunswick is currently being more targeted and using about one percentage point less in aggregate promotions compared to last year. This approach is intended to balance volume and profitability but provides the company with an opportunity to increase incentives if necessary.

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    Jaime Katz's questions to BRUNSWICK (BC) leadership • Q4 2024

    Question

    Jaime Katz asked about the long-term capital intensity of the business and whether the cadence of M&A opportunities has increased during the recent period of market distress.

    Answer

    CFO Ryan Gwillim confirmed that after a period of heavy investment, the company is in a 'harvest phase' and expects CapEx to normalize in the 3-4% of sales range. CEO David Foulkes acknowledged receiving significant inbound M&A interest but stated that with the current share price, share repurchases are a higher priority for capital deployment.

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    Jaime Katz's questions to HASBRO (HAS) leadership

    Jaime Katz's questions to HASBRO (HAS) leadership • Q2 2025

    Question

    Jaime Katz of Morningstar, Inc. asked if the long-term operating margin outlook for the Wizards & Digital segment (under 40%) still holds, and requested details on the SKU rationalization strategy and the potential for the Consumer Products segment to return to growth in 2026.

    Answer

    CFO & COO Gina Goetter confirmed there is no update to the long-term digital margin outlook, noting that depreciation from new games like Exodus will be a future headwind. CEO Chris Cocks expressed confidence in a 2026 CP recovery, driven by a 'second to none' entertainment slate including Spider-Man, Star Wars, and Avengers. Goetter added that SKU rationalization is an ongoing process to manage complexity and respond to the tariff environment.

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    Jaime Katz's questions to HASBRO (HAS) leadership • Q1 2025

    Question

    Jaime Katz from Morningstar, Inc. asked to reconcile strong revenue with weaker market share data, questioning if it was due to retailers working down inventory, and also inquired about trends at value price points.

    Answer

    CEO Chris Cocks noted that Hasbro entered the year with lean retail inventories. CFO & COO Gina Goetter clarified that the Consumer Products revenue beat was driven by licensing, while the core toy business performed as planned. Regarding value consumers, Cocks stated there were no major insights to share, as the toy category performed well in Q1 with consumers behaving normally.

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    Jaime Katz's questions to HASBRO (HAS) leadership • Q4 2024

    Question

    Jaime Katz asked for details on the sources of the incremental cost savings, from the previous $750 million target to the new $1 billion goal. She also inquired about the strategy for deciding whether to out-license or retain brands, specifically mentioning NERF.

    Answer

    CFO and COO Gina Goetter stated that future savings will increasingly come from gross-to-net efficiencies, design-to-value initiatives, and managed expenses. CEO Chris Cocks introduced a new 'Growth, Optimize, Reinvent' brand framework, placing NERF in the 'Reinvent' category. He noted that while out-licensing is always an option, the company's bias is to be a net brand creator.

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    Jaime Katz's questions to BRP (DOOO) leadership

    Jaime Katz's questions to BRP (DOOO) leadership • Q4 2025

    Question

    Jaime Katz asked about the sales growth threshold required to drive significant operating leverage and inquired about the company's capital allocation priorities for the upcoming year.

    Answer

    CFO Sebastien Martel explained that with plants running at a suboptimal 55% utilization in fiscal 2025, any incremental volume provides a significant, exponential benefit to margins. For capital allocation, he stated the top priority remains product innovation, followed by dividends. Share buybacks are also an option, but are on hold to preserve balance sheet flexibility amid current uncertainty.

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    Jaime Katz's questions to BRP (DOOO) leadership • Q2 2025

    Question

    Jaime Katz asked about recent changes in dealer financing rates and whether demand has remained weak despite any rate movements. She also inquired about demand trends for BRP's Unchartered Society experience business.

    Answer

    CFO Sebastien Martel stated that dealer financing rates are pegged to SOFR and have not yet moved down, but that a reduction would help dealers. CEO Jose Boisjoli said he lacked the latest data for Unchartered Society but had not heard of any drastic slowdown, reiterating its strategic importance for getting customers to experience BRP products.

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    Jaime Katz's questions to BRP (DOOO) leadership • Q1 2025

    Question

    Jaime Katz of Morningstar asked about capital expenditure plans, noting the slight reduction for the current year, and questioned if BRP is considering moderating any major projects over the next one to two years given the softer economic environment.

    Answer

    CFO Sebastien Martel confirmed that BRP is comfortable with its current production capacity and does not see a need for major capacity additions in the short-to-mid-term. He stated that the company will remain selective in its CapEx deployment, continuing to invest in technology and new products. He suggested that CapEx next year could be slightly higher than this year's reduced level, but not back to the peaks of recent years.

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    Jaime Katz's questions to CARNIVAL (CCL) leadership

    Jaime Katz's questions to CARNIVAL (CCL) leadership • Q1 2025

    Question

    Jaime Katz from Morningstar asked for details on the cadence of costs for the remainder of the year, particularly concerning dry docks in Q2 and Q3. She also inquired about the current level of booking visibility compared to historical norms.

    Answer

    CFO David Bernstein reaffirmed prior guidance that cost growth in Q2 and Q3 would be slightly higher than the full-year average, with Q4 being lower. He also confirmed that visibility is at a record high, with the company being approximately 80% booked for the rest of the year, which is above the top end of all historical ranges.

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    Jaime Katz's questions to CARNIVAL (CCL) leadership • Q4 2024

    Question

    Jaime Katz asked about the strategy for wave season, specifically how the company balances filling 2025 inventory versus pulling forward 2026 demand, and whether there is an opportunity to reduce promotions. She also inquired about the long-term level of non-newbuild CapEx for brand-building projects.

    Answer

    CEO Josh Weinstein explained that promotions are a standard and healthy part of wave season and that the company is already seeing record booking activity for 2026. Regarding CapEx, both Weinstein and CFO David Bernstein noted that while projects like Celebration Key are significant investments with high expected returns, there is no fixed long-term run rate for such spending, though it will likely remain a priority. Future levels are expected to be similar to 2025 but are subject to change.

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    Jaime Katz's questions to CARNIVAL (CCL) leadership • Q3 2024

    Question

    Jaime Katz requested an update on the Chinese consumer and the Asia Pacific region, asked if there was still room for occupancy upside in European brands, and inquired about the financial impact from recent hurricane disruptions.

    Answer

    CEO Josh Weinstein explained that China was never a significant market for Carnival and they are not pursuing it now, though other parts of Asia are performing well. He noted that while overall occupancy is back to historical norms, there is still some room for it to "drift a little higher," but the main focus is on price. He characterized the financial impact from the hurricane as insignificant, amounting to just a few million dollars.

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    Jaime Katz's questions to LiveWire Group (LVWR) leadership

    Jaime Katz's questions to LiveWire Group (LVWR) leadership • Q4 2024

    Question

    Jaime Katz of Morningstar questioned the strategic rationale for launching a new LiveWire Maxi scooter product in what she described as a low-demand segment, asking about the incremental investment and potential profit margin.

    Answer

    LiveWire CEO Karim Donnez clarified the scooter is planned for 2026 and targets the European market, where the EV maxi-scooter segment is showing growth. He explained the strategy leverages the existing S2 platform and the expertise of shareholder Kymco, minimizing new platform investment. CFO Jonathan Root added that this approach allows LiveWire to reduce its operating loss and cash burn by focusing on line extensions rather than costly new platforms.

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    Jaime Katz's questions to LiveWire Group (LVWR) leadership • Q4 2024

    Question

    Jaime Katz of Morningstar questioned the strategic rationale for launching a new electric maxi-scooter in what is perceived as a low-demand segment, asking about the required investment and potential profit progression.

    Answer

    LiveWire CEO Karim Donnez clarified the scooter, planned for 2026, leverages the existing S2 platform and the expertise of shareholder Kymco, minimizing new platform investment. He noted there is a growing EV maxi-scooter segment in Europe that LiveWire is targeting. CFO Jonathan Root added this strategy allows LiveWire to reduce its operating loss and cash burn by focusing on line extensions rather than developing costly new platforms.

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    Jaime Katz's questions to MATTEL INC /DE/ (MAT) leadership

    Jaime Katz's questions to MATTEL INC /DE/ (MAT) leadership • Q3 2024

    Question

    Jaime Katz asked if Mattel was observing a consumer shift to value products and about the cadence of benefits from the 'Optimizing for Profitable Growth Program,' specifically the split between gross margin and SG&A.

    Answer

    CFO Anthony DiSilvestro acknowledged consumer pressure and the importance of value, stating Mattel is well-positioned with a wide range of price points. He noted the cost savings program is on track, with more benefits still to come on the Cost of Goods Sold (COGS) side, as the program is expected to be 70% COGS-focused overall.

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    Jaime Katz's questions to CARNIVAL (CUK) leadership

    Jaime Katz's questions to CARNIVAL (CUK) leadership • Q2 2023

    Question

    Jaime Katz of Morningstar inquired about the company's strategy for managing the extended booking curve to ensure optimal pricing is not being sacrificed. She also asked for more details on the recent corporate reorganization and its anticipated benefits.

    Answer

    CEO Josh Weinstein explained that managing the booking curve is a dynamic, brand-by-brand process aimed at maximizing total revenue, not just extending the booking window. Regarding the reorganization, he stated it removed a management layer to create a more nimble structure, giving brand leaders a direct line to him. This change, which puts 93% of capacity under his direct oversight, is designed to speed up decision-making and improve responsiveness.

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    Jaime Katz's questions to CARNIVAL (CUK) leadership • Q4 2022

    Question

    Jaime Katz of Morningstar requested details on the reprioritization of capital projects and inquired about the return on investment for marketing spend, especially given the heightened competition for North American consumers.

    Answer

    CFO David Bernstein explained that CapEx changes are driven by fleet optimization and timing, with CEO Josh Weinstein adding that sustainability and fuel efficiency projects remain a high priority. Regarding marketing, Weinstein reiterated that management is very pleased with the results from the increased spend and feels confident in their brands' ability to compete effectively.

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    Jaime Katz's questions to CARNIVAL (CUK) leadership • Q3 2022

    Question

    Jaime Katz asked about the remaining magnitude of Future Cruise Credits (FCCs) and the timeline for their resolution. She also inquired about any noteworthy shifts in capital spending.

    Answer

    CFO David Bernstein explained that the impact of FCCs on 2023 yields is expected to be less than 1% and should be fully resolved by the end of 2023. Regarding capital spending, he attributed changes primarily to foreign currency fluctuations on newbuilds and noted that non-newbuild CapEx for 2022 was reduced, with 2023 plans under review for optimization.

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