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    Jonathan Mounsey

    Research Analyst at BNP Paribas

    Jonathan Mounsey is a Research Analyst at BNP Paribas SA (London Branch), specializing in industrials and capital goods with specific company coverage including Kone Oyj and related European-listed firms. Noted for actionable investment research, he has upgraded companies like Kone to outperform, with performance tracked by platforms such as TipRanks where his recommendations show above-average accuracy and returns. Mounsey began his analyst career at Goldman Sachs before joining BNP Paribas in 2023, bringing deep sector expertise and a strong reputation for industry forecasting. He holds advanced professional credentials in research analysis, and his work is recognized for rigorous financial modeling and investment insights.

    Jonathan Mounsey's questions to ABBNY leadership

    Jonathan Mounsey's questions to ABBNY leadership • Q3 2024

    Question

    Questioned the recovery plan for the struggling E-mobility business, asking if industry consolidation is necessary. Also inquired about the company's willingness to increase leverage to pursue M&A beyond what free cash flow covers.

    Answer

    For E-mobility, the immediate focus is on renewing the product portfolio to be more competitive; consolidation is complex due to differing technologies. Regarding leverage, management confirmed they are 'underleveraged' and have significant capacity to take on more debt for the right M&A deals, stating that balance sheet capacity will not be a constraint.

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    Jonathan Mounsey's questions to ABBNY leadership • Q1 2024

    Question

    Asked about the company's capital allocation strategy, questioning the relatively small size of the share buyback and inquiring about the M&A pipeline. He also asked about the portfolio composition, specifically if a spin-out of the Robotics and Discrete Automation division could be considered.

    Answer

    Executives explained that the buyback size is designed to maintain flexibility for value-adding M&A, which is a higher priority. On the portfolio, the CEO defended the inclusion of Robotics and Discrete Automation, highlighting that Robotics is a #2 player in its market and Machine Automation is a highly profitable niche business, implying they fit well within the group's strategy.

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    Jonathan Mounsey's questions to ABBNY leadership • Q4 2023

    Question

    Asked if the 5% group organic growth guidance for 2024 assumes a positive contribution from China, and also inquired about the order trend in Germany and its expected contribution to 2024 growth.

    Answer

    The CEO stated that Germany appears to be bottoming out from a low level, with some optimism for improvement. For China, he believes it will be difficult for it to contribute to revenue growth in the next year. Management clarified they do not provide country-specific growth guidance.

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    Jonathan Mounsey's questions to ALSTOM (ALSMY) leadership

    Jonathan Mounsey's questions to ALSTOM (ALSMY) leadership • Q1 2024

    Question

    Jonathan Mounsey from BNP Paribas Exane requested an update on the Russian asset disposals and sought confirmation on whether wage inflation for Rolling Stock contracts is hedged.

    Answer

    CFO Laurent Martinez explained that the company is opportunistic regarding its fully depreciated Russian assets and will wait for a reasonable deal. On inflation, he confirmed that wages are part of the indices in their indexed contracts, providing full protection for Rolling Stock, Services, and Signalling. He noted that 90% of Q1 orders were indexed.

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    Jonathan Mounsey's questions to ALSTOM (ALSMY) leadership • Q3 2022

    Question

    Jonathan Mounsey of BNP Paribas Exane asked why Alstom was not providing explicit free cash flow guidance so close to year-end and questioned the status of discussions with Moody's regarding credit ratings.

    Answer

    CFO Laurent Martinez attributed the lack of explicit guidance to significant short-term volatility, reiterating the expectation for positive free cash flow in H2. He described the dialogue with Moody's as positive, noting the agency focuses on mid-term cash generation and profitability rather than single half-year results.

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    Jonathan Mounsey's questions to ALSTOM (ALSMY) leadership • Q2 2022

    Question

    Jonathan R. Mounsey requested an update on specific problem contracts, namely the SBB project in Switzerland regarding reliability and comfort, and the Aventra contracts in the U.K.

    Answer

    CEO Henri Poupart-Lafarge reported significant progress. For the SBB contract, reliability has doubled, production is stabilized, and comfort issues have been improved, though some technical and commercial discussions remain. For the U.K. Aventra projects, agreements are settled with most operators, and the focus has shifted from retrofitting to resuming new train production with improved quality.

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