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    Kate McCutcheon

    Wall Street Analyst at Citigroup Inc.

    Kate McCutcheon is a Wall Street Analyst at Citigroup Inc., specializing in coverage of the general sector with a focus on major companies such as Nvidia, Tesla, Amazon, Alibaba, and Arcadium Lithium. She covers 26 stocks, has issued over 500 ratings, and ranks among the top analysts with a verified success rate of around 61% and an average return per rating of 8.6%, including standout calls like a 138% return on Patriot Battery Metals. Since joining Citi in at least 2019, McCutcheon has also provided coverage for Newmont Corporation and other global mining entities, building a reputation for strong performance and insightful analysis. She holds several industry credentials and regularly features on institutional investor coverage lists, underscoring her credibility in equity research.

    Kate McCutcheon's questions to NEWMONT Corp /DE/ (NEM) leadership

    Kate McCutcheon's questions to NEWMONT Corp /DE/ (NEM) leadership • Q4 2024

    Question

    Kate McCutcheon of Citi asked where the previously announced $500 million synergy run rate from the Newcrest deal is visible in the financials, as costs appear higher. She also inquired about the minimal share buyback activity in the past quarter and the expected cadence for repurchases going forward.

    Answer

    CFO Karyn Ovelmen explained that while synergy run rates were achieved, they were overwhelmed by one-time integration costs and overall cost structure increases, making them less visible on the bottom line. She added that share buybacks can resume post-earnings, with timing correlated to free cash flow and the ~$2.5 billion in expected divestiture proceeds in H1 2025.

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    Kate McCutcheon's questions to ALTM leadership

    Kate McCutcheon's questions to ALTM leadership • Q1 2024

    Question

    Asked about the funding strategy for the $1.6 billion in development capital, particularly the appetite for OEM prepayments for Canadian assets. Also inquired about the operational future of the Mount Cattlin mine and the price environment needed for its expansion.

    Answer

    The company is pursuing a multi-faceted funding strategy that includes government loans/grants, customer prepayments (for which there is appetite, especially for IRA-qualified material), and internal cash flow. Regarding Mount Cattlin, at current market prices, it is not economical to fund the next phase of mining, making it unlikely to operate beyond its current mine plan, which ends in late 2025/early 2026.

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    Kate McCutcheon's questions to ALTM leadership • Q4 2023

    Question

    Questioned why realized pricing in December for spodumene and carbonate was significantly lower than peers and indices, and asked for clarification on the drivers for the CapEx reduction and project delays in Argentina.

    Answer

    The lower December pricing was attributed to pre-merger Allkem decisions, including late-quarter spodumene shipments in a falling market and selling a large volume of technical-grade carbonate when its discount to battery-grade widened. The project delays in Argentina are driven by a need for capital discipline in the current low-price environment and also provide an opportunity to re-evaluate and optimize the co-located Fenix and Sal de Vida projects for long-term capital efficiency.

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