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    Laurent Favre

    Senior Analyst at BNP Paribas

    Laurent Favre is a Senior Analyst at Exane BNP Paribas, specializing in chemicals and industrial sectors with a focus on companies such as LyondellBasell Industries, Axalta Coating Systems, and Corteva. He has historically issued research and ratings with a demonstrated record, including making calls such as upgrades on Axalta and Corteva and initiations on LyondellBasell, with previous recommendations showing mixed return metrics, such as an 83.24% return on LyondellBasell in one noted instance and 50% success rates cited in various analyst updates. With a career rooted at Exane BNP Paribas, Favre has developed deep sector expertise over several years at the firm. He is recognized for his rigorous quantitative and qualitative analysis of equities in the chemicals industry.

    Laurent Favre's questions to LINDE (LIN) leadership

    Laurent Favre's questions to LINDE (LIN) leadership • Q2 2025

    Question

    Laurent Favre of BNP Paribas questioned the customer appetite for new projects amid the weak macro backdrop and asked if there was a risk of the project backlog finishing the year below $7 billion.

    Answer

    CEO Sanjiv Lamba reaffirmed his expectation that the backlog will end the year with a 'seven handle' (i.e., above $7 billion). He stated this is despite another $1 billion in projects starting up in the second half, expressing confidence that the opportunity pipeline will yield sufficient new wins to replenish and grow the backlog.

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    Laurent Favre's questions to LINDE (LIN) leadership • Q1 2025

    Question

    Laurent Favre of BNP Paribas asked about the risk of delays for projects currently in the backlog and sought details on where Linde sees the strongest commitment for new projects by geography or end market.

    Answer

    Sanjiv Lamba, CEO, provided a detailed geographic outlook, expecting flattish volumes in the Americas, continued softening in Europe, and a mixed performance in APAC, with India as a bright spot. He noted that new project wins are being driven by secular growth in electronics, as well as opportunities in metals and chemicals, particularly in Asia.

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    Laurent Favre's questions to LINDE (LIN) leadership • Q4 2024

    Question

    Laurent Favre of BNP Paribas questioned the flat organic growth in the healthcare business during 2024 and the outlook for 2025. He also asked for an update on new project wins in the electronics sector.

    Answer

    CEO Sanjiv Lamba attributed the flat healthcare performance to portfolio rationalization in the U.S. homecare business. He expects the segment to return to its typical low-to-mid-single-digit growth after these actions are lapped. Regarding electronics, he confirmed it represents 20% of the record sale of gas backlog and that new project wins would be announced shortly.

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    Laurent Favre's questions to Axalta Coating Systems (AXTA) leadership

    Laurent Favre's questions to Axalta Coating Systems (AXTA) leadership • Q1 2025

    Question

    Laurent Favre inquired about the company's capital allocation priorities, specifically balancing deleveraging, share buybacks, and potential M&A.

    Answer

    CFO Carl Anderson stated that with net leverage at 2.5x, the priority is allocating capital to share repurchases and opportunistic M&A, as deleveraging will occur naturally. CEO Chrishan Anthon Villavarayan added that the company's focus is now on its 'growth algorithm,' and they will actively look for M&A that adds growth above their current end markets.

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    Laurent Favre's questions to Air Products & Chemicals (APD) leadership

    Laurent Favre's questions to Air Products & Chemicals (APD) leadership • Q2 2025

    Question

    Laurent Favre of BNP Paribas asked about planned changes to the organization, management structure, and incentives. He also questioned if the company was considering any divestitures of specific business lines or country operations as part of its capital allocation review.

    Answer

    CEO Eduardo Menezes indicated that while there will be ongoing changes, no drastic restructurings are planned. He acknowledged the employee reductions are difficult but necessary. On divestitures, Menezes gave a firm 'no' to selling any major operations, such as the South Korean business, stating that while very small, non-strategic positions could be considered, the company is committed to its core industrial gas footprint.

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    Laurent Favre's questions to PPG INDUSTRIES (PPG) leadership

    Laurent Favre's questions to PPG INDUSTRIES (PPG) leadership • Q1 2025

    Question

    Laurent Favre of BNP Paribas asked about PPG's capital allocation strategy, specifically the intention and intensity of share buybacks, given the current market uncertainty and the company not proceeding with a recent acquisition.

    Answer

    CEO Timothy Knavish reiterated that PPG's strategy has shifted to prioritize organic growth over M&A. He noted the price for a recent asset was not right. Regarding buybacks, he highlighted the six straight quarters of repurchases as the best use of cash and stated that while he won't commit to a specific number due to market variability, the same decision-making process should be expected to continue.

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    Laurent Favre's questions to PPG INDUSTRIES (PPG) leadership • Q3 2024

    Question

    Laurent Favre asked about the outlook for the Aerospace business, considering the ongoing headlines about potential slowdowns at major OEMs.

    Answer

    Chairman and CEO Timothy Knavish stated that PPG is not seeing a slowdown, citing a large order backlog and red-hot military demand that allows for production flexibility. He projected high single-digit growth for Q4 and another 'outstanding year' in 2025. SVP and CFO Vince Morales added that any moderation in growth rate is due to the law of large numbers, not a weakening of the robust industry fundamentals.

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    Laurent Favre's questions to FMC (FMC) leadership

    Laurent Favre's questions to FMC (FMC) leadership • Q3 2024

    Question

    Laurent Favre of BNP Paribas questioned the nature of the R&D cost reductions, asking if the savings were temporary or represented a structural shift in the company's investment strategy.

    Answer

    Pierre Brondeau, Chairman and CEO, described the R&D savings as sustainable. He explained they stem from a more disciplined discovery process, better screening tools, and improved governance to eliminate duplication between central and regional R&D. He assured that these changes do not impact the launch of key new products.

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    Laurent Favre's questions to SOLVAY S A /ADR/ (SLVYY) leadership

    Laurent Favre's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q4 2023

    Question

    Asked about the commercial structure of soda ash contracts and related energy hedging, the phasing of the Green River expansion, and Solvay's potential CapEx for the Neom project.

    Answer

    Soda ash contracts are ~30% long-term, 50% annual (mainly Europe), and the rest shorter-term (seaborne/Asia). The Green River expansion is ongoing and will be ready in 2025 for the export market. The Neom project will be done in partnership with a low CapEx contribution from Solvay, starting with a 0.5 million ton tranche. On energy, they use energy adjustment clauses in contracts, limiting both upside and downside from price swings, and manage exposure dynamically.

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    Laurent Favre's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership

    Laurent Favre's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q2 2022

    Question

    Laurent Favre of BNP Paribas asked for an update on plant utilization rates at the end of Q2, comparing Europe with the rest of the world, and whether lower European production could be offset elsewhere.

    Answer

    Mike Graff, Executive VP, reported very high utilization rates in the Americas across chemicals, steel, and refining. Francois Jackow, Executive VP, noted high utilization in Asia, particularly in a tight China market. Pascal Vinet, SVP, stated that European utilization rates have not seen significant changes, with solid volumes despite slightly lower activity in steel and chemicals due to customer turnarounds.

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