Sign in

    Laurent Favre • BNP Paribas

    Laurent Favre's questions to Linde PLC (LIN) leadership

    Laurent Favre's questions to Linde PLC (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.

    Ask Fintool Equity Research AI

    Laurent Favre's questions to Linde PLC (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.

    Ask Fintool Equity Research AI

    Laurent Favre's questions to Linde PLC (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.

    Ask Fintool Equity Research AI

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

    Laurent Favre's questions to Axalta Coating Systems Ltd (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.

    Ask Fintool Equity Research AI

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

    Laurent Favre's questions to Air Products and Chemicals Inc (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.

    Ask Fintool Equity Research AI

    Laurent Favre's questions to PPG Industries Inc (PPG) leadership

    Laurent Favre's questions to PPG Industries Inc (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.

    Ask Fintool Equity Research AI

    Laurent Favre's questions to PPG Industries Inc (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.

    Ask Fintool Equity Research AI

    Laurent Favre's questions to FMC Corp (FMC) leadership

    Laurent Favre's questions to FMC Corp (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.

    Ask Fintool Equity Research AI