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    Marco Limite

    Vice President and Equity Research Analyst at Barclays

    Marco Limite is a Vice President and Equity Research Analyst at Barclays covering the general sector, with a particular focus on leading European logistics, postal, and transport companies such as Deutsche Post, DHL, and Bpost. He has issued over 200 stock ratings since 2020, maintaining a 50% success rate on TipRanks, though his average returns per rating stand at -3.4%, with a top-performing call delivering a +61.7% return for Deutsche Post AG. Limite has worked across markets in the UK, Germany, Italy, Spain, France, and the US, establishing himself as a notable voice in cross-European equity research since joining Barclays. His professional credentials include compliance with European securities regulations and extensive experience in fundamental company analysis supporting institutional investors.

    Marco Limite's questions to ZIM Integrated Shipping Services (ZIM) leadership

    Marco Limite's questions to ZIM Integrated Shipping Services (ZIM) leadership • Q1 2025

    Question

    Marco Limite questioned ZIM's exposure to the proposed U.S. port fee on Chinese-built vessels and the company's mitigation strategy. He also asked about the Q2 profitability outlook, considering the sequential rise in spot rates and volumes, and inquired about the performance of other trade lanes.

    Answer

    CFO Xavier Destriau stated that just under half of ZIM's fleet is Chinese-built, a result of its recent, extensive fleet renewal. The company is actively planning mitigation strategies, such as swapping tonnage between trades, to minimize the fee's impact. Regarding Q2, he acknowledged the positive momentum from rising rates but cautioned that its duration is highly uncertain due to upcoming tariff deadlines in July and August. He added that non-U.S. trade lanes are currently experiencing more 'business as usual' conditions.

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    Marco Limite's questions to ZIM Integrated Shipping Services (ZIM) leadership • Q4 2024

    Question

    Marco Limite asked for clarification on the 2025 outlook, questioning if the guidance implies a positive EBIT in the first half and a negative EBIT in the second. He also requested details on the phasing of charter renewals and the expected range for CapEx and lease liabilities in 2025.

    Answer

    CFO Xavier Destriau confirmed the first half of 2025 is expected to be stronger than the second but did not provide quarterly EBIT guidance. He explained that about one-third of the fleet is on short-term charter, with less than 100,000 TEUs up for renewal in 2025. He noted that 2025 lease liability repayments would be lower than the $2.5-$2.6 billion in 2024, due to the absence of one-off payments and the benefit of securing lower charter rates on renewed vessels.

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    Marco Limite's questions to AMKBY leadership

    Marco Limite's questions to AMKBY leadership • Q1 2025

    Question

    Asked about the current state of U.S. inventories, how long customers can sustain operations with them, and whether current global volumes are being inflated by front-loading from other countries.

    Answer

    There is no good data on inventory levels, and it varies by company. Customers are drawing down inventory and sourcing from Canada and Mexico. The situation will start to hurt significantly before summer if not resolved. Customer strategies vary; some are sourcing from alternative countries like Bangladesh and Indonesia, while others will have to pay the tariffs on goods with no alternative, leading to U.S. inflation. An entrenched trade war increases the risk of a U.S. recession.

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