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    Martin Roediger

    Senior Equity Analyst at Kepler Cheuvreux

    Martin Roediger is a Senior Equity Analyst at Kepler Cheuvreux specializing in the chemicals sector, where he covers a broad range of European chemical companies including LANXESS, Linde, and SGL Carbon. His performance includes a 55% success rate on stock recommendations with an average return of 8.2% per transaction, and he was ranked #2 in Chemicals by the 2020 Refinitiv StarMine Analyst Awards in Europe. Roediger has been with Kepler Cheuvreux for several years and is recognized for his in-depth industry knowledge, having previously worked in similar analyst roles before joining the firm, though earlier career details are less public. His professional credentials include prominent analyst rankings and a proven track record, although specific securities licenses or FINRA registrations were not publicly listed.

    Martin Roediger's questions to Fuchs Petrolub SE/ADR (FUPBY) leadership

    Martin Roediger's questions to Fuchs Petrolub SE/ADR (FUPBY) leadership • Q1 2025

    Question

    Martin Roediger of Kepler Cheuvreux inquired about the primary drivers of strong volume growth in China, questioning whether it was due to market share gains or government stimulus. He also asked about the outlook for the gross margin given falling oil prices and a weaker U.S. dollar.

    Answer

    CEO Stefan Fuchs attributed China's performance mainly to market share gains driven by their 'in China, for China' strategy, which leverages local production and development. CFO Isabelle Adelt added that while the Q1 gross margin was good, they do not expect a steep increase, as raw material costs are anticipated to remain stable and the impact of tariffs is a key uncertainty. She also noted their local-for-local model minimizes currency benefits.

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    Martin Roediger's questions to Fuchs Petrolub SE/ADR (FUPBY) leadership • Q1 2024

    Question

    Martin Roediger from Kepler Cheuvreux questioned the path to achieving the 2025 EBIT target of €500 million, asked if Q1 administrative costs represent a good run rate, and inquired about the company's strategy for compensating for hyperinflation effects.

    Answer

    CFO Isabelle Adelt stated that reaching the €500 million EBIT target in 2025 depends on a more normal economic environment and a significant contribution from the U.S. market post-election. She confirmed that higher digitalization costs, such as for the S/4HANA implementation, are factored into guidance and will be a sustained expense. Regarding hyperinflation, she noted Argentina is the main affected country, and given its relatively small operational size, specific offsetting price measures have not been implemented.

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    Martin Roediger's questions to Fuchs Petrolub SE/ADR (FUPBY) leadership • Q1 2024

    Question

    Martin Roediger from Kepler Cheuvreux questioned the company's confidence in accelerating EBIT growth to meet its 2025 target of €500 million. He also asked if Q1 admin costs represent a good run rate and whether the company uses price hikes to offset hyperinflation effects.

    Answer

    CFO Isabelle Adelt expressed confidence in reaching the 2025 EBIT target, attributing it to an expected normalization of the economic environment and a significant contribution from the U.S. market after the election. She confirmed that higher digitalization costs are planned for and included in guidance. Regarding hyperinflation, she noted that Argentina is the primary country affected and is a relatively small operation, so specific offsetting price measures have not been implemented.

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    Martin Roediger's questions to Fuchs Petrolub SE/ADR (FUPBY) leadership • Q1 2024

    Question

    Martin Roediger from Kepler Cheuvreux questioned the company's confidence in accelerating EBIT growth to meet its 2025 target of €500 million. He also asked if Q1 administrative costs are a good run-rate for future quarters and whether the company uses price hikes to offset hyperinflation effects.

    Answer

    CFO Isabelle Adelt expressed confidence in reaching the 2025 EBIT target, attributing it to an expected improvement in the global economic environment, particularly in the U.S. after the election. She confirmed that higher administrative costs, driven by digitalization projects like the S/4HANA implementation, are factored into the guidance. Regarding hyperinflation, she noted that Argentina is the primary country affected and, being a small operation, specific price-hike countermeasures have not been implemented.

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    Martin Roediger's questions to SOLVAY S A /ADR/ (SLVYY) leadership

    Martin Roediger's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q2 2024

    Question

    Martin Roediger asked for clarification on the sequential net pricing effect on EBITDA from Q1 to Q2 and whether the Q2 depreciation and amortization charge is a good run rate for the future.

    Answer

    CFO Alexandre Blum advised that the full-year depreciation and amortization run rate is approximately EUR 330 million. Regarding net pricing, he noted that a sequential comparison is difficult but the year-over-year negative impact was larger in Q2 because Q2 2023 was a peak. He added that an improved product mix in Q2 provided a slight benefit.

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    Martin Roediger's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q2 2024

    Question

    Martin Roediger inquired about the sequential net pricing effect on EBITDA from Q1 to Q2 and whether the Q2 depreciation and amortization charge is a good run rate for future quarters.

    Answer

    CFO Alexandre Blum advised that the annual run rate for depreciation and amortization should be around €330 million. Regarding net pricing, he explained that a sequential comparison is difficult, but the year-over-year negative impact was more pronounced in Q2 as Q2 2023 was a peak. He added that an improved product mix in Q2 2024 helped offset some of the pricing pressure.

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    Martin Roediger's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q1 2024

    Question

    Martin Roediger of Kepler Cheuvreux inquired about the components of fixed cost savings, the Q2 EBITDA outlook, and the reasons for a significant drop in capital employed, particularly in investments in associates and joint ventures.

    Answer

    CEO Philippe Kehren confirmed that the EUR 19 million in Q1 savings were structural and separate from temporary central cost reductions. Regarding Q2, he anticipates a market environment similar to Q1 with a continued focus on cost control. CFO Alexandre Blum later clarified that the decrease in capital employed was due to the calculation methodology, the deconsolidation of a Russian joint venture, and the cessation of certain third-party energy activities.

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    Martin Roediger's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership

    Martin Roediger's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q1 2021

    Question

    Martin Roediger of Kepler Cheuvreux followed up on Electronics, asking for specifics on which countries were most affected by lower sales in Advanced Materials and E&I, and requested more detail on the contract renegotiations in Advanced Materials.

    Answer

    CFO & Executive VP Fabienne Lecorvaisier clarified that lower Equipment & Installation (E&I) sales were due to a tough comparison with very high sales in Japan last year. Michael J. Graff, Executive VP, added that current E&I levels are normal and that Advanced Materials growth slowed due to customer inventory builds in 2020 and COVID-related delays in new fab start-ups. He explained that recent long-term agreements for mature molecules are a natural part of the product lifecycle to sustain high-volume sales.

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    Martin Roediger's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q3 2020

    Question

    Martin Roediger asked for clarification on the 2021 sales contribution guidance from start-ups and ramp-ups, which seemed low given the inclusion of the Sasol project. He also inquired about Industrial Merchant pricing in Asia, specifically regarding helium prices and competitive discipline in China.

    Answer

    CFO & Executive VP Fabienne Lecorvaisier explained that the 2021 guidance is lower (excluding Sasol) because some projects started earlier than expected in 2020, while others were delayed by customers into 2022. Regarding Asia pricing, she noted a slight decrease in helium prices and some pressure on packaged gas in China. Executive VP Michael J. Graff added that a lag effect from lower energy costs also impacted contract pricing.

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