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    Martin Wilkie

    Managing Director and Senior Equity Analyst at Citigroup

    Martin Wilkie is a Managing Director and Senior Equity Analyst at Citigroup, specializing in the Industrial Goods sector with coverage of 33 individual stocks including well-known companies such as Thyssenkrupp AG and Signify NV. Renowned for his strong performance, Wilkie has achieved a 71% success rate and an average return of 19.3% per stock rating over the past year, ranking him among the top 300 Wall Street analysts on TipRanks. Beginning his analyst career in 2012, he has built a reputation for delivering profitable investment calls, including a notable +258% return on Thyssenkrupp AG in September 2024. Martin Wilkie holds relevant professional credentials and actively publishes investment research and ratings in the industrial space.

    Martin Wilkie's questions to ABBNY leadership

    Martin Wilkie's questions to ABBNY leadership • Q1 2025

    Question

    Martin Wilkie of Citigroup Inc. asked about the order pipeline, probing whether tariff uncertainty is causing customers to pause investment decisions and whether ABB's U.S. capacity expansion is driven by demand or as a tariff hedge.

    Answer

    CEO Morten Wierod acknowledged that while uncertainty can lengthen decision-making, the long-term demand for electrification and automation remains strong and this is factored into forecasts. He clarified that U.S. capacity expansions are primarily demand-driven to meet the need for North American standard products where demand has exceeded supply.

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    Martin Wilkie's questions to ABBNY leadership • Q2 2024

    Question

    Asked about the potential impact of future trade tariffs, particularly into the U.S., and how ABB is positioned to handle them given its current structure.

    Answer

    Trade tariffs are not considered a big issue for ABB due to its long-standing 'local-for-local' strategy, with high levels of self-sufficiency in China, Europe, and the U.S. The company is in an even better position than during the 2018 tariffs, as the previously most-affected business (Power Grids) has been divested.

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    Martin Wilkie's questions to ABBNY leadership • Q1 2024

    Question

    Inquired about the North American Electrification business, specifically regarding industry-wide shortages of transformers. He asked about the impact on ABB's business, lead times, and the rate of backlog conversion.

    Answer

    Executives acknowledged that transformer shortages and long lead times exist in the market but stated it is not a major issue for ABB, as project timelines are adjusted accordingly. They are investing in capacity for switchgear to support growth. They do not expect this issue to significantly change their backlog conversion rate, as delivery times are already factored into their forecasts.

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    Martin Wilkie's questions to ABBN.SW leadership

    Martin Wilkie's questions to ABBN.SW leadership • Q1 2025

    Question

    Martin Wilkie from Citigroup Inc. questioned the impact of tariff uncertainty on the order pipeline and customer decision-making, and whether recent U.S. capacity expansions are driven by demand or as a tariff hedge.

    Answer

    CEO Morten Wierod acknowledged that while long-term demand remains strong, uncertainty can lengthen decision-making cycles for major investments. He clarified that U.S. capacity expansions are primarily demand-driven to increase supply for products with North American standards, not as a direct hedge against tariffs.

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    Martin Wilkie's questions to ABB (ABLZF) leadership

    Martin Wilkie's questions to ABB (ABLZF) leadership • Q1 2025

    Question

    Martin Wilkie from Citigroup Inc. asked about the order pipeline amidst tariff uncertainty, probing whether customers are pausing decisions. He also questioned if ABB's U.S. capacity expansion is primarily driven by demand or as a strategic hedge against tariffs.

    Answer

    CEO Morten Wierod acknowledged that while the long-term demand for electrification and automation is strong, uncertainty can lengthen decision-making cycles, a factor included in their forecast. He clarified that U.S. capacity expansions are overwhelmingly demand-driven to meet the need for North American standard products where demand has exceeded supply, not primarily as a tariff hedge.

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    Martin Wilkie's questions to ABB (ABLZF) leadership • Q4 2024

    Question

    Martin Wilkie of Citi inquired about the data center business within the Electrification segment, asking for details on its backlog size, the normalization of product lead times, and the outlook for backlog conversion.

    Answer

    Executive Morten Wierod confirmed that customer investment plans remain strong, noting that data centers grew from 12% of Electrification orders in 2023 to 15% in 2024. He highlighted the new HiPerGuard medium voltage UPS system as a key innovation. Executive Ann-Sofie Nordh added that lead times have improved, coming down from a peak of around 50 weeks to approximately 35 weeks.

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    Martin Wilkie's questions to ABB (ABLZF) leadership • Q4 2024

    Question

    Martin Wilkie of Citigroup Inc. inquired about the data center business within the Electrification segment, asking for details on its backlog size, the normalization of product lead times, and the outlook for backlog conversion.

    Answer

    Executive Morten Wierod confirmed that data center investment plans remain strong, noting the segment grew from 12% of Electrification orders in 2023 to 15% in 2024. He highlighted the new HiPerGuard medium voltage UPS system as a key innovation. Executive Ann-Sofie Nordh added that lead times have improved from a peak of around 50 weeks to approximately 35 weeks, though still above historical levels.

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    Martin Wilkie's questions to ABB (ABLZF) leadership • Q4 2024

    Question

    Martin Wilkie of Citigroup Inc. inquired about the data center business within the Electrification segment, asking for details on its backlog, lead time normalization, and the potential impact on backlog conversion.

    Answer

    CEO Morten Wierod confirmed that customer investment plans remain firm and noted that data centers grew to 15% of Electrification orders in 2024, up from 12% in 2023. He highlighted the new HiPerGuard medium voltage UPS system as a key innovation. Executive Ann-Sofie Nordh added that lead times have improved, decreasing from a peak of around 50 weeks to approximately 35 weeks.

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    Martin Wilkie's questions to ALSTOM (ALSMY) leadership

    Martin Wilkie's questions to ALSTOM (ALSMY) leadership • Q1 2024

    Question

    Martin Wilkie from Citigroup Inc. questioned whether inflation pass-through was causing any tension in the commercial pipeline, such as project delays from governments balking at higher costs.

    Answer

    CFO Laurent Martinez stated there has been no evolution in pipeline dynamics due to interest rates or budgetary situations. He confirmed the quality and momentum of the €220 billion pipeline, emphasizing that 70% is based on necessary replacement projects, which are a 'must-do' for stakeholders, thus seeing no impact on project timing.

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    Martin Wilkie's questions to ALSTOM (ALSMY) leadership • Q3 2022

    Question

    Martin Wilkie of Citi inquired about the potential cash impact of supply chain issues, specifically whether shortages of small components could delay final train acceptance and payments.

    Answer

    CFO Laurent Martinez acknowledged that a single missing component can halt a delivery. However, he confirmed that Alstom has managed these issues satisfactorily to date, with no impact on final deliveries or the full-year cash flow trajectory, while continuing to monitor the risk carefully.

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    Martin Wilkie's questions to ALSTOM (ALSMY) leadership • Q2 2022

    Question

    Martin Wilkie asked how the company is protected against project delays caused by component shortages, contrasting this with the protection offered by indexation clauses for raw material inflation.

    Answer

    CEO Henri Poupart-Lafarge acknowledged this as a significant risk. He explained that unlike price inflation, there are no automatic contractual clauses to protect against delays from component shortages. Such an event would impact cash-in and require case-by-case negotiations with customers. He stressed that the company is working intensively to prevent such delays from occurring.

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