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Michael Chermoey

Vice President and Equity Research Analyst at Truist

Michael Chermoey is a Vice President and Equity Research Analyst at Truist Securities, specializing in the coverage of the financial technology and payments sector. He provides comprehensive analysis on companies such as Fiserv, Jack Henry & Associates, and Fidelity National Information Services, and his investment recommendations have contributed to strong track records, with performance metrics tracked on platforms like TipRanks. Chermoey began his career in equity research and has been with Truist Securities since 2020, following prior experience at other financial institutions. He holds FINRA Series 7, 63, 86, and 87 licenses and is recognized among his peers for analytical rigor and industry knowledge.

Michael Chermoey's questions to TAT TECHNOLOGIES (TATT) leadership

Question · Q3 2025

Michael Chermoey asked about TAT Technologies' path to further operating leverage and EBITDA margin expansion beyond the current 15% target, including the potential for pricing to contribute. He also inquired about the impact of increased Boeing 737 MAX production rates on TAT's thermal system OEM business and any related destocking or inventory trends.

Answer

President and CEO Igal Zamir confirmed the 15% EBITDA target is nearly met and highlighted ongoing opportunities for further margin improvement through operational efficiencies, waste reduction, and reduced purchasing costs, even before revenue or pricing increases. He noted that pricing escalation is built into contracts based on indexes but is not a primary tool for margin expansion. Regarding OEM, he stated that the 737 MAX has minimal dramatic impact, but overall OEM business grows linearly with increasing aircraft production rates across various platforms, leading to an increase in purchase orders.

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