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    Michael Schaefer • ODDO BHF

    Michael Schaefer is a Managing Director and Senior Equity Analyst at ODDO BHF, specializing in coverage of the European chemicals and materials sector. He covers major companies such as BASF, Covestro, Evonik, Wacker Chemie, and LANXESS, delivering detailed research and stock recommendations that have made him a recognized name among institutional investors. Schaefer began his career in equity research in the early 2000s, previously working at Berenberg and Commerzbank before joining ODDO BHF in 2016. He holds CFA credentials, is FINRA registered, and has been consistently ranked within the top quartile of European chemicals analysts on platforms such as Refinitiv and Institutional Investor, known for a recommendation success rate exceeding 60% and generating average annualized returns above sector benchmarks.

    Michael Schaefer's questions to Fuchs Se (FUPBY) leadership

    Michael Schaefer's questions to Fuchs Se (FUPBY) leadership • Q1 2025

    Question

    Michael Schaefer from ODDO BHF asked for details on the temporary higher functional costs that impacted Q1 EBIT despite record gross profit, and for more information on the KPIs and expectations for the new Mercedes-Benz aftermarket partnership.

    Answer

    CEO Stefan Fuchs explained that the Mercedes-Benz partnership is an aftermarket business that boosts brand equity in the U.S. and involved initial marketing expenses in Q1. He noted that the associated volume growth comes with freight and marketing costs, creating a different business mix that temporarily affected EBIT but is aligned with the company's strategic plan.

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    Michael Schaefer's questions to Fuchs Se (FUPBY) leadership • Q1 2024

    Question

    Michael Schaefer of ODDO BHF requested more detail on the regional drivers for the expected full-year volume acceleration and asked about performance in April and the expected seasonality for 2024.

    Answer

    CFO Isabelle Adelt responded that a strong volume pickup was observed across all regions in January and February. She attributed the March softness to the timing of Easter holidays and expects those volumes to shift into April. Adelt confirmed that the company anticipates its typical seasonality pattern in 2024, with quarters ramping up and Q4 being seasonally weaker.

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    Michael Schaefer's questions to Fuchs Se (FUPBY) leadership • Q1 2024

    Question

    Michael Schaefer of ODDO BHF asked for more detail on the regional drivers for the expected full-year volume acceleration. He also inquired about performance in April and whether typical seasonality should be expected for the remainder of 2024.

    Answer

    CFO Isabelle Adelt stated that a strong pickup in volumes was observed across all regions in January and February. She explained that the Easter holiday timing likely shifted some volume from March into April. Adelt confirmed that the company anticipates its typical seasonality for 2024, with quarters ramping up towards a seasonally weaker Q4.

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    Michael Schaefer's questions to Fuchs Se (FUPBY) leadership • Q1 2024

    Question

    Michael Schaefer of ODDO BHF asked for more detail on the regional drivers for the expected full-year volume acceleration. He also inquired about performance in April and whether the company expects typical seasonality in 2024, with Q3 being the strongest quarter.

    Answer

    Isabelle Adelt, CFO, confirmed that FUCHS expects its typical seasonality pattern in 2024, with quarters ramping up towards a weaker Q4. She explained that the volume dip in March was due to the Easter holiday timing against a strong prior-year comparable, and this volume is expected to shift into April. Adelt stated that by the end of Q2, the company anticipates seeing the volume growth it guided for at the beginning of the year.

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    Michael Schaefer's questions to Fuchs Se (FUPBY) leadership • Q3 2023

    Question

    Questioned the drivers of the year-over-year drop in COGS, the reason for declining organic sales in EMEA in Q3, and sought clarification on the 'other consolidation' line in the financial reporting.

    Answer

    The COGS drop was due to lower raw material costs, a trend expected to continue in Q4. The organic sales decline in EMEA was primarily attributed to the significant drop in the Russia business compared to the prior year. The 'other consolidation' line represents volatile intercompany profit elimination and does not have a predictable run rate.

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