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    Miguel Borrega

    Senior Equity Analyst at BNP Paribas

    Miguel Borrega is a Senior Equity Analyst at Exane BNP Paribas, specializing in coverage of major industrial and automotive companies such as PACCAR, Otis Worldwide, Prysmian SpA, and AB Volvo. Renowned for providing rigorous stock recommendations, Borrega has issued actionable ratings on large-cap names, including significant upgrades and downgrades, most notably contributing to strong performance metrics such as a 13.96% price increase on PACCAR after his recommendation. With a tenure at Exane BNP Paribas dating back several years, his career is firmly rooted in equity research, focusing on sectors such as transportation, auto, and industrials. Borrega’s professional credentials include adherence to European regulatory standards for research analysts, and he is referenced across multiple investor relations platforms as a leading voice for Exane BNP Paribas in secondary equities and equity derivatives.

    Miguel Borrega's questions to SHLAF leadership

    Miguel Borrega's questions to SHLAF leadership • Q1 2025

    Question

    Asked for details on the calculation of indirect tariff costs, the expected supplier cost inflation, and the feasibility of mitigation actions in 2025. He also questioned the company's outlook on China and what catalysts could make them more constructive.

    Answer

    The tariff impact calculation is a work in progress, involving negotiations with suppliers and exploring alternative sourcing, but it's too early for specifics. Regarding China, while Service and Modernization remain healthy, the company does not expect a recovery in the New Installation market or pricing this year.

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    Miguel Borrega's questions to Otis Worldwide (OTIS) leadership

    Miguel Borrega's questions to Otis Worldwide (OTIS) leadership • Q4 2024

    Question

    Miguel Borrega asked for views on the China modernization market, questioning whether it would eventually face the same intense price competition seen in the New Equipment market.

    Answer

    Executive Judith Marks believes the dynamics will be different. Modernizing units already in Otis's portfolio offers a higher probability of a sole-source award. While the off-portfolio market will be competitive, she noted that independent service providers in China are not yet focused on modernization, which requires different skills. Otis is also leveraging its scale by producing mod packages in its New Equipment factories to achieve cost efficiencies.

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