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Nathan Stein

Nathan Stein

Director and Equity Research Analyst at Deutsche Bank Ag\

New York, NY, US

Nathan Stein is a Director and Equity Research Analyst at Deutsche Bank, focusing on the US medical technology sector with coverage of leading companies such as Abbott Laboratories, Boston Scientific, Medtronic, and Stryker. He is recognized for his insightful stock recommendations and has achieved a consistently high performance, with TipRanks ranking him among the top US healthcare analysts and reporting a success rate above 65% alongside strong average return metrics. Stein began his career at Credit Suisse before moving to Citigroup and subsequently joining Deutsche Bank in 2018, where he has continued to build his expertise and reputation within the healthcare equity research field. He holds FINRA Series 7, 63, and 86/87 licenses, underscoring his professional credentials as a registered securities analyst.

Nathan Stein's questions to HOULIHAN LOKEY (HLI) leadership

Question · Q2 2026

Nathan Stein asked about the impact of recent macro-negative headlines (e.g., bank losses, private credit issues, government shutdown) on client deal-making and future acquisitions. He also questioned how strong business and stock performance influence open market share repurchases.

Answer

Scott Adelson, CEO, stated that macro-negative headlines have no material impact, falling under 'noise' that clients are comfortable with, and are not affecting acquisitions. Lindsey Alley, CFO, explained that stock performance on the margin does not affect repurchases; the strategy is to offset compensation-related share issuance and use excess cash after supporting acquisitions, noting some repurchases occurred last quarter.

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Question · Q2 2026

Nathan Stein asked if recent macro-negative headlines, such as unexpected losses at banks and private credit funds or a government shutdown, are impacting client deal-making or Houlihan Lokey's thinking on future acquisitions. He also inquired about how strong business and stock performance influence the firm's open market share repurchase strategy.

Answer

Scott Adelson, CEO, stated that these macro-negative headlines have not had any material impact, falling under a general level of 'noise' that people are comfortable with, and are not affecting acquisitions. Lindsey Alley, CFO, explained that stock performance on the margin does not affect share repurchases, which are primarily aimed at maintaining share count, minimizing dilution, and utilizing excess cash after supporting the acquisition strategy. She noted they started repurchasing last quarter and will continue to evaluate.

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Nathan Stein's questions to HUNTINGTON BANCSHARES INC /MD/ (HBAN) leadership

Question · Q3 2025

Nate Stein asked about the operating assumptions for Net Interest Income (NII) growth next year on a standalone basis, relative to the 10%-11% growth expected this year. He also inquired about how Huntington Bancshares continues to achieve organic growth in competitive expansion markets like the Carolinas and Texas.

Answer

CFO Zach Wasserman indicated that the 2026 NII model would be similar to 2025, driven by mid to high single-digit loan growth and at least 10 basis points of NIM expansion. CEO Steve Steinour explained that growth in competitive expansion markets is fueled by rapidly growing local economies, early entry in the Carolinas, attracting seasoned colleagues, and leveraging the Veritechs acquisition for immediate scale in Texas, allowing for a full franchise rollout and strong local relationships.

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Question · Q4 2024

On behalf of Matt O'Connor, Nathan Stein asked for an elaboration on the 2025 NIM outlook and details regarding the recent $1 billion securities portfolio repositioning.

Answer

CFO Zachary Wasserman projected a relatively flat NIM around 3% for 2025, with benefits from fixed asset repricing and lower deposit costs being offset by lower variable-rate loan yields. He explained the securities sale was a tactical move to sell higher risk-weighted corporate securities, unlocking capital with a sub-two-year earn back. He added that significant further repositioning is unlikely due to the portfolio's effective hedging.

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Nathan Stein's questions to CITIZENS FINANCIAL GROUP INC/RI (CFG) leadership

Question · Q3 2025

Nate Stein asked about specific actions Citizens Financial Group took to manage costs in Q3 2025 despite strong fee income, and the company's confidence in achieving the $400 million+ run-rate benefit from the 'Reimagine the Bank' program.

Answer

CEO Bruce Van Saun affirmed Citizens' disciplined approach to expenses, noting that the Top 10 program continues to generate benefits that offset increased compensation from strong productivity. He expressed high confidence in achieving the $400 million+ run-rate benefit from 'Reimagine the Bank,' stating the leadership team only sets achievable targets.

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Nathan Stein's questions to KEYCORP /NEW/ (KEY) leadership

Question · Q1 2025

Nathan Stein from Deutsche Bank requested elaboration on how KeyCorp gains market share during market dislocations, particularly when clients are delaying new projects. He also asked for the specific drivers behind the elevated gross charge-offs in the commercial real estate (CRE) portfolio during the quarter.

Answer

Chairman and CEO Christopher Gorman provided an example of using Key's balance sheet to provide bridge financing for real estate clients when the CMBS market is volatile or unavailable. CFO Clark Khayat addressed the CRE charge-offs, explaining they were not broad-based but were driven by the resolution of just two specific loans, and that the overall health of the CRE portfolio is improving.

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Nathan Stein's questions to M&T BANK (MTB) leadership

Question · Q3 2024

On behalf of Matt O'Connor, Nathan Stein asked about the net interest margin (NIM) trajectory into 2025, given its outperformance, and sought clarification on the components of the 'other revenue' line item.

Answer

CFO Daryl Bible confirmed a low 3.60s NIM is expected for Q4 and expressed positivity about the momentum heading into 2025, driven by structural repricing benefits, but deferred specific 2025 guidance to January. He explained that the 'other revenue' category is primarily driven by two strong-performing line items: loan syndications and merchant/card fees.

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