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    Nicklaus Cash

    Research Analyst at Goldman Sachs

    Nicklaus Cash is an Analyst at Goldman Sachs, specializing in equity research with a focus on the utilities and power sector. He covers major companies within this space, including names such as Xcel Energy, Dominion Energy, NextEra Energy, Ameren, Sempra, and Exelon, and contributes to research forecasting sector-wide capital expenditure trends and assessing the impact of regulatory changes on covered firms. While individual performance metrics and rankings such as TipRanks scores or success rates are not publicly verified, his work has been cited in Goldman Sachs Global Investment Research reports that inform investor decisions across the power and utilities market. Nicklaus Cash began his analyst career in the early 2020s, joining Goldman Sachs after completing relevant finance and securities training, and holds industry credentials consistent with the requirements for equity research analysts such as FINRA registrations and securities licenses.

    Nicklaus Cash's questions to Hayward Holdings (HAYW) leadership

    Nicklaus Cash's questions to Hayward Holdings (HAYW) leadership • Q1 2025

    Question

    Nicklaus Cash, on for Brian Lee, asked if bringing manufacturing back to the U.S. would increase factory utilization from its current ~60% level and whether this would help margins. He also questioned if this potential margin uplift was already included in mitigation plans or represented further upside.

    Answer

    CFO Eifion Jones confirmed that current U.S. facility utilization is around 60%. He projected that transferring 7% of production from China would increase utilization to the 'high 60s,' leaving significant headroom. He described the move as a '2 for 1' opportunity, as the company will add automation during the transfer, expecting to gain both leverage on the fixed cost base and a bill of material reduction. This benefit appears to be incorporated into the company's overall mitigation strategy.

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