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    Nicola Tang

    Managing Director and Senior Equity Analyst at BNP Paribas Exane

    Nicola Tang is a Managing Director and Senior Equity Analyst at BNP Paribas Exane, specializing in the coverage of European utilities, particularly gas and electricity companies. She has developed a track record for delivering high-impact research on major firms such as Centrica, National Grid, SSE, and ENGIE, providing actionable investment ideas and market-moving insight. With over a decade in equity research, Nicola joined BNP Paribas Exane in 2018 following roles at UBS and Barclays, where she contributed to award-winning research teams and built extensive sector expertise. Nicola Tang is recognized for her strong analytical skills, holds advanced professional credentials including FCA registration in the UK, and is frequently ranked among top-performing analysts by institutional investor surveys.

    Nicola Tang's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership

    Nicola Tang's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership • Q2 2025

    Question

    Nicola Tang asked about the integration within the Food Ingredients business, potential stranded costs from the Bunge deal, and the scope for further portfolio cleanup.

    Answer

    CEO J. Erik Fyrwald explained that the team is working to establish Food Ingredients as a standalone business to increase strategic flexibility. He confirmed there will be stranded costs from the Bunge deal but stated the company is proactively addressing them, having learned from the Pharma divestiture to manage such costs upfront.

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    Nicola Tang's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership • Q4 2024

    Question

    Nicola Tang requested more specific details on the expected 1% to 4% currency-neutral sales growth for 2025, asking for a breakdown of expectations across the core business divisions.

    Answer

    CEO Jon Erik Fyrwald responded that the growth will be predominantly volume-driven, with only modest pricing contributions. He specified that the primary growth drivers will be the Health & Biosciences, Scent, and Taste divisions. In contrast, the Food Ingredients segment is expected to experience much more moderate volume growth as its primary focus shifts toward improving profit margins.

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    Nicola Tang's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership • Q3 2024

    Question

    Nicola Tang from BNP Paribas asked about the Nourish segment, seeking to understand the drivers of the sequential margin decline and requesting more color on the performance of Flavors versus Functional Ingredients, as well as the margin progression into Q4.

    Answer

    CFO Glenn Richter explained that Nourish margins typically peak in Q2 due to a favorable summer season mix. He attributed the Q2 to Q3 decline to mix normalization and increased business investments. He projected a further margin contraction of 50-90 basis points in Q4 due to seasonal volume declines.

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    Nicola Tang's questions to SENSIENT TECHNOLOGIES (SXT) leadership

    Nicola Tang's questions to SENSIENT TECHNOLOGIES (SXT) leadership • Q2 2025

    Question

    Nicola Tang of BNP Paribas questioned if current manufacturing capacity is sufficient for the $110 million synthetic-to-natural conversion and if the increased CapEx is aimed at gaining market share. She also asked about the future pricing dynamics of natural versus synthetic colors and the growth outlook for the Flavors and Extracts division amid lackluster packaged food volumes.

    Answer

    CEO Paul Manning stated that today's manufacturing footprint is insufficient for the full conversion, making the incremental CapEx essential to capture existing share and potentially more. Regarding pricing, he explained the 10:1 cost ratio is an average and that technology and supply chain improvements should continue to optimize economics for customers over time. For Flavors, he acknowledged flat market launch activity but highlighted that Sensient's focus on high-growth segments like natural colors will drive its business, pointing to the company's strong average revenue growth since 2019.

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    Nicola Tang's questions to SENSIENT TECHNOLOGIES (SXT) leadership • Q1 2025

    Question

    Nicola Tang asked for clarification on whether the $10 million tariff impact was limited to raw materials, inquired about underlying volume trends in key geographies, and questioned if Q1 momentum was aided by pre-buying. She also sought details on the increased CapEx guidance, including its purpose and geographic allocation.

    Answer

    Paul Manning, Chairman, President & CEO, clarified that the tariff impact includes both raw materials and finished goods, though raw materials are the larger component. He described market volumes as flat in the U.S., slightly better in Europe, and positive in Asia, stating that pre-buying was not a significant factor in Q1. Manning and Tobin Tornehl, VP & CFO, explained the increased CapEx of $80-$90 million is for manufacturing capacity to support natural color demand, primarily in the U.S., and will remain elevated for several years.

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    Nicola Tang's questions to SENSIENT TECHNOLOGIES (SXT) leadership • Q4 2024

    Question

    Representing BNP Paribas Exane, the analyst asked about the current market penetration of natural colors in the U.S., the competitive landscape for natural versus synthetic colors, the key drivers of the Asia Pacific group's strong performance, and for confirmation of the company's long-term EBITDA growth targets.

    Answer

    Paul Manning, Chairman, President & CEO, estimated U.S. natural color penetration at approximately one-third, significantly trailing Europe's 80%+, indicating a long runway for growth. He highlighted Sensient's competitive edge in manufacturing a full range of colors (natural, synthetic, coloring foods), which supports its focus on technically complex conversions. He attributed the Asia Pacific group's success to long-term strategic investments in its portfolio, sales force, and leadership, resulting in high new sales wins. Manning also reaffirmed the company's long-term ambition for mid- to high single-digit EBITDA growth, driven by revenue growth, cost controls, and favorable product mix.

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    Nicola Tang's questions to NOVOZYMES AS/FI (NVZMY) leadership

    Nicola Tang's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q2 2023

    Question

    Nicola Tang of BNP Paribas asked for the basis of confidence that consumer downgrading in Household Care will stabilize in the second half. She also requested an update on spot input cost trends.

    Answer

    EVP of Consumer Biosolutions, Anders Lund, stated that confidence stems from Novozymes' resilience in serving the entire industry, picking up volume in private labels that larger brands may lose. He also cited strong innovation and pricing dialogues. EVP and CFO, Lars Green, noted that while spot input costs have peaked, the gross margin will still feel the impact in H2 due to P&L delays and hedging, expecting an H2 margin similar to the H1 average.

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    Nicola Tang's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q1 2023

    Question

    Nicola Tang of BNP Paribas Exane requested an update on the Advanced Protein Solutions facility's progress and customer discussions beyond the anchor client. She also asked about the timeline for announcing the management team for the combined company with Chr. Hansen.

    Answer

    President & CEO Ester Baiget confirmed the advanced protein facility in Blair is on time and budget for a year-end startup, targeting a DKK 1 billion revenue opportunity over five years across the entire platform. Regarding the merger, she stated that while the board has been announced and integration work is proceeding, she would not commit to a specific timeline for announcing the next layer of management, prioritizing a successful closing.

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    Nicola Tang's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q4 2022

    Question

    Nicola Tang asked for a breakdown of pricing initiatives between short-term inflation recovery and long-term strategy, and whether pricing would be given back if input costs fall. She also inquired about the feedback from employees and customers regarding the proposed combination with Chr. Hansen.

    Answer

    CEO Ester Baiget emphasized that pricing is based on the value delivered to customers, not raw material costs, and is a long-term strategic component of growth that will be sustained. Regarding the deal, she reported receiving very positive feedback from both customers and employees, with customer conversations reinforcing synergy assumptions and employees showing excitement for the combined company's future.

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