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    Philip Spain

    Research Analyst at JPMorgan Chase & Co.

    Philip Spain is an Executive Director and Equity Research Analyst at JPMorgan Chase & Co., specializing in real estate investment trusts (REITs) and the broader real estate sector. He covers prominent companies such as Prologis, Public Storage, and Equity Residential, providing data-driven investment insights and earning a reputation for rigorous, insightful analysis. Spain joined JPMorgan in the early 2010s after holding research roles at firms including Guggenheim Partners and Citi, and has consistently ranked among the top analysts for his sector on platforms like TipRanks, recognized for generating positive returns and maintaining a strong accuracy rate in stock recommendations. He holds FINRA Series 7, 63, and 86/87 licenses, underscoring his expertise and professional credentials in equity research.

    Philip Spain's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership

    Philip Spain's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • FY 2024

    Question

    Philip Spain of JPMorgan asked for the rationale behind accelerating CapEx plans in the Philippines and requested more detail on what these investments will entail.

    Answer

    CEO Damian Gammell explained the acceleration is a direct result of the Philippine business delivering well ahead of expectations. The investment, which is within the existing overall CapEx guidance, will fund new production lines, more coolers, technology systems, and fundamental assets like bottles and cases to support strong volume growth. CFO Ed Walker added it will also unlock mix opportunities in cans and PET.

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    Philip Spain's questions to COCA-COLA EUROPACIFIC PARTNERS (CCEP) leadership • Q4 2024

    Question

    Philip Spain asked for the rationale behind accelerating CapEx plans in the Philippines and requested details on what the accelerated investment would entail.

    Answer

    CEO Damian Gammell explained the decision was driven by the Philippines business delivering 'well ahead of our expectation in year 1.' The investment, which is within existing guidance, involves pulling forward plans for new production lines, more coolers, technology systems, and essential assets like bottles and cases to support strong volume growth, particularly in refillable glass. CFO Ed Walker added it will also unlock mix opportunities in cans and PET.

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    Philip Spain's questions to Philip Morris International (PM) leadership

    Philip Spain's questions to Philip Morris International (PM) leadership • Q4 2024

    Question

    Philip Spain asked for the rationale behind the implied re-acceleration of HTU volume growth in 2026, given that the 2025 guidance of 10-12% growth would require a faster pace to meet the 2026 target of 180-200 million units.

    Answer

    CEO Jacek Olczak explained that the 2025 guidance is based purely on organic growth in existing markets. The confidence in accelerating growth for 2026 stems from the assumption that some new geographies will finally open to smoke-free products. He also highlighted the unrealized growth potential from Russia and Ukraine and the increasing focus on total smoke-free volume from a multi-category strategy.

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