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    Priya Ohri-Gupta

    Research Analyst at Barclays Capital

    Priya Ohri-Gupta is Managing Director and Co-Head of US High Grade Research at Barclays Capital, specializing in Fixed Income Research with a focus on the High Grade Retail and Consumer sectors. She covers a range of major companies in these sectors, consistently delivering expert analysis and recommendations, although specific performance metrics such as success rates or returns are not publicly listed. With over 20 years of experience and prior roles including Equity Research positions and risk analysis, she joined Barclays and rose to senior leadership, demonstrating deep expertise and strategic insight in her field. Ohri-Gupta holds a CFA designation, an MBA, and is registered with FINRA, maintaining 53 state licenses and an unblemished compliance record.

    Priya Ohri-Gupta's questions to COTY (COTY) leadership

    Priya Ohri-Gupta's questions to COTY (COTY) leadership • Q4 2025

    Question

    Priya Ohri-Gupta inquired about the refinancing expectations for the 2026 debt maturity, specifically its structure, and asked whether the deleveraging path in calendar 2026 will be driven more by EBITDA improvement or the Wella stake sale.

    Answer

    CFO Laurent Mercier confirmed that the refinancing of the 2026 maturity will be consistent with the current secured structure. He explained that the deleveraging agenda will be driven by a combination of factors: disciplined working capital management in H1, followed by EBITDA growth in H2 (calendar 2026), with the divestiture of the Wella stake intended to help accelerate the process.

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    Priya Ohri-Gupta's questions to COTY (COTY) leadership • Q4 2025

    Question

    Priya Ohri-Gupta asked for details on the refinancing expectations for the 2026 debt maturity and whether the deleveraging path in calendar 2026 would be driven primarily by improving EBITDA or if it relies on the Wella stake sale.

    Answer

    CFO Laurent Mercier confirmed that the 2026 refinancing will be consistent with the existing secured structure. He explained that deleveraging will continue through operational cash generation as EBITDA returns to growth, and that the Wella stake divestiture is being actively worked on to "help and support" the acceleration of this process.

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    Priya Ohri-Gupta's questions to JBS (JBS) leadership

    Priya Ohri-Gupta's questions to JBS (JBS) leadership • Q2 2025

    Question

    Priya Ohri-Gupta from Barclays followed up on the prepared foods strategy, asking if recent investments reduce the need for acquisitions. She also inquired about the timeline for the U.S. beef cycle bottom, the company's target cash balance, and the status of updating the bond ticker.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, stated that acquisitions are always based on opportunities and difficult to forecast. He projected the beef cycle bottom to last for the next 3-4 quarters. Global CFO Guilherme Cavalcanti confirmed the current cash balance is more than sufficient and explained the process for updating the bond ticker and shelf registration.

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    Priya Ohri-Gupta's questions to Philip Morris International (PM) leadership

    Priya Ohri-Gupta's questions to Philip Morris International (PM) leadership • Q2 2025

    Question

    Priya Ohri-Gupta of Barclays inquired about the drivers of weaker-than-normal working capital in Q2 and whether it would reverse in the second half. She also asked for the quarter's capital expenditure figure.

    Answer

    CFO Emmanuel Babeau explained that the H1 cash flow was primarily impacted by two large payments totaling over $1 billion: a duty payment in Germany and a final Job Act payment in the U.S. He does not expect other special working capital impacts for the year. He did not provide a quarterly CapEx figure, reiterating the full-year forecast of $1.6 billion.

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    Priya Ohri-Gupta's questions to Philip Morris International (PM) leadership • Q3 2024

    Question

    Priya Ohri-Gupta asked about the reason for the modest reduction in the company's full-year deleveraging target and inquired about plans to potentially refinance 2025 debt maturities ahead of schedule.

    Answer

    Chief Financial Officer Emmanuel Babeau attributed the slight change in the deleveraging guidance to the impact of a stronger Euro on the company's debt valuation. He confirmed that the company is actively considering its options and may be active in the refinancing market in the coming months to address future maturities, but did not provide specific plans.

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    Priya Ohri-Gupta's questions to JBSAY leadership

    Priya Ohri-Gupta's questions to JBSAY leadership • Q1 2025

    Question

    Asked if the company's full-year EBITDA could still be flat year-over-year given U.S. Beef headwinds, inquired about debt reduction plans for the rest of the year, and questioned consumer demand trends on the retail side heading into grilling season.

    Answer

    The company clarified that a previously mentioned EBITDA number was a breakeven calculation, not guidance, and it's too early to forecast for the year. For debt, the company will generate cash but also pay dividends, expecting to end the year within its target leverage range of 2x-3x. On the consumer side, demand for all proteins is strong, with a trend of consumers moving from foodservice to retail driven by value rather than specific promotions.

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    Priya Ohri-Gupta's questions to JBSAY leadership • Q4 2024

    Question

    Sought clarification on recent debt management activities, the potential for further debt reduction in 2025, and current consumer demand trends in the foodservice channel for various proteins.

    Answer

    The company confirmed approximately $2 billion in new debt issuance and $2 billion in repayments year-to-date, with a potential for another $480 million in bond calls depending on cash flow. Further debt reduction plans are not set, as Q1 is seasonally a cash-use period. In foodservice, JBS is experiencing strong growth and gaining market share, despite reports of broader market softness.

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    Priya Ohri-Gupta's questions to PILGRIMS PRIDE (PPC) leadership

    Priya Ohri-Gupta's questions to PILGRIMS PRIDE (PPC) leadership • Q1 2025

    Question

    Priya Ohri-Gupta asked for an explanation of the sizable working capital use in the first quarter and the outlook for the full year. She also inquired about the rationale behind the company's open market bond purchases during the quarter.

    Answer

    CFO Matt Galvanoni explained that Q1 is typically a period of working capital use due to factors like incentive payouts, and that the prior year was an anomaly. He expects the trend to reverse over the remainder of the year. He described the bond repurchases as an opportunistic use of capital, noting the company expects to generate significant cash and is considering all allocation options.

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    Priya Ohri-Gupta's questions to PILGRIMS PRIDE (PPC) leadership • Q4 2024

    Question

    Priya Ohri-Gupta asked about the 2025 outlook for working capital's contribution to free cash flow, given input cost volatility. She also inquired about the potential business impact of proposed tariffs, particularly with Mexico.

    Answer

    CFO Matthew Galvanoni stated that after a significant working capital benefit in 2024, he anticipates a more 'flattish' impact in 2025, not a major drag but not the same level of uplift. CEO Fabio Sandri expressed doubt about major tariff disruptions with Mexico, citing Mexico's concern for food inflation, but noted that Pilgrim's large in-country operation provides a natural hedge against potential trade policy changes.

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