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    Richard Evans

    Research Analyst at Mara River Capital Management

    Richard Julian Evans is Co-Managing Partner and Chief Investment Officer at Mara River Capital Management, specializing in multi-strategy hedge fund investments with a broad sector focus. He has covered diverse industries and played a leading role in building analyst teams, leveraging his extensive experience at King Street Capital where he was a Senior Analyst overseeing capital structure investments and European research. Evans began his finance career in restructuring at Arthur Andersen in 1998, moved to proprietary trading at Nomura in 2003, advanced to King Street in 2005, and founded Mara River Capital in 2018. As a Chartered Accountant with a first-class Accounting & Finance BSc from the University of Warwick, he combines technical acumen with leadership in investment management.

    Richard Evans's questions to HAYN leadership

    Richard Evans's questions to HAYN leadership • Q4 2023

    Question

    Asked about the mix of business within the chemical segment, the reasons for worsening nickel headwinds, the timeline for headwinds to abate, future backlog levels, and the company's exposure to Boeing versus Airbus.

    Answer

    The company explained its strategy of focusing on higher-value specialty alloys over commodity products. The worsening nickel headwind is due to a lag effect from manufacturing lead times, comparing current scrap values to higher input costs from months ago. They agreed a 6-month timeframe after prices stabilize is a fair estimate for headwinds to cease. The backlog is expected to remain high due to a strong aerospace cycle. Exposure is roughly even on engines, but more tilted to Boeing on airframes.

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