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    Robert Davies

    Vice President and Equity Analyst at Morgan Stanley

    Robert Davies is a Vice President and Equity Analyst at Morgan Stanley, specializing in coverage of UK and European industrial engineering and manufacturing firms. He covers specific companies such as IMI plc, Weir Group, and Rotork plc, with a track record highlighted by a 56% success rate and an average return per rating of 1.2% based on public analyst platforms; his most profitable recommendation yielded a 92% return. Davies began his analyst career prior to 2018 and has been with Morgan Stanley since at least that year, although detailed earlier career history is not publicly documented. He holds recognized professional credentials and securities licenses relevant to his analyst role, with credible regulatory registrations and a reputation for delivering data-driven investment research.

    Robert Davies's questions to SMITH & NEPHEW (SNN) leadership

    Robert Davies's questions to SMITH & NEPHEW (SNN) leadership • H1 2025

    Question

    Robert Davies from Morgan Stanley asked about the strategic position of the Ortho business, the margin trajectory beyond 2025, and the future product pipeline needed to sustain growth.

    Answer

    CEO Deepak Nath reiterated that fixing the Ortho business is the top priority for shareholder value, highlighting progress and the goal for continued margin expansion beyond 2025. He noted future growth will be driven by innovation, which accounted for 75% of H1 growth. CFO John Rogers added that future margin gains must offset headwinds like tariffs and Skin Subs reimbursement changes.

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    Robert Davies's questions to SMITH & NEPHEW (SNN) leadership • H1 2025

    Question

    Robert Davies from Morgan Stanley inquired about the strategic position of the Orthopaedics business, the margin trajectory beyond 2025, and the sustainability of growth driven by the future product pipeline.

    Answer

    CEO Deepak Nath asserted that fixing the Orthopaedics business is the best path to shareholder value and that progress is strong. He stated the 2025 margin target is a waypoint, not an endpoint, and that growth is sustainable and broad-based, driven by innovation. CFO John Rogers noted that the post-2025 margin trajectory will balance positives like savings with headwinds like tariffs and skin sub reimbursement changes.

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    Robert Davies's questions to Fresenius Medical Care (FMS) leadership

    Robert Davies's questions to Fresenius Medical Care (FMS) leadership • Q1 2025

    Question

    Robert Davies of Morgan Stanley asked about the margin profile for the equipment (Care Enablement) business, questioning its seasonality, and inquired about the key drivers for improving Return on Capital Employed (ROCE) back to historical levels.

    Answer

    CEO Helen Giza noted that while Q4 is typically strongest for Care Enablement, the Q1 margin of 8.3% provides a strong start toward the 8-12% target band for the year. CFO Martin Fischer attributed the ROCE improvement to both operational performance gains and stringent capital management, stating the goal is to drive it above mid-single-digit levels.

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    Robert Davies's questions to Fresenius Medical Care (FMS) leadership • Q4 2024

    Question

    Robert Davies from Morgan Stanley requested a breakdown of the additional FME25 savings and their phasing, and asked for more detail on the primary drivers of labor cost inflation.

    Answer

    CFO Martin Fischer detailed that the FME25 savings are driven primarily by a more efficient functional setup (50%), significant contributions from Care Enablement through manufacturing and logistics optimization, and a smaller portion from the Care Delivery clinic network. CEO Helen Giza explained the labor headwind assumes a net 3% wage increase, which reflects both managing wage inflation and having more employees as open positions have normalized, which is positive for operations.

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    Robert Davies's questions to Fresenius Medical Care (FMS) leadership • Q2 2024

    Question

    Robert Davies of Morgan Stanley questioned if the current excess mortality represents a 'new norm' and how that would affect medium-term profitability targets. He also asked if there were any noticeable market share shifts versus competitor DaVita over the last 6-12 months.

    Answer

    CEO Helen Giza stated she does not believe the current elevated mortality is a 'new norm,' but rather a function of a pronounced flu/COVID season, expecting the U.S. to normalize similar to Europe. She also pointed to the future mortality benefits of the 5008X machine. Giza declined to comment on competitors but acknowledged that Fresenius has internal operational improvements to make, which are now being addressed and showing early positive signs.

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    Robert Davies's questions to KONINKLIJKE PHILIPS (PHG) leadership

    Robert Davies's questions to KONINKLIJKE PHILIPS (PHG) leadership • Q1 2025

    Question

    Robert Davies asked for an update on the U.S. hospital CapEx environment and customer sentiment. He also inquired about the phasing of order book conversion through the year and whether the U.S. manufacturing expansion involves new sites or existing facilities.

    Answer

    CEO Roy Jakobs reported that underlying U.S. hospital demand remains strong, with customers investing to meet high patient volumes and seeking productivity partners, reflected in Philips' strong order intake. CFO Charlotte Hanneman noted order momentum is expected to continue into Q2 and the rest of the year. Jakobs added that U.S. manufacturing expansion will primarily leverage existing facilities for speed and lower cost, supplemented by investments in new expansions like in Minnesota.

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    Robert Davies's questions to KONINKLIJKE PHILIPS (PHG) leadership • Q4 2024

    Question

    Robert Davies requested more color on the Q4 margin dynamics in the Diagnosis & Treatment (D&T) segment and asked for details on the remaining restructuring costs through 2025, including any further headcount impact.

    Answer

    CFO Charlotte Hanneman explained that the D&T segment's Q4 margin stepped up by 160 basis points, driven by positive mix, productivity, and pricing, which offset the impact of lower sales in high-profitability China. Regarding restructuring, she stated that the company is diligently working to reduce these charges, which stem from both Respironics-related activities and ongoing business simplification efforts, including operating model and footprint changes that will involve some headcount reductions.

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    Robert Davies's questions to KONINKLIJKE PHILIPS (PHG) leadership • Q2 2024

    Question

    Robert Davies from Morgan Stanley inquired about the competitive environment in Diagnosis & Treatment in North America, the confidence in achieving the full-year free cash flow guidance, and the performance of the Personal Health business in North America.

    Answer

    CEO Roy Jakobs highlighted that in D&T, the interplay between software, AI, informatics, and the hardware portfolio is a key differentiator in North America. CFO Abhijit Bhattacharya expressed high confidence in the free cash flow guide, explaining that H1 was skewed by the timing of a settlement payment and an insurance receipt, and that Q4 is typically a very strong cash quarter. He also noted that in Personal Health, Philips appears to be gaining share in a solid, though not buoyant, North American market.

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    Robert Davies's questions to GNNDY leadership

    Robert Davies's questions to GNNDY leadership • Q1 2024

    Question

    Requested a breakdown of Hearing market share gains by region, the conviction level in the Gaming and Consumer outlook, and the top feedback points from customers about the Nexia product.

    Answer

    Hearing growth has been strongest in the U.S., where Nexia launched first, but is now building in other markets. The Gaming and Consumer outlook is supported by planned product launches for the rest of the year. Key feedback on Nexia is broad-based, highlighting its hearing improvement, small size, connectivity, and the quality of the overall proposition for both end-users and audiologists.

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