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    Roger Spitz

    Research Analyst at Bank of America

    Roger Spitz is an Equity Research Analyst at BofA Securities, Inc., part of Bank of America, with a specialization in regional banks and finance sector coverage. He has covered major institutions through his roles, transitioning from Fixed Income Analyst at Merrill Lynch, Pierce, Fenner & Smith to his current equity analyst position at BofA Securities since 2019. Spitz earned his undergraduate degree from Rochester Christian University and holds an MBA from Columbia Business School, reflecting a strong academic foundation. His notable career spans over two decades at Bank of America and its subsidiaries, underpinned by deep expertise in finance and research, though specific quantitative performance metrics and third-party rankings are not publicly available.

    Roger Spitz's questions to MERCER INTERNATIONAL (MERC) leadership

    Roger Spitz's questions to MERCER INTERNATIONAL (MERC) leadership • Q2 2025

    Question

    Roger Spitz from Bank of America inquired about Mercer's 2025 cash flow projections, specifically asking for estimates on cash taxes, interest, and operating cash flow less CapEx. He also asked for details on the German revolver facility, including any maintenance covenants and the current headroom available.

    Answer

    CFO Richard Short provided guidance, estimating 2025 cash taxes at approximately $25 million, interest around $110 million, and a $100 million CapEx target, with working capital expected to be flat to slightly negative. Short also confirmed the German revolver has no maintenance covenants and possesses significant headroom, likely in the range of $150 million to $200 million.

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    Roger Spitz's questions to MERCER INTERNATIONAL (MERC) leadership • Q1 2025

    Question

    Roger Spitz from Bank of America asked for the total EBITDA impact from the 2024 pulp mill turnarounds to establish a rule of thumb for downtime costs. He also inquired about the maintenance cycle lengths for each mill and whether they could all be moved to an 18-month schedule, and if German regulations mandate specific turnaround frequencies.

    Answer

    Executive Richard Short provided a rule of thumb of approximately $1.5 million in EBITDA impact per day of downtime, noting the total 2024 impact was about $80 million. Executive Juan Bueno confirmed Stendal and Celgar are on 18-month cycles, while Peace River and Rosenthal are on 12-month cycles. Moving the others to 18 months is an objective but requires extensive review and approval from insurance companies. Short added that German regulations do not prevent an 18-month cycle, as evidenced by Stendal's schedule.

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    Roger Spitz's questions to METHANEX (MEOH) leadership

    Roger Spitz's questions to METHANEX (MEOH) leadership • Q2 2025

    Question

    Roger Spitz asked how the OCI acquisition will impact Methanex's realized price discount to benchmark prices and whether widening discounts were due to shipping patterns.

    Answer

    President, CEO & Director Rich Sumner stated that while the average discount may increase due to OCI's Atlantic-based sales, this will be accompanied by higher overall price realizations and a more efficient supply chain. He clarified that widening discounts are driven more by increased competition in the Atlantic Basin rather than shipping logistics.

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    Roger Spitz's questions to Tronox Holdings (TROX) leadership

    Roger Spitz's questions to Tronox Holdings (TROX) leadership • Q2 2025

    Question

    Roger Spitz from Bank of America, on for Olivia Key, asked for details on the new $50 million inventory financing facility and sought an explanation for the divergence between Tronox's volume performance and a competitor's pre-announced results.

    Answer

    CFO John Srivisal described the financing as a short-term, renewable facility that adds liquidity and is recorded under 'other liabilities,' not debt. CEO John Romano attributed Tronox's volume miss versus expectations to a muted U.S. coatings season and heightened competitive activity in Europe, which led to some share loss in the quarter.

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    Roger Spitz's questions to Tronox Holdings (TROX) leadership • Q1 2025

    Question

    Roger Spitz inquired whether the Botlek plant idling is a warm or cold shutdown and how difficult a restart would be. He also asked for a breakdown of 2024 cost of goods sold between mining and pigment operations.

    Answer

    CEO John Romano stated there is no plan to restart the Botlek asset, noting that chloride plants are typically not restarted after long-term shutdowns. CFO John Srivisal declined to provide a cost breakdown, explaining that the company views its operations on a fully integrated basis.

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    Roger Spitz's questions to Tronox Holdings (TROX) leadership • Q3 2024

    Question

    Roger Spitz of Bank of America asked why Tronox's TiO2 volumes were projected to grow 11-12% in a year when the global market is flat to slightly up, and which competitors might be losing share.

    Answer

    CEO John Romano attributed the outperformance to a successful commercial strategy of aligning with customers who are growing faster than the overall market. By focusing on these high-growth partners in key regions, Tronox can gain volume organically without resorting to price-based share grabs. He did not speculate on which specific competitors were losing share but emphasized their growth was tied to their customer alignment strategy.

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    Roger Spitz's questions to OLIN (OLN) leadership

    Roger Spitz's questions to OLIN (OLN) leadership • Q2 2025

    Question

    Roger Spitz from Bank of America requested an update on Olin's plan to test the U.S. PVC market by tolling its VCM through a partner.

    Answer

    President and CEO Ken Lane reported that he is very encouraged by the team's progress, having secured a handful of customers and products with a long list of others in qualification. He reiterated that the long-term goal is to find the most capital-efficient way to maintain participation in the vinyls market by 2030, with all options, including commercial agreements and joint ventures, being considered.

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    Roger Spitz's questions to Trinseo (TSE) leadership

    Roger Spitz's questions to Trinseo (TSE) leadership • Q4 2024

    Question

    Roger Spitz questioned the potential impact of tariffs on sales from the U.S. to Mexico and China and asked for clarification on the available borrowing capacity under the AR securitization facility.

    Answer

    CEO Frank Bozich assessed tariff risk as manageable, with negligible impact from imports and resilient exports to Mexico/Canada due to being highly specified in the auto value chain. CFO David Stasse explained the AR securitization availability is tied to a borrowing base, which was seasonally low at year-end but is expected to increase in Q1.

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    Roger Spitz's questions to Ardagh Metal Packaging (AMBP) leadership

    Roger Spitz's questions to Ardagh Metal Packaging (AMBP) leadership • Q3 2024

    Question

    Roger Spitz asked for specific full-year guidance on various cash flow items, including base CapEx, cash interest, taxes, and working capital, and sought confirmation on the use of proceeds from the recent term loan.

    Answer

    CFO Stefan Schellinger provided full-year estimates: working capital inflow of $40-$50 million, cash interest slightly below $200 million, cash taxes around $30 million, and base CapEx of $120 million. He confirmed the new term loan proceeds were used to pay down the ABL facility, a leverage-neutral transaction that strengthened liquidity.

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    Roger Spitz's questions to GLT leadership

    Roger Spitz's questions to GLT leadership • Q3 2023

    Question

    Inquired about the reasons for the significant volume decline in Spunlace compared to Airlaid, sought clarification on 'other operating cash flow costs' for Q3 and the full year, and asked for color on the large volume drops in composite laminates and metallized products.

    Answer

    The company explained that Spunlace is a more competitive, lower-end market facing significant import pressure from Asia, and that they deliberately exited unprofitable business. 'Other operating cash flow costs' were about $4 million in Q3 and are expected to be similar in Q4. The decline in composite laminates was attributed to the Russia-Ukraine war, though some volume has been regained elsewhere. The metallized product decline is due to a weak market and customers seeking cheaper alternatives like plastics or direct-to-glass printing.

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