Sign in

    Salvator Tiano

    Research Analyst at Bank of America

    Salvator Tiano is an Equity Research Analyst at Bank of America Securities, focusing on the general sector with coverage of major companies such as Celanese and Huntsman Corporation. He has made 67 stock ratings with a distribution of 56.7% Buy, 32.8% Hold, and 10.5% Sell, achieving a 45% success rate and an average return of -6.0% per rating, with notable calls including a profitable Sell on Celanese yielding over 54%. Tiano joined Bank of America in early 2021 and has held the analyst role for over three years, leveraging prior experience in equity research and the US market. His professional credentials include FINRA securities registration, allowing him to provide investment research and recommendations for institutional clients.

    Salvator Tiano's questions to Celanese (CE) leadership

    Salvator Tiano's questions to Celanese (CE) leadership • Q2 2025

    Question

    Salvator Tiano from Bank of America asked for a framework for Q4 earnings relative to Q3, considering seasonality and inventory impacts, and inquired about the strategy for addressing 2026-2027 debt maturities with available liquidity.

    Answer

    CEO & President Scott A. Richardson noted that visibility is very short, making Q4 hard to predict, but suggested it could be similar to or better than Q3. SVP & CFO Chuck Kyrish clarified that the plan is to pay down 2026-2027 debt maturities with free cash flow and divestiture proceeds, not by relying on the revolver, though it provides flexibility.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Celanese (CE) leadership • Q2 2025

    Question

    Salvator Tiano from Bank of America asked for an outlook on Q4 earnings relative to Q3, considering factors like seasonality and inventory, and inquired about the company's ability to address upcoming debt maturities with its available liquidity.

    Answer

    CEO & President Scott A. Richardson noted that visibility is very short, making Q4 hard to predict, but suggested Q4 could be similar to or better than Q3 as normal seasonality hasn't been observed. SVP & CFO Chuck Kyrish clarified that the company plans to pay down debt maturities through 2027 using free cash flow and divestiture proceeds, not by relying on its recently extended revolver, which is intended for short-term bridging if needed.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Celanese (CE) leadership • Q2 2025

    Question

    Salvator Tiano of Bank of America asked for an outlook on Q4 earnings, considering factors like inventory and seasonality. He also inquired about the balance sheet and whether the new revolver and cash flow could fully address debt maturities through 2027.

    Answer

    CEO Scott A. Richardson stated that visibility is very short, making Q4 hard to predict, but suggested it could be similar to or better than Q3 as normal seasonality is absent. SVP & CFO Chuck Kyrish clarified that the company plans to pay down debt through 2027 using free cash flow and divestiture proceeds, not by relying on the revolver, which is intended for short-term bridging purposes only.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Celanese (CE) leadership • Q1 2025

    Question

    Salvator Tiano asked to reconcile Celanese's strong acetate tow demand with a competitor's comment on expanding destocking. He also asked about the solidity of the Q2 vinyls improvement and the potential Q3 tailwind from EM price hikes.

    Answer

    CEO Scott Richardson explained that the acetate tow dynamic is specific to Celanese, as their contracts now have more seasonality, causing a Q1 dip and a Q2 rebound. He expressed confidence in the Q2 vinyls improvement due to lean inventories and favorable pricing arbitrage. On the Q3 EM price hikes, he declined to quantify the potential impact to maintain negotiating leverage but stressed that reversing the negative pricing trend is a key priority.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Celanese (CE) leadership • Q4 2024

    Question

    Salvator Tiano asked for clarification on the various cost savings buckets and whether there was upside from previously delayed synergies, and also inquired about the auto market opportunity in China versus the West.

    Answer

    CEO Scott Richardson confirmed that Celanese achieved $250 million in synergies by year-end 2024, with more planned for this year. He reiterated that reversing margin compression is critical to realizing the full value of these actions. Regarding China's auto market, he described it as a huge opportunity, as the technical requirements for EVs are becoming more demanding, playing to Celanese's high-performance portfolio. He noted commercialization times in China are much faster (6-12 months) than in the West.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Celanese (CE) leadership • Q3 2024

    Question

    Salvator Tiano of Bank of America questioned the company's forecasting process in light of recent market developments and asked if Acetyl Chain earnings should be expected to decline in 2025.

    Answer

    COO Scott Richardson acknowledged that in a volatile market, the company must continually adjust its forecasting models. He stated it was too early to make assumptions about 2025 Acetyl Chain performance, as the outcome will depend heavily on demand dynamics, particularly in Asia.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Green Plains (GPRE) leadership

    Salvator Tiano's questions to Green Plains (GPRE) leadership • Q2 2025

    Question

    Salvator Tiano sought clarification on Q2 cash flows, specifically regarding RIN sales and the timing of Farrellsson sale proceeds, and asked for an updated outlook on the carbon capture opportunity given recent regulatory changes.

    Answer

    CFO Phil Boggs confirmed the non-recurring RIN sales were in operating cash flow and that Farrellsson proceeds were collected in Q3. Boggs also detailed that the 2026 carbon opportunity for Nebraska plants increased from $100M to over $150M annually due to policy changes, with Interim CEO Michelle Mapes adding that monetization discussions are progressing favorably.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Green Plains (GPRE) leadership • Q2 2025

    Question

    Salvator Tiano sought clarification on Q2 cash flows, specifically regarding the inclusion of RIN sales and the timing of proceeds from the Farrellsson JV sale. He also asked for an updated outlook on the carbon capture opportunity and the status of negotiations for credit monetization.

    Answer

    CFO Phil Boggs confirmed the RIN sales were in operating cash flow as a one-time item and that Farrellsson proceeds were received in Q3. Boggs increased the 2026 carbon EBITDA forecast for Nebraska plants to over $150 million, citing favorable policy changes, with further upside potential. Interim Principal Executive Officer Michelle Mapes added that monetization discussions are progressing well and they expect to realize their proposed credit values.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Green Plains (GPRE) leadership • Q1 2025

    Question

    Salvator Tiano asked for details on the new commercial strategy with Eco-Energy, questioning if it signaled an end to Green Plains' own trading operations and how realizations would track margins. He also sought clarification on corporate liquidity and the rationale for a short-term loan from Ancora.

    Answer

    Imre Havasi, SVP of Trading, clarified that Green Plains retains all pricing and risk management decisions, with Eco-Energy acting as a marketing and logistics partner to leverage scale and improve basis. Phil Boggs, an executive, added the partnership improves working capital by approximately $50 million. Mr. Boggs also explained the Ancora loan demonstrates shareholder support and provides flexibility as the company executes its cost reduction and asset sale plans.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Green Plains (GPRE) leadership • Q4 2024

    Question

    Salvator Tiano of Bank of America asked about the reasons for low high-protein production volumes, the timing of the major SG&A restructuring, and the current assessment and outlook for the Clean Sugar initiative.

    Answer

    Todd Becker, President and CEO, attributed lower protein production to planned downtime at Mount Vernon and a strategic 'rebaselining' at Wood River ahead of carbon capture startup. He explained the SG&A cuts are timed with the company's shift from a costly innovation phase to commercialization. He noted the Clean Sugar contribution is delayed by a wastewater issue but the core technology is proven.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Green Plains (GPRE) leadership • Q3 2024

    Question

    Salvator Tiano questioned the status of the Blue Blade Energy venture for sustainable aviation fuel (SAF) and asked for the company's outlook on 2025 ethanol exports.

    Answer

    CEO Todd Becker stated that Green Plains has decided not to proceed with its initial catalyst for Blue Blade, opting to focus on being a key supplier of low-carbon alcohol to other, faster-to-market SAF technologies. He expressed a bullish outlook on 2025 exports, citing increased global blend rates, strong demand, and the competitiveness of U.S. ethanol.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership

    Salvator Tiano's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership • Q2 2025

    Question

    Salvator Tiano asked what IFF is hearing from customers about potential product reformulations in response to ongoing regulatory discussions in the U.S.

    Answer

    CEO J. Erik Fyrwald responded that customers have an 'even stronger desire' for cleaner labels and innovations that reduce sugar, salt, and fat. He noted that this trend, amplified by movements in the U.S. and labeling laws in regions like Latin America, is creating significant reformulation opportunities that are 'very good for IFF.'

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership • Q1 2025

    Question

    Salvator Tiano of BofA Securities asked about IFF's exposure to the colors market amid discussions around artificial dyes and whether the company plans to expand its presence in natural colors, either organically or via M&A.

    Answer

    CEO Erik Fyrwald clarified that colors represent a small part of the Taste portfolio, at less than $50 million in sales, and that IFF's portfolio is entirely composed of natural colors. Therefore, any ban on artificial dyes would be a positive for the company. He stated there are no plans for major acquisitions in this area but noted the broader trend toward 'cleaner labels' presents a significant opportunity across IFF's food portfolio.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to INTERNATIONAL FLAVORS & FRAGRANCES (IFF) leadership • Q3 2024

    Question

    Salvator Tiano from Bank of America asked to bridge the disconnect between IFF's strong organic growth and slower end-market demand. He specifically questioned the sustainability of the exceptionally strong growth in the Scent division, particularly in Fine Fragrance.

    Answer

    CFO Glenn Richter attributed part of the growth to a mathematical bounce-back from last year's destocking. For Fine Fragrance, he cited a post-COVID category explosion driven by new brands, social media, and digital channels. He stated that while this trend should continue to some degree, IFF is also actively winning market share through investments in new geographies, perfumers, and creative centers.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Archer-Daniels-Midland (ADM) leadership

    Salvator Tiano's questions to Archer-Daniels-Midland (ADM) leadership • Q2 2025

    Question

    Salvator Tiano of Bank of America asked for clarification on the financial benefit of the Decatur plant restart and questioned the potential impact on ADM's high-fructose corn syrup (HFCS) business from reports of major customers potentially shifting to cane sugar.

    Answer

    CEO Juan Luciano clarified the Decatur plant outage represented a $20-25 million quarterly cost headwind that will now begin to reverse. Regarding HFCS, he stated that ADM has seen no changes in order patterns from its key, long-term beverage partners. He emphasized that the company manages its wet mill portfolio dynamically across many products and has a long history of adapting to customer needs, positioning them to navigate any potential shifts in the sweetener market.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Archer-Daniels-Midland (ADM) leadership • Q2 2025

    Question

    Salvator Tiano of Bank of America asked for clarification on the financial benefit of the Decatur plant restart and questioned the potential risk to the high-fructose corn syrup (HFCS) business from major customers possibly shifting to cane sugar.

    Answer

    CEO Juan Luciano clarified the Decatur plant shutdown created a $20-$25 million per quarter cost headwind, which will be eliminated on a run-rate basis from Q4 onward. Regarding HFCS, he stated that ADM has seen no changes in order patterns from key customers and is not planning for any volume shifts. He highlighted ADM's long-term, flexible relationships and the diverse product mix within the stable Carb Solutions business. CFO Monish Patolawala noted that rising insurance and utility costs could be partial offsets.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Archer-Daniels-Midland (ADM) leadership • Q4 2024

    Question

    Salvator Tiano sought to reconcile the Q4 Nutrition results, pointing out that adjusted profits appeared significantly worse year-over-year despite positive commentary on volumes and pricing, and asked about the drivers of the lower margins.

    Answer

    CEO Juan Luciano explained that the primary headwind remains the Specialty Ingredients business, which is suffering from continued inefficiencies from the Decatur East downtime, higher insurance costs, and lower pricing for texturants. He noted the year-over-year comparison was difficult because the company was selling from existing inventory in Q4 2023, which masked the full impact of the downtime in that period.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Archer-Daniels-Midland (ADM) leadership • Q3 2024

    Question

    Salvator Tiano requested more detail on the comment about China increasing local commodity production and its impact on trade. He also asked about the potential bottom-line impact from the recent depreciation of the Brazilian real.

    Answer

    Chair and CEO Juan Luciano clarified his comment was primarily about corn, as China's policy to incentivize local production has reduced its corn import needs. He noted soybean imports remain steady. Regarding the Brazilian real, Luciano explained that the primary impact of currency devaluations is on the pace of farmer selling, as a weaker currency can make farmers in the region more reluctant to sell their crops.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Huntsman (HUN) leadership

    Salvator Tiano's questions to Huntsman (HUN) leadership • Q2 2025

    Question

    Salvator Tiano from Bank of America asked about the decision process to close the European maleic anhydride facility after receiving interest, and also inquired about the long-term future of the European MDI footprint, specifically the Rotterdam plant.

    Answer

    Chairman, President & CEO Peter Huntsman explained the maleic facility was deemed unsellable due to its lack of competitiveness and reliability, making closure the only option. He expressed confidence in the Rotterdam MDI facility, calling it one of the lowest-cost producers in Europe and affirming plans to continue its operation.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Huntsman (HUN) leadership • Q1 2025

    Question

    Salvator Tiano asked how Huntsman is managing its MDI system and upstream plants like Geismar amid reduced demand, specifically referencing a previously restarted unit. He also requested an outlook for the PO/MTBE joint venture in China and any clarity on the dividend for 2026.

    Answer

    CEO Peter Huntsman stated that with tariffs now in place, he expects demand for domestically produced MDI to pick up, creating an opportunity for greater capacity utilization at Geismar, not less. He also noted ongoing cost actions in the downstream systems business in Europe. CFO Phil Lister addressed the JV, explaining that MTBE margins are near breakeven, leading to lower equity income in 2025. He said it was too early to guide on 2026 dividends from the JV due to the market's volatility.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Huntsman (HUN) leadership • Q4 2024

    Question

    Salvator Tiano asked about the real-time effects of China tariffs, how antidumping duties might interact with them, and whether Huntsman would consider divesting strong assets like Advanced Materials to unlock value.

    Answer

    CFO Phil Lister clarified that the China MDI tariff is now 40% and antidumping duties are typically additive. CEO Peter Huntsman reiterated that the company's M&A strategy is to become more like its Advanced Materials division, not to sell it, valuing its stable, high-margin profile.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Huntsman (HUN) leadership • Q3 2024

    Question

    Salvator Tiano asked for an update on the new Geismar splitter's EBITDA contribution and its outlook for 2025. He also inquired about Huntsman's end-market exposure in China, particularly how it's affected by stimulus measures that don't seem to be boosting new housing construction.

    Answer

    EVP and CFO Phil Lister stated that realizing the Geismar splitter's full benefit requires a recovery in consumer-facing markets like furniture, projecting a $10-15 million year-over-year benefit in 2025. Chairman, CEO and President Peter Huntsman noted that in China, Huntsman is strong in automotive and infrastructure, with residential housing being a smaller but growing market. A housing recovery there would be a significant catalyst.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to EASTMAN CHEMICAL (EMN) leadership

    Salvator Tiano's questions to EASTMAN CHEMICAL (EMN) leadership • Q2 2025

    Question

    Salvator Tiano sought more detail on the weakness in the automotive end market, noting a contrast with commentary from some auto suppliers, and asked whether the weakness was concentrated in aftermarket films or OEM products like interlayers.

    Answer

    Chairman and CEO Mark Costa clarified that the aftermarket business was solid in Q2. The weakness was primarily in products sold to OEMs, such as interlayers and automotive coatings. He attributed this to auto producers moderating production rates in anticipation of tariffs impacting consumer demand in the second half of the year. Consequently, Eastman has revised its full-year auto market outlook from flat to low-single-digits down.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to EASTMAN CHEMICAL (EMN) leadership • Q4 2024

    Question

    Salvator Tiano from Bank of America asked for clarity on the Kingsport plant's earnings contribution timing and what portion is already secured. He also questioned the capital allocation plan, specifically the Longview project's CapEx and the potential for share buybacks to exceed the stated target.

    Answer

    Board Chair and CEO Mark Costa stated the Kingsport ramp-up is on track, with demand split roughly half-and-half between existing business growth and new business being closed. Executive Vice President and CFO William McLain confirmed the Longview project is the largest component of the $700-$800M CapEx plan (net of DOE grants) and affirmed the company has financial flexibility and will not let cash sit idle, suggesting upside potential for shareholder returns.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to EASTMAN CHEMICAL (EMN) leadership • Q3 2024

    Question

    Salvator Tiano of Bank of America questioned the timing of the Longview plant's final investment decision (FID), asking what factors prompted the approval now. He also asked if the positive operating leverage seen in 2024 would continue to improve in 2025.

    Answer

    CEO Mark Costa explained the Longview FID was driven by a combination of securing a large anchor customer (Pepsi), finalizing engineering plans that show an attractive return, and receiving confirmation of government funding. CFO Willie McLain added that the company expects further positive operating leverage in 2025, highlighting the contribution from the Kingsport methanolysis plant as it moves to more stable and higher-uptime operations compared to 2024.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Bunge Global (BG) leadership

    Salvator Tiano's questions to Bunge Global (BG) leadership • Q2 2025

    Question

    Salvator Tiano from Bank of America requested an update on key organic growth projects, including Morristown and Destrehan, and asked for an outlook on U.S. soybean meal supply and demand dynamics.

    Answer

    CFO John Neppl provided timelines, stating the Morristown plant is expected to go live in mid-Q4 2025, the Destrehan crush project in late Q2 2026, and the West Sawn plant in early 2027. CEO Greg Heckman addressed the meal outlook, citing strong demand from the animal protein sector and enhanced U.S. export competitiveness as key supportive factors.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Bunge Global (BG) leadership • Q1 2025

    Question

    Salvator Tiano inquired about the Viterra acquisition's approval timeline, the rationale for terminating the CJ Selecta deal, and a breakdown of processing margins for soy and canola across different regions in Q1.

    Answer

    CEO Greg Heckman expressed confidence in the Viterra deal's eventual approval, citing constructive regulatory dialogue. CFO John Neppl clarified the CJ Selecta termination resulted from passing the long-stop date without all approvals. Heckman and Neppl then detailed that while Q1 processing margins were strong, especially in Europe, the outlook for Q2 is softer, and North American softseed margins were a key headwind year-over-year.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Bunge Global (BG) leadership • Q4 2024

    Question

    Salvator Tiano sought clarity on the financial impact of the Viterra and CJ Selecta acquisitions, including potential first-year dilution from Viterra, and inquired about capital allocation plans for buybacks and the revised, lower 2025 CapEx.

    Answer

    CFO John Neppl stated that a precise 2025 impact for Viterra is pending post-close analysis but reaffirmed that CJ Selecta is expected to generate mid-teen returns. He confirmed $800 million remains on the share buyback authorization. The lower 2025 CapEx forecast is a result of both pushing some project timelines into 2026 and deciding to forego other planned projects.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Bunge Global (BG) leadership • Q3 2024

    Question

    Salvator Tiano asked for comments on a report about Bunge slowing soybean purchases due to lower fuel demand and inquired about the demand outlook given changes in tax credits. He also questioned the supply availability of low-CI feedstocks.

    Answer

    CEO Greg Heckman refuted the report, stating that farmer purchases remain strong. He acknowledged U.S. policy uncertainty but highlighted positive global biofuel trends in Brazil and Indonesia. He expressed confidence that U.S. policy will be resolved, supporting feedstock demand. CFO John Neppl added that potential changes to the 45Z tax credit could create a more level playing field for U.S. agricultural feedstocks versus imported ones.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Origin Materials (ORGN) leadership

    Salvator Tiano's questions to Origin Materials (ORGN) leadership • Q4 2024

    Question

    Salvator Tiano asked for 2025 guidance, the reasons for the delay with CapFormer line 1, why this delay pushed back the EBITDA breakeven target, and the rationale behind their manufacturing process (buying PET shapes vs. extruding) and its impact on gross margins.

    Answer

    The company is not providing specific 2025 guidance due to timing variability but offered a 2026 revenue range. The line 1 delay was due to adding a "knurling" feature based on customer feedback, which had a cascading effect on the schedule and breakeven timeline. They are initially buying PET shapes due to the long lead time for extruders but plan to vertically integrate later; they can still achieve good margins without it, with the target mid-double-digit margin being a medium-term goal for the overall business.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to Origin Materials (ORGN) leadership • Q4 2024

    Question

    Salvator Tiano from Bank of America asked why Origin Materials did not provide specific 2025 revenue or EBITDA guidance. He also questioned the specific issues that caused the delay with CapFormer Line 1 and why this pushed the EBITDA breakeven target back by at least six months. Lastly, he inquired about the strategy of sourcing PET sheets instead of extruding them in-house and how the company can achieve its targeted mid-double-digit gross margins without that vertical integration.

    Answer

    CFO and COO Matt Plavan stated that specific 2025 guidance was withheld due to significant variability in the timing and volume of customer onboarding in Q3/Q4, opting instead to provide a 2026 revenue range of $110M-$140M. CEO John Bissell attributed the Line 1 delay to a late-stage decision to add a 'knurling' feature based on key customer feedback. He clarified the EBITDA breakeven shift to 'sometime in 2026' reflects forecasting uncertainty rather than a definitive six-month delay. Bissell also explained that sourcing PET sheets is a near-term tactic to accelerate production, as extruders have long lead times, and that the business can achieve strong margins even before full vertical integration.

    Ask Fintool Equity Research AI

    Salvator Tiano's questions to WESTLAKE (WLK) leadership

    Salvator Tiano's questions to WESTLAKE (WLK) leadership • Q4 2024

    Question

    Salvator Tiano requested more detail on the product mix shift affecting HIP guidance, questioned the conservatism of the forecast given past performance, and asked about competitive pressures in the Pipe & Fittings business.

    Answer

    EVP and CFO Steve Bender confirmed the guidance reflects a conservative approach, consistent with past practices, especially given the flat housing start forecast. He noted that the broad product portfolio and geographic footprint allow Westlake to manage competitive pressures and meet demand effectively across different regions, highlighting the strength of Pipe & Fittings and siding.

    Ask Fintool Equity Research AI