Sign in

    Sebastian Bray

    Senior Equity Research Analyst at Berenberg

    Sebastian Bray is a Senior Equity Research Analyst at Berenberg, specializing in chemicals, fertilizers, and industrial sectors. He covers major companies including CF Industries Holdings and Johnson Matthey, and his performance metrics indicate a 49.42% success rate with an average return of -1.2% on his recommendations. Bray has been with Berenberg for several years and is prominently listed as a primary sector analyst for chemicals; specific prior roles are not publicly detailed. He is professionally affiliated with industry analyst platforms and is recognized on institutional consensus lists, underscoring his standing as a key sector analyst.

    Sebastian Bray's questions to SOLVAY S A /ADR/ (SLVYY) leadership

    Sebastian Bray's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q1 2025

    Question

    Sebastian Bray from Berenberg Bank asked if the U.S. soda ash capacity expansion would be delayed given market weakness and sought confirmation on whether both price and volume were down. He also asked about the pricing, margins, and growth outlook for the autocatalyst business.

    Answer

    CEO Philippe Kehren stated the U.S. expansion investment is not being slowed, but the capacity ramp-up is not expected before 2026. He confirmed the soda ash decline was mostly volume-driven. CFO Alexandre Blum added that the autocatalyst business has been more stable than expected, which helps support pricing as few competitors are investing, though it is expected to decline structurally with the rise of EVs.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q1 2025

    Question

    Sebastian Bray from Berenberg questioned if the U.S. soda ash capacity expansion would be delayed due to market weakness, whether both price and volume were down for soda ash, and asked about the pricing and margin outlook for the autocatalyst business.

    Answer

    CEO Philippe Kehren stated the U.S. expansion investment continues but the capacity ramp-up is not expected before 2026. He confirmed the soda ash decline was mostly volume-driven. CFO Alexandre Blum added that the autocatalyst business has been more stable than the expected decline, which supports pricing, but it will structurally decline with the rise of EVs.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q1 2025

    Question

    Questioned the U.S. soda ash capacity expansion plan in a weak market, sought confirmation on Q1 price and volume declines for soda ash, and asked about the pricing, margins, and growth outlook for the autocatalyst business.

    Answer

    The U.S. soda ash expansion investment will proceed, but the capacity ramp-up is not expected before 2026. The Q1 soda ash decline was mostly in volume, with prices resilient in Europe/NA but under pressure in seaborne markets. The autocatalyst business has been more stable than expected; while structurally declining with ICEs, limited industry investment helps support prices.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q2 2024

    Question

    Sebastian Bray sought clarification on whether Q3 profitability would be similar to Q2 given volume stabilization, and asked about the status of Chinese soda ash capacity issues and if 2024 is still considered the trough year for pricing.

    Answer

    CEO Philippe Kehren confirmed that Q3 volumes look similar to Q2 based on the current order book, but noted some opportunities captured in Q2 might not repeat. Regarding the soda ash market, he was unsure if the iron contamination issues in China were resolved and did not expect a significant change in China's impact on the global market.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q2 2024

    Question

    Sebastian Bray sought clarification on whether Q3 profitability would resemble Q2's, given the commentary on volume stabilization. He also asked about the status of China's soda ash capacity issues and the outlook for pricing in 2025.

    Answer

    CEO Philippe Kehren confirmed that Q3 order books look similar to Q1 and Q2, suggesting a stable environment, though he cautioned that some specific opportunities captured in Q2 might not repeat. On China, he stated he was not sure the iron contamination issue was resolved and does not expect a significant change in China's impact on the global market.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q4 2023

    Question

    Asked about the expected change in bonus provisions for 2024, the cost and timing of the living wage commitment, and the operational status of new soda ash capacity in Inner Mongolia.

    Answer

    The change in variable remuneration from 2023 to 2024 is not expected to have a big impact. The living wage commitment will be fully rolled out by 2026 with a minimal financial impact as they are already close to the right level. There is no direct link between domestic Chinese soda ash prices and the seaborne export market, and they don't expect new Chinese volumes to significantly disturb the global balance long-term.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to Fuchs Petrolub SE/ADR (FUPBY) leadership

    Sebastian Bray's questions to Fuchs Petrolub SE/ADR (FUPBY) leadership • Q1 2025

    Question

    Sebastian Bray from Berenberg asked about April trading performance and the potential for margin relief from lower raw material costs, questioning if any unusual dynamics in the base oil market would decouple it from crude prices. He also sought confirmation that pricing was flat within Q1 organic growth.

    Answer

    CEO Stefan Fuchs declined to comment on specific April trading but noted the year had a mixed start. He stated that while softening raw materials are typically a tailwind, the impact of tariffs is the main uncertainty. CFO Isabelle Adelt confirmed that the assumption of roughly flat pricing in Q1 was reasonable and highlighted that while tariffs pose risks, they also create opportunities to gain share due to their localized supply chain.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to Air Products & Chemicals (APD) leadership

    Sebastian Bray's questions to Air Products & Chemicals (APD) leadership • Q4 2024

    Question

    Sebastian Bray asked about the performance of the Middle East & India segment, questioning if the Jazan project had become less profitable. He also posed a philosophical question on how the company will retain its in-housed expertise if it only focuses on two major projects for the time being.

    Answer

    CFO Melissa Schaeffer clarified that the segment's results were impacted by lower merchant demand in the UAE, and that the Jazan JV is performing as expected. Chairman, President and CEO Seifi Ghasemi addressed the expertise question by explaining that the company does not perform all work in-house; it uses external experts for specialized tasks while retaining the core know-how for system integration, which is their key competitive advantage.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to NOVOZYMES AS/FI (NVZMY) leadership

    Sebastian Bray's questions to NOVOZYMES AS/FI (NVZMY) leadership • Q2 2023

    Question

    Sebastian Bray from Berenberg asked why bioethanol customers are upgrading to higher-value solutions now, questioned the reason for higher Q2 sales and distribution costs, and inquired about visibility on the new protein solutions facility's ramp-up.

    Answer

    EVP Tina Fano attributed the bioethanol trend to recent innovations like the Fiberex platform. CFO Lars Green explained that higher S&D costs were due to planned investments in commercial capabilities. EVP Amy Byrick expressed confidence in the protein facility's ramp-up, noting it is on track for Q1 2024 and supported by an anchor customer contract and demand for superior plant-based products.

    Ask Fintool Equity Research AI