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    Stephen Gengaro

    Managing Director and Senior Equity Analyst at Stifel, Nicolaus & Company, Incorporated

    Stephen Gengaro is a Managing Director and Senior Equity Analyst at Stifel, Nicolaus & Company, Incorporated, specializing in oilfield services and equipment with coverage of major companies such as SLB, Target Hospitality Corp, and Lucid Group Inc. Recognized as Best Analyst by Marine Money Magazine and Forbes, Gengaro has achieved a notable success rate of 39% and an average return of 1.7% per transaction, earning accolades for stock picking and earnings accuracy from StarMine and The Wall Street Journal. He joined Stifel in April 2018, following previous roles at Loop Capital, Sterne, Agee & Leach/CRT Capital, Jefferies, and as Senior Energy Analyst at Furman Selz/ING Barings/ABN AMRO. Gengaro holds an MBA from Boston College and a BA in Economics from The Catholic University of America, maintaining relevant professional credentials over his 20+ year career.

    Stephen Gengaro's questions to DMC Global (BOOM) leadership

    Stephen Gengaro's questions to DMC Global (BOOM) leadership • Q4 2024

    Question

    Stephen Gengaro of Stifel asked about DynaEnergetics' expected performance and margin trajectory in a flat U.S. completions market, the company's view on normalized mid-cycle EBITDA margins for DynaEnergetics and Arcadia, and any significant sequential business drivers between segments in Q1.

    Answer

    Interim CEO James O'Leary responded that any margin improvement at DynaEnergetics would stem from internal 'self-help' initiatives rather than market uplift, with overall company margins likely remaining in the high single digits. He reiterated his belief that at mid-cycle, Arcadia should achieve mid-teens EBITDA margins and DynaEnergetics could reach low double-digit margins. He cited significant tariff-related uncertainty as a reason for providing flat Q1 guidance.

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