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    Suhasini Varanasi

    Vice President and stock analyst at Goldman Sachs

    Suhasini Varanasi is a Vice President and stock analyst at Goldman Sachs International, specializing in coverage of the industrials sector with an emphasis on industrial distribution and companies such as Ferguson Enterprises and SGS. She has demonstrated a strong performance track record, including a reported 100% success rate and an average return of 6.65% on her stock ratings, with her most recent call for Ferguson Enterprises offering a projected upside of over 30%. Varanasi began her career at Goldman Sachs as an Analyst and was promoted to Vice President in 2017, continually expanding her coverage to key international industrial firms. She is recognized for her proficiency in equity research and maintains professional analyst credentials including active involvement in industry analyst panels and coverage for publicly traded firms.

    Suhasini Varanasi's questions to RENTOKIL INITIAL PLC /FI (RTO) leadership

    Suhasini Varanasi's questions to RENTOKIL INITIAL PLC /FI (RTO) leadership • H1 2025

    Question

    Suhasini Varanasi of Goldman Sachs inquired about the upward revision to termite provision claims, North American quarterly growth trends, the status of the North America CEO search, and how to adjust PBT guidance following the France Workwear disposal.

    Answer

    CFO Paul Edgecliffe-Johnson explained the termite provision increase was a mechanistic calculation based on a 9% rise in recent non-litigated claim costs, while cash-out remains in line with expectations. He noted encouraging lead flow in North America but declined to comment on July trading. Regarding guidance, he stated it remains in line with consensus on an apples-to-apples basis until the disposal closes. CEO Andy Ransom added that he is pleased with the interim leadership in North America and will provide an update on the CEO search when available.

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    Suhasini Varanasi's questions to BUNZL (BZLFY) leadership

    Suhasini Varanasi's questions to BUNZL (BZLFY) leadership • Q4 2022

    Question

    Suhasini Varanasi sought to reconcile the 2023 organic growth outlook with commentary about normalized COVID-related sales and significant new contract wins like Tyson Foods. She also asked if the company's comments on leverage signaled a potential for simultaneous M&A and additional cash returns to shareholders.

    Answer

    CFO Richard Howes clarified that while the Tyson contract is a positive, the base business volume is expected to be broadly flat in 2023 due to some softness in foodservice carrying over from H2 2022. CEO Frank van Zanten reiterated the capital allocation priorities: organic growth, a progressive dividend, and M&A. He stated that while a share buyback is possible if good acquisition opportunities don't materialize, the preference remains to deploy capital on acquisitions given the significant market potential.

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    Suhasini Varanasi's questions to BUNZL (BZLFY) leadership • FY 2021

    Question

    Suhasini Varanasi of Goldman Sachs International asked for quantification of the margin benefit from reduced inventory and credit loss provisions, and inquired about the key factors that led to the more optimistic margin guidance since the December trading update.

    Answer

    CFO Richard Howes explained that a £20 million net charge for provisions in 2021 compared to a £40 million charge in 2020 resulted in a £20 million year-over-year benefit. He attributed the upgraded margin guidance primarily to higher-than-anticipated inflation in Q4 and the company's success in passing through price increases, which has been supportive to margins.

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