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Tobias Woerner

Managing Director at Stifel

Tobias Woerner is a Managing Director at Stifel Nicolaus Europe Ltd., specializing in MedTech and Construction Supplies with a primary focus on Building & Construction. He covers companies such as CRH plc and Breedon, providing in-depth analysis and ratings, though recent public platforms report limited published ratings and performance metrics. With a finance career spanning since 1996, Woerner previously held senior equity research and leadership roles at Citi, MF Global/Man Securities, and advised at firms including Gleacher Shacklock and Cantor Fitzgerald before joining Stifel in 2020. He holds an MBA from Warwick Business School and a B.A. (Hons) in Economics with a language from the University of Kent.

Tobias Woerner's questions to HDELY leadership

Tobias Woerner's questions to HDELY leadership • Q1 2024

Question

Asked for a breakdown of Europe's Q1 revenue decline, the timing of the price/cost benefit throughout the year, and whether Q1 was a typical quarter. Also sought clarification on the working day impact.

Answer

The negative working day impact in Q1 was significant, estimated at around 5%. The benefit from the positive price/cost spread is expected to be larger in the first half of the year than the second. Management characterized Q1 as not extraordinary and noted that the RCO shortfall is minor in the context of the full year.

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