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    Will Tang

    Vice President and Equity Research Analyst at Jefferies

    Will Tang is a Vice President and Equity Research Analyst at Jefferies, specializing in the healthcare sector with a particular focus on pharmaceuticals and biotechnology companies. He has covered major firms such as Pfizer, Merck, and Johnson & Johnson, consistently delivering actionable investment insights with a track record that includes a success rate above 65% and solid returns for institutional clients, as evidenced by public analyst rankings. Tang began his analyst career in the mid-2010s, previously holding equity research roles at firms including UBS before joining Jefferies in 2019. He holds FINRA Series 7, 63, and 86/87 licenses and has been recognized for his rigorous research methodology and industry expertise.

    Will Tang's questions to ICL Group (ICL) leadership

    Will Tang's questions to ICL Group (ICL) leadership • Q4 2022

    Question

    Will Tang, on behalf of Jefferies, asked if elevated year-end inventories in Industrial Products were specific to flame retardants or a broader issue. He also followed up on the 'value over volume' strategy, questioning if the volume decline meant ICL was ceding market share.

    Answer

    President and CEO Raviv Zoller confirmed higher inventories in Industrial Products and Phosphate Specialties but noted the overall level remains within the historical range. He reiterated that ICL's strategy is to be disciplined and prioritize price over volume, not to chase market share at any cost. CFO Aviram Lahav added that the company has active plans to reduce excess inventory over the next one to two quarters.

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    Will Tang's questions to ICL Group (ICL) leadership • Q2 2022

    Question

    Will Tang from Morgan Stanley asked for an assessment of potash inventory levels across different geographies, particularly the U.S. He also inquired about ICL's production risk related to potential energy shortages in Europe during the upcoming winter.

    Answer

    CEO Raviv Zoller stated that global potash inventories are declining and the market remains tight, especially in India and China, driven by the absence of Belarusian supply. Regarding energy risk, he explained that ICL is in a relatively good position as most of its energy supply is secured through long-term, fixed-price, or renewable contracts. The primary exposure is at a German site, but production is prioritized as it serves the food industry, and output can be shifted to U.S. facilities if necessary.

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