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    Yassine Touahri

    Research Analyst at On Field Investment Research

    Yassine Touahri is Co-Founder and Managing Partner at On Field Investment Research, specializing in deep-dive equity research across the global building materials and chemicals sectors. He covers specific companies such as Amrize Ltd, Holcim (HOLN), and Cemex SAB de CV, and the research team aims to generate recommendations with absolute returns over 20% and regular alpha via quarterly pair trades. Touahri began his career in investor relations at Saint-Gobain, then spent a decade as an Equity Research Analyst at Exane BNP Paribas, where his team was consistently ranked number one in the Extel Surveys, before co-founding On Field Investment Research in 2017. He is based in London and is recognized for his rigorous financial analysis, but public records do not list active FINRA or securities licenses.

    Yassine Touahri's questions to Amrize (AMRZ) leadership

    Yassine Touahri's questions to Amrize (AMRZ) leadership • Q2 2025

    Question

    Yassine Touahri of On Field Investment Research asked about the potential magnitude of 2026 price increases in Europe, considering the impact of EU ETS Phase 4 revisions and the carbon border adjustment mechanism (CBAM).

    Answer

    CEO Miljan Gutovic acknowledged that it is too early to discuss specific 2026 price increases until the new EU ETS benchmarks are known later in the year. However, he noted that the revision of EU ETS, including benchmark adjustments and the phasing out of free allowances starting in 2026, will be a factor. He stated his belief that price increases next year will likely be higher than this year, but final decisions await more clarity on the regulatory impact.

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    Yassine Touahri's questions to HOLN leadership

    Yassine Touahri's questions to HOLN leadership • Q2 2025

    Question

    Yassine Touahri of On Field Investment Research asked about the expected magnitude of 2026 price increases in Europe, considering regulatory changes from EU ETS Phase 4.

    Answer

    CEO Miljan Gutovic stated that while it's too early for specifics pending new benchmark details, he believes price increases in 2026 will likely be higher than in 2025. This is due to the need to address the financial impact of EU ETS Phase 4, which includes benchmark adjustments and the phasing out of free allowances.

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    Yassine Touahri's questions to HOLN leadership • H1 2025

    Question

    Yassine Touahri of On Field Investment Research asked about the expected magnitude of 2026 price increases in Europe, considering the impacts of CBAM and the revised EU ETS Phase 4.

    Answer

    CEO Miljan Gutovic stated it was too early to give a specific figure for 2026 price increases, as it depends on the new EU ETS benchmark to be released later in the year. However, acknowledging the impact of phasing out free allowances, he said he believes 'price increases next year will be higher than this year.'

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    Yassine Touahri's questions to CEMEX SAB DE CV (CX) leadership

    Yassine Touahri's questions to CEMEX SAB DE CV (CX) leadership • Q2 2025

    Question

    Yassine Touahri of On field investment research asked how the new corporate structure supports free cash flow conversion and whether CEMEX can achieve a peer-level EBITDA-to-FCF conversion rate of nearly 50%, and over what timeframe.

    Answer

    CEO Jaime Muguiro affirmed that a peer-level free cash flow conversion rate is achievable, targeting 2027, driven by divesting underperforming assets and aligning management compensation with FCF metrics. He explained the new structure decentralizes operational excellence, reduces bureaucracy, and fosters an 'owner mindset,' which directly contributes to cost savings and margin expansion, thereby boosting free cash flow.

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    Yassine Touahri's questions to CEMEX SAB DE CV (CX) leadership • Q1 2025

    Question

    Yassine Touahri from On field questioned why CEMEX's free cash flow conversion guidance is significantly lower than peers and asked if the company can achieve best-in-class conversion.

    Answer

    CEO Jaime Dominguez affirmed that the target is to meet best-in-class cash conversion. He outlined several drivers: increasing EBITDA through volume recovery, realizing benefits from completed CapEx, reducing future strategic CapEx, and active portfolio management based on ROCE. This includes reviewing the ready-mix business to improve returns, using the U.S. as a template for optimization.

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    Yassine Touahri's questions to CEMEX SAB DE CV (CX) leadership • Q4 2024

    Question

    Yassine Touahri from Onfield questioned the significant valuation gap between CEMEX and its peers, asking what the market might be missing and what management can do to improve investor perception.

    Answer

    CFO Maher Al-Haffar attributed the valuation discount primarily to market uncertainty surrounding Mexico's economy and currency. He highlighted significant upside potential from further deleveraging, reducing interest expense (currently double that of peers), and a natural recovery from a ~$750 million volume headwind experienced over the last three years. He stated the strategy is to continue executing and delivering strong results, which he believes will eventually lead to a re-rating.

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    Yassine Touahri's questions to CEMEX SAB DE CV (CX) leadership • Q2 2024

    Question

    Yassine Touahri highlighted the valuation gap between CEMEX's trading multiple and its sum-of-the-parts value, asking what the company could do to unlock the value of its U.S. assets and if share buybacks were being considered.

    Answer

    Executive Maher Al-Haffar responded that the company's focus is on delivering operational growth in its key U.S. and Mexico markets rather than pursuing complex corporate restructuring. Regarding buybacks, Al-Haffar argued that deploying capital into growth projects at highly accretive EBITDA multiples of 3.5-4x currently offers a better return for shareholders than buying back stock, despite acknowledging the shares are undervalued.

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    Yassine Touahri's questions to Rockwool A/S/ADR (RCWBY) leadership

    Yassine Touahri's questions to Rockwool A/S/ADR (RCWBY) leadership • Q1 2025

    Question

    Yassine Touahri from On Field Investment Research asked for details on the drivers behind the significant market share gains in North America, current business trends in early Q2, the potential for industry consolidation in Europe due to technological shifts, and an update on a plant sale in Poland.

    Answer

    CEO Jes Hansen attributed U.S. market share gains to a multi-faceted strategy involving new customers, new channels, and product introductions like fire-resistant insulation, noting their share is still low at 2-3% compared to over 10% in Canada. He confirmed Q2 trends are similar to Q1, with strong pipelines but some customer hesitation. He agreed that the shift to electric melters could drive consolidation for smaller players but had no new updates on the Polish plant sale.

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    Yassine Touahri's questions to Rockwool A/S/ADR (RCWBY) leadership • Q1 2025

    Question

    Questioned the drivers of North American market share gains, current Q2 trends, the potential for industry consolidation due to technology shifts, and the status of a plant sale in Poland.

    Answer

    North American growth is driven by gaining share from a very low base through new customers, channels, and fire-resistant products. Q2 trends are similar to Q1. The potential for consolidation exists but is not certain to accelerate. There is no new development on the Polish plant sale.

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    Yassine Touahri's questions to RCWLY leadership

    Yassine Touahri's questions to RCWLY leadership • Q4 2024

    Question

    Asked about the long-term strategic vision for ROCKWOOL's asset portfolio, particularly regarding the trend of selling systems, and sought confirmation on the estimated high profitability of the Russian business based on public tax data.

    Answer

    The long-term strategy is to remain a pure-play leader in stone wool, capitalizing on growth from European regulations (EPBD), category shift in the U.S., and expansion in Asia. The company will become more global and invest in technology. The executive refused to comment on the specifics of the Russian business's profitability.

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    Yassine Touahri's questions to RCWLY leadership • Q3 2024

    Question

    Sought clarification on the Q3 pricing dynamics, which seemed to imply a sequential increase, and asked about the company's long-term view on capital allocation, leverage, and potential strategic moves into systems solutions.

    Answer

    The Q3 year-on-year price increase of over 2% was primarily driven by a sequential 8% price hike in North America. On capital allocation, the company will remain cautious, prioritizing stable dividends and increasing capital expenditures for new factories. Excess cash may be returned via ad-hoc share buybacks. There is a strategic interest in investing more into 'system thinking' to offer more value, but no specific leverage target was provided.

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    Yassine Touahri's questions to HDELY leadership

    Yassine Touahri's questions to HDELY leadership • Q1 2024

    Question

    Asked if strong like-for-like sales growth occurred in April to align with full-year guidance after a weak Q1, and inquired about the impact of cheaper cement imports on pricing and market share in key regions.

    Answer

    The company confirmed that the assumption of good like-for-like growth in April was correct and that group volumes were up slightly. Regarding imports, while costs have decreased, the impact is described as very localized and not a 'massive flood'. The company also benefits from lower import costs in regions where it is a net importer, like the U.S. and Africa.

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    Yassine Touahri's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership

    Yassine Touahri's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2021

    Question

    Yassine Touahri of On Field Investment Research asked if accelerated pricing in the distribution business could offset lower H2 activity and allow it to repeat H1's strong margin. He also inquired about any updates to the company's energy hedging policy amid market volatility.

    Answer

    COO, CEO & Director Benoit Bazin noted that 2021 seasonality is abnormal due to the H1 volume catch-up, making a direct margin comparison difficult, but confirmed distribution is maintaining healthy margins. CFO Sreedhar N. stated that the hedging policy is unchanged at 50% for the current year, but they have increased the hedge to 60% for 2022 and are monitoring the volatile energy market on a daily basis.

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    Yassine Touahri's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q1 2021

    Question

    Yassine Touahri of One Field Investment Research asked if management was surprised by the strength of demand and pricing, whether pre-buying in March led to a slowdown in April, and about the company's 2021 gas hedging position.

    Answer

    Pierre-Andre de Chalendar confirmed that March was stronger than anticipated and that April continued to be very strong, with no slowdown from pre-buying activity. CFO N. Sreedhar stated that on average, close to 50% of the company's energy is hedged and noted that gas prices had risen substantially, up 170% in April compared to the prior year.

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    Yassine Touahri's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q3 2020

    Question

    Yassine Touahri asked for an assessment of the EU's "renovation wave" program on structural growth, how Saint-Gobain plans to capture this growth, and the company's specific ROI criteria for CapEx and acquisitions.

    Answer

    CEO Pierre-André de Chalendar called the EU program "extremely powerful" for future growth, which would be captured mainly through CapEx in existing businesses. CFO N. Sreedhar specified the criteria as a 20% pre-tax IRR for CapEx and value creation within three years for acquisitions. De Chalendar estimated that about 60% of Saint-Gobain's business is linked to energy efficiency renovation.

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