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Analyst
Laurent Favre
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 14on tracked calls
- Challenge rate
- 29%4 of 14 questions
- Companies
- 3questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 14 of 14 questions from 3 companies
LINLinde plc10 questions · 6 reporting periods · 3 of 10 challenging
Calendar 2026 Q2
Can you give us a sense of how much of a headwind it has been over the last year?
Show response
Sanjiv gave the ex-Lincare Americas margin (+20bps) and framed the drag as temporary mix, but did not quantify Lincare's standalone profitability.
where do you see the biggest opportunities on the electronic side? Is it still in the US or elsewhere in Asia
Show response
Sanjiv said the bulk of electronics projects are in the US with a strong pipeline also in Taiwan, Korea and some in China.
Calendar 2026 Q1
you mentioned that you thought sales in commercial space would get to about $1 billion by the end of the decade
Show response
White confirmed strong positioning and acceleration in space launch demand. Growth depends on frequency, rocket size (10x fuel difference between largest and smallest), and propellant type (hydrogen rockets would benefit Linde most).
My first question is on margins. You mentioned a strong improvement in the Americas
Show response
White gave detailed regional margin breakdown: EMEA dragged by volume weakness and Middle East conflict; APAC lower from equipment sale mix and seasonality; full-year margin expansion at top end or above 40-60bp range.
Calendar 2025 Q4
the trajectory of the sale of gas backlog. So with Beaumont start-ups, I guess, we would be coming down towards $5.5 billion
Show response
Sanjiv expects $2.5-3B of startups in 2026 including OCI Woodside phased through year. Target to rebuild back toward $7B. Confident in pipeline including large fab wins expected to be announced soon.
Calendar 2025 Q3
3 months ago, you were talking about defending the $7 billion by year-end despite startups
Show response
Sanjiv confirmed on track to maintain 7 handle on sale-of-gas backlog by year-end despite $1B in startups during the year.
you talked about new projects in -- on the steel side in metals in the U.S. Can you talk about that opportunity
Show response
Sanjiv confirmed US steel and metals expansion opportunities from tariffs. Well positioned with right players contemplating expansion. Would feed from existing network or new assets.
Calendar 2025 Q2
Is there any risk of, I guess, slowdown or slippage on intake so that your backlog may finish the year below $7 billion?
Show response
Sanjiv expects to start up $1B from backlog in H2 and win enough new projects to maintain $7B+ level. Confident in opportunity pipeline.
Calendar 2024 Q4
Got a question on health care, where I think you've been around 0% organic growth every quarter in 2024
Show response
Sanjiv explained flat healthcare as US home care portfolio rationalization, expects to lap actions and return to low-to-mid single digit growth.
you talked mostly about decimalization related projects that would be signed in the future. You didn't mention electronics. Is there a specific reason for that?
Show response
Sanjiv pushed back, noting 20% of record backlog is electronics, actively executing and expects to announce new wins shortly.
PPGPPG Industries3 questions · 3 reporting periods · 1 of 3 challenging
Calendar 2026 Q1
we're seeing energy solvent, lots of spot prices on upstream chemicals that more than 50%, sometimes 100%
Show response
Knavish confirmed seeing upstream spikes but all built into MSD COGS guidance including energy impact on suppliers and logistics costs. Morales emphasized large coating companies do not pay anything close to spot, contracted and negotiated for full year. Knavish added key differentiator vs post-COVID cycle: industry volumes not as high, so supply-demand economics still favor large buyers. Suppliers need volume, giving PPG negotiating leverage.
Calendar 2025 Q4
am I right to assume that this might be a very quiet year for buybacks as you wait to get clarity on what's happening on those situations?
Show response
Knavish rejected the premise: balance sheet strong enough to do both buybacks and M&A if needed. Nine straight quarters of buybacks. Quarterly review process with Morales, treasurer, and corp dev team will continue. Not worried about ability to execute both simultaneously.
Calendar 2025 Q1
you didn't get the BSS [indiscernible] assets. And with all the uncertainty, I assume that deal activity is going to come to a pause anyway. So, I was wondering if you could talk about the intensit...
Show response
Knavish reiterated M&A is now secondary to organic growth. Brazil asset didn't meet price criteria. Buybacks have been prioritized for 6 consecutive quarters as best use of cash. Won't commit to specific amount given variable environment, but signaled continued prioritization.
APDAir Products1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
are you keeping the 12% Board - management Board that was announced last summer?
Show response
Eduardo acknowledged difficult employee messaging but said 20-30 year veterans understand the rough patch. No drastic organizational restructuring planned.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| LIN Linde plc | 10 | 30%3 of 10 questions |
| PPG PPG Industries | 3 | 33%1 of 3 questions |
| APD Air Products | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 100%2 of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 2 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 2 |
| 2026 Q1 | 3 | 33%1 of 3 questions | 2 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2024 Q42 questions · challenge rate 100% (2 of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q13 questions · challenge rate 33% (1 of 3 questions) · 2 companies
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand6
- Capex Investment4
- Cost Pressure3
- Margin2
- Geographic Expansion2
- Revenue Growth2
- Capital Allocation2
- M&A2
- Trade Tariffs1
- Competitive Dynamics1