Press release Montrouge, 16 December 2025 APPOINTMENTEric Vial is elected Chairman of the Board of Directorsof Crédit Agricole S.A. Crédit Agricole S.A.’s Board of Directors, which met on 16 December 2025, elected Eric Vial as Chairman. He succeeds Dominique Lefebvre and he will take up his duties on 1 January 2026. The Board of Directors unanimously made a point of commending Dominique Lefebvre’s work and commitment over his 10-year term of office. Biography Eric Vial was elected Chairman of Fédération ...

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Core Insights - First Principles Partners specializes in equity research focused on technology, innovation, and sustainability investment, utilizing a unique approach to identify overlooked investment opportunities [1] Group 1: Company Overview - First Principles Partners employs a "First Principles" methodology that breaks down complex financial and technological problems to their basic elements [1] - The firm has a strong background in investment, private equity, and venture capital, demonstrating a proven track record of delivering strong returns [1] Group 2: Investment Focus - The articles produced by First Principles Partners on Seeking Alpha concentrate on emerging technologies, sustainable investing, and the intersection of innovation and finance [1] - The company aims to share insights with a broader audience and engage with fellow investors to drive positive change in sustainability and innovation [1]

Oscar Health ( OSCR ) is a health insurance company, selling mostly into the ACA marketplace across 18 states, offering health plans to individuals. I first covered Oscar in January and again in September ; sinceI'm an IMC qualified contributor who's followed financial markets for 5 years and has worked professionally in primary investment research for over 2 years. I'm a generalist who enjoys researching businesses from a buttom's up angle with a deep interest in smaller under covered companies where there ...

Core Viewpoint - Centene (CNC) is currently undervalued despite recent struggles, with potential upside linked to possible extensions of ACA insurance subsidies, which could positively impact its business model [1][4]. Company Overview - Centene is based in St. Louis and manages government-sponsored health insurance programs, including Medicaid, Medicare, and ACA plans [2]. - The current market capitalization of Centene is $19 billion, with a stock price of $39.32 [3]. Recent Performance - Centene's stock price has seen significant volatility, dropping from over $56 per share in July to below $26 in early August due to concerns over subsidy extensions and Medicaid cuts [5][6]. - The stock has rebounded nearly 19% over the past month, aided by better-than-expected earnings and revenue reports [7]. Market Influences - The stock's performance is closely tied to Medicare and Medicaid spending, as well as the status of ACA health plans [8]. - Recent reports suggest that President Trump may propose a two-year extension for ACA insurance subsidies, which could garner Republican support and benefit Centene as the largest provider in ACA marketplaces [4].

Core Insights - The Royce Small-Cap Trust aims for long-term capital growth by investing at least 65% of its assets in equity securities of small- and micro-cap companies [10] Performance Summary - As of October 31, 2025, the Net Asset Value (NAV) is $17.79, while the market price (MKT) is $16.00 [1] - Year-to-date performance shows a NAV return of 10.95% and a market return of 7.30% [1] - One-year performance indicates a NAV return of 13.89% compared to a market return of 15.14% [1] - Over three years, the NAV return is 15.22% and the market return is 13.51% [1] - The five-year NAV return is 12.41%, while the market return is 13.88% [1] - The ten-year NAV return stands at 11.12%, with the market return at 11.95% [1] Portfolio Diagnostics - The average market capitalization of the portfolio is $3.3285 billion [4] - The weighted average Price-to-Earnings (P/E) ratio is 18.3x, and the weighted average Price-to-Book (P/B) ratio is 2.2x [4] - The total net assets of the fund amount to $2.15 billion [4] Portfolio Composition - The top ten positions account for varying percentages of net assets, with IES Holdings at 2.3% and Assured Guaranty at 1.3% [9] - The leading sectors by percentage of net assets include Industrials (25.7%), Financials (20.2%), and Information Technology (13.7%) [9] Fund Characteristics - The Royce Small-Cap Trust is noted as the oldest and largest small-cap closed-end fund, with an average weekly trading volume of approximately 1,137,181 shares [8] - The fund's adviser has over 50 years of experience in small- and micro-cap investments [8]

Core Viewpoint - Arcosa (ACA) has been outperforming its peers in the Construction sector this year, with a year-to-date return of 3.1% compared to the sector average of -7.3% [4]. Group 1: Company Performance - Arcosa is currently ranked 2 (Buy) in the Zacks Rank system, indicating a positive earnings outlook [3]. - The Zacks Consensus Estimate for Arcosa's full-year earnings has increased by 10.8% over the past quarter, reflecting stronger analyst sentiment [3]. - In the Building Products - Miscellaneous industry, which includes 33 stocks, Arcosa is performing better than the industry average, which has seen a loss of about 8.2% this year [6]. Group 2: Sector Context - The Construction sector, which includes 92 individual stocks, currently holds a Zacks Sector Rank of 16, indicating its relative performance compared to other sectors [2]. - DIRTT Environmental Solutions Ltd. (DRTTF), another stock in the Construction sector, has also shown positive performance with a year-to-date return of 1.9% [4][5]. - Both Arcosa and DIRTT Environmental Solutions Ltd. are expected to maintain solid performance moving forward, making them noteworthy for investors interested in Construction stocks [7].

Core Insights - The article emphasizes the importance of identifying growth stocks that exhibit above-average financial growth, which can lead to solid returns for investors [1][2] Company Overview: Arcosa (ACA) - Arcosa is highlighted as a recommended growth stock with a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 12.9%, but projected EPS growth for the current year is significantly higher at 41.6%, compared to the industry average of 7.4% [4] Earnings Growth - Earnings growth is a critical factor for growth investors, with double-digit growth being particularly attractive [3] - Arcosa's projected EPS growth of 41.6% this year positions it well above industry standards [4] Cash Flow Growth - Cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [5] - Arcosa's year-over-year cash flow growth is currently at 8%, surpassing the industry average of 3.4% [5] - The company's annualized cash flow growth rate over the past 3-5 years is 11.3%, compared to the industry average of 10.1% [6] Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with stock price movements [7] - Arcosa's current-year earnings estimates have been revised upward, with a 9.6% increase in the Zacks Consensus Estimate over the past month [8] Conclusion - Arcosa holds a Zacks Rank of 2 and a Growth Score of B, indicating strong potential for outperformance in the growth stock category [10]

Core Viewpoint - Arcosa (ACA) is currently viewed as a superior value opportunity compared to Installed Building Products (IBP) based on various financial metrics and earnings outlook [1][7]. Valuation Metrics - ACA has a forward P/E ratio of 22.89, while IBP has a forward P/E of 23.61, indicating that ACA is relatively cheaper [5]. - The PEG ratio for ACA is 1.43, suggesting a more favorable valuation in relation to its expected earnings growth compared to IBP's PEG ratio of 4.52 [5]. - ACA's P/B ratio stands at 1.86, significantly lower than IBP's P/B ratio of 9.78, further supporting ACA's valuation advantage [6]. Earnings Outlook - ACA is experiencing an improving earnings outlook, which is a positive indicator in the Zacks Rank model, contrasting with IBP's less favorable position [3][7].

Core Viewpoint - Crédit Agricole S.A. has launched its medium-term strategic plan, ACT 2028, aiming to become a leading bank in Europe, focusing on transitions and new technologies while enhancing growth and transformation [2][4]. Financial Targets - The plan targets an average annual revenue growth of over 3.5% from 2024 to 2028, with a net income group share exceeding €8.5 billion by 2028 [6][50]. - The cost/income ratio is aimed to be below 55% by 2028, and a Return on Tangible Equity (ROTE) above 14% is also targeted [6][50]. Customer Growth - Crédit Agricole S.A. aims to reach 60 million customers by the end of 2028, with nearly 60% of revenues generated outside France [4][6]. - The group plans to capture over 8 million new customers in France and expand its customer base in Italy to 6.5 million by 2028 [11][4]. Strategic Objectives - The strategic plan emphasizes five key levers for growth: consolidating retail banking leadership in France, scaling development in Europe, strengthening presence in Asia, seizing opportunities in private markets, and asserting as a key driver of transitions [7][20]. - The group aims to develop a digital savings platform in Europe targeting over €40 billion in assets outside France by 2028 [13]. Transformation Initiatives - Transformation is central to the plan, focusing on operational efficiency, innovation, and risk management [23][31]. - The group plans to invest in AI and data to enhance customer capture and efficiency, aiming to reduce administrative task time by 20% and double the speed of market offers [24][27]. Cohesion and Team Engagement - The plan highlights the importance of team cohesion and engagement, with initiatives to empower employees and promote a culture of trust [33][36]. - By 2028, the group aims for 100% of target skills to be mapped and to have 50% women and 30% international profiles in strategic talent pools [34].