Group 1 - Dollar General Corporation (NYSE:DG) is considered one of the best FMCG stocks to invest in, with an 'Outperform' rating and a price target of $139 set by Wolfe Research analyst Spencer Hanus [1][2] - The bullish outlook is attributed to the stock's previous underperformance relative to the sector, with signs of operational improvement indicating a potential shift in favor of the discount retailer [2][3] - Current performance estimates for Dollar General are viewed as too low, and the stock's valuation is seen as compelling after years of underperformance, coinciding with a strong back-to-school purchasing trend benefiting retailers [3][4] Group 2 - Dollar General operates a chain of neighborhood retail stores that provide affordable everyday essentials, including food, cleaning supplies, personal care, and health items, primarily serving rural and smaller communities [4]

Economic Overview - Economic uncertainty is affecting businesses and consumers in the U.S. due to ongoing tariff wars, yet the U.S. stock markets have reached record highs with a 14% year-to-date gain [1] - Analysts at Goldman Sachs suggest that investors should diversify their focus beyond a concentrated group of stocks that have driven market highs, as opportunities are emerging across various regions, sectors, and styles [2] FMCG Industry Insights - The global FMCG market is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2025 to 2032, reaching $18.96 trillion, driven by shifts in consumer behavior and technological innovations [5] - Companies in the FMCG sector are well-positioned to withstand economic challenges due to the consistent demand for their products, which are typically low-priced [4] Investment Strategy - The best FMCG stocks are characterized by prudent financial management, healthy balance sheets, and sustainable profit margins, allowing them to navigate market fluctuations while providing shareholder returns through dividends and buybacks [6] - A methodology was employed to identify top FMCG stocks, focusing on those with an upside potential of over 20% and popularity among elite hedge funds in Q2 2025 [8][9] Company Highlights - **Dollar General Corporation (NYSE:DG)**: Stock upside potential of 21.57%, with 55 hedge fund holders. The stock is viewed positively due to its underperformance relative to the sector and signs of operational improvement [10][11][12] - **Ingredion Incorporated (NYSE:INGR)**: Stock upside potential of 23.19%, with 34 hedge fund holders. The company anticipates sales growth of 2% to 4% over the next two years and a 7% to 9% CAGR in adjusted EPS through 2027 [14][15][16] - **Smithfield Foods Inc. (NASDAQ:SFD)**: Stock upside potential of 23.91%, with 27 hedge fund holders. The company recently confirmed a secondary public offering of 19.53 million shares priced at $23.35 each, with no proceeds going to Smithfield [17][18][19]

Core Viewpoint - The article emphasizes the importance of fundamental analysis in identifying undervalued companies with long-term growth potential, advocating for a value investing approach that focuses on purchasing quality companies at a discount to their intrinsic value and holding them for extended periods to maximize earnings and shareholder returns. Group 1 - The investment strategy combines value investing principles with a focus on long-term growth [1] - The approach involves buying quality companies at a discount to their intrinsic value [1] - The goal is to allow companies to compound their earnings and shareholder returns over time [1]

Core Insights - The article emphasizes a strong foundation in fundamental analysis and the identification of undervalued companies with long-term growth potential [1] Group 1: Investment Philosophy - The investment approach combines value investing principles with a focus on long-term growth [1] - The strategy involves purchasing quality companies at a discount to their intrinsic value and holding them for the long term [1] - This approach allows for the compounding of earnings and shareholder returns over time [1]

Core Points - VINCI, through its subsidiary Cobra IS, has been awarded the electrification contract for the Rail Baltica project, valued at €885 million, covering 870 km of rail across Estonia, Lithuania, and Latvia [1][5] - The project is the largest rail electrification initiative currently in Europe, aimed at connecting the Baltic railway system to the broader European network [2][5] - The first phase of the project, worth €950 million, is set to commence on October 1 and is expected to be completed by 2030 [1][5] - The project will utilize Static Frequency Converter (SFC) technology, powered by 10 substations, enhancing the reliability, efficiency, and environmental sustainability of the rail network [3] Company Overview - VINCI is a global leader in concessions, energy solutions, and construction, employing 285,000 people across more than 120 countries [3] - The company focuses on designing, financing, building, and operating infrastructure that improves daily life and mobility, while also committing to environmentally and socially responsible practices [3] - VINCI aims to create long-term value for its customers, shareholders, employees, partners, and society as a whole [3]

Traffic Performance of VINCI Autoroutes - In August 2025, light vehicle traffic increased by 0.7% compared to August 2024, while heavy vehicle traffic decreased by 1.6% due to one fewer working day [4] - For the year-to-date (YTD) ending August 2025, overall traffic rose by 1.7%, with light vehicles up by 1.9% and heavy vehicles up by 0.3%, despite having three fewer working days than in 2024 [2][4] Traffic Performance of VINCI Airports - VINCI Airports experienced a 5.2% increase in passenger traffic in August 2025 compared to August 2024, contributing to a 4.6% increase over the summer period (July-August) [5][6] - Year-to-date passenger traffic at VINCI Airports rose by 5.8% by the end of August 2025, with notable increases in various regions, including a 15% rise in Japan and 11% in Cabo Verde [5][7] - The United States saw a significant decline in passenger traffic, with a decrease of 12% in August 2025 compared to the previous year [5]

Core Points - VINCI SA has conducted share buybacks from September 08 to September 12, 2025, under the authorization granted by its General Meeting on April 17, 2025 [2] - A total of 434,000 shares were repurchased during this period, with an average purchase price of €117.8170 [2] Group 1: Transaction Summary - On September 08, 2025, VINCI purchased a total of 108,000 shares across various markets, with the highest average price being €116.692003 [2] - On September 09, 2025, the company bought 108,000 shares, with an average price of €117.738133 [2] - On September 10, 2025, VINCI acquired 78,000 shares, with an average price of €118.343252 [2] - On September 11, 2025, the company repurchased 70,000 shares, with an average price of €118.855998 [2] - On September 12, 2025, VINCI bought 69,000 shares, with an average price of €118.277875 [2] Group 2: Market Details - The transactions were executed across multiple markets, including XPAR, CEUX, TQEX, and AQEU [2] - The highest daily volume of shares purchased was 48,568 on September 09, 2025, at an average price of €117.721515 [2] - The lowest average price recorded during the buyback period was €116.339859 on September 08, 2025 [2]

Company Overview - Dollar General Corporation, based in Goodlettsville, Tennessee, operates as a discount retailer offering a variety of merchandise products, including consumable products, laundry products, and food & beverage [1] - The company has a market capitalization of approximately $23 billion, categorizing it as a large-cap stock and reflecting its substantial size and influence in the discount retail industry [2] Stock Performance - Dollar General reached its 52-week high of $117.95 on August 8 and is currently trading 11.5% below that peak [3] - Over the past three months, DG stock has declined by 6.7%, underperforming the S&P 500 Index, which surged by 8.9% during the same period [3] - In the longer term, DG stock prices have increased by 37.7% in 2025 and 25.5% over the past 52 weeks, significantly outperforming the S&P 500's 12% increase in 2025 and 17.7% gains over the past year [4] Recent Financial Results - Following the release of better-than-expected Q2 results on August 28, Dollar General's stock prices saw a marginal uptick [5] - The company reported a 2.8% growth in same-store sales, with overall net sales for the quarter rising by 5.1% year-over-year to $10.7 billion, exceeding market expectations by 47 basis points [5] - Driven by margin expansion, Dollar General's earnings per share (EPS) grew by 9.4% year-over-year to $1.86, surpassing consensus estimates by 19.2% [5] Competitive Position - Dollar General's stock has outperformed its peer, Dollar Tree, Inc., which saw a 30% increase in 2025, but underperformed Dollar Tree's 43.5% gains over the past 52 weeks [6]

Group 1: High-Income Consumer Trends - High-income shoppers are increasingly turning to discount retailers like Walmart, Dollar General, and Dollar Tree, indicating a trend of "trade down" as they seek better deals [1][2] - Despite high-income consumers performing better than lower-income counterparts, they are still managing their spending and looking for bargains, suggesting that retailers' efforts to attract this demographic may be effective [2][4] - The luxury market has seen consistent weakness, with high-priced items becoming less accessible, leading consumers to consider more affordable options [3][4] Group 2: Resale and Off-Price Retail Performance - Resale companies and off-price retailers like TJ Maxx and Marshalls are experiencing strong performance, with high-income consumers increasing their spending in these sectors [6][7] - The trend towards sustainability and the thrill of finding deals are driving high-income shoppers to resale markets, further indicating a shift in consumer behavior [7] Group 3: Low-Income Consumer Challenges - Low-income consumers are not holding up as well as high-income consumers, raising concerns about their spending power and its impact on the retail landscape [7][8] - If high-income consumer spending falters, it could negatively affect discretionary spending across various sectors, including travel and dining [8][9] Group 4: Pricing and Inflation Dynamics - Retailers are facing challenges in passing on price increases to consumers, which has contributed to a relatively stable spending environment despite inflationary pressures [9][10] - Specific categories have seen price increases, but overall pricing remains rangebound, benefiting consumer spending [10][11] Group 5: Holiday Season Outlook - The performance of high-income consumers is critical for the retail landscape, especially as the holiday season approaches; any decline in their spending could have widespread implications [13][14] - Key holiday winners are expected to include resale and off-price retail sectors, indicating a potential shift in consumer preferences during the shopping season [14]

Nanterre, September 8th, 2025 Disclosure of transactions in on shares from September 01st to September 05th,2025 Within the framework of the authorization granted by the General Meeting of VINCI SA of April 17th, 2025, to trade in its shares and in accordance with the regulations relating to share buybacks, VINCI SA (LEI:213800WFQ334R8UXUG83) declares the purchases of treasury shares below (FR0000125486), carried out from September 01st to September 05th,2025: I - Aggregate presentation by day and by mar ...