Group 1 - KKR is reportedly forgoing dividends after its substantial €22 billion investment in Italian telecoms faced difficulties [2][9] - Gold prices are rising, driven by heightened tensions between the US and China and expectations for more dovish interest rate policies [3][9] - Analyst firms have adjusted target prices for several companies, with BRP Inc. (DOOO), J.B. Hunt (JBHT), and Bunge (BG) receiving upgrades [4][9] Group 2 - Lantheus Holdings (LNTH) and Canadian Tire (CTC.A) experienced downward revisions in target prices, reflecting concerns about future earnings and market conditions [5][9] - The UK's Reeves is advocating for increased domestic investment from pension groups, aiming to channel capital into local industries [6][9] - Major Japanese political parties are set to discuss key reforms, including decentralization and social security, which could impact the economic landscape [6][9]

Market Overview - Wall Street rebounded after a brief selloff due to renewed U.S.-China trade tensions, with investors optimistic about potential dialogue between the two nations [1][9] - Major indexes displayed resilience, supported by easing monetary policy, solid earnings, and investor confidence in economic stability [2] Investment Strategy - A relative price strength strategy is recommended, focusing on stocks that outperform their sectors despite market turbulence [4][5] - Stocks that have shown better performance than the S&P 500 over the last 1 to 3 months and have solid fundamentals are highlighted as having growth potential [6] Stock Recommendations - **United Natural Foods (UNFI)**: Leading distributor of natural and organic products, with a projected earnings growth of 167.6% for fiscal 2026 and a market cap of $2.5 billion. Shares increased by 102% over the past year [11][12] - **Teladoc Health (TDOC)**: Provides virtual healthcare services, with an expected EPS growth rate of 48.4% over the next 3 to 5 years. The company has a market cap of $6.5 billion and shares have decreased by 6.1% in the past year [13][14] - **Supernus Pharmaceuticals (SUPN)**: Develops treatments for CNS disorders, with a market cap of $2.7 billion and a projected earnings growth of 9.8% for 2025. Shares have risen by 46.8% in the last year [15][16] - **BRP Inc. (DOOO)**: A leader in powersports with a market cap of $4.8 billion, showing a 26.2% increase in earnings estimates for fiscal 2026. Shares gained 19.9% over the past year [17][18] Screening Parameters - Stocks selected based on relative price change over 12 weeks, 4 weeks, and 1 week, alongside positive earnings estimate revisions for the current quarter [8][10]

Core Viewpoint - BRP Inc. (DOOO) has shown strong year-to-date performance compared to its peers in the Auto-Tires-Trucks sector, making it an attractive investment option [1][4]. Group 1: Company Performance - BRP Inc. has achieved a year-to-date return of approximately 25.5%, significantly outperforming the Auto-Tires-Trucks sector, which has returned an average of 2.5% [4]. - The Zacks Consensus Estimate for BRP Inc.'s full-year earnings has increased by 26.3% over the past three months, indicating a positive trend in analyst sentiment [3]. - BRP Inc. holds a Zacks Rank of 1 (Strong Buy), suggesting strong potential for future performance [3]. Group 2: Industry Context - BRP Inc. is part of the Automotive - Original Equipment industry, which consists of 51 companies and currently ranks 68 in the Zacks Industry Rank [6]. - The average return for stocks in the Automotive - Original Equipment industry this year is 1.1%, further highlighting BRP Inc.'s superior performance [6]. - Garrett Motion (GTX), another stock in the Auto-Tires-Trucks sector, has also outperformed the sector with a year-to-date return of 43% and holds a Zacks Rank of 1 (Strong Buy) [4][5].

Core Insights - The 2026 Ski-Doo Summit X model with Expert Package has been awarded Snowmobile of the Year by Snow Goer magazine, highlighting its innovation and performance in the snowmobiling industry [1][2]. Product Features - The Summit X with Expert Package offers enhanced stability and ease of handling, allowing for less demanding rides and enabling hardcore mountain riders to push their limits further [2]. - It is built on the REV Gen5 platform and features Rotax 850 E-TEC engines, providing superior handling and performance with a 32-inch wide front suspension and advanced steering systems [2]. - The design improvements facilitate easier deep snow carving and better steering control, enhancing the overall riding experience [2]. Company Background - BRP Inc. is a global leader in powersports products, with a history of over 80 years and annual sales of CA$7.8 billion as of January 31, 2025 [4]. - The company is committed to innovation and responsible growth, including the development of electric models for its product lines [4].

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Summary of BRP's 2025 Analyst and Investor Day Company Overview - **Company**: BRP (Bombardier Recreational Products) - **Event**: 2025 Analyst and Investor Day - **Key Management Presentations**: José Boisjoli (President and CEO), José Perreault (Chief Marketing Officer), Sandy Scullion (President of Powersports), David Baker (VPGM North America), Steve Peltier (VPGM International), Thomas Uhr (CTO), Patrick Dussault (EVP Global Manufacturing), Sébastien Martel (CFO) [1][2][4] Strategic Plan: M28 - **Introduction of M28**: A new strategic plan aimed at capturing the full potential of the powersports market, following the previous M25 plan [5][25] - **Financial Targets**: - Revenue target of $12 billion and normalized EPS of $8 by fiscal year 2028 [7][30] - Growth in revenue of 7% CAGR and EPS growth of 33% CAGR [30][31] - **Focus Areas**: - Powersports market leadership, particularly in Off-Road Vehicles (ORV) [25][52] - International market expansion with a revenue target of $2.5 billion [27][53] Historical Context and Performance - **M25 Achievements**: - Revenue increased by 36% and normalized EBITDA by 32% since fiscal year 2020 [6] - Adjusted financial targets in June 2022 due to market conditions [7][8] - **Market Challenges**: - Experienced disruptions from COVID-19, supply chain issues, cyberattacks, and geopolitical tensions [10][11][12] - Inventory management strategy led to a 31% reduction in Powersports inventory in North America [12] Market Position and Competitive Landscape - **Market Share Growth**: - Increased market share from sub-10% to 25% in the off-road industry over the last decade [62][65] - Can-Am retail grew over 60% from fiscal 2019 to fiscal 2025, outperforming competitors [61] - **Dealer Relationships**: - Focus on dealer profitability and support, leading to improved dealer sentiment [50][52] - BRP is now the leading OEM in terms of units sold per dealer [21] Customer Insights - **Customer Base Expansion**: - Added 1 million unique customers since 2021, with a focus on engaging new entrants and conquesting from competitors [37][38] - Customer demographics have shifted, with an increase in wealth among customers [40][41] - **Brand Awareness**: - Significant improvements in brand awareness and customer perception, particularly in the ORV segment [42][43] Strategic Initiatives - **Powersports Focus**: - Aim to regain 30% market share in side-by-side vehicles and 25% in ATVs by fiscal year 2028 [27][52] - **International Growth**: - Targeting growth in emerging markets, particularly in South Asia and China [53] - **Customer Experience Enhancements**: - Initiatives to improve dealer and customer experience, including service excellence and ownership experience [54][55] Future Outlook - **Investment in R&D**: - Continued investment in R&D at approximately 5% of revenue to drive innovation [22] - **Defense and Specialized Vehicles**: - Exploring opportunities in defense and specialized vehicles, responding to increased global demand [34][35] Conclusion - **Overall Strategy**: - The M28 plan is positioned to leverage BRP's strengths in innovation, dealer relationships, and market presence to achieve ambitious growth targets in the powersports industry [25][30][31]

ANALYST & INVESTOR DAY 2025 OCTOBER 08-09 VALCOURT | CANADA Analyst and Investor Day Valcourt, Québec | October 09, 2025 Forward-Looking Statements Caution concerning forward-looking statements Certain statements in this presentation, including, but not limited to, statements relating to the Company's Fiscal Year 2026 Guidance and related assumptions (including without limitation Revenues, Normalized EBITDA, Normalized Earnings per Share – Diluted, Net Income, Depreciation Expenses Adjusted, Net Financing C ...

Core Viewpoint - BRP Inc. will host its 2025 Investor and Analyst Day on October 9, 2025, where management will discuss the company's current activities and its Mission 28 (M28) Strategic Plan [1][2]. Company Overview - BRP Inc. is a global leader in powersports products, propulsion systems, and boats, with over 80 years of experience and a focus on consumer needs [3]. - The company offers a diverse portfolio of brands, including Ski-Doo, Lynx, Sea-Doo, Can-Am, Quintrex, and Rotax, aimed at providing exhilarating adventures and experiences [3]. - As of January 31, 2025, BRP reported annual sales of CA$7.8 billion and employed approximately 16,500 people across more than 130 countries [3].

Group 1 - BRP Inc. announced the closing of a bought deal secondary offering, where Bain Capital sold 1,500,000 subordinate voting shares at C$90.71 each, generating total gross proceeds of C$136,065,000 [1][3] - The offering was conducted under a prospectus supplement dated September 10, 2025, as part of an effective registration statement with the U.S. SEC and Canadian securities authorities [2] - Bain and its affiliates now hold 10,496,629 multiple voting shares, representing approximately 14.35% of the total issued shares and about 24.39% of the voting power [4] Group 2 - BRP is a global leader in powersports products, with annual sales of $7.8 billion and a workforce of approximately 16,500 as of January 31, 2025 [5]

Core Insights - BRP Inc. held its largest annual event, Club BRP 2026, showcasing new products and recognizing top dealers [1][2] - The company launched the 2026 Can-Am Outlander Electric, expanding its electric powersports offerings [3] - BRP introduced several innovative products, including the next generation of Can-Am Defender and new Sea-Doo models [4][6] Product Launches - The 2026 Can-Am Outlander Electric is powered by the modular Rotax E-Power powerpack, similar to previous electric models [3] - Can-Am Defender received a comprehensive redesign, enhancing its capabilities as a utility-recreational side-by-side vehicle [4] - New features for Can-Am Spyder, Ryker, and Canyon include fresh colors and over 250 innovative accessories [5] Dealer Recognition - BRP recognized top dealers and distributors for their achievements in customer service and market performance during the event [7][9] - Sheridan Powersports was awarded U.S. Dealer of the Year for Can-Am ATVs and SSVs, highlighting their commitment to customer experience [8] Responsible Riding Initiative - The Responsible Rider Masterclass was launched to promote safe riding practices among dealers and customers [10][11] - The program, developed with Tread Lightly!, aims to empower the global powersports community to ride responsibly [11][12] - The dealer-specific edition of the Masterclass includes practical tools for enhancing customer experience and promoting responsible recreation [12] Company Overview - BRP is a global leader in powersports products, with annual sales of CA$7.8 billion and a workforce of approximately 16,500 [13] - The company focuses on innovation and sustainability, developing electric models across its product lines [13]