Group 1 - The article discusses the European banking sector, specifically highlighting Standard Chartered PLC as a bank that has not been favored by the author [1] - The author has extensive experience in the financial markets, particularly in portfolio management, which adds credibility to the analysis [1] Group 2 - There is no disclosure of any stock or derivative positions in the companies mentioned, indicating an unbiased perspective [2] - The article expresses the author's own opinions and is not influenced by compensation from any company [2]

Core Viewpoint - Valeo has concluded its share buy-back program, having acquired a total of 2,584,352 shares at an average price of 9.6736 euros as part of its strategy to support employee share plans and enhance company performance [2][3]. Group 1: Share Buy-Back Program - Valeo initiated a share buy-back program as authorized by the General Shareholders' Meeting on May 22, 2025 [2]. - The company signed a contract on June 17, 2025, to facilitate the acquisition of shares [2]. - The shares acquired are intended to cover free and performance share plans, employee involvement in company growth, and other employee savings plans [3]. Group 2: Company Overview - Valeo is a technology company that partners with automakers and new mobility players globally, focusing on safer, smarter, and more sustainable mobility solutions [4]. - The company has a strong presence in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting, which are crucial for the transformation of mobility [4]. - As of February 28, 2025, Valeo reported sales of 21.5 billion euros, employed 106,100 people, and operated in 28 countries with 155 plants and 64 research and development centers [5].

Core Insights - First Industrial Realty Trust, Inc. will host its third quarter 2025 results conference call on October 16, 2025, at 10:00 a.m. CDT [1] - The third quarter results will be released on October 15, 2025, after market close [2] - The company focuses on logistics properties and operates a portfolio of approximately 70.5 million square feet of industrial space as of June 30, 2025 [3] Company Overview - First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties [3] - The company provides high-quality facilities and industry-leading customer service to multinational corporations and regional firms essential for their supply chains [3] - Investments are concentrated in 15 target metropolitan statistical areas (MSAs) with an emphasis on supply-constrained, coastally oriented markets [3]

Core Viewpoint - Valeo has announced a new green bond issue amounting to 500 million euros, maturing in March 2032, aimed at financing low-carbon mobility projects, particularly vehicle electrification [2][3]. Group 1: Green Bond Details - The green bond issue was oversubscribed, with a coupon rate of 4.625% and a maturity period of 6.5 years [2]. - The transaction will finance projects linked to Valeo's portfolio of technologies that contribute to low-carbon mobility [3]. - Valeo plans to exercise a call option on its outstanding €600 million bonds (1.625%) maturing on March 18, 2026, with an expected call date of December 18, 2025 [3]. Group 2: Sustainability Goals - Valeo aims to achieve Net Zero by 2050, covering all operating activities and supply chains globally, with specific objectives outlined in the CAP 50 plan [5]. - The company is focused on developing technologies that promote low-carbon mobility accessible to a wide audience [5]. Group 3: Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on making mobility safer, smarter, and more sustainable [6]. - The company reported sales of 21.5 billion euros in 2024 and operates in 28 countries with 155 plants and 64 R&D centers [7].

PRESS RELEASE Valeo is renewing its employee share offering September 16, 2025 – Paris, France – Valeo is renewing its shares subscription offering reserved for Group employees. This operation, opened to around 90,000 eligible employees in 21 countries, aims to associate them over the long term with the Group's results and development. Today, one employee out of two holds directly or indirectly Valeo shares. Employees held 4.70% of Valeo’s share capital on June 30, 2025. The capital increase and the deliver ...

Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on making mobility cleaner, safer, and smarter [2] - The company has technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting, which are essential for the transformation of mobility [2] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [3] - As of December 31, 2024, the company employed 106,100 people across 28 countries, operating 155 plants and 46 research and development centers, along with 18 distribution platforms [3] Share Capital and Voting Rights - As of August 30, 2025, Valeo's issued capital was €244,633,504, with a total of 244,633,504 shares and 275,030,813 theoretical voting rights [1] - The total number of exercisable voting rights, excluding shares deprived of voting rights, was 274,911,080 [1][2]

Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on making mobility cleaner, safer, and smarter [2] - The company has a strong technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting [2] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [3] - As of December 31, 2024, the company employed 106,100 people across 28 countries, operating 155 plants and 46 research and development centers [3] Share Capital and Voting Rights - As of July 31, 2025, Valeo's issued capital was €244,633,504, with a total of 244,633,504 shares [1] - The total number of theoretical voting rights was 275,030,593, while the total number of exercisable voting rights was 274,920,605 [1][2]

Core Insights - Valeo demonstrated improved profitability in the first half of 2025, achieving an operating margin of 4.5% and free cash flow of 252 million euros, aligning with its profitability and cash generation objectives for the year [1][34][61] - The company reported a 30% increase in order intake, reaching 11.8 billion euros, reflecting strong demand and effective price management [5][54] - Cost-cutting measures contributed significantly to financial performance, with reductions in administrative costs by 5%, investments by 23%, and gross R&D expenditure by 11% [3][36] Financial Performance - Sales totaled 10,660 million euros, a decrease of 4.1% compared to the first half of 2024, with a gross margin of 19.6%, up 1.1 percentage points year-on-year [6][35] - EBITDA reached 1,472 million euros, representing 13.8% of sales, an increase of 1.4 percentage points from the previous year [39][35] - Net attributable income was 104 million euros, down 26% from 141 million euros in the prior year, reflecting challenges in certain segments [45][35] Operational Highlights - The company experienced a significant shift in its customer mix, with Chinese automakers accounting for a growing share of order intake, which accelerated to nearly three times Valeo's sales [4][23] - Valeo was recognized as a Supplier of the Year by General Motors and Volkswagen, highlighting its operational performance and innovation in the automotive sector [5][59][60] - The POWER Division faced challenges but showed solid performance in thermal systems and transmission systems, particularly in China [28][30] R&D and Cost Management - Gross R&D expenditure decreased by 11% to 1.25 billion euros, with R&D recognized in the income statement at 10.5% of sales, up 0.8 percentage points year-on-year [36][38] - The company implemented a restructuring plan that optimized its industrial and R&D footprint, contributing to improved margins across divisions [31][32] Market Position and Future Outlook - Valeo adjusted its sales objective for 2025 to around 20.5 billion euros, primarily due to adverse currency effects, while maintaining its margin and free cash flow targets [61][62] - The automotive production environment remains challenging, with Valeo's original equipment sales underperforming compared to overall automotive production growth [20][22]

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Group 1: Investment Strategy - A solid base of classic dividend growth stocks can be complemented with other asset types to create a balanced portfolio [1]. - The hybrid system developed allows for capturing total returns that align with the performance of the S&P index [1]. Group 2: Investment Focus - The focus is on high-quality dividend stocks and assets that provide potential for long-term growth and significant income generation [1].

Group 1 - The article discusses the unusual market conditions in the current year, highlighting a mix of various factors impacting the investment landscape [1] - There is a focus on the importance of in-depth research on various income alternatives, including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] Group 2 - The article emphasizes the significance of understanding market-moving developments, suggesting that this year has seen an increase in such articles [1]