Core Insights - The article emphasizes the significance of LandBridge Company LLC (LB) as a major investment, constituting 20% of the author's portfolio, and reflects broader bullish theses related to supply chains, infrastructure, and commodities [1]. Company Analysis - LandBridge Company LLC is highlighted as a key investment opportunity, aligning with major economic themes that are expected to drive growth in the sector [1]. Analyst Background - Leo Nelissen is identified as an analyst specializing in economic developments concerning supply chains, infrastructure, and commodities, contributing to iREIT®+HOYA Capital [1].

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $50.8 million, up 7% sequentially and 78% year-over-year [9] - Adjusted EBITDA for the quarter was $44.9 million, up 6% sequentially and 79% year-over-year, with a margin of 88% [9][10] - Cash flow from operations totaled $34.9 million, and free cash flow was $33.7 million [10] - Total liquidity stood at $108.3 million, including $28.3 million in cash and $80 million in available borrowing capacity [10] - Net leverage ratio improved to 2.1 times at the end of Q3 from 2.4 times in Q2 [10] Business Line Data and Key Metrics Changes - Surface use royalties and revenue increased by 2%, driven by higher commercial activity and new project easements [9] - Resource sales and royalties also rose by 2%, supported by a rebound in water sales [9] - Oil and gas royalties posted a 22% sequential increase, with net royalty production rising from 814 barrels of oil equivalent per day in Q2 to 912 in Q3 [9] Market Data and Key Metrics Changes - The company continues to unlock new opportunities across energy, infrastructure, and environmental sectors, creating diverse cash flow streams [5] - The acquisition of approximately 37,500 acres is expected to contribute approximately $20 million in EBITDA beginning in 2026 [6] Company Strategy and Development Direction - The growth strategy focuses on maximizing economic output from surface positions and delivering a differentiated value proposition through force-based offerings [4] - The company emphasizes responsible pore space management and avoids over-concentration of produced water handling assets [5] - The company is committed to maintaining a strong balance sheet and returning capital to shareholders through dividends and share repurchases [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential from the recent acquisition and ongoing commercial developments [14][56] - The company anticipates healthy growth in surface use royalties driven by increased produced water volumes from Waterbridge [56] - Management highlighted the critical need for pore space access and the expected shortfall in disposal capacity in the Delaware Basin, which positions the company favorably [50][66] Other Important Information - The company finalized the sale of a 3,000-acre solar energy project with a proposed generation capacity of up to 250 megawatts [5] - A quarterly dividend of $0.10 per share has been declared, payable on December 18, 2025 [11] Q&A Session Summary Question: Can you talk about the new acquisition and its expected EBITDA contribution? - Management conservatively expects $20 million of EBITDA from the acquisition in 2026, with potential for growth based on pore space capacity and infrastructure [14][17] Question: What visibility do you have on commercial agreements related to the acquisition? - Management indicated that discussions are already underway, with a three- to four-year timeline for significant growth in the southern portion of Loving County [26][27] Question: How do you see the power and data center projects evolving in West Texas? - Management noted that hyperscalers are now more engaged in package negotiations, indicating a shift from previous dynamics [36][38] Question: Can you provide details on the natural gas processing lease with One Oak? - Management explained that these deals typically involve upfront payments for long-term leases, with additional recurring revenue from associated infrastructure [42][43] Question: What are the drivers of growth in easement and surface-related revenues? - Management attributed growth to high demand for access to their surface and a healthy commercial backlog [65] Question: Is there a shift in royalty rates due to pore space constraints? - Management confirmed that while there hasn't been a significant shift in royalty rates recently, prudent operators are recognizing the importance of securing pore space [66][67]

Disclaimers Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, commercial opportunities, plans and objectives of mana ...

Core Insights - The article discusses the investment strategy focused on undervalued growth stocks and high-quality dividend growers, emphasizing the importance of sustained profitability over mere valuation [1]. Group 1: Investment Strategy - The investment approach prioritizes companies with strong margins, stable and expanding free cash flow, and high returns on invested capital as reliable drivers of returns [1]. - The author manages a portfolio on eToro, allowing others to follow real-time investment decisions, indicating a transparent investment strategy [1]. Group 2: Personal Investment Philosophy - The investment philosophy is rooted in ensuring financial freedom for the author's family, aiming for a balance where there are enough assets to allow for personal expression and choice in work [1].

Financial Performance - Total revenues for the three months ended September 30, 2025, increased to $50,831,000, up 78.4% from $28,487,000 in the same period of 2024[38]. - Net income attributable to LandBridge Company LLC for the three months ended September 30, 2025, was $8,107,000, compared to a net income of $2,656,000 in the same period of 2024, representing a 205.4% increase[38]. - Operating income for the nine months ended September 30, 2025, was $84,425,000, a significant improvement from an operating loss of $34,529,000 in the same period of 2024[38]. - Net income for the nine months ended September 30, 2025, was $54,225,000, compared to a net loss of $49,633,000 for the same period in 2024[44]. - Net income for Q3 2025 was $20.3 million, reflecting an 836% increase from Q3 2024[130]. - Adjusted EBITDA for Q3 2025 was $44.9 million, up 79% from the same quarter in 2024[130]. - Adjusted EBITDA increased by $60.8 million, or 93%, from $65.3 million in 2024 to $126.1 million in 2025, with an adjusted EBITDA margin of 89%[188]. Assets and Liabilities - Total current assets as of September 30, 2025, were $57,370,000, an increase from $53,315,000 as of December 31, 2024[36]. - Total assets increased to $1,077,920,000 as of September 30, 2025, compared to $1,032,479,000 as of December 31, 2024[36]. - The company reported a total shareholders' equity of $697,828,000 as of September 30, 2025, up from $637,071,000 as of December 31, 2024[36]. - The company’s long-term debt decreased to $366,081,000 as of September 30, 2025, from $380,815,000 as of December 31, 2024[36]. - Total debt as of September 30, 2025, was $370.223 million, a decrease from $385.496 million as of December 31, 2024[77]. Cash Flow - Cash flows from operating activities provided $88,157,000 in the nine months ended September 30, 2025, up from $40,708,000 in the prior year[44]. - Total cash and cash equivalents at the end of the period were $28,316,000, compared to $14,417,000 at the end of September 2024[44]. - Free Cash Flow for Q3 2025 was $33.7 million, marking a 372% increase from Q3 2024[130]. - Net cash provided by operating activities increased by $47.4 million, or 117%, from $40.7 million in 2024 to $88.2 million in 2025[195]. Shareholder Information - Class A shares outstanding increased to 25,337,028 as of September 30, 2025, from 23,255,419 as of December 31, 2024[36]. - The Company declared a dividend of $0.10 per Class A share, payable on December 18, 2025, to shareholders of record as of December 4, 2025[94]. - The total share-based compensation expense for the nine months ended September 30, 2025, was $33.6 million, compared to $84.2 million for the same period in 2024[95]. Acquisitions and Investments - The company acquired approximately 3,000 surface acres in Lea County, New Mexico, for $17.1 million on February 25, 2025[66]. - The Company acquired approximately 37,500 acres in Texas for $250.2 million, including $0.2 million in transaction costs[112]. - The company incurred $18.8 million in acquisition-related capital expenditures for the nine months ended September 30, 2025, compared to $431.3 million for the same period in 2024[199]. Revenue Sources - The company primarily generates revenue from surface acreage usage, resource sales, and oil and natural gas royalties[48]. - Surface use royalties and revenues accounted for $18,387 million (36.2%) in Q3 2025, compared to $9,854 million (34.6%) in Q3 2024, indicating a year-over-year increase of 86.5%[138]. - Resource sales reached $5,232 million (10.3%) in Q3 2025, up from $4,931 million (17.3%) in Q3 2024, reflecting a growth of 6.1%[138]. Operational Efficiency - The company expects continued growth in revenues and profitability driven by increased resource sales and operational efficiencies in the upcoming quarters[38]. - General and administrative expenses decreased by $6.3 million, or 28%, primarily due to lower employee-related expenses and a reduction in share-based compensation[169]. - The company expects fee-based revenues to grow over time relative to oil and gas royalties, which are subject to market price fluctuations[138]. Compliance and Governance - The company completed its IPO on July 1, 2024, and is governed by its First Amended & Restated Limited Liability Company Agreement[46]. - The company is assessing the impact of new accounting standards issued by the FASB on its financial statements and disclosures[64][65]. - The company has filed certifications from both the Chief Executive Officer and Chief Financial Officer in compliance with the Sarbanes-Oxley Act of 2002[229].

Core Insights - LandBridge Company LLC reported a strong financial performance for Q3 2025, achieving a revenue growth of 78% year-over-year and 7% quarter-over-quarter, marking the sixth consecutive quarter of revenue and Adjusted EBITDA growth [1][5][9] - The company declared a quarterly cash dividend of $0.10 per share, reflecting its commitment to returning value to shareholders [1][20] - LandBridge completed the acquisition of approximately 37,500 acres, increasing its total holdings to over 300,000 surface acres, which supports its strategy of optimizing and diversifying revenue streams [1][6][8] Financial Performance - Revenues for Q3 2025 were $50.8 million, compared to $28.5 million in Q3 2024, with a net income of $20.3 million and a net income margin of 40% [5][9][11] - Adjusted EBITDA reached $44.9 million, up 79% year-over-year, with an Adjusted EBITDA margin of 88% [5][10][11] - Free Cash Flow for Q3 2025 was $33.7 million, reflecting a Free Cash Flow margin of 66% [5][16][41] Revenue Streams - Surface Use Royalties and Revenue generated $35.0 million in Q3 2025, up from $16.5 million in Q3 2024, driven by increased commercial activity [12] - Resource Sales and Royalties contributed $10.8 million, showing a 2% sequential increase [13] - Oil and Gas Royalties increased by 22% sequentially to $3.3 million, supported by higher net royalty production [14] Recent Developments - The acquisition of 37,500 acres enhances LandBridge's capacity to meet rising demand for high-quality pore space and supports potential alternative energy developments [6][8] - The company finalized the sale of a 3,000-acre solar energy generation project, which has a proposed capacity of up to 250 MW, indicating a strategic move towards alternative energy [7][45] Outlook - LandBridge reaffirms its fiscal year 2025 outlook, expecting Adjusted EBITDA to be between $165 million and $175 million [21]

Group 1 - LandBridge (LB) is highlighted as a growth stock to watch, focusing on oil and natural gas exploration in the Delaware Basin [2] - The company is approaching a new buy point following a significant rally from recent lows [2] - LandBridge's Relative Strength Rating has improved to 83, indicating better technical performance [2][3] Group 2 - The stock market is experiencing fluctuations, with the Dow Jones rising and the Nasdaq slipping, while AMD shows strong performance [1] - The IBD 50 list includes notable companies like GE Aerospace and Nvidia, which are among the new names to consider for growth stock watchlists [5] - The market is rebounding ahead of important inflation data, with several stocks nearing buy points [5]

Core Insights - L Brands is set to announce its quarterly earnings on November 12, 2025, with analysts predicting an EPS of $0.70 and revenue around $50.3 million [1][5] Financial Metrics - The company has a high price-to-earnings (P/E) ratio of 95.76, indicating that investors are paying $95.76 for each dollar of earnings, reflecting high growth expectations [2][5] - The price-to-sales ratio stands at 36.69, suggesting that the market values L Brands' sales significantly, at 36.69 times its revenue [2] - L Brands' enterprise value to sales ratio is 38.93, providing insight into how the market values the company's overall worth relative to its sales [3] - The enterprise value to operating cash flow ratio is 69.52, indicating how much investors are paying for the company's cash flow from operations [3] - The earnings yield is 1.04%, representing the return on investment, which is the inverse of the P/E ratio [4] - A debt-to-equity ratio of 1.39 shows that L Brands uses $1.39 of debt for every dollar of equity, highlighting its reliance on debt financing [4] - The current ratio of 4.26 indicates a strong liquidity position, with $4.26 in current assets for every dollar of current liabilities, ensuring the company can meet its short-term obligations [4][5]

Group 1: Market Overview - As of November 7, 2025, two stocks in the real estate sector are signaling potential warnings for momentum-focused investors [1] - The Relative Strength Index (RSI) is a key momentum indicator, with values above 70 indicating that a stock may be overbought [2] Group 2: Company Performance - American Healthcare REIT Inc (NYSE:AHR) reported better-than-expected quarterly results, with organic growth exceeding historical levels and Same-Store SHOP occupancy above 90% [6] - AHR's stock gained approximately 17% over the past month, reaching a 52-week high of $48.21, with an RSI value of 81.5 [6] - LandBridge Co LLC (NYSE:LB) received an Overweight rating from Wells Fargo, with a revised price target lowered from $93 to $91, and its stock rose about 12% over the past five days, achieving a 52-week high of $87.60 [6]

Group 1 - The article emphasizes the importance of long-term dividend growth investing as a successful strategy compared to other trading methods [1] - The author has a beneficial long position in several companies, indicating a positive outlook on their performance [1] Group 2 - The article does not provide specific investment recommendations or advice, highlighting the need for individual assessment of investment suitability [2] - It notes that past performance is not indicative of future results, reinforcing the importance of careful analysis [2]