Core Viewpoint - German companies are poised for a profit surge, with DAX index component profits expected to grow by 13%-15% in the second half of 2025 and 2026, surpassing the S&P 500's 13.5% growth rate for the first time in years [1] Group 1: Profit Growth Expectations - The average profit growth for German companies in 2026 is anticipated to exceed that of the U.S., as stated by Kevin Thozet from Carmignac [2] - The DAX index has surged by 21% this year, outperforming major global indices, while the Stoxx 600 has only risen by about 9% [2] Group 2: Key Growth Drivers - The primary driver of profit growth in Germany is expected to come from defense stocks, with significant contributions from Rheinmetall AG, Airbus, and MTU Aero Engines AG, projected to account for about 20% of DAX's earnings growth in the second half of 2025 [3] - Other critical sectors include energy transition, electric vehicles, and artificial intelligence, supported by increased investments in data centers and electrification [3] Group 3: Government Initiatives - The German cabinet has approved a corporate tax relief plan worth approximately €460 billion ($530 billion), which includes a 30% tax deduction for new machinery purchases starting in July and a gradual reduction of the federal corporate tax rate from 15% to 10% by 2028 [3] - The new government under Chancellor Merz is accelerating defense and infrastructure spending, potentially contributing 1.6 percentage points to economic growth in 2026, equating to a 6% boost for DAX companies' earnings [3] Group 4: Resilience Against Tariffs - Analysts suggest that the impact of U.S. tariffs on German companies may be less severe than initially feared, with companies like SAP and Allianz less affected due to their service-oriented nature [4] - Apollo Global Management's president highlighted Germany as an excellent place for business, with a goal to grow its economy from $4 trillion to $6 trillion in the next 10 to 12 years [4] Group 5: Strategic Relevance - Germany is gaining strategic relevance as investors seek diversification from U.S. policy and fiscal risks, aided by growth-promoting reforms and industrial strength [5] - Barclays strategists noted that Germany's long-term domestic outlook is improving, with pro-growth policies and fiscal spending likely to drive investment [5]

Core Viewpoint - Saputo Inc. demonstrated resilience and growth in fiscal 2025, with strategic initiatives leading to improved cash generation and operational efficiencies despite a challenging environment [2][3]. Financial Highlights - Revenues for Q4 2025 reached $4.753 billion, an increase of $208 million or 4.6% from Q4 2024 [5][30]. - Adjusted EBITDA for Q4 2025 was $376 million, down $3 million or 0.8% from the previous year [6][44]. - Net earnings for Q4 2025 totaled $74 million, a decrease of $18 million or 19.6% compared to Q4 2024 [6][42]. - Adjusted net earnings for Q4 2025 were $128 million, down 17.9% from $156 million in Q4 2024 [6][70]. Sector Performance Canada Sector - Revenues increased to $1.258 billion in Q4 2025, up from $1.192 billion in Q4 2024 [74]. - Adjusted EBITDA rose to $157 million, a 13.8% increase from the previous year [74]. USA Sector - Revenues for Q4 2025 were $2.140 billion, up from $1.928 billion in Q4 2024 [75]. - Adjusted EBITDA increased to $148 million, reflecting a 7.2% growth [75]. International Sector - Revenues decreased to $1.020 billion in Q4 2025 from $1.135 billion in Q4 2024 [80]. - Adjusted EBITDA fell to $47 million, a decline of 46.6% [80]. Europe Sector - Revenues increased to $335 million in Q4 2025, up from $290 million in Q4 2024 [84]. - Adjusted EBITDA improved to $24 million, a significant increase from $15 million in the previous year [84]. Operational Insights - The company incurred restructuring costs of $80 million in Q4 2025, primarily due to a non-cash asset write-down related to the Dairy Division (UK) [7][38]. - The USA Sector faced challenges from unfavorable milk-cheese spreads, impacting adjusted EBITDA by $20 million [46]. - The International Sector's performance was negatively affected by the Argentine peso devaluation and higher production costs [47][54]. Future Outlook - The company anticipates organic sales growth, particularly in the USA Sector, supported by operational efficiencies and capital investments [11]. - Expected capital expenditures for fiscal 2026 are approximately $360 million [11]. - The company plans to continue share repurchases under its NCIB program, reflecting confidence in its financial position [12].

Group 1 - The current operating environment is characterized by uncertainty, prompting companies to reassess their supply chains and decision-making processes [3][4] - Companies are seeking more transparency and data integration to navigate through uncertainty, indicating a demand for solutions that combine financial data with risk management [4]

Core Insights - Zscaler, Inc. (ZS) shares have increased by 46% over the past three months, significantly outperforming the Zacks Security industry's return of 10.7% and its peers like CyberArk Software, Palo Alto Networks, and CrowdStrike [1][7] Company Growth and Developments - Zscaler has launched the Asset Exposure Management solution to improve asset risk management and partnered with SAP to integrate its Zero Trust Network Access service within SAP's RISE framework, facilitating cloud migrations and compliance with regulations [2] - The company has expanded its capabilities through the acquisition of Red Canary, enhancing its Managed Detection and Response solutions to address rising cyber threats [3] - Zscaler is integrating artificial intelligence into its products by partnering with NVIDIA and CrowdStrike, enhancing its Zero Trust Security model with advanced AI technologies [4] Financial Performance - In Q3 of fiscal 2025, Zscaler achieved a 12-month trailing dollar-based retention rate of 114%, driven by larger bundle sales and robust upsells [5] - Remaining Performance Obligations increased by 30% year-over-year, with 642 customers generating $1 million or more in annual recurring revenues (ARR) and 3,363 customers with ARR exceeding $100,000 [8] Government Sector Expansion - Zscaler is enhancing its GovCloud solutions to comply with government security standards, serving 14 out of 15 U.S. cabinet-level agencies, which could provide a stable growth stream [9][10] Competitive Landscape - Zscaler faces intense competition from established cybersecurity players like Palo Alto Networks, CyberArk, and CrowdStrike, particularly in its Internet Access and Private Access offerings [11] - The company is investing heavily in sales and marketing to broaden its capabilities, which may impact near-term profitability [12] Earnings Outlook - Zscaler expects non-GAAP earnings per share for fiscal 2025 to be in the range of $3.18-$3.19, with the Zacks Consensus Estimate at $3.06, reflecting a 4% year-over-year decline [13] Valuation Concerns - Zscaler holds a premium valuation with a Forward 12-month P/S ratio of 13.92X, significantly higher than the sector average of 5.54X, indicating potential valuation concerns [15] Investment Recommendation - Despite challenges related to rising costs and premium valuation, Zscaler's investments in AI, innovative cybersecurity capabilities, and strong customer retention make the stock worth holding for now [16]

Core Insights - QKS Group has recognized SAP as a Leader in the 2025 SPARK Matrix for Digital Twin of an Organization Solutions, highlighting its strong market position and capabilities in this domain [1][5]. Company Overview - SAP has established itself as a front-runner in the Digital Twin of an Organization space by integrating business structure, performance insights, and strategic alignment into a single digital model [4]. - The company has been acknowledged for its comprehensive technology that excels in both technology excellence and customer impact, receiving strong ratings in these areas [5]. Technology and Capabilities - SAP's Digital Twin of an Organization offerings allow enterprises to create a dynamic, real-time representation of their operations by integrating various business processes, systems, data, and strategies [3]. - The Business Technology Platform (BTP) enables organizations to simulate, monitor, and optimize business performance through contextual insights and end-to-end visibility, facilitating continuous improvement and informed transformation planning [3][4]. - Key features of SAP's DTO capabilities include automated process discovery, AI-powered insights, scenario modeling, and proactive risk management, which enhance operational clarity and cross-functional alignment [3][4]. Strategic Focus - SAP aims to empower customers to view transformation as an ongoing capability rather than a one-time project, allowing decision-makers to simulate different process scenarios and assess the impact of various technologies before implementation [4]. - The company's cloud-first design ensures adaptability and integration across diverse enterprise landscapes, supporting stakeholders in refining operations and making informed decisions [4]. Recognition and Commitment - Being recognized as a Leader in the SPARK Matrix for five consecutive years reflects SAP's commitment to innovation and customer satisfaction, reinforcing the value of its approach to digital transformation [4].

Core Insights - Kaltura announced the recipients of the 2025 Digital Engagement Awards, recognizing companies that are leading AI-powered transformation in their organizations [1][2] - The awards highlight innovative use of Kaltura's Agentic AI video platform, showcasing creativity and impact in enterprise digital experiences [2] Award Recipients - **AI Transformation Trailblazer Award**: Recognizes companies that have made significant strides in AI integration [3] - **Collaboration Champion Award**: Honors organizations that excel in fostering collaboration through innovative practices [3] - **Brand Engagement Innovator Award**: Celebrates brands that have creatively engaged their audiences [3] - **Accessibility & AI Mover & Shaker Award**: Acknowledges efforts in combining AI with accessibility initiatives [3] Notable Honorees - **Accenture**: Recognized for integrating AI and accessibility to ensure inclusivity [3] - **Bloomberg**: Acknowledged for leading enterprise innovation [4] - **SAP**: Honored for its visionary approach to intelligent innovation [4] - **Vanguard**: Celebrated for unifying multiple business lines under a single vision [4] - **Oracle**: Recognized for enhancing collaboration through video technology [4] - **KPMG**: Acknowledged for building global alignment and competitive advantage [4] - **Pinterest**: Celebrated for prioritizing accessibility in its operations [4] - **BP**: Recognized for consistent and bold brand storytelling [4] - **Salesforce**: Honored for its commitment to sustainability and carbon removal initiatives [5] - **JP Morgan Chase & Co.**: Acknowledged for creating an accessible workplace [7] - **Wells Fargo**: Recognized for its organization-wide commitment to accessibility [7] - **IBM**: Celebrated for balancing legacy with innovation [8] - **Airbnb**: Honored for meaningful engagement and partnership [8] - **Shell**: Recognized for purposeful evolution and impact [8] - **EY**: Acknowledged for proactive feedback integration [8] - **Adobe**: Celebrated for setting standards in employee experience in an AI-driven world [8] Kaltura Overview - Kaltura aims to create AI-infused hyper-personalized video experiences to enhance customer and employee engagement [6] - The company offers a comprehensive AI Video Experience Cloud, including various video-first products for enterprise and educational use [6]

| Adobe | 1760 | | 412.23 | | --- | --- | --- | --- | | 小米 E | 1704 | -3.24% | 6.55 | | 德州仪器 | 1672 | 0.5% | 184.15 | | 高通 | 1631 | 690% | 147.6 | | S 索尼 | 1606 | 0.98% | 26.3 | | (Pinduoo | 1461 | 4.95% | 97.88 | | Arm Holdings | 1432 | 1.18% | 135.54 | | Schneider Electric | 1403 | -0.4% | 249.86 | | Shopify | 1393 | 0.35% | 107.11 | | Spotify | 1361 | 1.62% | 663.96 | | 22 自动数据处理 | 1322 | -0.48% | 324.14 | | N.用材料 | 1298 | -0.15% | 161.59 | | MercadoLibre | 1295 | -0.17% | 2550.71 | | AppLovin | 1288 | 1 ...

| | 1737 | | 407.69 | | --- | --- | --- | --- | | ROOKIng Holdings | 1735 | -0.17% | 5332.8 | | (Booking.com) | | | | | DD Holdings (Pinduoduo) | 1692 | -0.47% | 119.24 | | 德州仪器 | 1601 | 2.17% | 176.3 | | 高通 | 1596 | + -1.35% | 145.38 | | S 索尼 | 1540 | 1 0.79% | 25.53 | | Schneider Electric | 1431 | 1.82% | 252 | | arm Arm Holdings | 1344 | -1.62% | 127.18 | | Spotify | 1340 | 2.68% | 653.82 | | Shopify | 1302 | .72% | 101.51 | | 22 自动数据处理 | 1303 | -0.17% | 321.09 | | MercadoLibre | 1271 | -3.77% | 2507.83 ...

Group 1 - The conference serves as a platform for the executive team to share updates on strategy, product roadmap, and financial performance [3][5] - The company aims to accelerate revenue growth while maintaining operating leverage, despite a challenging macroeconomic environment [4] - Recent innovations, such as the launch of BDC in February, highlight the company's commitment to efficiency and innovation across its portfolio [4] Group 2 - The event is attended by various financial analysts from major investment firms, indicating strong interest in the company's performance and strategy [2] - The conference is part of a broader initiative to engage with investors and showcase technological advancements [3] - The company emphasizes the importance of direct communication with stakeholders to better understand opportunities within its portfolio [3]

Core Viewpoint - SAP stock is currently near its 52-week high, raising questions about whether to hold or sell, with a focus on evaluating the company's strengths and weaknesses [1] Group 1: Cloud Business Performance - SAP's cloud business is a significant driver of growth, with a cloud backlog increasing by 28% to €18.2 billion in Q1 [2] - Cloud revenues rose 27% year-over-year to €4.99 billion, with Cloud ERP Suite revenues growing 34% to €4.25 billion, making up 85% of total cloud revenues [2] - The launch of SAP Business Data Cloud aims to unify enterprise data and has already resulted in 20 deals in Q1 [4] Group 2: Revenue Predictability and Growth Outlook - 86% of SAP's total revenues are now classified as predictable, enhancing long-term earnings visibility [3] - Management projects cloud revenues for the year to be between €21.6 billion and €21.9 billion, reflecting a year-over-year increase of 26-28% [8] Group 3: AI Investments and Future Prospects - SAP is optimistic about the impact of generative AI on future revenues, with over 1,300 skills integrated into its AI co-pilot [9] - The company plans to invest heavily in AI, with more than 30,000 developers focused on enhancing its AI capabilities by 2025 [9] Group 4: Challenges and Market Conditions - SAP faces challenges with declining software license revenues, which fell 10% year-over-year to €0.18 billion, and a 1% decline in services revenue to €1.07 billion [10] - The company is navigating a volatile macroeconomic environment, increasing costs, and stiff competition in the cloud sector [10] Group 5: Investment Strategy and Analyst Outlook - Analysts have raised earnings estimates for SAP over the past 60 days, with increases of 1.9% for the current quarter and 3.3% for the current year [11][13] - Despite a strong growth outlook, SAP's premium valuation with a forward P/E ratio of 41.06X compared to the industry's 31.72X suggests caution for new investors [15]