Core Viewpoint - The Government of Canada has approved the acquisition of Parkland Corporation by Sunoco LP, with the transaction expected to close in the fourth quarter of 2025, pending further regulatory approvals and customary closing conditions [1][2]. Company Overview: Parkland Corporation - Parkland Corporation is a leading international fuel distributor and convenience retailer operating in 26 countries across the Americas, with approximately 4,000 retail and commercial locations [3]. - The company focuses on providing essential fuels and environmentally friendly options, including renewable fuels and ultra-fast EV charging solutions [3]. - Parkland's strategy is built on two pillars: Customer Advantage, which emphasizes brand differentiation and customer loyalty, and Supply Advantage, which aims to achieve the lowest cost to serve in challenging markets [4]. Company Overview: Sunoco LP - Sunoco LP is a master limited partnership involved in energy infrastructure and fuel distribution, operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico [5]. - The partnership has an extensive midstream operation, including approximately 14,000 miles of pipeline and over 100 terminals, serving around 7,400 branded locations and independent dealers [5].

Market Overview - Canadian equities advanced in Q3, with the S&P/TSX Composite Total Return Index increasing by 12.5%, reaching an all-time high [2] - Seven of the eleven GICS sectors set new records, including energy, materials, industrials, consumer discretionary, consumer staples, financials, and utilities [2] - The U.S. dollar rose 2.3% against the Canadian dollar to $1.39 USD/CAD, although it remains down 3.2% year-to-date [3] Economic Context - Canada's economy showed modest improvement in July, with GDP growth affected by high unemployment and low inflation [4] - The Bank of Canada and the Federal Reserve both cut rates, with the Bank of Canada lowering rates to 2.50% to stimulate housing and consumption [4] Sector Performance - On an absolute return basis, 10 of 11 GICS sectors increased in Q3, with materials (+37.8%), IT (+13.2%), and energy (+12.6%) being the best performers [5] - Weakness in industrials was noted, particularly in Canadian railways, which faced pressure from softer shipping volumes and trade uncertainty [9] - Energy sector performance was mixed, with volatility in crude oil and natural gas prices, ending at $62.37/bbl and $3.30/mmbtu respectively [6] Strategy Performance - The ClearBridge Canadian Equity Strategy underperformed the benchmark in Q3, primarily due to cyclical exposure in materials [8] - Financials were the best contributors to the Strategy's performance, with strong selection benefiting from not owning underperforming stocks [12] Portfolio Positioning - The Strategy's largest sector exposures were in financials, industrials, and energy, with an underweight in materials and financials [18] - Trading activity increased, with selective exposure to out-of-favor cyclical stocks and trimming of defensive sectors [14] Corporate Actions - Several corporate actions occurred, including Parkland Corp.'s acquisition by Sunoco LP and MEG Energy's unsolicited bid from Strathcona Resources [13] - Teck Resources and Anglo American agreed to a merger, creating a global mining leader with significant copper exposure [13] Outlook - Canadian equity markets continued to show strength, supported by resilient corporate earnings amid global dynamics [19] - Investor sentiment remains cautious but resilient, with macro headwinds and political risks increasingly priced into expectations [19]

Company Overview - Sunoco LP (SUN) closed at $49.97, reflecting a -1.48% change from the previous day, underperforming the S&P 500 which gained 0.58% [1] - The stock has decreased by 0.74% over the past month, while the Oils-Energy sector and the S&P 500 saw gains of 3.53% and 3.68%, respectively [1] Earnings Projections - The upcoming earnings release is highly anticipated, with projected EPS of $1.66, indicating a significant increase of 738.46% year-over-year [2] - Quarterly revenue is estimated at $5.58 billion, which represents a decline of 2.94% compared to the same quarter last year [2] Full-Year Estimates - Full-year Zacks Consensus Estimates predict earnings of $5.54 per share and revenue of $21.95 billion, reflecting year-over-year changes of -7.67% and -3.27%, respectively [3] - Recent analyst estimate revisions suggest a positive outlook for the business, as these changes often align with short-term business dynamics [3] Valuation Metrics - Sunoco LP is currently trading at a Forward P/E ratio of 9.16, which is below the industry average Forward P/E of 18.05, indicating a valuation discount [6] - The Oil and Gas - Refining and Marketing - Master Limited Partnerships industry holds a Zacks Industry Rank of 94, placing it in the top 39% of over 250 industries [6] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown a strong track record, with 1 stocks averaging an annual return of +25% since 1988 [5] - Sunoco LP currently holds a Zacks Rank of 3 (Hold), with no changes in the consensus EPS estimate over the past month [5]

Core Points - Sunoco LP will release its third quarter 2025 financial and operating results on November 5, 2025, before market opens [1] - A conference call will be held on the same day at 9:00 a.m. Central Time to discuss the results [1] Company Overview - Sunoco LP is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico [4] - The Partnership's midstream operations include approximately 14,000 miles of pipeline and over 100 terminals [4] - Sunoco serves approximately 7,400 branded locations and additional independent dealers and commercial customers [4] - The general partner of Sunoco LP is owned by Energy Transfer LP [4]

Core Viewpoint - Parkland Corporation has announced the deadline for registered holders of its common shares to make elections regarding the consideration receivable from the Sunoco Arrangement, set for October 17, 2025 [1]. Group 1: Election Process - The Election Deadline for shareholders to make their elections is 5:00 P.M. Calgary time on October 17, 2025 [1]. - Registered shareholders received a letter of transmittal and election form on September 11, 2025, which provides complete instructions [2]. - Beneficial shareholders must contact their intermediaries for instructions, as they should not use the letter of transmittal [3]. Group 2: Sunoco Arrangement - The Sunoco Arrangement is expected to close in the fourth quarter of 2025, pending regulatory approvals and customary closing conditions [4]. - Parkland entered into an arrangement agreement with Sunoco LP and related entities on May 5, 2025, for a cash and equity transaction to acquire all issued and outstanding Company Shares [5]. Group 3: Company Overview - Parkland Corporation is a leading international fuel distributor and convenience retailer operating in 26 countries across the Americas [6]. - The company has approximately 4,000 retail and commercial locations and offers a range of services, including renewable fuels and ultra-fast EV charging [6].

Core Insights - Sun Princess has been recognized as the 1 Mega Cruise Ship in the 2025 Condé Nast Traveler Readers' Choice Awards, marking its second consecutive year of receiving this honor, highlighting its exceptional service and innovative design [1][2] - The ship, launched in 2024, is the first of the Sphere-Class vessels, featuring a capacity of 4,300 guests and a weight of 177,882 tons, setting a new standard in the cruise industry [1][3] Company Highlights - Gus Antorcha, President of Princess Cruises, emphasized the award as a testament to the ship's next-generation design and the dedication of the crew, which enhances guest experiences [2] - The Readers' Choice Awards are a respected recognition program in the travel industry, with hundreds of thousands of votes cast annually by readers [2] Ship Features - Sun Princess offers unique features such as The Dome, a multi-level entertainment space, and Spellbound by Magic Castle, an immersive speakeasy experience [3] - The ship includes over 1,500 balcony staterooms and suites designed for comfort, featuring the exclusive Sanctuary Collection, which provides a private escape at sea [4] Entertainment and Dining - Standout venues on the ship include The Princess Arena, the most technologically advanced theater, and The Piazza, known for its dramatic architecture and ocean views [5] - Guests can enjoy 30 dining and bar venues, featuring high-end ingredients and a selection of premium liquors, including the Love Line Premium Liquors Collection [3][4] Future Developments - Princess Cruises plans to expand its fleet with the introduction of Star Princess, which recently set sail on its maiden voyage, further enhancing the guest experience [5][9]

Core Insights - Stardust Solar Energy Inc. has reached a significant milestone of 100 franchises globally, with new additions in Durham, Ontario; Kitchener, Ontario; and New London, Connecticut in September 2025, indicating strong demand for its clean-energy solutions [1][8] Company Expansion - The new franchises enhance Stardust's coverage in the Greater Toronto Area and New England, with a focus on quality execution and customer experience [2][8] - The Durham territory will be led by an experienced Master Electrician, improving service responsiveness and crew capacity [2] Operational Strategy - Stardust follows a structured operational cadence, signing new territories in Q4, training in Q1, and executing installations primarily in Q2 and Q3, while maintaining year-round activities [3] Financial Performance - In August 2025, the company secured approximately $1 million in new customer contracts, raising its total signed contract backlog to about $3.5 million as of September 1, 2025, which includes residential and small-commercial solar-PV and battery-storage contracts [4]

Core Viewpoint - Sunoco LP has initiated private offers to exchange Canadian dollar and U.S. dollar denominated notes previously issued by Parkland Corporation, under specific terms outlined in confidential exchange offer memoranda [1] Group 1: Exchange Offers - The exchange offers are directed to all Eligible Holders of the PKI CAD Notes and PKI USD Notes [1] - The new notes to be issued by Sunoco in the exchange offers will have interest rates, payment dates, maturity dates, and redemption terms that are substantially identical to those of the corresponding series of PKI Notes being exchanged [1]

Core Insights - The recent forecasts for clean-power additions and the relaunch of the Canada Greener Homes Affordability Program (CGHAP) indicate a sustained demand for residential and small-commercial solar across Canada [1][2] - The Canadian Renewable Energy Association projects over $200 billion in investment for clean power by 2035, primarily driven by rising electricity demand, with wind and solar expected to dominate new generating capacity [2] - Stardust Solar is well-positioned to benefit from these developments due to its installation network and accredited training programs [3] Industry Developments - The CGHAP has been relaunched with a direct-install model that eliminates upfront costs for low- and median-income households, with the first implementation agreement in Manitoba involving $29.8 million in federal funding [2] - Market conditions in Canada are favorable for solar and energy-efficient retrofit solutions, supported by increasing clean energy procurement pipelines and rising electricity demand [4] Company Positioning - Stardust Solar, as a licensed provider of solar PV installations and renewable energy training, is aligned with the local delivery model of CGHAP, enhancing its ability to meet growing demand [3] - The company plans to expand its reach in high-potential provinces, focusing on increasing installations of residential retrofits and distributed solar and storage projects [4] - Stardust Solar operates as a North American franchisor of renewable energy installation services, providing comprehensive support to its franchisees [5]

Core Insights - Casey's General Stores has launched its retail media network, Casey's Access, in early 2023, capitalizing on the emerging advertising channel in the convenience store industry [2] - The partnership with GSTV aims to enhance Casey's Access by providing branded video content at fuel dispensers across 2,900 locations, significantly expanding its advertising capabilities [6] Group 1: Retail Media Network Development - Casey's Access has collected over six billion data points from shopper interactions since its inception [2] - The network features various advertising formats, including display ads, sponsored products, app takeovers, and AI-enabled audio [2] - The partnership with GSTV will add branded video content to Casey's Access, enhancing customer experience and influencing purchase decisions [3][4] Group 2: Partnership with GSTV - GSTV's network includes major convenience and fuel retailers, reaching over 115 million adults monthly across approximately 29,000 locations in the U.S. [4] - The collaboration will increase Casey's digital screen count to over 30,000 across its stores once fully rolled out [6] - The addition of Casey's to GSTV's national network is expected to benefit brand advertisers looking to expand their reach in the convenience channel [5]