Core Viewpoint - Upbeat BidCo has increased its public buyout offer for Believe to 17.20 euros per share, which reflects significant premiums over the average share prices in recent months, and the Board of Directors has issued a favorable opinion on this offer [2][4][9]. Group 1: Offer Details - The initial public buyout offer was filed at a price of 15.30 euros per share, which has now been increased to 17.20 euros per share [2]. - The new offer price represents premiums of +12.6%, +13.1%, +17.5%, and +17.6% compared to the volume-weighted average prices over the last 30, 60, 120, and 180 days as of June 2, 2025 [2][9]. - The independent expert concluded that the increased offer price of 17.20 euros per share is fair from a financial perspective [3][9]. Group 2: Board of Directors' Opinion - The Board of Directors of Believe unanimously issued a favorable reasoned opinion on the proposed offer, recommending that shareholders tender their shares [4][9]. - The Board considered the increased offer to be in the interests of minority shareholders, providing them with immediate liquidity at the new price [5][9]. - The Board also noted that the offer would benefit the company and its employees by allowing it to continue its development plan without altering its business model or human resources policies [5]. Group 3: Documentation and Compliance - Draft documents reflecting the increased offer price and the Board's opinion will be filed with the AMF and made available on Believe's website [6]. - The main elements of the draft offer document will be communicated through a press release in accordance with AMF regulations [7].

Company Overview - EQT Corporation is headquartered in Pittsburgh, PA, and is primarily engaged in the exploration and production of natural gas, focusing on the Appalachian Basin, which includes Ohio, Pennsylvania, and West Virginia [11] - EQT is recognized as the largest natural gas producer in the domestic market based on average daily sales volumes [11] Investment Ratings - EQT is currently rated as a 3 (Hold) on the Zacks Rank, with a VGM Score of A [12] - The company has a Momentum Style Score of A, indicating strong performance, with shares increasing by 12.3% over the past four weeks [12] Earnings Estimates - In the last 60 days, three analysts have revised their earnings estimates higher for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.03 to $3.47 per share [12] - EQT has demonstrated an average earnings surprise of 62.9%, suggesting strong performance relative to expectations [12] Investment Potential - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, EQT is recommended for investors' consideration [13]

Core Viewpoint - EQT Corporation's shares have increased by approximately 14.3% over the past month, outperforming the S&P 500, raising questions about the sustainability of this positive trend leading up to the next earnings release [1] Estimates Movement - Consensus estimates for EQT have trended downward over the past month, with a shift of -7.2% noted [2] VGM Scores - EQT currently holds a strong Growth Score of A, but lags in Momentum Score with a C, and has a Value Score of C, placing it in the middle 20% for this investment strategy; the overall aggregate VGM Score is B, which is relevant for investors not focused on a single strategy [3] Outlook - The downward trend in estimates indicates a negative shift, with EQT holding a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4]

Group 1: Oil Market Overview - Oil prices have been volatile, influenced by geopolitical tensions and bearish crude data from the U.S. West Texas Intermediate (WTI) crude is down 0.7% at $61.62, contributing to a 14.3% year-to-date deficit [1] - The market is reacting to reports of Israel preparing to strike Iran, which has added to the volatility [1] Group 2: Company Performance - EQT Corp (NYSE:EQT) reached an 11-year high of $57.37, currently down 0.3% at $55.96, with a year-over-year increase of 35.7% and a year-to-date increase of 21.5% [2] - TotalEnergies SE (NYSE:TTE) is down 0.3% at $59.21, facing resistance at the $60 level and its 160-day moving average, but is still up 8.7% year-to-date [3] - Diamondback Energy Inc (NASDAQ:FANG) hit a two-year low of $114.00, currently down 0.8% at $137.22, and has decreased 16.2% year-to-date [4]

Group 1 - The offering resulted in aggregate gross proceeds of approximately USD 557.0 million, with EQT receiving around USD 239.6 million from the sale of shares [1] - EQT sold approximately 6.2 million shares in the offering and now holds approximately 32.6 million shares of Waystar Holding Corp [1] - The offering included the full exercise of the underwriters' option to purchase approximately 1.9 million additional shares of common stock [1] Group 2 - The offering was managed by J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays as joint book-running managers [1] - The completion of the offering for the base shares occurred on May 16, 2025, while the additional shares were completed on May 20, 2025 [1] - Waystar Holding Corp. did not sell any shares in the offering and did not receive any proceeds from the sale [1]

Core Viewpoint - EQT Corporation has experienced a significant share price increase of 33.2% over the past year, outperforming the broader Oils-Energy sector, which saw a decline of 7.8% during the same period [1][2]. Company Performance - EQT has outperformed its peers, Range Resources Corporation and Antero Resources Corporation, with their shares rising only 12% and 3.3%, respectively, in the same timeframe [2]. - EQT currently holds a Zacks Rank 3 (Hold), indicating a neutral outlook on the stock [2]. Operational Focus - EQT is primarily engaged in the exploration and production of natural gas, focusing on the productive Appalachian Basin in the U.S. The company has several untapped drilling locations in this region, which supports a positive production outlook [5]. Positive Factors Boosting Performance - **Rising Demand for Natural Gas**: The demand for natural gas is expected to increase by 4% to 116 billion cubic feet per day (Bcf/d) in the U.S. this year, benefiting EQT [7]. - **Increase in Natural Gas Prices**: Henry Hub spot natural gas prices rose to $4.15 per million British thermal units (Btu) in Q1 2025 from $2.13 in Q1 2024, indicating a significant year-over-year increase [8]. - **Strategic Acquisitions**: EQT's acquisition of Olympus Energy's assets for $1.8 billion includes 90,000 net acres in Southwest Appalachia, enhancing its production capabilities [9][10]. - **Operational Synergies**: The company has achieved approximately $360 million in annual savings from its acquisition of Equitrans Midstream, surpassing previous forecasts [11]. Industry Context - The growing development of gas-fired power plants and data centers in the Appalachian region is expected to further boost demand for natural gas [6]. - Antero Resources and Range Resources also carry a Zacks Rank 3, indicating a similar neutral outlook in the industry [16]. Final Thoughts - EQT benefits from rising natural gas demand, healthy prices, and strategic acquisitions, but faces risks from its hedging strategy and regional concentration. The increasing shift toward renewable energy also poses long-term challenges [15].

Group 1 - The sale of approximately 3.2 million shares of Kodiak Gas Services, Inc. resulted in gross proceeds of around USD 116 million [1] - The sale was executed on May 12, 2025, under Rule 144 of the Securities Act of 1933, with J.P. Morgan Securities LLC acting as the broker [1] - Concurrently, Kodiak Gas Services repurchased approximately 278,000 shares from EQT for gross proceeds of about USD 10 million [1] Group 2 - Following these transactions, EQT now holds approximately 31.3 million shares of Kodiak Gas Services' common stock [1]

Company Overview - EQT Corporation is headquartered in Pittsburgh, PA, and is primarily engaged in the exploration and production of natural gas, focusing on the Appalachian Basin, which includes Ohio, Pennsylvania, and West Virginia [11] - EQT is recognized as the largest natural gas producer in the domestic market based on average daily sales volumes [11] Investment Ratings - EQT currently holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of A, indicating a solid investment potential [12] - The company has a Momentum Style Score of A, with shares increasing by 9.1% over the past four weeks [12] Earnings Estimates - In the last 60 days, four analysts have revised their earnings estimates for EQT upwards, with the Zacks Consensus Estimate rising by $0.18 to $3.43 per share for fiscal 2025 [12] - EQT has demonstrated an average earnings surprise of 62.9%, suggesting strong performance relative to expectations [12] Investment Consideration - With a strong Zacks Rank and top-tier Momentum and VGM Style Scores, EQT is recommended for investors' consideration [13]

Financial Data and Key Metrics Changes - For Q1 2025, adjusted net revenues were $700 million, a 19% increase year-over-year [18] - Adjusted operating income for Q1 2025 was $116 million, up 28% compared to the same period last year [18] - Adjusted earnings per share (EPS) rose to $3.49, reflecting a 64% increase year-over-year [19] - Adjusted operating margin improved to 16.6%, up from 15.4% in the prior year [19] Business Line Data and Key Metrics Changes - Adjusted advisory fees reached $557 million, a 29% increase year-over-year, indicating strong performance in both M&A and non-M&A advisory [19] - Underwriting revenues were $54 million, down 2% from the previous year, with lower follow-on activity but improvements in the IPO market [20] - Commissions and related revenue increased by 14% year-over-year to $55 million, driven by higher trading volumes [20] - Adjusted asset management and administration fees rose 8% year-over-year to $22 million, supported by an increase in assets under management (AUM) [21] Market Data and Key Metrics Changes - Global transaction volumes increased in Q1 2025 compared to the prior year, although the number of transactions declined due to macroeconomic headwinds [12] - The private capital advisory group achieved record performance in Q1, particularly in GP-led continuation vehicles [13] - The equity capital markets business showed strong momentum, with expectations for a recovery as market volatility stabilizes [14] Company Strategy and Development Direction - The company is focused on long-term value creation for clients and shareholders, maintaining a capital return philosophy [15] - Evercore aims to invest in talent and expand its capabilities across various sectors, including technology, healthcare, and private capital advisory [10][67] - The firm is positioned to navigate through challenging market conditions, emphasizing a diversified platform across geographies and sectors [8] Management's Comments on Operating Environment and Future Outlook - Management noted increased volatility in global financial markets due to geopolitical tensions and inflation concerns, impacting CEO and Board confidence levels [7][9] - There is a robust backlog of transactions, with active client dialogues indicating pent-up demand for M&A activity [9][36] - The company expects transaction levels to increase once there is greater clarity in the macroeconomic environment [9] Other Important Information - The adjusted compensation ratio for Q1 was 65.7%, slightly down from the previous year, with non-compensation expenses rising 14% year-over-year [22][23] - The company returned a record $454 million to shareholders through share repurchases and dividends [26] - The effective tax rate for the quarter was negative 39.7%, influenced by stock price appreciation at the time of vesting [25] Q&A Session Summary Question: Insights on Backlogs and Client Types - Management expressed satisfaction with the robust and growing backlog, indicating strong engagement across various sectors, particularly in software and restructuring [36][37] Question: Outlook for Private Capital Advisory - The private capital advisory business remains strong, with continuity funds gaining traction as a method for sponsors to return capital to LPs [41][42] Question: Comparison of M&A Activity in Europe vs. the U.S. - Management noted that while there is healthy activity in Europe, it is not necessarily stronger than in the U.S., with ongoing uncertainty affecting both regions [49][50] Question: Compensation Ratio and Revenue Growth - Management indicated that revenue growth is crucial for improving the compensation ratio, with a strong backlog supporting future performance [56][57] Question: Restructuring Environment and Liability Management - The restructuring business is performing well, with no limitations on serving clients in liability management, despite concerns about high interest rates [60][61] Question: Hiring Plans in a Slower M&A Environment - The company plans to continue hiring top talent across various sectors, maintaining a consistent approach regardless of market conditions [66][67] Question: Equity Capital Markets Outlook - Management is optimistic about the equity capital markets, with a good backlog of transactions ready to proceed once market volatility decreases [70][71]

Financial Data and Key Metrics Changes - For Q1 2025, adjusted net revenues were $700 million, a 19% increase year-over-year [18] - Adjusted operating income for Q1 2025 was $116 million, up 28% from the previous year [18] - Adjusted earnings per share (EPS) increased 64% year-over-year to $3.49 [19] - Adjusted operating margin improved to 16.6%, compared to 15.4% in the prior year [19] Business Line Data and Key Metrics Changes - Adjusted advisory fees reached $557 million, a 29% increase year-over-year, reflecting strong performance in both M&A and non-M&A advisory [19] - Underwriting revenues were $54 million, down 2% from the previous year, influenced by lower follow-on activity [20] - Commissions and related revenue increased 14% year-over-year to $55 million, driven by higher trading volumes [20] - Adjusted asset management and administration fees rose 8% year-over-year to $22 million [21] Market Data and Key Metrics Changes - Global transaction volumes increased in Q1 compared to the prior year, although the number of transactions declined due to macroeconomic headwinds [12] - The private capital advisory group had a record first quarter, particularly in GP-led continuation vehicles [13] - The equity capital markets business showed strong momentum, with the best first quarter since 2020, driven by market volatility [14] Company Strategy and Development Direction - The company remains focused on long-term value creation for clients and shareholders, with a commitment to invest in talent through the cycle [9][15] - The firm is strategically positioned to navigate increased market volatility and uncertainty, emphasizing a diversified platform across various sectors and geographies [6][7] - The company plans to continue hiring in key areas such as technology, healthcare, and Europe, despite a potentially slower M&A backdrop [66] Management's Comments on Operating Environment and Future Outlook - Management noted that heightened geopolitical and trade tensions are causing increased volatility in financial markets, impacting CEO and Board confidence levels [6][8] - There is a robust backlog and active client dialogues, indicating pent-up demand for transactions once market conditions stabilize [8][29] - The company expects Q2 and Q3 results to be impacted by market volatility, but remains optimistic about medium to long-term prospects [17][28] Other Important Information - The company returned a record $454 million of capital to shareholders through share repurchases and dividends [25] - The adjusted tax rate for the quarter was negative 39.7%, influenced by a significant net tax benefit [24] - The firm maintains a strong cash position of nearly $1.4 billion, consistent with the previous year [25][28] Q&A Session Summary Question: Insights on Backlogs and Client Types - Management expressed satisfaction with the robust and growing backlog, indicating that while there are pauses, cancellations are minimal [34][38] Question: Outlook for Private Capital Advisory - The private capital advisory business is performing strongly, particularly in continuity funds, which are seen as effective for monetizing assets [40][41] Question: Comparison of M&A Activity in Europe vs. the U.S. - Management noted that while there is healthy activity in Europe, it is not necessarily driven by stronger forces than in the U.S., and recovery timelines remain uncertain [46][49] Question: Compensation Ratio and Revenue Growth - Management indicated that revenue growth is crucial for improving the compensation ratio, with a strong backlog supporting future performance [52][56] Question: Restructuring Environment and Liability Management - The restructuring business is healthy, with no limitations on serving clients in liability management, despite concerns about high rates and potential bankruptcies [58][60] Question: Hiring Plans in a Slower M&A Environment - The company plans to continue hiring strong talent in key areas, maintaining a consistent approach regardless of market conditions [62][66] Question: Equity Capital Markets Outlook - Management is optimistic about the equity capital markets, with a good backlog of transactions ready to go once market conditions stabilize [68][70]