Core Viewpoint - KKR & Co. Inc. has announced a strategic partnership with HMC Capital, involving an investment of up to $603 million to support renewable energy projects in Australia, particularly focusing on the Energy Transition Platform [1][2] Investment Details - The investment will enhance HMC's existing 652MW operational assets and its 5.7GW battery energy storage and wind development pipeline [1] - This partnership aims to scale the Platform and identify growth opportunities, with a focus on advancing Australia's transition to net zero carbon by 2050 [2] Strategic Alignment - KKR's investment aligns with its broader strategy, having committed over $44 billion to climate and environmental sustainability investments since 2010 [2] Earnings Forecast - Investors are anticipating the next earnings report on April 30, 2026, with expectations for growth in earnings per share (EPS) and revenue [3] Analyst Consensus - The stock carries a Buy Rating with an average price target of $146.57, supported by a strong consensus and an expected earnings growth of 14%, indicating a potential 55% upside to analyst targets [4] Recent Stock Performance - KKR shares were down 1.34% at $100.50 during premarket trading, with an EPS estimate of $1.31 (up from $1.15 YoY) and a revenue estimate of $1.96 billion (up from $1.77 billion YoY) [5] - The stock is trading at a premium P/E of 42.4x, reflecting its valuation status [5] - Recent analyst actions include a downgrade to Hold by TD Cowen with a lowered target of $131.00, while UBS maintains a Buy rating with a target of $168.00, and Barclays has an Overweight rating with a target of $159.00 [5]

Core Points - The ASX experienced a significant outage affecting around eighty companies, including Metcash and Ovanti Limited, disrupting their planned newsflow [2][3] - The ASX's performance was negatively impacted, with the XJO index down 0.4% during trading [3] - Energy and materials sectors showed slight gains, while healthcare lagged, particularly CSL Ltd and Sigma Healthcare [4] - Unico Silver and other silver miners saw price increases due to rising silver and gold prices, indicating potential bullish trends [4] - Woodside Energy's shares rose over 1.2% due to stronger oil prices, while BHP Group increased nearly 1% amid iron ore futures uptick [5] - Treasury Wine Estates faced a decline after announcing an impairment in its US business, compounded by weak sales in China [5] - AUB Group's shares plummeted nearly 20% after a key takeover partner withdrew, causing discontent among shareholders [6] - Digico Infrastructure REIT and HMC Capital also fell as interest in data center stocks waned following previous spending boom reports [6]

Financial Data and Key Metrics Changes - The profit for the year decreased to CHF 7.9 million from CHF 10.7 million, attributed to a decline in dividend income and option income [7] - The management expense ratio improved slightly to 0.54% from 0.56%, indicating good value for an investment vehicle in this sector [8] - The ordinary dividend was maintained at €0.65, with a portfolio return of 11.4%, underperforming the benchmark return of 15.2% [9][11] Business Line Data and Key Metrics Changes - The portfolio's performance was driven by significant contributors such as Temple and Webster, which increased by 127%, and other companies like Hub24 and Life360 [25] - The underperformance was partly due to the absence of strong representation in high-performing sectors like gold [14] - The company sold down positions in high-performing stocks to manage volatility and maintain dividend capacity [27] Market Data and Key Metrics Changes - The company noted a strong recovery in the market after a significant drop earlier in the year, with a return to near peak levels by June [61] - Approximately 35% of revenue from the top 20 stocks comes from offshore sources, indicating a balanced exposure to global markets [72] Company Strategy and Development Direction - The company aims to provide long-term investment returns through holdings and attractive fully franked dividends, focusing on small and mid-sized companies [5][6] - A one-for-seven rights issue was executed to raise capital, allowing for portfolio rebalancing and lower management expense ratios [16][21] - The company plans to take a patient approach to deploying capital, focusing on long-term value rather than short-term market fluctuations [63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term investment approach despite short-term volatility, emphasizing the importance of patience in capital deployment [63] - The company remains cautious about the current market environment, noting that high growth companies are well-rated, which may limit capital deployment opportunities [69][70] Other Important Information - The company has a history of paying out more in dividends than it receives from share purchase plans, indicating strong shareholder demand for investment opportunities [17] - The capital raising was well-received, with a take-up rate of 119%, leading to a fair outcome for shareholders [21][23] Q&A Session Summary Question: Where is the Australian market developing in a bull market? - The company noted that earnings and valuations drive share prices, but current economic growth is not strong enough to support significant re-ratings in valuations [67][68] Question: What percentage of portfolio revenue comes from global sources? - Approximately 35% of revenue from the top 20 stocks comes from offshore, with a mix of domestic and international businesses [72][73] Question: Why does the company still hold IDP? - The company believes IDP remains the market leader in its space despite current pressures, and it is important to weather the downturn [76][78] Question: What is the view on Macquarie Technology Group's development approval? - There are concerns about development approvals due to local council issues, but the company has faith in management's long-term decisions [80][82] Question: Why was Sigma Healthcare exited from the portfolio? - The exit was due to a rapid increase in value post-merger, making it difficult to justify maintaining a position given its size and valuation [84] Question: Thoughts on Gentrack's transition? - Gentrack has evolved into a robust business, but it may need time to consolidate its growth after a rapid increase in size [90] Question: Will IPD Group pursue further acquisitions? - The company expects IPD Group to continue acquiring businesses, but these will likely be smaller and not thesis-changing [93]