在4月初投资银行业务交易短暂暂停之后， 并购和首次公开募股(IPO)业务在 5 月和 6 月大幅加速。 截至 6 月 30 日，全球公布的并购交易量在二季度同比增长 30%，而 5 月 1 日时这一数据为同比下降 22%。北 美股票资本市场交易量在6月30日二季度结束时增长了 49%，而 4 月 24 日时这一数据为同比下降 33%。 点击蓝字，关注我们 摩根士丹利发布研报展望银行股二季度财报，并上调多家银行目标价。 智通财经APP获悉，美国最新的财报季即将拉开序幕，一般由华尔街大行财报打头阵;在下周美国各大银 行公布财报之前，摩根士丹利发布研报上调了高盛(GS.US)、摩根大通(JPM.US)、花旗(C.US)、地区金融 (RF.US)、PNC金融集团(PNC.US)、美国合众银行(USB.US)与Truist Financial(TFC.US)的目标价。 大摩指 出，资本市场已重新活跃起来，预计股票交易将十分活跃，投资银行业务收入将高于管理层的预期。 由 于近期的压力测试后资本要求有所降低，大摩预计管理层将开始公布股票回购计划及管理缓冲措施的相 关情况。 其中，大摩最看好高盛与摩根大通的财报，均给予这两家 ...

Schouw & Co. share buy-back programme, week 27 2025 On 5 May 2025, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 20 of 2 May 2025. Under the programme, Schouw & Co. will acquire shares for up to DKK 120 million during the period 5 May to 31 December 2025. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) ...

On 5 May 2025, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 20 of 2 May 2025. Under the programme, Schouw & Co. will acquire shares for up to DKK 120 million during the period 5 May to 31 December 2025. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Tr ...

据报道，欧洲央行将加快对欧洲银行股票回购计划的审查效率。 ...

Group 1 - Bekaert will initiate the next tranche of its share buyback program on May 16, 2025, with a total consideration of up to €25 million [1] - The completion of this tranche is expected to occur before the release of the H1 trading update, scheduled for July 31, 2025, depending on market conditions [1] - Bekaert will provide regular updates on the progress of the buyback program through press releases, as required by law, and this information will be accessible on the investor relations section of the company's website [1] Group 2 - All shares repurchased as part of the buyback program will be cancelled [2]

Financial Data and Key Metrics Changes - In the first quarter, adjusted EBITDA grew more than 9% and adjusted diluted EPS increased 26% compared to the same period last year [7][33] - First quarter net sales increased 4.5% to $9.4 billion, driven by case volume growth of 1.1% and food cost inflation and mix impact of 3.4% [33] - Adjusted EBITDA margin increased by 18 basis points to 4.2% [34] - Adjusted gross profit grew 5% to $1.6 billion, driven by volume growth, improved cost of goods savings, and increased private label penetration [24] Business Line Data and Key Metrics Changes - Independent restaurant case growth was 2.5%, while healthcare and hospitality grew 6.1% and 3.6% respectively [9][33] - Chain restaurant volume declined 4.3%, aligning with industry foot traffic trends [33] - Total volume increased 1.1%, with independent case growth accelerating from February to March [12] Market Data and Key Metrics Changes - The broader industry faced headwinds with foot traffic down 3% for the first quarter, hitting a low in February but improving in March [11] - The company operates in a $270 billion addressable market, with food away from home continuing to grow steadily [13] Company Strategy and Development Direction - The company is focused on four strategic pillars: culture, service, growth, and profit [16] - A new $1 billion share repurchase program was authorized, building on previous buybacks [7] - The company plans to retain and improve the ChefStor business despite exploring strategic alternatives [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal year 2025 guidance despite a challenging macro environment [41] - The company is monitoring the tariff environment and sourcing alternative products where necessary [12] - Management highlighted the resilience of the business model and the ability to adjust to macroeconomic conditions [15] Other Important Information - The company reported a significant improvement in associate retention, with selector turnover improving by approximately 20 percentage points [26] - The corporate credit rating was upgraded to BB+ by S&P based on financial performance improvements [40] Q&A Session Summary Question: What does the EBITDA growth say about the company's self-help momentum? - Management expressed confidence in maintaining guidance, attributing success to strong strategy execution and self-help initiatives [48] Question: What is the current status of independent case growth? - Management noted good strength in independent case growth, with expectations for continued improvement [51] Question: Have any expense-saving measures been initiated? - Management confirmed that $30 million in expense savings is incremental to previous plans, focusing on field resources [58] Question: How is the competitive environment evolving? - Management indicated no significant changes in competition, with a focus on gaining share in fragmented markets [74] Question: What are the trends in chain and healthcare business? - Management noted a decline in chain business but strong growth in healthcare, with expectations for continued share gains [92]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 reached $114.8 million, a year-over-year increase of $32.9 million, translating to approximately 40% growth [10][18] - Adjusted for voluntary product withdrawals, revenues would have been $118.6 million, representing approximately 45% year-over-year growth [10][18] - Adjusted net income grew by 87% year-over-year to $33.3 million, while adjusted EBITDA increased by 81% to $47.9 million [20][21] Business Line Data and Key Metrics Changes - The increase in total revenue is primarily attributed to higher sales of Ascentive, reflecting increased acceptance and utilization by physicians, payers, and patients [19] - Gross profit for Q1 2025 was $61.1 million, with a gross margin of 53.2%, up from 47.8% in Q1 2024, driven by a favorable mix of higher margin IG sales [19][20] Market Data and Key Metrics Changes - Demand for commercial products, particularly BIVIGAM and Ascentive, has consistently exceeded prior supply capabilities, with new patient starts continuing to grow [12][13] - The company anticipates significant sequential operating cash flow growth throughout 2025, supported by a strong balance sheet with cash and receivables totaling $171 million at the end of Q1 2025 [13][21] Company Strategy and Development Direction - The company is focused on advancing its R&D platform and optimizing production capabilities, particularly with the recent FDA approval of the yield enhancement production process, expected to provide 20% more bulk IG from the same plasma volumes [8][9] - A stock repurchase program has been authorized, allowing the company to buy back up to $500 million of its common stock, reflecting confidence in its financial position and commitment to shareholder value [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve sustainable revenue and earnings growth, driven by a robust U.S.-based supply chain and favorable market conditions [23][24] - The company has raised its revenue guidance for 2025 to $500 million or more and for 2026 to $625 million or more, reflecting ongoing commercial momentum and the impact of the yield enhancement process [11][12] Other Important Information - The company has successfully reduced its cost of debt through a recent debt reorganization, which is expected to enhance its capital structure and financial flexibility [13][22] - The company remains insulated from government price negotiations affecting other sectors of the pharmaceutical industry, which supports its strong reimbursement profile [15][16] Q&A Session Summary Question: Guidance and FDA Clearance - Inquiry about the guidance increase and the timeline for revenue contribution from the yield enhancement process [29] - Management confirmed that three conformance lots were manufactured for FDA approval and expressed confidence in releasing these lots into the market [30][31] Question: Demand Generation and Capital Allocation - Questions regarding backlog for Ascentive and capital allocation priorities [35][36] - Management indicated that operational expenses are expected to normalize and that cash generation will support debt repayment, R&D funding, and stock repurchases [38][41] Question: Supply Agreements and Donor Retention - Inquiry about the contribution of new supply agreements to plasma sourcing and donor retention strategies [47][52] - Management reported that all new centers are contributing to plasma supply and that donor retention strategies are effective [48][52] Question: Patient Queue and HEOR Data - Questions about managing the patient queue and the status of health economic outcome data [57][62] - Management stated that demand trends are strong and that they expect to publish HEOR data by year-end to support product access [63][64] Question: Voluntary Product Withdrawals and IP Extension - Inquiry about the reasons for voluntary product withdrawals and the potential for extending IP [65][72] - Management clarified that the withdrawals were due to known adverse events and expressed confidence in the defensibility of their IP position [66][72]

New Mountain Finance (NMFC) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants John Kline - President, Director & CEOKris Corbett - CFO & TreasurerSteven Klinsky - Founder and CEO & Chairman of NMFCLaura Holson - Chief Operating OfficerArthur Winston - CEO, COO & Limited Partner Conference Call Participants Finian O'shea - AnalystRobert Dodd - Analyst Operator Good day, and welcome to the New Mountain Finance Corporation First Quarter twenty twenty five Earnings Conference Call. All partici ...

Group 1 - The U.S. Treasury Department announced it will issue $125 billion in government bonds during the upcoming quarterly refinancing auction, maintaining the long-term bond issuance guidance unchanged [1][2] - The Treasury expects borrowing needs for the second quarter to reach $514 billion, which is $391 billion higher than previous estimates [1] - The Treasury is evaluating potential enhancements to its repurchase program to better achieve liquidity support and cash management goals, responding to recent market volatility [1][2] Group 2 - Treasury Secretary Yellen's previous strategy of suppressing long-term bond sales to lower borrowing costs is being continued by Secretary Besant, despite market turbulence reinforcing arguments against increasing medium to long-term bond issuance [2][4] - The debt ceiling has constrained the Treasury's ability to increase the total supply of government bonds, forcing the use of cash reserves and special accounting measures [2][3] - Analysts predict that the Treasury may not need to resume increasing note and bond auction sizes until late this year or early 2026, although a significant fiscal deficit suggests that an increase in issuance is likely at some point [4][5] Group 3 - The upcoming refinancing auction will consist of $125 billion, including $58 billion in 3-year notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds [5] - The Treasury plans to slightly increase the sales of Treasury Inflation-Protected Securities (TIPS) to maintain its market share, with specific adjustments outlined for upcoming months [5]

美国财政部正在评估对国债回购计划的潜在增强措施。 ...