While Buffett hasn't had a problem finding opportunities to invest capital throughout most of his tenure, the value-focused investor has found fewer investments to his liking in recent years. Berkshire has sold more stocks than it bought for its equity portfolio in each of the last dozen quarters. These stock sales, which have included trimming its Apple position, have contributed to the rise in its cash position. Meanwhile, Buffett hasn't found too many acquisition opportunities either. Berkshire's recentl ...

Wendel's Strategic Transformation - Wendel operates two complementary value-creation engines: Wendel Investment Managers (WIM) and Wendel Principal Investments (WPI)[17] - WIM has >€46 billion in Assets under Management (AuM) and >€200 million in FRE (Fee Related Earnings) expected in 2026, with organic growth potential of approximately 15% per year[18] - WPI has €5.3 billion of Net Asset Value as of September 2025, targeting 12–16% annual Net Asset Value growth[19] - Wendel generated €3.6 billion through portfolio rotation over the past three years and reinvested €2.7 billion[21, 22] Capital Allocation and Shareholder Returns - Wendel plans to generate >€7 billion in cash by 2030 through active WPI portfolio rotation and WIM revenue and FRE growth[36, 39] - The company intends to return >€1.6 billion to shareholders by 2030, which is more than €35 per share[42, 45] - A share buyback program of approximately €300 million, representing up to 9% of the share capital, will be implemented[54, 55] - Approximately 90% of FRE (post tax) will be redistributed to shareholders, plus additional flows from PRE (Performance Related Earnings), along with 2.5% of WPI NAV distributed to shareholders[52] Scalian's Overview - Wendel invested €648 million in Scalian, holding an 81.5% equity stake[153, 154] - Scalian's pro forma revenue for FY25 is €523 million, with >20% CAGR from 2015 to 2025, including 12% organic growth[163] - Scalian aims to achieve >€0.7 billion in revenue organically by 2030, with 50% of revenue generated outside France[163, 195] Crisis Prevention Institute (CPI) - Wendel invested $569 million in CPI, holding a 97.6% equity stake[227] - CPI has distributed $134 million in dividends to Wendel since acquisition[227] - CPI's revenue for LTM June 2025 was $153 million, with an EBITDA margin of 50%[250, 252]

Core Insights - Maple Leaf Foods has declared a special cash dividend of $0.60 per common share, totaling approximately $75 million, reflecting strong operating performance and disciplined capital management [1][2] - The company is transitioning from deleveraging to a balanced capital allocation strategy that enhances shareholder returns while investing in growth [2] - The capital allocation strategy focuses on three priorities: investing in growth and operational efficiency, maintaining a resilient balance sheet, and returning excess capital to shareholders [2][4] Financial Performance - Since 2022, Maple Leaf Foods has returned approximately $500 million to shareholders, including about $400 million in dividends and $100 million in share buybacks [4] - Following the special dividend, leverage is expected to remain within the company's investment-grade target range [4] Future Outlook - Further details regarding the company's long-term growth strategy, 2026 guidance, and capital allocation priorities will be shared in the first quarter of 2026 [5] - Regular dividends and the existing normal course issuer bid (NCIB) program will continue alongside the special dividend [3] Dividend Details - The special dividend will be considered an eligible dividend for the "Enhanced Dividend Tax Credit System" and will not be eligible for participation in the Dividend Reinvestment Plan (DRIP) [6]

Core Viewpoint - Stella-Jones Inc. is set to unveil its financial objectives and capital allocation priorities for the 2026-2028 period, emphasizing a growth strategy focused on operational excellence and value creation for stakeholders [1][2]. Financial Objectives - The company has introduced a three-year financial objective framework, starting with the Q4 2026 financial reports, to maintain a three-year outlook [3]. - Key financial targets for 2026-2028 include: - Annual Sales: Targeting approximately $4,000 million by 2028, up from approximately $3,500 million [4]. - Annual Organic Sales Growth: Aiming for a compound annual growth rate (CAGR) of 4-5%, compared to 4.5% CAGR for 2023-2025 [4]. - EBITDA Margin: Targeting 17.5-18.5%, slightly below the 17.9% margin achieved in 2023-2025 [4]. - Earnings Per Share (EPS): Aiming for greater than 10% CAGR, a new metric introduced for better alignment with growth strategy [4]. Capital Allocation Strategy - The company expects to maintain an EBITDA-to-free cash flow conversion rate of approximately 50% [5]. - Key priorities in the capital allocation strategy include: - Broadening its vision to be the supplier of choice for utilities and railroads [5]. - Targeting annual sales of approximately $4 billion by 2028, supported by the current asset base [5]. - Maintaining an elevated EBITDA margin of 17.5-18.5% [5]. - Introducing an EPS growth target of greater than 10% to align with strategic objectives [5]. - Shifting to an opportunistic share repurchase strategy in line with growth priorities [5]. Maintenance and Growth Capital Expenditures - The company plans to invest approximately 2.5% of sales annually in maintenance capital expenditures, translating to $85 to $95 million per year [6]. - Strategic growth opportunities will involve investments in capital expenditures and value-accretive acquisitions [6]. Commitment to Financial Health - Stella-Jones is committed to maintaining an investment-grade credit rating and a net debt-to-EBITDA ratio within the range of 2.0x-2.5x, with some flexibility for working capital and strategic investments [7]. Key Assumptions - The financial targets for 2026-2028 are based on several assumptions, including organic sales growth in wood utility poles and railway ties, and the impact of recent acquisitions [13].

Core Insights - Block, Inc. is hosting its 2025 Investor Day on November 19, 2025, at 9:00 a.m. Pacific Time in San Francisco [1] - The company will present full-year 2026 financial guidance and a three-year financial outlook during the event [1] - Block, Inc. is increasing its stock repurchase program by $5 billion as part of its broader capital allocation strategy [1] Financial Guidance - Full-year 2026 financial guidance will be provided during the Investor Day [1] - A three-year financial outlook will also be discussed [1] Capital Allocation Strategy - The company is increasing its stock repurchase program by $5 billion [1]

Medexus Announces US$51.0 million in New Credit Facilities and Intention to Commence Normal Course Issuer Bid, or NCIB, for its Common SharesNovember 17, 2025 8:30 AM EST | Source: Medexus Pharmaceuticals Inc.Toronto, Ontario and Chicago, Illinois--(Newsfile Corp. - November 17, 2025) - Medexus Pharmaceuticals (TSX: MDP) (OTCQX: MEDXF) today entered into a new senior secured credit agreement with National Bank of Canada as administrative agent. The credit agreement provides for a US$21.0 milli ...

Financial Performance & Outlook - DTI's Q3 2025 revenue reached $38.8 million, reflecting a broad scope and scale[13] - Q3 2025 Adjusted Free Cash Flow was $5.6 million, demonstrating resilience in a lower rig count environment[13] - The company anticipates revenue between $145 million and $165 million for FY 2025[94] - Adjusted EBITDA for FY 2025 is projected to be between $32 million and $42 million, with an Adjusted Free Cash Flow between $14 million and $19 million[94] Geographic Expansion - Western Hemisphere accounted for 85% of Q3 2025 revenue, supported by 15 service and support facilities[13] - Eastern Hemisphere contributed 15% to Q3 2025 revenue, facilitated by 11 service and support facilities[13] - The company expects to double revenue contribution from the Eastern Hemisphere in FY 2025[95] Customer Base & Tool Rental - E&P Operators make up 47% of DTI's customers, Oilfield Service Companies account for 48%, and Other customers represent 5%[24] Strategic Acquisitions & Synergies - DTI achieved 100% of the $45 million in previously announced SDPI synergies by August 2025[56]

Core Insights - Abacus Global Management has announced an annual cash dividend of $0.20 per share, reflecting confidence in its long-term business model and capital strength [1][2] - The company plans to distribute up to 25% of adjusted net income or up to 55% of recurring revenue as dividends [1][2] - A $10 million share repurchase program has also been authorized as part of the capital allocation strategy [1][2] Financial Performance - The company reported record levels of cash generation and a strong balance sheet, supported by increasing capital inflows into longevity funds and growing fee income [2] - Recurring revenues are expected to approach 70% of total revenue over time, indicating a shift towards more stable income sources [2] Capital Allocation Strategy - The capital allocation strategy aims to balance investment in growth, technology, and acquisitions with returning capital to shareholders through dividends and share buybacks [2][7] - The Board of Directors will evaluate dividend opportunities based on operating cash flow, capital requirements, and strategic investment opportunities [7][8] Company Overview - Abacus Global Management specializes in alternative asset management, data-driven wealth solutions, and technology innovations [9] - The company focuses on longevity-based assets and personalized financial planning, leveraging proprietary data analytics for optimized financial outcomes [9]

Financial Data and Key Metrics Changes - Net sales increased by 7.6% year-on-year, reaching $162 million compared to $151 million in the prior year [13] - Adjusted EBITDA rose by $8.5 million, or 28.5%, totaling $38.3 million, with an adjusted EBITDA margin of 23.7%, up 390 basis points from the previous year [18] - Gross margin expanded to 35.4%, an increase of 300 basis points year-on-year [17] Business Line Data and Key Metrics Changes - In-ground pool sales increased modestly by just under 1% year-on-year, driven by fiberglass pool sales, which are expected to account for approximately 75% of full-year 2025 in-ground pool sales [6][15] - Pool covers sales grew by 15%, with significant organic growth in auto covers [9][16] - Liner sales increased by 13%, supported by the successful rollout of the Measure by Latham tool [10][16] Market Data and Key Metrics Changes - The U.S. in-ground pool market is expected to remain flat to slightly down compared to 2024 levels, yet Latham outperformed this market [4][21] - Florida sales increased at a high single-digit rate, with Latham gaining traction in master plan communities [11][12] Company Strategy and Development Direction - The company is focused on increasing awareness and adoption of fiberglass pools and auto covers, as well as expanding sales of in-ground pool liners [14] - Strategic partnerships with custom home builders in Florida are being established to enhance market presence [12][34] - Latham aims to leverage its proprietary measuring tool to gain market share in the liner product line and winter safety cover market [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth despite a challenging industry environment, projecting 7% sales growth and 19% adjusted EBITDA growth for 2025 [20][21] - The company anticipates that fiberglass pool and auto cover adoption will enable it to outperform the in-ground pool market [21] Other Important Information - The company ended the third quarter with a strong financial position, maintaining cash of $71 million and a net debt leverage ratio of 2.3 [19] - Capital expenditures for the third quarter were $5.8 million, with a revised estimate for full-year CapEx set at $22-$24 million [20] Q&A Session Summary Question: What have you seen in terms of upstream metrics from leads and consumer confidence? - Management noted strong lead generation throughout the peak pool building season, with significant year-over-year increases, although consumer confidence remains affected by tariff and interest rate uncertainties [25][26] Question: Can you provide context on the liners' performance and market share gains? - The performance is attributed to a combination of share gains in the replacement market and challenges in the lower end of the new construction market [27][28] Question: How did demand progress geographically throughout the quarter? - Demand was consistent across most regions, with strong performance in Florida, while Texas and California remained challenging markets [31][32] Question: What is the outlook for pricing and tariffs? - Price increases implemented in June have effectively mitigated tariff impacts, with net tariff exposure remaining stable at approximately $10 million [42][43] Question: Is there potential for accelerated market share gains in fiberglass pools? - Management believes that while a 1% market share gain per year is a reasonable expectation, increased traction in the Sand States could lead to accelerated growth [46][48] Question: What is the strategy for SG&A spending moving forward? - SG&A spending is expected to remain stable, with continued investments in sales and marketing initiatives, particularly in the Sand States [49][50]

Core Insights - AMG reported a 17% growth in Adjusted EBITDA and a 27% increase in Economic Earnings per share for Q3 2025 compared to the same quarter last year, driven by a focus on alternative strategies and disciplined capital allocation [2][5] - The company achieved approximately $9 billion in net inflows during Q3 and $17 billion year-to-date, indicating strong client demand for alternative strategies [2][5] - AMG announced new partnerships and collaborations, including a strategic collaboration with BBH to develop new products for the U.S. wealth market, enhancing its position in alternative strategies [3][5] Financial Highlights - As of September 30, 2025, AMG's Assets Under Management (AUM) reached approximately $804 billion, up from $728.4 billion a year earlier [4] - Net income for Q3 2025 was $212.4 million, including a gain of approximately $100 million from the Peppertree transaction [5][18] - Economic earnings per share for Q3 2025 were $6.10, reflecting a 27% growth compared to the prior-year quarter [5][18] Capital Management - The company repurchased approximately $77 million in common stock during Q3 2025, bringing total year-to-date repurchases to approximately $350 million [7] - A cash dividend of $0.01 per share was announced for Q3 2025, payable on November 28, 2025 [7] Strategic Initiatives - AMG has expanded its participation in areas of secular growth, including four new partnerships with firms managing alternative strategies since the beginning of the year [3] - The collaboration with BBH is expected to leverage BBH's expertise in structured and alternative credit investments, enhancing AMG's product development and distribution capabilities [3]