Disclaimer This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those express ...

Plug Power stock is feeling bearish pressure. What’s behind PLUG decline?Shareholders Double Authorized Plug Power Share CountAt a Feb. 12 special meeting, investors voted to raise Plug's authorized common shares to 3.0 billion from 1.5 billion, according to a Form 8-K filed Feb. 13. The change gives the fuel-cell maker more room to issue equity without returning for another vote, while a separate proposal to alter voting requirements failed.The extra capacity also means Plug can pursue funding without reso ...

Core Viewpoint - Albemarle Corporation has decided to idle its Kemerton lithium hydroxide processing plant in Western Australia to improve financial flexibility and preserve optionality amid ongoing price volatility in the lithium market [1]. Group 1: Operational Changes - The company will place Train 1 of the Kemerton plant into care and maintenance immediately, following the previous decision to idle Train 2 in 2024 and halt expansion plans for Trains 3 and 4 [1]. - The Kemerton plant processes spodumene from the Greenbushes mine, which is recognized as one of the world's best spodumene resources [1]. Group 2: Financial Implications - The decision to idle operations is expected to be accretive to adjusted EBITDA starting in the second quarter of 2026, with no impact on projected 2026 volumes [1]. - Albemarle will continue to meet customer demand for lithium hydroxide through other production channels, ensuring that its financial performance remains stable [1]. Group 3: Strategic Positioning - The company's mining interests in Australia, including holdings in Greenbushes and Wodgina, remain unaffected by the decision regarding the Kemerton plant and are considered core components of its strategy [1]. - The company emphasizes its commitment to developing a Western lithium supply chain through proven technology and commercial scale production [1].

Core Insights - Ero Copper Corp. (ERO) has outperformed the Zacks Mining-Non Ferrous industry and the S&P 500 over the past year, with a 135.3% increase compared to the industry's 90.9% and the S&P 500's 17.7% [1] - ERO's peers, Freeport-McMoRan, Inc. (FCX) and Southern Copper Corp. (SCCO), have seen increases of 66.7% and 111% respectively in the same timeframe [1] Operational Performance - Ero Copper achieved record Q4 production of 19,706 tons of copper in concentrate, with significant contributions from its Caraíba Operations and the newly ramped-up Tucumã Operation [7][8] - The company reported a 15% increase in mill throughput from the previous quarter, although costs were slightly pressured by lower mined grades [8] - The Tucumã Operation contributed 9,275 tons of copper, with processing rates and plant throughput improving by approximately 22% sequentially [9] Financial Strength - Ero Copper ended Q3 2025 with $66.3 million in cash and cash equivalents, a 230% year-over-year improvement, and a total liquidity of roughly $111 million [10] - Cash flow from operating activities reached approximately $110.3 million during the quarter, a significant increase from $53 million year-over-year, resulting in free cash flow of $34 million [11] Growth Strategy - Ero Copper's growth strategy focuses on enhancing its Brazilian asset base through new capacity commissioning, existing mine development, and mechanization [12] - Investments at the Caraíba Operations include underground development and a new external shaft at the Pilar Mine, expected to improve access to higher-grade ore zones by 2027 [13] - The company is also advancing the Furnas Copper-Gold Project to potentially add another significant copper and gold source [14] Earnings Estimates - The Zacks Consensus Estimate for ERO's fiscal 2025 earnings is $2.13 per share, indicating a year-over-year growth of 173.1%, while 2026 estimates suggest earnings of $4.29 per share, reflecting 101.2% growth [17][18] Valuation - ERO is currently trading at a forward 12-month price-to-earnings multiple of 3.09X, which is below the peer group average of 5.32X [19] - Both ERO and FCX have a Value Score of B, while SCCO has a score of D [21] Investment Outlook - Ero Copper's record production and operational efficiency are driving healthy cash generation and consistent free cash flow [22] - The company's strong liquidity position and low leverage provide flexibility for expansion, reducing risk while supporting growth [22] - Despite its momentum, ERO remains attractively valued relative to its rising output and long-term earnings potential, making it a compelling investment opportunity [22][23]

Core Insights - Tiger Finance has amended its credit facility with The Beachbody Company, Inc. (BODi) to enhance financial flexibility, reflecting BODi's improved performance and growth initiatives in the fitness and nutrition sector [1][2] Group 1: Financial Performance and Amendments - The revised terms with BODi acknowledge its strengthened liquidity position and financial performance, indicating a positive outlook for the company [2] - The amended financial covenants provide BODi with additional flexibility to execute growth strategies as it transitions from financial restructuring to new revenue opportunities in 2026 [2] Group 2: Company Background - BODi, originally known as Beachbody, has been innovating home fitness and nutrition programs for 25 years, with notable programs like P90X and Shakeology, helping over 30 million customers [4] - The BODi community supports individuals in achieving health goals, emphasizing accountability and well-being [4] Group 3: Tiger Finance Overview - Tiger Finance specializes in asset-based lending, providing various secured debt financing options across multiple industries, focusing on working capital and other assets [3]

Core Viewpoint - The Cannabist Company has entered into a forbearance agreement with noteholders due to liquidity challenges, following its decision to forgo interest payments on its senior secured notes [1][2][4]. Group 1: Forbearance Agreement - The Cannabist Company has signed a forbearance agreement with an ad hoc group of noteholders holding over 75% of its 9.25% and 9.00% Senior Secured Notes due December 31, 2028 [1][4]. - The forbearance agreement allows the noteholders to refrain from exercising their rights until February 17, 2026, due to the company's failure to make interest payments [4]. Group 2: Financial Strategy - On December 31, 2025, the company opted not to make interest payments to enhance short-term financial flexibility and preserve liquidity while evaluating strategic alternatives, including asset sales [2][3]. - The non-payment of interest during the 30-day grace period constitutes an event of default, prompting discussions with noteholders about potential strategies to address liquidity needs [2][3]. Group 3: Company Overview - The Cannabist Company, formerly known as Columbia Care, is a leading cultivator and retailer of cannabis products in the U.S., operating 77 facilities across 12 jurisdictions [5]. - The company offers a wide range of cannabis products and has established a national dispensary network under its retail brand, Cannabist [5].

Core Viewpoint - Onity Group Inc. successfully closed a $200 million offering of 9.875% Senior Notes due 2029, aimed at strengthening its capital structure and enhancing financial flexibility [1][2]. Group 1: Debt Offering Details - The offering of the PHH Senior Notes was executed at attractive terms, with strong investor demand indicating confidence in Onity's strategy and financial results [2]. - The effective yield on this debt issuance is nearly 148 basis points lower than the original debt issuance in November 2024, which is expected to provide greater financial flexibility for managing leverage and investing in business growth [2]. - The PHH Senior Notes form a single series with the previously issued $500 million aggregate principal amount of the same notes [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for general corporate purposes, including the repayment of mortgage servicing rights (MSR) indebtedness [3]. Group 3: Company Overview - Onity Group Inc. is a leading non-bank financial services company specializing in mortgage servicing and originations through its primary brands, PHH Mortgage and Liberty Reverse Mortgage [6]. - PHH Mortgage is one of the largest servicers in the U.S., providing a variety of servicing and lending programs [6]. - The company has been operational since 1988 and is headquartered in West Palm Beach, Florida, with additional offices in the U.S. Virgin Islands, India, and the Philippines [6].

Core Insights - Topgolf Callaway Brands Corp. (MODG) has shown significant improvement in its balance sheet by the end of Q3 2025, with enhanced liquidity and reduced leverage due to strong cash generation and the sale of the Jack Wolfskin business [1] Financial Performance - Available liquidity increased to $1.25 billion, up nearly $400 million year-over-year, supported by higher operating cash flow and proceeds from the Jack Wolfskin sale [2] - Net debt decreased to $2.23 billion from $2.54 billion year-over-year, resulting in a reduction of net leverage to 3.8x from 4.6x [3] - REIT-adjusted leverage improved significantly to 1.4x from 2.4x, indicating reduced strain on the balance sheet [3][8] Future Outlook - Despite ongoing external pressures, particularly tariff-related cost headwinds expected to persist into 2026, the company’s stronger liquidity and lower leverage provide a more stable foundation for evaluating strategic alternatives for the Topgolf business [4] Market Performance - MODG shares have increased by 53.4% over the past six months, outperforming the industry average of 4.2% [5] - The company is currently trading at a forward 12-month price-to-sales (P/S) ratio of 0.65, which is lower compared to industry peers like Acushnet Holdings (P/S of 1.97) and American Outdoor Brands (P/S of 0.56) [9]

Core Insights - Paris Hilton and her husband took out a $43.75 million mortgage for their $63 million mansion in Beverly Hills, a common practice among ultra-wealthy individuals to maintain liquidity and invest in higher-yield opportunities [1][3][4] - Hilton's wealth is derived from various sources, including 19 product lines, real estate, media, entertainment, brand partnerships, and her reality show, The Simple Life [2] - The mortgage was secured with JPMorgan Chase at an interest rate of 5.25%, highlighting a strategic financial decision despite Hilton's substantial net worth estimated between $300 million to $400 million [1][3] Real Estate Trends - The trend of ultra-wealthy individuals taking out mortgages is not uncommon, with notable figures like Beyoncé, Jay-Z, Elon Musk, and Mark Zuckerberg also financing their homes [4] - Real estate experts suggest that the ultra-wealthy prioritize liquidity and leverage, opting to keep their cash invested rather than tying it up in real estate [6][7] - The current mortgage market, with rates around 6%, may seem counterintuitive for taking out loans, yet it can be a strategic financial move for high-net-worth individuals [5]

Core Insights - Coty Inc. has been downgraded by Santander to a Neutral rating, with the stock price currently at $3.14, amidst significant strategic changes within the company [1] - The company has sold its remaining 25.8% stake in Wella to KKR & Co. Inc. for $750 million in cash, which is part of its strategy to concentrate on core beauty and fragrance businesses [2][5] - The sale is expected to enhance Coty's financial flexibility and reduce its net leverage to approximately three times by the end of 2025 [3][5] - Following the announcement of the Wella stake sale, Coty's stock saw an increase, indicating a positive market reaction despite the downgrade [4] Financial Position - The sale of the Wella stake is anticipated to provide Coty with the ability to reduce both short- and long-term debt [2] - Coty's market capitalization is approximately $2.74 billion, with a trading volume of 7,709,091 shares on the NYSE [4]