Zug, 19 November 2025 – Multitude AG, a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs (WKN: A40VJN, ISIN: CH1398992755) (“Multitude”, “Company” or “Group”) yesterday presented its strategic outlook and financial guidance for 2028 at its virtual Capital Markets Day 2025. After celebrating its 20-year anniversary earlier this year, Multitude has outlined its strategy for the coming years. By focusing o ...

Market Trends & Investment Opportunities - Tom Lee is bullish on the stock market and cryptocurrency, anticipating a strong November with the S&P potentially rising by 200-250 points [2][3][4] - Fundamentals are leading price in crypto, with Ethereum stable coin volumes and application revenues at all-time highs, suggesting a rally into year-end [6] - Quantitative Tightening (QT) is expected to end, leading to a return of Quantitative Easing (QE), which historically drives asset prices up [24] Impact of AI & Automation - Chat GPT's launch correlates with a decline in job openings, indicating a potential impact on the job market [8][9][10] - Companies are becoming more productive with AI, incentivizing them to do more with less, increasing profitability and value [11] - China is leading in robotic hardware manufacturing, producing more robots than Germany, South Korea, Japan, and the US combined, at a lower cost [12][13] Economic & Policy Considerations - The Federal Reserve may be forced to resume balance sheet expansion to maintain an ample level of reserves and ensure financial stability [23] - Nvidia is aiming to bring back American manufacturing to enhance national security and supply chain resilience [15][17][18]

Core Insights - Salesforce Inc. is recognized as one of the best stocks to buy according to Citadel LLC, with a significant announcement made during its annual Dreamforce 2025 event regarding its long-term strategy [1] - The company aims to exceed $60 billion in sales by FY 2030, indicating an organic compound annual growth rate (CAGR) of over 10% from FY 2026 sales of $41.3 billion [1][2] Group 1: Strategic Developments - Salesforce's management is shifting its platform focus from the traditional Customer360 framework to an AI-centric model called Agentforce 360, signaling a significant strategic transformation [3] - The acquisition of Informatica, announced in May 2025, is expected to close in early FY 2027, which is not included in the sales guidance [2] Group 2: Analyst Perspectives - Analysts at RBC Capital expressed a cautious view, maintaining a Sector Perform rating and a price target of $250 after attending the Dreamforce event, indicating skepticism about the company's new direction [3] - The analysts noted that Salesforce's move into automation capabilities will put it in direct competition with ServiceNow, leading them to apply a 15x CY 2026 free cash flow multiple, suggesting that the shares are fairly valued [4]

Financial Data and Key Metrics Changes - Third quarter net sales were $364.5 million, up 5.9% as reported and 4.2% on a currency-neutral basis compared to the third quarter of 2024, both exceeding expectations [13] - Adjusted gross profit margin was 39.5%, an increase of 208 basis points year over year, driven by favorable pricing and product mix along with manufacturing efficiencies [14] - Adjusted operating income rose to $54.1 million, reflecting a 24.5% year-over-year increase [14] - Adjusted EBITDA for the third quarter was $66.2 million, compared to $53.7 million in the same quarter of 2024 [15] - Adjusted earnings per share increased by 27% to $0.61 from $0.48 in the third quarter of 2024 [15] - The company ended the quarter with $482 million in liquidity and a net leverage ratio of 0.6 times [15] Business Line Data and Key Metrics Changes - The nora rubber segment grew by 20% in the third quarter and is up 19% year to date, driven by the One Interface strategy [5] - Corporate office billings increased by 5% in the third quarter, with year-to-date growth expected [9] - Global healthcare billings surged by 29%, with double-digit gains across both the Americas and EAAA [9] - Education billings saw a slight decline of less than 3% in the third quarter but remain at high single digits year to date [10] Market Data and Key Metrics Changes - In the Americas, currency-neutral net sales increased by 4.1% year over year, while EAAA saw a 4.3% increase [13] - Consolidated currency-neutral orders rose by 2.4% year over year, with the Americas up 1.7% and EAAA up 3.5% [10] Company Strategy and Development Direction - The company is focused on its One Interface strategy, which aims to build strong global functions to support local selling teams and enhance commercial productivity [5] - Investments in automation, productivity, and innovation are being accelerated to strengthen the nora product portfolio and drive long-term growth [6] - The company is preparing to launch a new rubber flooring innovation in early 2026, targeting growth in the healthcare segment [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and disciplined execution, highlighting strong results despite a challenging macro environment [11] - The company is raising its full-year guidance based on year-to-date results, anticipating net sales of $1.375 to $1.390 billion for the fiscal year 2025 [17] Other Important Information - The company received multiple awards for design and sustainability, including Manufacturer of the Year in ED's Net Zero Awards [11] - Tariffs diluted the adjusted gross profit percentage by approximately 30 basis points in the third quarter, with a similar dilution expected in the fourth quarter [16] Q&A Session Summary Question: What drove the sales outperformance this quarter? - Management noted that healthcare was the outperformer, with a 29% increase, exceeding expectations due to a focus on expanding the product portfolio in that segment [21][23] Question: Can you provide more details on investments in nora rubber? - Management confirmed ongoing investments in capacity, productivity initiatives, and innovation to support the growth of the nora rubber business [25][26] Question: How do you view margins going forward? - Management indicated that while they aim for a gross profit margin of 38.5%, they will balance share growth and business expansion [28] Question: Can you provide insights on the tax rate and special items in Q3? - The unusual tax rate of 4.8% was due to a non-cash pickup related to changes in German tax legislation, which required remeasuring deferred tax assets and liabilities [39][40] Question: What is the outlook for capital expenditures in 2026? - Management anticipates a slight increase in capital expenditures, primarily associated with nora rubber and other automation investments [74][76]

Meanwhile, the front page of the Wall Street Journal has some new reporting on the wave of white collar layoffs with major companies like Amazon, UPS, Target announcing cuts slashing thousands of corporate roles. In their statements, companies cited in part growing pressure to operate more efficiently and to embrace the use of artificial intelligence. So, Jim Vande, that brings us around to your piece with Mike Allen looking at how an AI job apocalypse unfolds in front of us and it does seem to be accelerat ...

Amazon's new robot, Blue Jay, is a peek into the future of how automation is going to squeeze more productivity out of companies.Doing more profit with less expenses means businesses will be more valuable over time. https://t.co/dp4iBmV8vf ...

I am looking forward to joining @PropyInc's next Spaces conversation.They are at the forefront of the automation trend in real estate, including AI, crypto, and fintech.You can set a reminder below for the Wednesday conversation.https://t.co/RxhZeol7Xx ...

Summary of Centre Testing International Group (300012.SZ) Investor Day Company Overview - **Company**: Centre Testing International Group (CTI) - **Ticker**: 300012.SZ - **Market Cap**: Rmb 24.1 billion / $3.4 billion - **Enterprise Value**: Rmb 23.1 billion / $3.2 billion - **Industry**: Testing, Inspection, Certification (TIC) Key Takeaways from the Investor Day 1. Financial Performance and Projections - Expected revenue and net income CAGRs of 11% and 15% respectively from 2025E to 2030E - Operating profit margin (OPM) projected to improve to 18.4% by 2030E from 15.4% in 2025E [1][2][22] 2. Strategic Initiatives - **"123 Strategy"**: - Stabilizing traditional TIC business - Accelerating expansion in rapidly-growing end-markets - Incubating technologies and certifications for potential new markets [2][19] - **LEAN Project**: - Implementation has improved efficiency in 43% of CTI's labs, with plans to increase this to 60% in 2026E and 75% in 2027E [2][19] 3. Digitalization and Automation - Established 31 sets of Laboratory Information Management Systems (LIMS) since 2008 - Achievements in digitalization include reducing manual processing workload by 8% and significant efficiency improvements in various applications [3][19] 4. Overseas Expansion and M&A - Targeting over 20% overseas revenue exposure in the next 5-10 years - Three overseas M&As initiated in 1H25 to expand into food, carbon emission, and ESG testing segments [17][20] 5. Financial Management and Growth Targets - Aiming for double-digit revenue and net income growth over the next three years - CAPEX to revenue ratio expected to drop to 5-7% from 7% previously guided [17][20] - Monthly reviews on cash flow conditions and projects with hard-to-collect accounts receivable [20] 6. Market Position and Competitive Landscape - CTI is positioned as a consolidator in the TIC market, benefiting from a resilient operational performance compared to peers - The TIC market in China is expected to grow at a long-term CAGR of 7% [22] Important Metrics - **Revenue Projections**: - 2025E: Rmb 6,506.6 million - 2026E: Rmb 7,116.2 million - 2027E: Rmb 7,807.9 million [5][14] - **EPS Growth**: - 2025E: Rmb 0.60 - 2026E: Rmb 0.69 - 2027E: Rmb 0.78 [5][14] Risks and Considerations - Key risks include potential damage to the company's credibility, intensifying pricing competition, and greater accounts receivable risk due to the 3rd National Soil Census [23] Conclusion - CTI is positioned for growth with a strong focus on efficiency, digitalization, and strategic expansion into new markets. The company is well-prepared to navigate challenges in the TIC industry while aiming for significant revenue and profit growth in the coming years [22][23]

Core Insights - The Zacks Medical-Hospital industry is facing multiple challenges, including rising labor and supply costs, workforce burnout, regulatory hurdles, and tighter funding, while also dealing with cybersecurity threats. However, technology-driven innovations may lead to future efficiencies and a gradual recovery in patient volumes [1][4][5]. Industry Overview - The industry consists of for-profit hospital companies providing various healthcare services, including acute care, rehabilitation, and psychiatric care. Revenue is influenced by inpatient occupancy, medical services provided, and outpatient procedures. Payments come from government programs, managed care plans, private insurers, and patients directly [2]. Key Trends - There is a rising demand for healthcare services, particularly due to an aging population projected to increase from 56.1 million in 2020 to 73.1 million by 2030. National health spending is expected to reach $5.6 trillion by 2025 and $8.6 trillion by 2033. However, there is a shift towards outpatient and home-based services, leading to excess capacity in many hospitals [3]. Cost Pressures - Hospitals are experiencing margin pressures from labor shortages, rising wages, supply chain disruptions, and increased benefit costs. New tariffs on imported medical devices are expected to further inflate expenses. Providers are adopting automation and optimizing staffing to control costs, while cybersecurity risks are increasing insurance premiums [4]. Technological Advancements - Hospitals are increasingly utilizing AI, automation, and real-time analytics to enhance efficiency and clinical outcomes. Telehealth services, which gained traction during the pandemic, remain crucial for expanding access to healthcare [5]. Mergers and Acquisitions - Post-pandemic M&A activity is on the rise as hospitals seek scale and financial stability. Consolidation is driven by economic recovery and evolving care models, with smaller facilities likely to be acquired by larger systems [6]. Industry Performance - The Zacks Medical-Hospital industry currently holds a Zacks Industry Rank of 201, placing it in the bottom 17% of over 240 Zacks industries, indicating challenging near-term prospects [7][8]. Stock Performance - Over the past year, the industry has underperformed the S&P 500, losing 5.1%, while the S&P 500 gained 16%. However, it outperformed the broader Medical sector, which declined by 13.2% [10]. Current Valuation - The industry trades at a trailing 12-month EV/EBITDA ratio of 8.14X, compared to the S&P 500's 18.43X and the sector's 10.32X. The industry has fluctuated between 6.47X and 9.55X over the past five years [13]. Company Highlights - **HCA Healthcare**: Focuses on general and acute care hospitals, with a projected 2025 EPS of $26.17, indicating a 19.2% year-over-year growth. The company has seen a 26.4% share price increase over the past six months [16][17]. - **Universal Health Services**: Manages acute care hospitals and outpatient centers, with a 2025 EPS estimate of $20.43, reflecting a 23% year-over-year increase. Shares have gained 17.3% in the past six months [20][21]. - **Community Health Systems**: Operates a network of acute care hospitals, with a projected 2025 EPS growth of 67%. The company has seen a 17.8% increase in share price over the past six months [24][26].

Core Viewpoint - EnerSys (ENS) shares experienced a significant increase of 5.7% in the last trading session, closing at $115.56, driven by strong trading volume and positive momentum in its Energy Systems segment [1][2]. Company Performance - EnerSys is expected to report quarterly earnings of $2.36 per share, reflecting an 11.3% year-over-year increase, with revenues projected at $888.23 million, a 0.5% rise from the previous year [3]. - The consensus EPS estimate for EnerSys has remained stable over the last 30 days, indicating no recent changes in earnings estimate revisions [4]. Industry Trends - The growth in EnerSys is supported by global megatrends such as 5G expansion, rural broadband development, modernization of energy grids, electrification, automation, and decarbonization [2]. - EnerSys operates within the Zacks Manufacturing - Electronics industry, which includes other companies like Franklin Electric (FELE), also holding a Zacks Rank of 3 (Hold) [4][5].