Investor Presentation May 2025 Forward Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "intends," "forecast," and similar expressions, and reflect our expectations concerning the future. Such statements are made based on known eve ...

Group 1 - Phibro Animal Health (NASDAQ: PAHC) announced a significant acquisition from Zoetis (ZTS) aimed at driving business momentum [1] - The investment group "Value In Corporate Events" focuses on identifying opportunities in IPOs, mergers & acquisitions, earnings reports, and corporate capital allocation [1] - The service covers approximately 10 major events monthly to find optimal investment opportunities [1]

Core Insights - Webuy Global Ltd. has appointed Mr. Heng Wee Koon as Independent Director and Chair of the Compensation Committee, highlighting his strategic value to the company [1][4] - Mr. Heng has over 25 years of leadership experience in mergers and acquisitions, financial advisory, and corporate governance, currently serving as Lead Independent Director at Hyphens Pharma International Ltd. [2] - His previous roles include Partner at KPMG Advisory LLP and founder of Acelyr M&A and Acelyr Advisory, bringing deep expertise to Webuy's Board as the company continues its rapid growth [3] Company Overview - Webuy Global Ltd. is a technology-driven company focused on transforming community e-commerce and travel in Southeast Asia, utilizing predictive AI and personalized recommendations [5] - The company enhances its group-buy model and offers curated travel itineraries supported by its proprietary AI Travel Consultant, aiming to improve the lives of millions in the region [5]

Core Viewpoint - A bidding war is emerging for GMS, a building products distribution company, following an unsolicited acquisition proposal from QXO, leading to a significant increase in GMS's stock price [1][6]. Group 1: Acquisition Proposal - QXO has proposed to acquire GMS for approximately $5 billion, equating to $95.20 per share, which represents a 27% premium over GMS's 60-day volume-weighted average [3][4]. - QXO is led by Brad Jacobs, known for his M&A expertise, and aims to build a $50 billion business through acquisitions, having already completed a deal for Beacon Roofing Supply for $11 billion [4]. Group 2: Competition and Market Reaction - Home Depot has reportedly made an offer for GMS, although the details of this bid remain undisclosed [5]. - GMS shares surged by 26% following the news of the acquisition proposal, with market prices reaching as high as $104, indicating investor optimism about a potential bidding war [1][6]. Group 3: Strategic Considerations - Both QXO and Home Depot possess the financial resources to engage in a bidding war, but their management teams are expected to avoid overpaying significantly [7]. - The outcome remains uncertain, and the presence of two bidders may drive the final sale price above QXO's initial offer of $95.20 per share [6].

Core Insights - Eli Lilly (LLY) announced the acquisition of Verve Therapeutics (VERV), focusing on gene therapies for cardiovascular diseases, particularly VERVE-102, which aims to reduce cholesterol levels [1][9] - The acquisition has positively impacted the share prices of other gene-editing companies, including Crispr Therapeutics (CRSP) and Intellia Therapeutics (NTLA), while Editas Medicine (EDIT) saw a decline [2][9] Gene-Editing Companies Overview - The field of gene editing is rapidly evolving, with companies utilizing CRISPR/Cas9 technology to treat genetic diseases by correcting DNA defects [3] - Intellia Therapeutics (NTLA) focuses on CRISPR-based therapies, with its lead candidates targeting ATTR amyloidosis and hereditary angioedema, and saw a 6.9% increase in share price [4] - Crispr Therapeutics (CRSP) is developing therapies for various diseases and achieved a milestone with the approval of its CRISPR/Cas9 therapy, Casgevy, in November 2023, resulting in a 3.9% share price increase [5] - Beam Therapeutics (BEAM) is advancing base editing programs, including BEAM-101 for sickle cell disease, which received orphan drug designation from the FDA [6] - Editas Medicine is developing treatments using its proprietary CRISPR technology, focusing on in vivo pipeline development [7] Mergers and Acquisitions Activity - Mergers and acquisitions (M&A) in the pharma/biotech sector have increased significantly in 2025, indicating a focus on portfolio expansion and innovation [8][12] - Notable acquisitions include Sanofi's planned acquisition of Blueprint Medicines for up to $9.5 billion and Johnson & Johnson's acquisition of Intra-Cellular Therapies for approximately $14.6 billion [10][11]

Core Viewpoint - Neinor Homes has announced a €1,070 million tender offer to acquire 100% of AEDAS Homes, aiming to consolidate its leadership in the European housing market [1][2]. Financial Structure - The acquisition values AEDAS at €24.485 per share, with an adjusted price of €21.335 per share after accounting for €136 million in dividends [2]. - The transaction is supported by approximately €1.25 billion in committed capital, including €500 million in equity and €750 million through senior secured notes [3]. - Neinor has entered into a standby volume underwriting agreement with Banco Santander and J.P. Morgan for up to €175 million [4]. Strategic Implications - The acquisition provides Neinor with a portfolio of approximately 20,200 units at a 30% NAV discount, primarily located in Madrid [6][9]. - AEDAS' portfolio includes 13,809 units under production and 9,049 units either under construction or completed, with €1.7 billion in future revenues from pre-sold units [7]. - The transaction is expected to generate €150 million in earnings uplift over 2025-2027, representing a 40% increase compared to the strategic plan target [8]. Growth and Profitability - Neinor is revising its net income target for 2023-2027 to approximately €510 million, a 40% increase from the original target [13]. - The company anticipates earnings per share to rise to approximately €5.9, a 25% increase from previous estimates [13]. - The acquisition is projected to add €900 million in free cash flow from 2025 to 2030, allowing for increased shareholder remuneration [8]. Market Positioning - This acquisition positions Neinor as the largest and most diversified residential developer in Spain, enhancing its capacity to build and develop approximately 43,200 units [14][16]. - The transaction reinforces Neinor's commitment to the Spanish housing market, ensuring that AEDAS' platform remains under the control of a Spanish listed company [15]. - The combined entity aims to address the fragmented housing supply in Spain, leveraging operational excellence and local expertise [17][20].

Core Insights - Bank of America (BAC) is highly sensitive to interest rate changes, benefiting from a 100 basis point rate cut by the Federal Reserve last year, which positively impacted its net interest income (NII) [1] - The company anticipates a sequential rise in NII for all quarters in 2025, with expectations of reaching $15.5-$15.7 billion in Q4 2025, driven by strong loan demand and higher interest rates [3][8] - The bank's aggressive branch expansion strategy aims to enhance customer relationships and tap into new markets, with plans to open over 150 financial centers by 2027 [7][9] Net Interest Income (NII) Outlook - NII is expected to rise 6-7% in 2025, supported by solid loan demand, robust deposit balances, and a stable economic environment [2][3] - The company projects NII growth to accelerate in the second half of 2025, with a target of $15.7 billion in Q4 [3][8] Investment Banking (IB) Performance - The investment banking sector has faced challenges, with IB fees declining over 20% in Q2 2025 due to tariff-related uncertainties affecting deal-making [14][17] - Despite a significant drop in IB fees in previous years, there was a 31.4% year-over-year increase in 2024, indicating potential recovery [14][15] Asset Quality Concerns - Bank of America has experienced a deterioration in asset quality, with provisions increasing significantly over the past few years due to a challenging macroeconomic outlook [19][20] - The company remains cautious about the impact of high interest rates on borrowers' credit profiles, which may further affect asset quality [20] Shareholder Returns and Valuation - The company has increased its quarterly dividend by 8% to 26 cents per share and has a payout ratio of 31% of earnings, reflecting a commitment to returning value to shareholders [12] - Bank of America stock is currently trading at a price-to-tangible book (P/TB) ratio of 1.66X, which is below the industry average of 2.83X, indicating it may be undervalued [24][26] Analyst Sentiment - Analysts have a positive outlook for Bank of America, with earnings estimates for 2025 and 2026 indicating growth of 12.2% and 15.6%, respectively [21][22] - The stock has outperformed the S&P 500 Index over the past three months, gaining 6.4% [27][30]

Core Insights - Casey's General Stores experienced a 13% increase in share price following the announcement of strong fourth-quarter earnings, with EBITDA and earnings per share growth of 20% and 12% respectively, surpassing analysts' expectations [1][2] - The company announced a 14% increase in dividends, contributing to the rise in share price [2] - Casey's operates approximately 2,900 locations across 20 states, having expanded significantly since its inception in Iowa, and has shown a remarkable growth of 258 times since 1990 [3] Expansion and Growth Strategy - Management plans to grow the store count by 9% in 2025, indicating ongoing expansion efforts [5] - The company employs a mergers and acquisitions strategy focused on acquiring convenience stores lacking a strong food presence, subsequently enhancing profitability by introducing Casey's kitchen offerings [6] Valuation and Performance Comparison - Despite recent successes, Casey's valuation remains reasonable at 17 times cash from operations, especially when compared to Domino's Pizza, which has a higher valuation of 23 times cash from operations despite lower profit growth [7]

Group 1 - Allison Transmission Holdings, Inc. (ALSN) has agreed to acquire Dana Inc.'s Off-Highway business for approximately $2.7 billion, which manufactures mobile drivetrains and motion systems for heavy-duty vehicles [1][8] - The acquisition will allow Dana to streamline operations and focus on light- and commercial-vehicle supply, aligning with its cost-cutting efforts amid economic pressures [2][4] - Dana's Off-Highway business represented 27% of its total revenues of $10.28 billion in 2024 and operates in over 25 countries with a global customer base [3][8] Group 2 - The integration of expertise from both companies is expected to create new growth opportunities and develop tailored solutions for customers [4] - The transaction is projected to generate annual run-rate synergies of approximately $120 million and is planned to close by the end of Q4 2025, financed through cash and debt [4][8] - ALSN stock has increased by 39.2% over the past year, contrasting with a 5.7% decline in the industry [6]

Core Viewpoint - The domestic audio market is undergoing significant changes as Tencent Music plans to fully acquire the leading online audio platform, Ximalaya, for a total consideration of approximately 20.9 billion yuan (1.26 billion USD) [1][5][10]. Group 1: Acquisition Details - Tencent Music announced the acquisition of Ximalaya, which includes a cash payment of 1.26 billion USD and stock arrangements, with the total transaction value estimated at about 20.9 billion yuan [1][5][10]. - Ximalaya's valuation previously exceeded 30 billion yuan, indicating a significant discount in the current transaction [1][10]. - After the acquisition, Ximalaya will become a wholly-owned subsidiary of Tencent Music, maintaining its brand and operational independence [10]. Group 2: Ximalaya's Background - Founded in 2012, Ximalaya has grown to become the industry leader in online audio, completing 12 rounds of financing totaling around 10 billion yuan [2][9]. - Despite its growth, Ximalaya faced challenges in achieving an IPO, with four attempts since 2021 failing to materialize [2][9]. - In 2023, Ximalaya achieved profitability for the first time, reporting a net profit of 224 million yuan [3][10]. Group 3: Market Implications - The acquisition is expected to enhance resource sharing between Tencent Music and Ximalaya, potentially leading to healthier development for both companies [4][12]. - Tencent Music, which holds about 70% of the domestic online music market, will solidify its position in the audio industry by integrating Ximalaya into its portfolio [11][13]. - The combined resources of Tencent Music and Ximalaya are anticipated to improve customer offerings and overall competitiveness in the digital music sector [12][13].