Core Viewpoint - Almost all major tech companies, including Apple, Amazon, and Alphabet, are projected to see their free cash flows approach zero by 2026 due to significant investments in AI [1] Group 1: Company Insights - Apple (AAPL) is among the big tech peers expected to experience a decline in free cash flow as it invests heavily in AI [1] - Amazon (AMZN) is planning to allocate $200 billion towards capital expenditures [1] - Alphabet is also involved in substantial investments in AI, contributing to the trend of reduced free cash flows across the sector [1]

Fourth Quarter 2025 Earnings Presentation The Chefs' Warehouse, Inc. 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which ...

Core Insights - Oatly Group AB reported profitable growth in both the fourth quarter and the full year of 2025, marking a significant milestone in its business strategy [2] - The company aims to accelerate its growth strategy and improve profitability further, indicating confidence in its future potential [2] Financial Performance - Fourth quarter revenue reached $233.8 million, a 9.1% increase from the previous year, with a constant currency revenue increase of 4.3% [5][6] - Gross margin for the fourth quarter improved to 34.5%, up 5.8 percentage points compared to the prior year [5][7] - The net loss attributable to shareholders for the fourth quarter was $19.1 million, an improvement of $72.1 million from a loss of $91.2 million in the prior year [5][12] - Adjusted EBITDA for the fourth quarter was $11.0 million, compared to a loss of $6.1 million in the prior year [5][12] Segment Performance - Europe & International revenue increased by $25.3 million, or 23.3%, to $133.7 million in the fourth quarter, driven by volume growth [20][21] - North America revenue decreased by $6.2 million, or 8.8%, to $64.4 million, primarily due to reduced sales to a major foodservice customer [22][23] - Greater China revenue increased by $0.4 million, or 1.1%, to $35.7 million, with a slight decline in foodservice sales offset by retail growth [24][25] Cost Management - Research and development expenses rose to $5.1 million in the fourth quarter, attributed to new product launches and foreign currency exchange impacts [8] - Selling, general, and administrative expenses increased to $83.9 million, driven by foreign currency exchange headwinds and distribution costs [9] Cash Flow and Capital Expenditures - As of December 31, 2025, the company had cash and cash equivalents of $64.3 million and total outstanding debt of $523.0 million [27] - Capital expenditures for the year were $15.3 million, down from $41.2 million in the prior year, reflecting disciplined investment strategies [29] - Free cash flow was an outflow of $39.0 million for the year, an improvement from an outflow of $155.6 million in the previous year [30] Strategic Outlook - The company expects constant currency revenue growth of 3% to 5% for 2026, with Adjusted EBITDA projected between $25 million and $35 million [15][37] - A strategic review of the Greater China business is ongoing, with no definitive timetable for completion [31][32]

Core Viewpoint - Nasdaq, Inc. reported strong free cash flow (FCF) and margins for Q4, yet its stock has declined by 14% since the announcement, presenting an opportunity to short out-of-the-money put options with a one-month expiry [1]. Financial Performance - Nasdaq's revenue increased by 13% in 2025, with annualized recurring revenue (ARR) rising by 10% in Q4 [4]. - The company's FCF reached nearly $2.2 billion in 2025, representing 42.3% of its net revenue of $5.2 billion, indicating strong cash-flow profitability [4]. - In comparison, the previous year, Nasdaq generated $1.732 billion in FCF, which was 37.3% of its $4.649 billion in net revenue, showing improved margins and operating leverage [5]. Future Projections - For Q4, Nasdaq's FCF was $537 million, accounting for 38.6% of its $1.392 billion in net revenue [6]. - Analysts forecast net revenue to rise to $5.7 billion in 2026, a 9.6% increase, and to $6.17 billion in 2027, an 18.65% increase [6]. - Assuming a 40% conversion of revenue to FCF, the estimated FCF for 2026 would be approximately $2.288 billion, a 4.1% increase from 2025 [8]. Market Valuation - If the market values Nasdaq stock at a 4.25% FCF yield, the estimated market value would be $53.84 billion based on the projected FCF [9]. - Currently, Nasdaq has a market cap of $48.17 billion, suggesting a potential gain of 14% from the current stock price of $84.17, leading to a target price of $95.95 [9]. - This target price is lower than the average target price of $108.33 set by 17 analysts [9].

Summary of International Petroleum Corporation (IPC) Capital Markets Day 2026 Company Overview - **Company**: International Petroleum Corporation (IPC) - **Industry**: Oil and Gas - **Key Assets**: Operations in Malaysia, France, and Canada, with a focus on the Blackrod asset in Alberta, Canada [2][3] Core Points and Arguments Blackrod Development - **Project Approval**: Greenfield development at Blackrod was approved in 2023, with first production expected in Q3 2026 [3][5] - **Production Capacity**: Phase 1 is designed to process 30,000 barrels of oil per day, targeting over 250 million barrels of proved plus probable reserves [3][5] - **Enhanced Oil Recovery Method**: Utilizes steam-assisted gravity drainage (SAGD) for oil extraction, which accounts for nearly 40% of Canada's total oil output [3][4] - **Construction Progress**: The project is on budget and ahead of schedule, with civil construction and drilling progressing as planned [4][5] Financial Performance - **2025 Highlights**: - Capital expenditure of $344 million, second highest in company history [7] - Full-year production of 44.9 thousand barrels of oil equivalent per day, close to guidance [8] - Operating cash flow of approximately $259 million, slightly above guidance [8] - **Debt Management**: Successfully refinanced $450 million of Nordic bonds, maturing in October 2030 [8] - **Share Buybacks**: Completed a share buyback program, reducing shares outstanding since 2017 [9][21] Production and Reserves Growth - **Production Increase**: Production guidance for 2026 is 44,000-47,000 barrels of oil equivalent per day, with expectations to ramp up to over 50,000 by the end of the year [33][34] - **Reserves Replacement**: Achieved a 277% reserves replacement rate, increasing 2P reserves to 521 million barrels of oil equivalent [61] - **Future Outlook**: Anticipates average production of 62,000 barrels of oil equivalent per day from 2026 to 2030 [11][35] Strategic Pillars - **Organic Growth**: Focus on maturing contingent resources into reserves and expanding production capacity [11][20] - **Stakeholder Returns**: Renewed share repurchase program allowing for the buyback of up to 6.5 million shares [22] - **M&A Activity**: Successful track record of acquisitions generating over $1.2 billion in free cash flow [24] Market Conditions and Pricing - **Brent Price Assumptions**: Base case Brent price of $65 per barrel, with sensitivities provided for cash flow impacts based on price fluctuations [62] - **Differential Pricing**: Current WTI/WCS differential is around -14, impacting cash flow projections [62] Sustainability and Safety - **Operational Excellence**: No material incidents reported, with a commitment to reducing net emissions by 50% by 2028 [59][60] - **Safety Culture**: Emphasis on maintaining a strong safety culture throughout operations [42] Additional Important Information - **Blackrod Valuation**: The Phase 1 project has a value of $1.4 billion with a break-even price of approximately $47 WTI [17] - **Future Expansion Potential**: Regulatory approval for an additional 50,000 barrels per day at Blackrod, indicating significant upside potential [17] - **Contingent Resources**: IPC holds 1.2 billion barrels of contingent resources, which are expected to contribute to future growth [11][35] This summary encapsulates the key points discussed during the IPC Capital Markets Day, highlighting the company's strategic direction, financial performance, and operational achievements.

February 10, 2026 4Q & Full Year 2025 Financial Results Overview DuPont de Nemours, Inc . ("DuPont") completed the previously announced separation of its Electronics business (the "Electronics Separation") into an independent public company, Qnity Electronics, Inc . ("Qnity"), by way of the distribution to DuPont's stockholders of record as of October 22, 2025 of all the issued and outstanding common stock of Qnity on November 1, 2025 (the "Qnity Distribution") . As a result, beginning in the fourth quarter ...

Core Viewpoint - The First Trust Active Factor Mid Cap ETF (AFMC) is considered a Hold despite a strong start to 2026, indicating a cautious outlook on its future performance [1]. Group 1: Investment Strategy - The investor employs various techniques to identify underpriced equities with strong upside potential and overappreciated companies with inflated valuations [2]. - A focus on the energy sector, including oil & gas supermajors and mid-cap exploration & production companies, is emphasized, alongside other industries such as mining and chemicals [2]. - The investor highlights the importance of assessing Free Cash Flow and Return on Capital for deeper insights into investment opportunities [2]. Group 2: Market Analysis - The investor acknowledges that while some growth stocks deserve premium valuations, it is crucial to analyze whether the market's current opinions are accurate [2].

Today, I would like to explain why I believe that the First Trust Active Factor Mid Cap ETF ( AFMC ) is only a Hold despite its quite an ebullient start to 2026.Vasily Zyryanov is an individual investor and writer.He uses various techniques to find both relatively underpriced equities with strong upside potential and relatively overappreciated companies that have inflated valuation for a reason.In his research, he pays much attention to the energy sector (oil & gas supermajors, mid-cap, and small-cap explor ...

Core Insights - Silvercorp Metals Inc. reported significant financial results for Q3 Fiscal 2026, with a record revenue of $126.1 million, marking a 51% increase compared to the same period in the previous year [3][4] - The company experienced a net loss of $15.8 million, primarily due to a non-cash charge related to convertible notes, despite achieving adjusted net income of $47.9 million [4][5] - Cash flow from operating activities reached a record $132.9 million, reflecting a substantial increase from the previous year [4][5] Financial Results - Revenue for Q3 Fiscal 2026 was $126,112 thousand, up 51% from $83,614 thousand in Q3 Fiscal 2025 [3] - Mine operating earnings increased by 164% to $77,068 thousand, compared to $29,230 thousand in the same quarter last year [3] - Adjusted earnings were $47,931 thousand, or $0.22 per share, up from $21,963 thousand, or $0.10 per share, in Q3 Fiscal 2025 [3][4] - EBITDA decreased by 86% to $5,984 thousand, while adjusted EBITDA increased by 66% to $66,735 thousand [3][4] Production and Costs - The company produced approximately 1.9 million ounces of silver equivalent, with a cash cost per ounce of silver at negative $3.02, an improvement from negative $1.88 in Q3 Fiscal 2025 [4][5] - All-in sustaining cost (AISC) per ounce of silver was $12.86, remaining stable compared to $12.75 in Q3 Fiscal 2025 [4][5] - The Ying Mining District reported record ore mined of 365,370 tonnes, up 23% year-over-year, with mill throughput increasing by 18% [6][7] Capital Expenditures - Total capital expenditures for Q3 Fiscal 2026 were $44.3 million, a 75% increase from $25.3 million in Q3 Fiscal 2025, driven by ongoing projects [17][19] - Capitalized expenditures for the Ying Mining District amounted to $17.7 million, while the GC Mine reported flat capitalized expenditures of $1.8 million [18][19] Cash Position - The company ended the quarter with cash and cash equivalents of $462.8 million, an increase of $80.6 million from the previous quarter [4][5] - Free cash flow reached $89.6 million, up 336% from $20.5 million in Q3 Fiscal 2025 [4][5] Future Outlook - The GC Mine is expected to process approximately 50,000 tonnes of ore in Q4 Fiscal 2026, with ongoing development activities at the Kuanping Mine anticipated to start production in June 2026 [10][20]

Market Overview - The S&P 500 is reaching record highs despite patchy performance from the "magnificent seven" stocks, indicating a broadening market participation [1] - Fourth quarter earnings reports have been stellar, with more companies beating estimates compared to the first three quarters of the year [2][3] - The New York Fed's probability recession indicator has been elevated since the Fed began raising rates in 2022, but the steepening yield curve is reducing recession probabilities, which historically leads to outperformance in equities [3][4] Company Performance - Large companies are experiencing strong revenues and earnings, but increased capital expenditures (CapEx) are putting pressure on their margins, raising concerns about the cap-weighted S&P 500 compared to equal-weight indices [5] - The market is currently in a late cycle phase, which is not necessarily indicative of an impending end to the cycle, as it can lead to speculative behavior [6][7] - High earnings estimates and GDP outlooks are prevalent, but this combination can lead to potential disappointments, consistent with late cycle characteristics [9][10] Investment Opportunities - Financials and industrials are highlighted as sectors with good earnings potential, presenting opportunities for investment as the market rotates into defensive sectors [12] - The shift in large companies' strategies, including significant CapEx and leveraging in bond markets, is changing the investment landscape [11][12] - Companies that are performing well and beating earnings expectations with reasonable multiples are seen as safer investments, even amidst market volatility [14][15]