New York-based Corvex said the Premier Inn owner should review its five year capital plan - Lee Smith/Reuters The owner of Premier Inn is facing pressure from a US activist investor to curb its spending after suffering a £50m blow from Rachel Reeves’s Budget. New York-headquartered Corvex has amassed a 6.05pc stake in London-listed Whitbread and called for the company to reconsider its strategy in light of changes introduced in the Chancellor’s Autumn Statement. The asset manager called for a strategic ...

Core Viewpoint - Corvex Management LP has accumulated a 6.05% stake in Whitbread PLC and is calling for a strategic review of the company's direction and capital allocation to maximize shareholder value [1][2]. Investment Rationale - Corvex believes that Whitbread's current market price does not reflect its fundamental value, particularly undervaluing its UK freehold hotel portfolio and other significant business components such as the UK leasehold portfolio, German hotel assets, and development properties [2][3]. Strategic Review Proposal - Corvex suggests that Whitbread should conduct a strategic review to reassess its capital allocation priorities and overall strategic direction, ideally with the assistance of an independent financial adviser to ensure an unbiased evaluation of options [3]. - The review should include an assessment of the company's current five-year capital plan, which involves approximately £3.5 billion in investments, nearly equivalent to the company's market capitalization [3]. Board Engagement - Corvex intends to seek representation on Whitbread's Board and aims to collaborate constructively with the company's directors and management to facilitate the strategic review [4].

Ford Motor Co's (NYSE:F) latest strategic reset isn't just an EV pivot. It's a conscious rewrite of its playbook—one that signals the company no longer wants to compete with Tesla Inc. (NASDAQ:TSLA) on Tesla's terms.Track F stock here.After years of pushing aggressively into all-electric vehicles, Ford is stepping back from large, capital-intensive EV bets and leaning into hybrids, extended-range EVs, and gas-powered trucks. On the surface, it appears to be a retreat. In practice, it's a narrowing of focus ...

Core Insights - ExxonMobil has undergone a significant transformation over the past five years, focusing on unlocking competitive advantages through strategic investments and cost reductions [1] - The company's strategy has resulted in substantial total returns for investors, particularly over the five-year period [3][8] Performance Analysis - Over the last five years, ExxonMobil's stock has returned 179.1%, with total returns (including reinvested dividends) reaching 238.5%, outperforming the S&P 500, which returned 87.7% [3] - In the last year and three years, ExxonMobil has underperformed the S&P 500, with returns of 5.8% and 15.4% respectively [3] Oil Price Correlation - Exxon's returns have shown little correlation with oil prices, which have decreased by 14% over the past year and 17% over the last three years, while only increasing by about 25% over the last five years [4] Strategic Focus - The main drivers of Exxon's performance include a focus on advantaged growth, structural cost improvements, and disciplined capital allocation [6][7] - Key investment areas include the Permian Basin, Guyana, LNG, and refining and chemicals operations, which have enabled higher returns on capital [6] Cost Savings and Shareholder Returns - Exxon's structural cost savings program has delivered $14.3 billion in cumulative savings since 2019, allowing for increased cash returns to investors [7] - The company has raised its dividend for 43 consecutive years and plans to repurchase $20 billion of its stock this year [7] Future Outlook - ExxonMobil is expected to continue its strong performance, aiming to significantly increase profitability by 2030 through its strategic initiatives [8]

Summary of American Coastal Insurance Conference Call Company Overview - **Company**: American Coastal Insurance Corporation (Ticker: ACIC) - **Industry**: Specialty insurance focused on commercial residential property insurance in Florida - **Market Position**: Holds the number one market share, insuring approximately 4,300 out of 17,000 condominium associations in Florida [2][3] Core Business Strategy - **Focus Shift**: Transitioned from personal loans and homeowners insurance to commercial residential insurance, with plans to expand outside Florida [3][4] - **Underwriting Profitability**: Achieved consistent underwriting profit since inception in 2007, even during adverse conditions [4][5] - **Risk Characteristics**: Targets low-rise, garden-style commercial residential buildings with an average total insured value of about $16 million, focusing on properties valued between $5 million and $60 million [5][12] Financial Performance - **2025 Financials**: As of September 2025, gross premium earned was nearly $500 million, with net premium earned at $228 million, reflecting a 15% growth [20][21] - **Return on Equity**: Core return on equity stands at 37.9% [21] - **Stockholders' Equity**: Reported at $1.2 million with total cash and cash equivalents increasing to $270 million from $137 million at the end of 2024 [21][22] Reinsurance Strategy - **Risk Transfer**: Utilizes extensive reinsurance to mitigate volatility, with a main catastrophe reinsurance program covering named hurricanes and tropical storms [16][17] - **Retention Levels**: Retains $30 million on the first event and $19 million on the second event, with total coverage of $1.3 billion [16] - **New Programs**: Introduced an aggregate CAT reinsurance program in 2025, providing additional protection against high-severity, high-frequency catastrophe events [17] Growth Opportunities - **New Product Launches**: Launched new underwriting programs for apartments and assisted living facilities through their own Managing General Agency (MGA) named Skyway [19][20] - **Market Expansion**: Plans to leverage underwriting capabilities to enter new products and geographies, enhancing growth potential [29][30] Capital Allocation and Shareholder Value - **Dividends and Buybacks**: Plans to focus on special dividends, increasing from $0.50 to $0.75 per share for 2024, with potential buybacks contingent on stock price performance [23][24] - **Long-term Leverage Goals**: Aims to maintain a leverage ratio of less than 25% [23] Market Conditions and Outlook - **Insurance Cycle**: Acknowledges the current softening cycle in the insurance market but remains optimistic about underwriting profitability through careful risk selection [14][30] - **Earnings Volatility Management**: Emphasizes the importance of reducing earnings volatility through strategic reinsurance rather than maximizing average earnings [25][26] Key Takeaways - **Strong Financial Position**: The company has a robust capital base and liquidity, allowing for growth without immediate debt financing [22] - **Focus on Underwriting Profit**: Prioritizes underwriting profit over aggressive growth, ensuring sustainable long-term performance [30][31] - **Strategic Partnerships**: Maintains a beneficial partnership with AmRisc for underwriting, while also developing internal capabilities through Skyway [10][11]

Summary of Conference Call Company Overview - The company has focused on creating consistent, sustainable, long-term performance over the last 10 years, prioritizing soundness, profitability, and growth [2][3][4] - Investments have been made in business, talent, and technology to diversify revenue [2][6] Key Financial Performance - The company has improved credit risk management and capital allocation, leading to strong results in the CCAR process [3] - Shareholder value has been driven by a compound annual growth rate of over 10% in dividends over the last six years and significant share buybacks [3][4] - The return on tangible common equity has improved from the bottom to the top of the peer group over the last five years [4] - Earnings per share growth has been in the top quartile over the last three, five, and ten years [4] Market Position and Growth Strategy - The company has experienced top deposit growth among peers at a lower cost [6] - Eight priority markets have been identified for growth, contributing over 50% of deposit growth in the last five years [6] - Plans to add 170 bankers over the next three years to enhance service in key markets [6][7] Economic and Client Sentiment - The economy in the company's markets is characterized as decent, with good job creation and consumer confidence [12][14] - Client sentiment in the wholesale business has improved, with a 75% probability to close pipeline up 84% year-over-year [14] Competition and Market Dynamics - Increased competition from larger banks is noted, but the company believes its long-standing presence and local leadership provide a competitive edge [16][19] - The company aims to leverage disruptions in the market to grow its share [19] Loan Growth and Capital Management - Loan growth has been impacted by strategic de-risking, with a focus on maintaining soundness and profitability [27][28] - Total client liquidity is expected to lead to loan growth in 2026 as customers begin to draw down excess liquidity [14][28] Revenue Components and Fee Income - Fee income has grown by 5% year-to-date, with expectations for continued growth in service charges, treasury management, and wealth management [37][38] - The company is focused on enhancing its treasury management services and small business opportunities [41][42] Technology and Systems Upgrade - A significant technology project is underway, expected to be completed by 2027, which will modernize the deposit system and improve operational efficiency [59][74] - The new system is anticipated to increase speed to market for new products and services, providing a competitive advantage [74] Capital Allocation and Share Buybacks - The company maintains a CET1 ratio of almost 11%, with capital priorities focused on supporting organic growth, paying dividends, and potential non-depository acquisitions [50][52] - A new $3 billion share buyback plan has been announced, but the company prefers to use capital for growth rather than buybacks [52][54] Conclusion - The company is positioned for strong performance in 2026, with a focus on loan growth, margin improvement, and continued investment in technology and talent [33][35][63]

Core Insights - Newmont Corporation's shares have surged 79% in the past six months, driven by rising gold prices and strong earnings performance, supported by operational efficiency and a robust Tier 1 portfolio [1][7]. Stock Performance - NEM stock has outperformed the Zacks Mining – Gold industry's growth of 54.8% and the S&P 500's increase of 16% [2]. - Among peers, Barrick Mining Corporation, Agnico Eagle Mines Limited, and Kinross Gold Corporation have seen stock increases of 104.4%, 42%, and 81.7%, respectively, over the same period [2]. Technical Indicators - Technical indicators show bullish momentum for NEM, with the stock trading above its 200-day simple moving average (SMA) since April 9, 2025, indicating a long-term uptrend [5]. - A golden crossover occurred on April 16, 2025, with the 50-day SMA surpassing the 200-day SMA, further indicating a bullish trend [5]. Growth Projects and Portfolio Actions - Newmont is investing in growth projects, including the Ahafo North expansion in Ghana and the Cadia Panel Caves and Tanami Expansion 2 in Australia, aimed at increasing production capacity and extending mine life [10]. - The Ahafo North project is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years, with an initial production of 50,000 ounces expected this year [11]. - The acquisition of Newcrest Mining Limited has created a leading portfolio with a multi-decade production profile in favorable mining jurisdictions, achieving $500 million in annual run-rate synergies post-acquisition [12]. Strategic Focus and Divestitures - Newmont has divested non-core businesses to focus on Tier 1 assets, completing its non-core divestiture program in April 2025, which included the sale of operations in Ghana and Canada [13]. - The company anticipates generating $3 billion in after-tax cash proceeds from its 2025 divestiture program, supporting its capital allocation strategy [14]. Financial Health - Newmont has a strong liquidity position of $9.6 billion, including cash and cash equivalents of approximately $5.6 billion, and its free cash flow has more than doubled year-over-year to $1.6 billion [15]. - Over the past two years, Newmont has returned more than $5.7 billion to shareholders through dividends and share repurchases, with a commitment to deleveraging and reducing debt by roughly $2 billion [16]. Gold Price Dynamics - Gold prices have increased approximately 60% this year, driven by aggressive trade policies and central bank accumulation of gold reserves, which are expected to sustain the upward trend [17][18]. - The Federal Reserve's interest rate reductions and concerns over the labor market have contributed to the rally, pushing gold prices above $4,000 per ton for the first time [18]. Earnings Estimates and Valuation - Newmont's earnings estimates for 2025 have risen, with the Zacks Consensus Estimate currently at $6.06, indicating a year-over-year growth of 74.1% [20][21]. - The stock is trading at a forward price/earnings ratio of 12.56X, slightly below the industry's average of 12.74X, and offers a dividend yield of 1.1% with a payout ratio of 17% [19][21]. Investment Outlook - Newmont presents a compelling investment opportunity, supported by a strong pipeline of growth projects, solid Tier 1 operations, and a healthy financial foundation [24]. - The strategic focus on high-return, long-life assets, along with rising earnings estimates and favorable gold market trends, positions Newmont as an attractive option for investors [24].

Core Insights - The company is focused on creating long-term shareholder value through top-line growth and effective capital allocation [2] Group 1: Top-Line Growth - The company has signed a new Master Lease Agreement (MLA) with Verizon, which is a 10-year transaction aimed at facilitating faster equipment deployment for coverage and densification [3] - This partnership is expected to secure a minimum growth rate for the company, indicating a positive outlook for revenue generation [3] Group 2: Capital Allocation - The company anticipates approximately $1.9 billion in EBITDA, with specific allocations including $475 million for dividends, $435 million for cash interest expenses, $35 million for cash taxes, $50 million in maintenance CapEx, and $200 million in growth CapEx [3] - After these allocations, the company expects to have about $700 million available for further capital initiatives [3]

Core Viewpoint - Dundee Corporation has entered into an agreement to sell 24,480,000 units at a price of C$4.00 per unit, resulting in gross proceeds of C$97,920,000, which will enhance its liquidity and support general corporate purposes [1][6][10]. Group 1: Sale Transaction Details - The sale will consist of one common share of New Found Gold Corp. and one-half of a common share purchase warrant per unit, with the warrants exercisable at C$5.00 for 12 months [1][4]. - The transaction is scheduled to close on or about December 16, 2025 [3]. - The sale of unit shares will occur through block trades in Canada and on a private placement basis in the U.S. [2]. Group 2: Financial Implications - If all warrants are exercised, total gross proceeds could reach C$159,120,000 [1]. - Post-transaction, Dundee will hold 12,242,569 common shares and 7,655,829 warrants of New Found, representing approximately 3.6% undiluted and 5.7% partially diluted interest [6][8]. - Prior to the transaction, Dundee held 36,722,569 shares, indicating a significant reduction in ownership percentage [8]. Group 3: Strategic Rationale - The transaction allows Dundee to redeploy capital into opportunities that enhance cash generation while retaining a meaningful stake in New Found's future growth [4]. - The proceeds will be used to improve liquidity and support corporate objectives [6][10]. Group 4: Regulatory and Reporting - Dundee will file an early warning report due to the decrease in its holdings below 10%, which will exempt it from certain reporting requirements unless holdings increase again [11]. - The securities sold will not be registered under U.S. securities laws, limiting their sale within the U.S. [5].

Financial Data and Key Metrics Changes - Net sales for Q2 2026 were $124.7 million, a decrease of $5 million or 3.9% compared to the prior year [13] - EBITDA was reported at $15 million, with operating cash flow exceeding $27 million for the quarter [5][16] - Gross margin decreased to 24.3%, down 2.3% year-over-year, primarily due to lower production absorption and tariffs [15] - Net income was $1.9 million, compared to $4.5 million in the prior year, resulting in earnings per share of $0.04 versus $0.10 a year ago [15] Business Line Data and Key Metrics Changes - Handgun unit shipments into the sporting goods channel decreased by 1.9%, while adjusted sell-through at retail increased by 7.7% [6] - Long gun shipments declined by 5.1%, with NICS down 8.3%, reflecting typical seasonal demand patterns [7] - Overall firearm unit shipments into the sporting goods category increased by 3.3%, outperforming the market which was down 2.7% [7] Market Data and Key Metrics Changes - Average selling prices (ASPs) increased by 3.5% year-over-year, with handguns at $418 (up 2.1%) and long guns at $602 (up 10.2%) [8] - Distributor inventory decreased over 5% sequentially and 15% year-over-year, indicating strong retail sell-through [13] Company Strategy and Development Direction - The company remains focused on innovation-driven growth, disciplined cost management, and maintaining a strong balance sheet [12] - The grand opening of the Smith & Wesson Academy aims to enhance training offerings for law enforcement and consumers [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market's stability and the company's ability to gain market share due to strong brand performance and new product success [6][12] - For Q3, the company expects sales to increase by 8%-10% compared to Q3 fiscal 2025, with improved gross margins anticipated [17] Other Important Information - The company ended the quarter with $183 million in inventory, down from $196 million a year ago, positioning itself well for the busy second half of the fiscal year [9] - Capital spending for the year is expected to be between $25 and $30 million, with $11 million spent in Q2 primarily on the Smith & Wesson Academy [16] Q&A Session Summary Question: Input costs and gross margins outlook - Management indicated that tariff impacts may increase in the back half of the year but should not materially affect profitability [19][21] Question: Operating expenses consistency - Operating expenses are expected to remain consistent, with typical increases for the SHOT Show in January [22] Question: Q4 outlook - Management is optimistic about Q4, expecting high single-digit to low double-digit growth compared to Q3 [24]