Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 31 October 2025, with a total NAV of $1.3 billion [1] - The company maintains its existing dividend policy targeting an annualized yield on NAV of 3.0% or greater [4] NAV Performance - NAV total return (TR) for the year-to-date is 3.4%, with a one-year return of 4.3% and a ten-year return of 163.3% [4] - The MSCI World TR outperformed NBPE with a year-to-date return of 20.2% and a ten-year return of 220.9% [4] - Share price TR showed a slight decline of 0.2% for the month, but a significant ten-year return of 215.9% [4] Portfolio Update - NAV per share was reported at $27.52, with a total return of 0.3% for the month [7] - Approximately 50% of valuation information was based on Q3 private company data, with private investments appreciating by 0.8% on a constant currency basis [6][8] - The company repurchased approximately 658,000 shares in October 2025, resulting in an NAV per share accretion of ~$0.11 [7][14] Liquidity and Capital Allocation - As of 31 October 2025, NBPE had $277 million in available liquidity, including $67 million in cash and liquid investments [11] - The company plans to increase allocation to new investments by at least $100 million over the next three to six months [7] - An acceleration of the $120 million three-year share buyback program reflects the Board's confidence in the portfolio [7] Realisations and Investment Activity - Year-to-date, the company announced $165 million in realisations with an aggregate uplift of 17% to carrying value [7] - In October alone, $64 million of realisations were reported [9] - The company has deployed $23 million year-to-date into new and follow-on investments, with a strong pipeline of opportunities [10][13] Portfolio Composition - As of 31 October 2025, 79% of the portfolio is in North America and 21% in Europe [16] - The portfolio is diversified across various industries, with 21% in Tech, Media & Telecom, 20% in Consumer/E-commerce, and 19% in Industrials [16] - The majority of investments are in private direct investments, with 78.1% of the total portfolio value attributed to the top 30 investments [15]

Core Insights - Ross Stores Inc. reported better-than-expected third-quarter results, leading to a 5% increase in share price intra-day [1] - The company raised its full-year outlook, supported by strong comparable sales and disciplined cost control ahead of the holiday season [1] Financial Performance - Earnings per share (EPS) for the quarter were $1.58, exceeding analyst expectations of $1.41 and up from $1.48 a year earlier [2] - Revenue increased by 10% year-over-year to $5.6 billion, surpassing the consensus estimate of $5.42 billion, driven by a 7% rise in comparable store sales [2] - Operating margin expanded to 11.6%, aided by revenue strength and tighter expense management, despite a $0.05 per share negative impact from tariff-related costs [2] - Net income rose to $512 million, compared to $489 million in the previous year [2] Store Expansion and Share Buyback - The company ended the quarter with 2,273 stores, an increase from 2,192 stores last year [3] - Ross repurchased 1.7 million shares for $262 million during the quarter and is on track to complete a $2.1 billion buyback program by year-end [3] Future Outlook - For the fourth quarter, Ross projected EPS of $1.77–$1.85, above analyst expectations at the midpoint [4] - The company raised its holiday comparable sales outlook to 3%–4% [4] - Full-year EPS is now expected to range between $6.38 and $6.46, compared to $6.32 last year, despite a projected $0.16 per share tariff impact [4]

Financial Data and Key Metrics Changes - Fourth quarter consolidated net sales were $2.2 billion, with adjusted EBITDA of $425 million, representing a 12% increase in sales driven by the acquisition of Eighth Avenue [13][14] - Excluding the acquisition, net sales declined due to lower pet food and cereal volumes, partially offset by avian influenza-driven pricing and egg volume growth [14] - Adjusted EBITDA for the consumer brands segment decreased 8% versus the prior year, while adjusted EBITDA for foodservice increased 50% [15][16] Business Line Data and Key Metrics Changes - Consumer brands net sales, excluding Eighth Avenue, decreased 13%, with cereal volumes down 8% and pet volumes down 13% [14][15] - Foodservice net sales increased 20%, driven by an 11% volume increase and avian influenza-driven pricing [15] - Refrigerated retail net sales were flat, with volumes, excluding PPI impact, falling 4% [16] Market Data and Key Metrics Changes - The U.K. cereal category showed improvement, with Weetabix's net sales increasing 4% year-over-year, although overall volumes decreased by 3% [16] - The pet food category faced challenges, with Nutrich brand adjustments expected to improve performance by mid-fiscal year [9][48] Company Strategy and Development Direction - The company aims to focus on cost reduction and profitable brand investments in retail while expecting volume growth in foodservice [7][10] - Management is reviewing M&A opportunities while also considering share buybacks as a capital allocation strategy [8][22] - The company plans to make targeted investments in innovation across various categories, including cereal and refrigerated retail [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating regulatory changes and consumer sentiment challenges, highlighting the resilience of their diversified portfolio [5][6] - The outlook for FY 2026 includes expectations for increased free cash flow and continued volume growth in foodservice [8][17] - Management anticipates a more normalized environment in cold chain businesses and targeted investments to support volume growth [12] Other Important Information - The company repurchased 6.4 million shares in fiscal 2025, with an additional 1 million shares bought back post-quarter [16][17] - Net leverage at the end of the fiscal year was 4.4 times, remaining flat compared to the beginning of the year [17] Q&A Session Summary Question: Industry volume challenges and capital allocation decisions - Management acknowledged industry volume challenges and indicated a more thoughtful approach to M&A versus share buybacks, focusing on risk-return perspectives [20][22] Question: Cost reduction actions in cereal category - Management noted that while larger cost reduction actions have been taken, there are still opportunities for line optimization [23][24] Question: Normalized growth outlook for segments - Management indicated that the PCB legacy business is expected to be flat, while other segments align with growth algorithms [28] Question: Performance in refrigerated retail - Management expects high teens EBITDA margins in refrigerated retail, with seasonal fluctuations impacting performance [33] Question: Innovation investments in 2026 - Management plans to invest in brand innovation across categories, including new product lines in cereal and pet food [39] Question: Demand for value-added products in foodservice - Management expressed confidence in sustained demand for value-added products due to operational efficiencies and customer stickiness [41][42] Question: Key moving parts in pet segment - Management highlighted the impact of private label losses and expected recovery in the pet segment by mid-fiscal year [48] Question: Pricing rationality in cereal category - Management noted competitive pressure and promotional activities affecting pricing dynamics in the cereal category [49] Question: M&A environment and opportunities - Management remains optimistic about M&A opportunities but noted reluctance from counterparties due to current multiples [68]

Siemens Energy plans to buy back as much as €6 billion of its own shares https://t.co/XWonxRc178 ...

It has been about a month since the last earnings report for Morgan Stanley (MS) . Shares have added about 3.5% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Morgan Stanley due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.Morgan Stanley Q3 Earnings Beat on Deal-Making Bo ...

Core Insights - NuVista Energy Ltd. reported strong financial and operational results for Q3 and year-to-date 2025, with record production levels and significant cost savings achieved through disciplined execution of its development plan [1][4][6]. Operational Highlights - Daily production for Q3 2025 was 67,680 Boe/d, slightly below guidance of 68,000 – 70,000 Boe/d, but production has ramped up to over 100,000 Boe/d following the commissioning of the Pipestone Gas Plant [3][5]. - The production composition included 31% condensate, 9% natural gas liquids (NGLs), and 60% natural gas, exceeding guidance [3][21]. - The company invested $141.1 million in net capital expenditures during Q3, supporting the drilling of 8 wells and completion of 15 wells, with a total of 29 wells drilled and 43 completed year-to-date [3][4]. Financial Performance - Adjusted funds flow for Q3 was $143.5 million ($0.73/share), a 3% increase from Q3 2024, and $469.7 million ($2.35/share) year-to-date, reflecting a 13% increase [3][14]. - Net earnings for Q3 were $36.5 million ($0.19/share), a 39% decrease from Q3 2024, while year-to-date net earnings reached $229.2 million ($1.15/share), an 11% increase [3][14]. - Operating netback was $27.51/Boe, a 38% increase compared to Q3 2024, and corporate netback was $23.07/Boe, a 27% increase [3][14]. Shareholder Returns - The company has returned over $100 million to shareholders through share buybacks, with an additional $51 million spent in Q3 2025 [6][8]. - Since the inception of the Normal Course Issuer Bid (NCIB) program in 2022, NuVista has repurchased over $580 million in shares, reducing total shares outstanding by approximately 20% [6][8]. Transaction Announcement - NuVista entered into an arrangement agreement with Ovintiv Inc. for the acquisition of all outstanding common shares, valuing NuVista at approximately $3.8 billion, including net debt [8][9]. - The transaction has been unanimously approved by the Board of Directors and is expected to close in Q1 2026, pending regulatory approvals [9][10]. Future Guidance - The company maintains its fourth quarter production guidance of approximately 100,000 Boe/d and an average production guidance of approximately 83,000 Boe/d for 2025 [5][25].

Core Insights - News Corporation (NWSA) reported first-quarter fiscal 2026 earnings of 22 cents per share, exceeding the Zacks Consensus Estimate by 22.22%, and reflecting a 10% increase from the previous year's figure of 20 cents [1] - Revenues reached $2.14 billion, marking a 2% year-over-year increase and surpassing the consensus mark by 1.53%, driven by growth in the Digital Real Estate Services and Dow Jones segments [1] Financial Performance - Adjusted revenues increased by 2% year over year, while total segment EBITDA rose 5% to $340 million [2] - Net income from continuing operations was $150 million, slightly up from $149 million in the prior year, and free cash flow improved to $4 million from a negative $49 million [17] Segment Performance Digital Real Estate Services - Revenues in this segment grew 5% year over year to $479 million, with Move's revenues increasing by 9% to $152 million, the highest quarterly growth rate since Q2 fiscal 2022 [3][4] - REA Group revenues rose 3% year over year to $327 million, driven by residential yield increases and customer contract upgrades [5] Dow Jones - Revenues in the Dow Jones segment increased 6% year over year to $586 million, with digital revenues accounting for 84% of total revenues [6][8] - The professional information business saw a 10% revenue increase, with Risk & Compliance revenues growing 16% to $94 million [7] Book Publishing - The Book Publishing segment generated revenues of $534 million, down 2% year over year, with a significant decline in digital sales by 9% [11][12] News Media - Revenues in the News Media segment increased 1% year over year to $545 million, driven by higher circulation and subscription pricing [13] - Advertising revenues remained stable at $85 million, with digital advertising contributing 68% of total ad revenues [9] Strategic Developments - The company has accelerated its share buyback program, repurchasing shares at a rate of approximately $2.5 million per day, reflecting confidence in growth potential [18]

Financial Data and Key Metrics Changes - Net income grew nearly 20% quarter-over-quarter and 43% year-over-year, driven by resilient margins and a sharp decline in provision charges [4][28] - Return on equity (ROE) expanded by 288 basis points during the period, reaching 20.4% [5][28] - The standalone double leverage ratio was 106%, indicating strong creditworthiness and room for further leverage [5] Business Line Data and Key Metrics Changes - Nominal loan growth was flat during the quarter, but adjusted for effects, loan growth would have reached 1.2% quarter-over-quarter and 5.9% annually [4][14] - Consumer loans were the main driver of growth, with credit card usage and Nequi's performance contributing significantly [14][22] - Mortgages registered strong growth, with an annual increase of 11% [14] Market Data and Key Metrics Changes - The Colombian economy sustained a recovery with an expected annual growth rate of 2.4% for Q3, consistent with a full-year GDP forecast of 2.6% [10] - Central American operations showed resilience, with El Salvador expected to grow 2.2% and Guatemala projected to expand 3.6% [12] Company Strategy and Development Direction - The company is well-positioned to deliver sustained value creation for shareholders through a new corporate structure under a holding company [6] - The share buyback program is progressing well, enhancing ROE performance and boosting key valuation metrics [7][8] - The launch of Nequi is seen as a significant step towards sustained profitability, with expectations of breakeven by Q1 of next year [5][22] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of a robust digital offer combined with physical presence to manage funding costs effectively [36] - The company anticipates loan growth of approximately 3.5% for 2025, with a net interest margin estimated at 6.5% [30][31] - The cost of risk is expected to be in the range of 1.5-1.7%, indicating continued improvements in asset quality [31] Other Important Information - The company reported a significant reduction in net provisions, amounting to COP 800 billion, a 24% quarterly drop [24][26] - Operating expenses decreased by 2.4% during the quarter, driven by efficiency strategies [27] Q&A Session Summary Question: Sustainability of funding costs and potential upward revisions to ROE - Management emphasized a structural advantage in managing funding costs through a diverse deposit base and a robust digital offer, with ROE guidance for 2025 around 17% [35][37] Question: Update on presidential elections and efficiency guidance - Management noted that clarity on presidential candidates will improve by January, with efficiency guidance for 2026 set around 50% [42][46] Question: Loan growth breakdown and sustainable levels for new PDL - Loan growth for 2026 is guided at 7%, with consumer loans expected to grow around 10% [54][58] Question: Model recalibration and tax rates - The model recalibration reflects improved credit risk across all countries, with an effective tax rate for Grupo Cibest around 28% [64][66] Question: Buyback program and Nequi's profitability roadmap - Management expressed satisfaction with the buyback program's progress and highlighted Nequi's strong performance, expecting profitability in 2026 [78][81]

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2026 rose 2% year-over-year to $2.14 billion, while total segment EBITDA increased by 5% to $340 million [4][19] - Net income from continuing operations was $150 million, slightly up from $149 million last year, and adjusted EPS rose from $0.20 to $0.22 [4][20] - Total segment EBITDA was negatively impacted by a $13 million write-off related to a book distributor closure [19] Business Line Data and Key Metrics Changes - Dow Jones segment revenue increased by 6% to $586 million, with digital revenues accounting for 84% of total segment revenue [21][22] - Digital real estate services reported revenues of $479 million, up 5% year-over-year, with segment EBITDA rising 13% to $158 million [25] - Book publishing segment revenue declined by 2% to $534 million, with EBITDA down 28% to $58 million due to a $13 million write-off [29] Market Data and Key Metrics Changes - Digital revenues have nearly doubled since fiscal 2018, now comprising 62% of total revenues [18] - Digital advertising accounted for 68% of total advertising revenues, a new record for the company [8][24] - The U.S. housing market is showing signs of recovery, with Realtor.com experiencing a 9% revenue boost year-on-year [9][26] Company Strategy and Development Direction - The company is focusing on maximizing shareholder value through accelerated share buybacks, with a current repurchase rate of approximately $2.5 million per day [5][17] - Strategic diversification across high-margin content licensing and digital revenues is emphasized, with a focus on risk and compliance services [18][22] - The company is pursuing partnerships in the AI space and addressing piracy issues through legal actions [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the housing market and the potential for continued revenue growth in digital real estate and Dow Jones [9][30] - The book publishing segment is expected to benefit from improved trends in the coming months, with recent releases performing well [12][31] - Management remains confident in the company's growth potential and plans to continue share repurchases at an elevated rate [17][32] Other Important Information - The company has made strategic acquisitions, such as Eco-Movement, to enhance its data offerings in the professional information business [8][23] - The digital-only subscriptions for the Wall Street Journal surged by 11%, contributing to the overall growth in digital circulation revenues [8][24] Q&A Session Summary Question: Concerns about Realtor's revenue growth sustainability - Management highlighted the ongoing focus on growth areas such as seller, new homes, and rentals, indicating that the strategy is yielding positive results despite market challenges [34] Question: Share repurchase strategy and Wall Street Journal pricing - Management confirmed the accelerated buyback rate and indicated that there is potential for further increases, while also discussing the elasticity of subscription pricing for the Wall Street Journal [38][39] Question: Impact of Factiva dispute settlement on revenues - Management noted that while the settlement had a modest impact, overall performance in Dow Jones was strong, with significant growth in risk and compliance revenues [42][43] Question: Future simplification of the business structure - Management expressed openness to structural changes and emphasized the importance of maximizing shareholder returns through strategic decisions [49] Question: Growth potential in risk and compliance services - Management is optimistic about the growth trajectory in risk and compliance, citing regulatory pressures as a source of new business [52][53] Question: Trajectory of news media business - Management reported a slight revenue increase and significant improvements in EBITDA, driven by cost efficiencies and strong advertising performance at the New York Post [58][59]

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2026 rose 2% year-over-year to $2.14 billion, while total segment EBITDA increased by 5% to $340 million [4][19] - Net income from continuing operations was $150 million, slightly up from $149 million last year, and adjusted EPS rose from $0.20 to $0.22 [4][20] - Total segment EBITDA was negatively impacted by a $13 million write-off related to a book distributor closure [19] Business Line Data and Key Metrics Changes - Dow Jones segment revenue grew 6% year-over-year to $586 million, with digital revenues accounting for 84% of this segment [20][21] - Digital real estate services reported revenues of $479 million, up 5% year-over-year, with segment EBITDA increasing by 13% [24] - Book publishing segment revenue declined 2% to $534 million, with EBITDA down 28% due to a $13 million write-off [27] Market Data and Key Metrics Changes - Digital revenues have nearly doubled since fiscal 2018, now comprising 62% of total revenues [18] - Digital advertising accounted for 68% of total advertising revenues, a new record for the company [9][23] - The Australian residential market showed signs of recovery, with Realtor.com experiencing a 9% revenue boost year-over-year [10][25] Company Strategy and Development Direction - The company is focusing on maximizing shareholder value through accelerated share buybacks, with a current rate of approximately $2.5 million per day [17][19] - Strategic diversification across high-margin content licensing and digital revenues is emphasized, with a significant reduction in reliance on advertising revenue [18] - The acquisition of EcoMovement enhances Dow Jones's offerings in the professional information business [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the housing market and the potential for continued revenue growth in digital real estate [10][29] - The book publishing segment is expected to benefit from improved trends in October, with a stronger front list anticipated [29] - Management remains confident in the growth trajectory of Dow Jones and digital real estate services despite macroeconomic uncertainties [18][28] Other Important Information - The company is actively pursuing partnerships in the AI space and has seen positive trends in content licensing [5][7] - The digital real estate segment is targeting growth in new homes, rentals, and premium offerings, which collectively represent 22% of revenues [10][24] Q&A Session Summary Question: Concerns about sustaining double-digit revenue growth in Realtor - Management highlighted the focus on growth areas such as seller, new homes, and rentals, indicating that the strategy is yielding positive results despite a challenging housing market [32] Question: Inquiry about the accelerated share repurchase program - Management confirmed the potential to increase buybacks further, emphasizing a robust cash position and the importance of shareholder value [35] Question: Impact of the Factiva dispute settlement on revenues - Management noted that while the settlement had a modest impact, overall performance in the Dow Jones segment was strong, particularly in Risk and Compliance [40][42] Question: Future simplification of the business structure - Management indicated openness to structural changes, citing the recent sale of Foxtel as an example of their commitment to maximizing shareholder returns [46] Question: Growth potential in Risk and Compliance services - Management expressed optimism about continued growth in Risk and Compliance, driven by stringent regulations and new business opportunities [50]