Core Insights - Corcept Therapeutics (CORT) is making significant progress with its sole-marketed drug, Korlym (mifepristone), which is approved for treating Cushing's syndrome or endogenous hypercortisolism. The company's revenue is currently derived entirely from Korlym sales [1] Sales Performance - In the first nine months of 2025, Korlym generated sales of $559.3 million, reflecting a year-over-year increase of approximately 13.4%. The sales momentum is expected to continue, with a projected compound annual growth rate (CAGR) of around 26.4% over the next three years [2][10] - Despite earlier sales disruptions due to insufficient capacity from a specialty pharmacy vendor, sales have improved, and further enhancements are anticipated with new pharmacy vendors in 2026. For the full year of 2025, Corcept expects total revenues to be between $800 million and $850 million [3][10] Pipeline Development - Corcept is developing relacorilant, its lead pipeline candidate, for treating Cushing's syndrome and certain cancer indications. A new drug application (NDA) for relacorilant was submitted to the FDA in December 2024, with a target action date of December 30, 2025 [4][5] - Approval of relacorilant for Cushing's syndrome is expected to diversify Corcept's revenue streams and reduce reliance on Korlym. Management anticipates that all current Korlym patients will transition to relacorilant upon its approval [6] - The FDA accepted an NDA for relacorilant in combination with nab-paclitaxel for treating platinum-resistant ovarian cancer, with a decision expected on July 11, 2026. Additionally, a marketing authorization application (MAA) has been submitted to the European Medicines Agency for the same indication, with potential approval by the end of 2026 [7] - Corcept is also conducting studies evaluating relacorilant in combination with nab-paclitaxel and Avastin for platinum-resistant ovarian cancer, as well as with Xtandi for early-stage prostate cancer [8][9] Financial Performance and Valuation - Year-to-date, Corcept's shares have increased by 57.6%, outperforming the industry, which rose by 9.4%. The stock has also surpassed the performance of the sector and the S&P 500 [11] - From a valuation perspective, Corcept is trading at a premium, with a price-to-sales (P/S) ratio of 12.80, significantly higher than the industry average of 2.38 and above its five-year mean of 7.66 [12] - The Zacks Consensus Estimate for 2025 earnings per share (EPS) has decreased from $1.15 to $0.89 over the past 60 days, with 2026 EPS estimates also declining from $1.71 to $1.25 [13]

Core Insights - Piraeus Bank has successfully acquired Ethniki Holdings, the parent company of Ethniki Insurance, for a total cash payment of €600 million, marking a significant strategic move for the bank [1][6] - Ethniki Insurance serves 1.8 million active customers and reported gross written premiums of €850 million for 2024, holding a 14.6% share of the national insurance market [1][2] - The acquisition is expected to enhance Piraeus Bank's capital ratio to approximately 19% by the end of 2025, supporting a Pillar 2 Guidance buffer estimated at 300 basis points [4] Company Overview - Ethniki Insurance has a market share of 18.3% in life insurance and 11.3% in non-life insurance, with total assets of €4.1 billion and shareholders' equity of €400 million as of 2024 [2] - The insurer reported a pre-tax profit of €14.8 million for 2024, with unaudited results for the first ten months of 2025 indicating a pre-tax profit exceeding €30 million [2] Strategic Implications - The integration of Ethniki Insurance is aimed at broadening Piraeus Group's revenue sources and expanding its range of banking, protection, and investment products [5] - Piraeus Group's CEO emphasized that this acquisition represents a defining moment for the group, highlighting its commitment to revenue diversification and strategic growth [5][6] - The collaboration is expected to create new opportunities for growth and enhance value for customers and shareholders [3][5]

Core Viewpoint - Piraeus Financial Holdings has successfully acquired 100% of Ethniki Insurance's parent company, Ethniki Holdings, enhancing its revenue diversification and strategic growth in the financial services sector [1][3][4]. Group 1: Acquisition Details - The acquisition was completed for a total consideration of €0.6 billion in cash, following exclusive discussions that began in February 2025 regarding a potential 70% stake acquisition for €469 million [3]. - Piraeus Financial Holdings' total capital ratio is projected to be around 19% by the end of 2025, which includes a Pillar 2 Guidance buffer of approximately 300 basis points [3]. Group 2: Strategic Implications - The acquisition is expected to diversify Piraeus Group's revenue sources and complement its product offerings in banking, protection, and investment solutions [4]. - Ethniki Insurance, as one of Greece's leading and oldest insurers, serves 1.8 million active customers and provides a wide range of insurance products [4]. Group 3: Future Plans - In the first quarter of 2026, Piraeus will outline its medium-term ambitions for the expanded group, focusing on growth and value creation for shareholders, customers, and employees [5]. Group 4: Leadership Insights - The CEO of Piraeus Group emphasized that the acquisition marks a significant milestone for the company, enhancing its capabilities and setting a new benchmark in the Greek economy [6]. - The CEO of Ethniki Insurance highlighted the acquisition as a new era for the company, creating opportunities for growth and value for stakeholders [6]. Group 5: Advisory Support - UBS Europe SE acted as the financial advisor for Piraeus on this transaction, with additional support from Milliman and Milbank LLP as actuarial advisors, and Moratis Passas and Potamitis Vekris as legal advisors [6].

Investor Presentation November 2025 3Q2025 Disclaimer This presentation contains forward-looking statements. Forward-looking statements are not historical facts or statements of current conditions but instead represent only the Company's beliefs regarding future events and performance, many of which, by their nature, are inherently uncertain and outside of the Company's control. These forward-looking statements reflect the Company's current views with respect to, among other things, the Company's financial ...

Core Viewpoint - Innodata Inc. (INOD) is identified as a buy opportunity due to its potential for revenue diversification following Meta's acquisition of ScaleAI and its low valuation relative to peers [1] Company Analysis - The company is positioned to benefit from changes in the market landscape, particularly in light of Meta's strategic moves [1] - Innodata's valuation is considered attractive compared to its industry counterparts, suggesting potential for growth [1] Analyst Background - The analysis is informed by the author's extensive experience as a former managing editor at a financial media publication focused on mid and small-cap companies [1] - The author's academic background in financial markets and institutions enhances the depth of research and analysis provided [1]

Acquisition Overview - Schwab is acquiring Forge Global to enhance its presence in private markets[1, 41] - The acquisition aims to create a best-in-class experience for individual investors and RIAs in both public and private markets[10, 36] - The deal involves Schwab acquiring all outstanding common stock of Forge for $45 per share, equating to an implied equity value of $660 million[34] - The transaction is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions[34] Forge Global's Key Metrics - Forge operates a technology-enabled marketplace for trading shares in pre-IPO companies, founded in 2014[12] - Forge's platform has facilitated over $17 billion in private market transaction volume[11, 13] - The platform supports trading in over 625 private companies and has over 3 million unique users[11, 13] - Forge's private asset AUC (Assets Under Custody) is over $18 billion[13] - Forge's total revenue grew by 24% from Q2 2024 to Q2 2025[13] Market Trends and Opportunities - Industry trends indicate a growing interest in private markets due to companies staying private longer and a decline of approximately 85% in the number of IPOs per year since 2000[14, 15] - Median IPO valuations are up more than 3x versus 2000[15] - Private wealth capital allocated to alternatives is expected to reach approximately $13 trillion by 2032, representing a 13% CAGR (Compound Annual Growth Rate)[16, 19] Strategic Benefits for Schwab - The acquisition diversifies Schwab's revenue mix and supports long-term organic growth[38, 40] - It enhances Schwab's competitive positioning and evolves its offerings to retail and RIA clients[38, 40] - The acquisition strengthens Schwab's Workplace Services solution set[38, 40]

Core Insights - Ola Electric reported a consolidated total revenue of Rs 690 crore for Q2 FY26, marking a 43% year-on-year decline from Rs 1,214 crore in Q2 FY25 [1][10] - The company achieved Auto EBITDA profitability for the first time, with a gross margin of 30.7%, an increase of 510 basis points quarter-on-quarter [2][10] - Ola Electric's consolidated loss narrowed to Rs 418 crore in Q2 FY26, compared to a loss of Rs 495 crore in the same period last year [10] Financial Performance - The auto business turned cash-generative with an underlying cash flow from operations of Rs 15 crore, although reported cash flow was negative at Rs 40 crore due to one-time festive inventory build-up [2][10] - Operating expenses were reduced by approximately 52% compared to the previous quarter [2][10] Future Outlook - The company anticipates a more balanced and diversified revenue mix as energy products ramp up, with gross margins expected to strengthen further [4][5] - For the second half of FY26, Ola targets total deliveries of about 100,000 units and projects consolidated revenue for FY26 to be around Rs 3,000–3,200 crore [5][10] - The auto segment's gross margins are expected to reach about 40% by Q4 FY26, with segment EBITDA projected at around 5% [5][10] Capital Expenditure and Growth Plans - Capital expenditure for the auto segment in Q3 and Q4 FY26 is estimated between Rs 100 crore and Rs 150 crore [7][11] - The cell business is expected to start contributing to revenue from Q4 FY26, with gross margins stabilizing at around 30% by early FY27 [6][11] - Ola plans to complete the 5.9 GWh Gigafactory installation, funded largely by project finance from the State Bank of India, and aims to expand capacity to 20 GWh in the first half of FY27 [8][11] Strategic Focus - FY26 is described as a transition year for the company, focusing on establishing sustainable profitability in the auto business while building its energy vertical [9][11] - By FY27, Ola expects to have a broader revenue base, higher structural margins, and stronger cash conversion, positioning itself for long-term growth across both auto and energy segments [9][11]

Financial Data and Key Metrics Changes - Total sales for Q3 2025 increased by 6.6% year over year to $144.3 million, while organic net sales excluding the AccuFab acquisition declined by 9.1% compared to the prior year period [15][19] - Manufacturing margin rate decreased to 11% from 12.6% in the prior year, primarily due to nonrecurring restructuring costs and lower customer demand in legacy markets [15][19] - Adjusted EBITDA margin fell to 9.8% from 12.6% year over year, attributed to lower legacy customer demand [18][19] - Free cash flow for Q3 was negative $1.1 million compared to positive $15.1 million in the prior year, impacted by $3.5 million in nonrecurring costs [18][19] Business Line Data and Key Metrics Changes - Net sales to the commercial vehicle market declined by 24% year over year, with a projected 28% decline in Class 8 production for 2025 [8][10] - Construction and access market revenues increased by 10.1% year over year, supported by the AccuFab acquisition and strong nonresidential activity [8][10] - Powersports market net sales grew by 6.4% year over year, driven by transient aluminum-related demand, while agriculture net sales declined by 21.8% due to elevated interest rates [9][10] Market Data and Key Metrics Changes - The data center and critical power market is expected to represent 20% to 25% of total revenues in the coming years, driven by significant capital investments and a growing opportunity pipeline [7][10] - Customer engagement remains strong, with $30 million in new project awards secured in the data center and critical power markets during Q3 [10][11] Company Strategy and Development Direction - The integration of the AccuFab acquisition is expected to yield revenue synergies of $20 million to $30 million in 2026, with gross margins projected to be approximately 10 percentage points above historical averages [6][7] - The company aims to diversify its revenue base and strengthen its long-term growth profile by focusing on faster-growing and higher-margin end markets [7][10] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year 2025 financial guidance, expecting net sales between $528 million and $562 million, with continued softness in certain legacy markets [20][21] - The company anticipates a transitional period with margin pressure as it ramps up data center and critical power production while managing legacy market demand [21][22] Other Important Information - The company plans to use positive cash flow in Q4 to reduce debt, maintaining a focus on financial discipline and operational efficiency [20][21] - Net debt increased to $214.9 million, resulting in a net leverage ratio of 3.5 times as of September 30, 2025 [19][21] Q&A Session Summary Question: How is the rollout of productivity initiatives going? - Management reported that productivity initiatives have been implemented across all plants, positioning the company for significant margin expansion once volumes return [26][27] Question: What is the timeline for closing the decremental margin gap? - Management expects to see improvements by mid-2026, with a conservative approach to the commercial vehicle forecast [29][30] Question: What changes have occurred since the AccuFab acquisition? - The company has been actively engaging new customers and expanding its pipeline, with a qualified opportunity pipeline exceeding $100 million [38][39] Question: What are the key milestones for realizing AccuFab synergies? - Key milestones include ramping up production of battery backup cabinets and distribution units starting in Q4 and Q1, respectively [83] Question: How is production capacity being balanced between legacy markets and data center exposure? - The company is having discussions with legacy customers to secure additional volumes while reallocating capacity to data center customers [88][89]

Financial Data and Key Metrics Changes - Year-to-date return on assets (ROA) increased by 15 basis points to 1.23% compared to the same period in 2024 [4] - Year-to-date return on average tangible common equity rose to over 15%, up from just under 14% in 2024 [4] - Tangible book value per share grew by 16% year-over-year [4] - Pre-tax, pre-provision earnings saw an 18% increase from the second quarter and a 20% increase compared to the first nine months of 2024 [5] - Earnings per share grew by 26% from the second quarter and 25% year-to-date [5] Business Line Data and Key Metrics Changes - Loan balances increased by approximately $85 million, or 10% annualized during the quarter, and $286 million, or 9% year-over-year [7] - Fee income comprised 19% of operating revenue year-to-date for 2024 and 2023, compared to about 15% for peers [5] - Swap income grew nearly six times from the linked quarter, and income from SBIC funds increased over four times from the linked quarter [5] Market Data and Key Metrics Changes - Core deposits grew by 9% from both the linked and prior-year quarters [8] - The South Central Wisconsin market led deposit growth by landing several large new relationships [9] Company Strategy and Development Direction - The company aims for long-term growth of 10% and focuses on solid underwriting, efficient systems, client relationships, and talent investment [16] - The company continues to invest in additional SBIC funds as a long-term earnings catalyst [13] - The company is optimistic about future growth opportunities in its niche C&I products and asset-based lending [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the quality of the quarter's results and the company's ability to maintain a strong and stable margin [11] - The company does not anticipate negative credit exposure related to the federal government shutdown, although it may affect SBA loan processing [10] - Management noted that clients remain optimistic, with many reporting strong business performance [53] Other Important Information - The effective tax rate for year-to-date 2025 was 16.3%, within the expected annual range of 16% to 18% [14] - Compensation expense grew by about $900,000 due to an annual cash bonus accrual update tied to strong performance [13] Q&A Session Summary Question: Clarification on fee income guidance - Management clarified that the 10% growth expectation for fee income is adjusted for non-recurring items from Q3 [20] Question: Margin normalization and funding side dynamics - Management indicated that betas on both sides of the balance sheet have historically been consistent, supporting margin guidance [22] Question: Classified or criticized balances at quarter-end - Management reported that classified balances remained consistent with a slight decrease in total MPL [24] Question: Investment wealth management area revenue drivers - Management noted that revenue growth in the investment wealth management area is due to both new accounts and market appreciation [48] Question: Talent acquisition strategy - Management emphasized the importance of cultivating relationships to attract new talent, focusing on market disruption and opportunistic relationship building [49] Question: Overall borrower sentiment - Management reported that borrower sentiment remains positive, with many clients experiencing strong business performance [53]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were $588 million, a decrease of 7% compared to Q3 2024, excluding a 6% impact from the divestiture of European operations [21] - Adjusted EBITDA was $53 million in Q3 2025, down from $59 million in Q3 2024, with an adjusted EBITDA margin improving from 8.7% to 8.9% year-to-date [22] - Adjusted diluted earnings per share increased by 19% to $0.31 in Q3 2025 from $0.26 in Q3 2024 [23] - Free cash flow improved by $5 million to -$87 million for the nine months ended September 30, 2025 [24] Business Line Data and Key Metrics Changes - Targeted print offerings increased by 2% as a percentage of total net sales, driven by growth in direct marketing, packaging, and in-store solutions [21] - Direct mail revenue increased by over 6%, packaging by over 9%, and in-store solutions by 11% year-to-date [38] Market Data and Key Metrics Changes - The company continues to monitor macroeconomic pressures such as inflation and high postage costs, which may impact clients' marketing plans [5][6] - The USPS announced no price increase for market-dominant mail in January, which is seen as favorable for marketers [7][39] Company Strategy and Development Direction - The company is investing in AI-powered tools and systems, data and audience intelligence services, and its In-Store Connect retail media network to diversify revenue and return to net sales growth by 2028 [4] - The strategic focus is on maximizing savings for clients while increasing marketing effectiveness through innovative solutions [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future growth of In-Store Connect, citing strong sales lift results from campaigns [16][17] - The company anticipates a similar seasonal pattern for free cash flow and net debt, expecting significant positive cash flow in Q4 2025 [24][29] Other Important Information - The company returned $19 million of capital to shareholders year-to-date through dividends and share repurchases [26] - The adjusted EBITDA guidance for 2025 has been narrowed to between $190 million and $200 million [29] Q&A Session Summary Question: Trends in targeted print categories - Management noted that catalog sales are muted due to postal increases, while direct mail, packaging, and in-store solutions are seeing growth [38] Question: Impact of USPS postponing price increase - Management indicated that the postponement is positive, but concerns remain about future postal rate increases [39][60] Question: Updated guidance ranges - Management discussed variability in direct mail and reaffirmed the midpoint of the sales outlook for Q4 [43][46] Question: In-Store Connect deployment updates - Management reported increased interest from clients and a strong pipeline for In-Store Connect, with positive feedback from recent industry events [49][50]