Core Insights - S&W has appointed Jonathan Broadis as a partner in its transaction services practice to enhance its value creation advisory services [1][4] - Broadis brings over 25 years of experience in value creation, previously leading the UK M&A consulting division at Tata Consultancy Services [1][2] - His expertise includes operational, financial, and technology due diligence, as well as M&A integration and synergy development [2][3] Company Developments - Broadis will focus on expanding S&W's value creation advisory offerings and improving M&A services while building trusted advisor relationships with clients [4] - Mark Benka, head of transaction services at S&W, expressed enthusiasm about Broadis joining the team to enhance capabilities in value creation [4][5] - S&W recently announced the acquisition of Beechwood Partners in August 2025, which strengthens its presence in Ireland [5]

This story was originally published on CFO.com. To receive daily news and insights, subscribe to our free daily CFO.com newsletter. Much ink has been spilled on the ever-expanding role of the CFO, but far less has been said about how such changes might affect the rest of the finance team. A recent survey by EY now aims to detail how the role of the corporate treasurer could change in the years ahead. The upshot? Treasurers, much like their CFO counterparts, are expecting a sea change in the near future. ...

Summary of Artis Real Estate Investment Trust and RFA Conference Call Company and Industry Overview - **Company**: Artis Real Estate Investment Trust (ARES.F) - **Industry**: Real Estate Investment Trusts (REITs) and Financial Services Key Points and Arguments 1. **Transformative Business Combination**: The merger between Artis Real Estate Investment Trust and RFA aims to create a diversified financial services platform that combines Artis's real estate portfolio with RFA's banking capabilities, enhancing value creation for shareholders [2][5][6] 2. **Strategic Rationale**: The merger is designed to unlock value from Artis's real estate assets by rotating capital into higher return opportunities within RFA's financial services platform, which is expected to yield significantly higher returns on equity (ROE) [5][9] 3. **Financial Strength**: Artis's portfolio consists of approximately 10 million square feet across 92 properties, providing stable cash flows and strong tenant covenants, which will support the financial services growth of RFA [16][19] 4. **Leadership Structure**: The new entity, RFA Financial, will be led by Ben Rodney as CEO and Samir Manji as Executive Chairman, combining expertise in capital markets and real estate investment [7][8] 5. **Ownership Structure**: Post-merger, Artis unit holders will own 68% of RFA Financial, while RFA shareholders will hold 32% [8] 6. **Dividend Strategy**: RFA Financial plans to offer an annual dividend of $0.44 per share, expected to be well-covered by net income and cash flow, with intentions to grow this dividend over time [6][28] 7. **Growth Projections**: The combined entity targets total lending assets to grow to between $8 billion and $12 billion over the next three to five years, with RFA Bank's net income projected to grow at a compound annual growth rate (CAGR) of 40% to 50% [25][26] 8. **Market Positioning**: The merger positions RFA Financial to leverage the stable returns of the Canadian financial services sector, which has historically delivered double-digit returns on equity [22][30] 9. **Capital Allocation**: The management emphasizes a disciplined approach to capital allocation, focusing on high-risk adjusted return opportunities, which is expected to enhance shareholder value [10][20] 10. **Operational Efficiency**: The merger is anticipated to improve operational efficiency and earnings power by utilizing Artis's balance sheet strength to support RFA's growth [6][27] Additional Important Content - **Historical Performance**: Artis has successfully executed approximately $1.5 billion in asset dispositions since mid-2023, indicating a strong track record in managing its real estate portfolio [16][19] - **Market Conditions**: The merger is expected to provide diversification benefits to Artis's unit holders, allowing them access to the attractive Canadian financial services sector [10][19] - **Leadership Team**: The combined leadership team brings extensive experience across banking, real estate, and capital markets, which is crucial for executing the growth strategy [23][24] - **Regulatory Approvals**: The transaction is expected to close in the first quarter of 2026, subject to customary approvals [8] This summary encapsulates the key insights and strategic implications of the merger between Artis Real Estate Investment Trust and RFA, highlighting the potential for significant value creation and growth in the financial services sector.

Fintech & IPO Market - Fintech 公司在 2018 年至 2022 年期间获得大量私人投资，目前正走向成熟并公开上市 [2] - AI 驱动的公司正在追求比过去 15 年的云和移动公司更大的市场 [4] - AI 可能会推动未来的 IPO 市场 [5] AI Impact & Opportunities - AI 将推动科技行业有史以来最大的价值创造时期 [3] - AI 正在影响 IT 服务和某些类型的上市公司软件 [6] - AI 可能会影响执行数据操作或监控任务的人工 [6] - AI 可能会影响编码和开发人员的数量 [7] - AI 能够进入以前软件公司无法进入的垂直市场，并通过提高生产力来创造巨大的市场机会 [7] - AI 将以有意义的方式影响所有上市公司，从而提高生产力 [8] AI Adoption & Investment - 许多公司正在进行 AI 实验，其中一些实验会转化为实际收入，而另一些实验可能会消失，需要仔细选择 [9]

AI Model Performance - GPT5 offers richer nuance, improved performance, and faster processing speeds compared to previous versions [1][2] - GPT5 enables deeper synthesis, allowing for more comprehensive analysis and insights [1] AI Integration and Applications - The company has deeply embedded AI into its operations, utilizing dozens of proprietary applications and approximately 25,000 custom GPTs [1] - Custom GPTs are used for various tasks, including content transformation and value creation lever debate [1][2] Business Impact - AI is enabling the company to spend more time with clients, shifting focus from planning to implementation [1] - The speed and quality of GPT5 are expected to help clients derive greater value from the AI tools [2]

Financial Performance - FY25 Net Operating Profit was $58.5 million, up 60% on FY24[8] - Operating Earnings per Share were 12.48 cents, up 61% on FY24[8] - FY25 Dividends Per Share (DPS) were 7.75 cents, up 82% on FY24[8] - Book NTA per share increased by 5% from $1.31 in FY24 to $1.37 in FY25[8, 57] - Group revenue increased by 39% from $314.4 million in FY24 to $437.3 million in FY25[53] Operational Highlights - 2,768 lots were sold in FY25[10] - 2,642 lots were settled in FY25[12] - Contracts on hand value reached $612 million[13] - The company's gearing was 27.5% at 30 June 2025[8] Strategic Initiatives - A strategic review has commenced to ensure the business is optimally positioned to capitalize on favorable market dynamics[25] - The company aims to unlock short-term and long-term value through the strategic review[27] Land Bank and Future Projects - The company has a pipeline of 30,785 lots with an end value of $13.2 billion[33] - The company plans to launch new projects in FY26 and FY27, including communities and townhouse/apartment sites, with a total GDV of $3.928 billion across 5,944 lots/units[89]

Group 1 - The analysis of Unusual Whales Subversive Democratic Trading ETF (BATS: NANC) focuses on performance and underlying methodology rather than political aspects [1] - The ETF's strategy suggests that significant outperformance would be a notable revelation, indicating a potential for high-growth investment opportunities [1] - The analysis is conducted by a seasoned stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management [1] Group 2 - The analyst emphasizes a focus on equity valuation, market trends, and portfolio optimization to identify investment opportunities [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, particularly interested in macroeconomic trends and corporate earnings [1] - The analyst has a background as a former Vice President at Barclays, leading teams in model validation and stress testing, which contributes to their expertise in both fundamental and technical analysis [1]

Core Viewpoint - PepsiCo's valuation has significantly decreased from 31.5x TTM P/E to 18.5x, making it an attractive investment opportunity [1] Financial Performance - The investment philosophy emphasizes the importance of financial performance, particularly return on invested capital (ROIC) [1] - Investments are classified based on ROIC: - Long-term/Indefinite: ROIC greater than 9% and capable of growing intrinsic value - Medium-term: ROIC between 6% and 9% and able to maintain intrinsic value - Value Traps: ROIC less than 6% and unable to meet their cost of capital [1] Valuation - The company aims to buy value opportunities at a 30% discount to intrinsic value, targeting over 9% return on equity (ROE) adjusted for the equity value per share at purchase [1] - The analysis incorporates a subjective estimation of growth based on retained earnings and return on equity over the past decade [1]

Financial Performance - SGH's revenue increased by 1% to $10744 million[12] - EBIT increased by 8% to $1537 million[12] - NPAT increased by 9% to $924 million[12] - Operating cash flow increased significantly by 49% to $1951 million[12] - The company's final dividend increased by 17% to 62cps[22] Business Unit Performance - WesTrac's revenue increased by 4% to $6100 million[39] - Boral's revenue increased by 1% to $3603 million, with EBIT up by 26% to $468 million[57] - Coates' revenue decreased by 9% to $1041 million[76] - Beach Energy's revenue increased by 13% to $1997 million, with production up by 9% to 197 million barrels of oil equivalent (mmboe)[93] Safety and Sustainability - Lost Time Injury Frequency Rate (LTIFR) and Total Recordable Injury Frequency Rate (TRIFR) improved by 38% and 31% respectively[35] Capital Management - Adjusted Net Debt to EBITDA (Leverage) decreased by 10% year-over-year, falling below 2x[22]

Financial Performance - Calumet's Q2'25 Adjusted EBITDA with Tax Attributes was $76.5 million[6], compared to $74.8 million in Q2'24[6] - Specialty Products and Solutions (SPS) segment achieved Adjusted EBITDA of $66.8 million in Q2'25[6], slightly lower than the $72.7 million in Q2'24[6] - Performance Brands (PB) segment reported Adjusted EBITDA of $13.5 million in Q2'25[6], compared to $14.1 million in Q2'24[6] - Montana/Renewables (MRL at 87%) segment saw an increase in Adjusted EBITDA with Tax Attributes to $16.3 million in Q2'25[6] from $8.7 million in Q2'24[6] - Montana Renewables generated $0.53 per gallon in Production Tax Credits (PTC), totaling $24.6 million in Q2'25[27] Strategic Initiatives and Regulatory Landscape - The company achieved $42 million year-over-year operating cost reduction in the first half of 2025[6, 7] - Operating costs at Montana Renewables were $0.43 per gallon[6, 7] ($0.51 per gallon including SG&A)[6, 7] - The company issued a partial redemption notice for $80 million of '26 Notes, following a $150 million partial redemption in April[7, 16] - EPA's Renewable Volume Obligation (RVO) proposal includes a proposed 5.6 billion gallon requirement for biomass-based diesel[10, 11], up from the current 4.5 billion gallons[10, 11] - Plans are on track to unlock 120 million to 150 million gallons of Sustainable Aviation Fuel (SAF) capacity by Q2 2026 ("MaxSAF150") at a capital cost of $20 million to $30 million[6, 15, 33]