Core Viewpoint - A. O. Smith Corporation (AOS) is experiencing growth through strategic acquisitions and investments in research and development, while also rewarding shareholders with dividends and share repurchases [1][5][6]. Group 1: Company Overview - A. O. Smith is a leading manufacturer of commercial and residential water heating equipment and water treatment products, focusing on innovative and energy-efficient solutions sold globally [2]. Group 2: Expansion Efforts - In November 2024, AOS acquired the Pureit business from Unilever, which is expected to contribute approximately $50 million to sales in 2025, enhancing its position in the water treatment industry in India [3]. - The acquisition of Impact Water Products in March 2024 expanded AOS's water treatment footprint in North America [4]. Group 3: Investments in R&D - AOS is investing in R&D and manufacturing efficiency, including a new gas tankless water heater manufacturing facility in Juarez, Mexico, to mitigate tariff charges [5]. - The company unveiled a commercial R&D testing lab facility in Lebanon, TN, in Q1 2025 to boost production capacity for water heaters and boilers [5]. Group 4: Rewards to Shareholders - In Q1 2025, AOS paid dividends of $49.2 million, a 4% increase year over year, and repurchased 1.8 million shares for $120.6 million [6]. - The dividend was increased by 6% to 34 cents per share in October 2024, with plans to repurchase shares worth approximately $400 million in 2025 [6]. Group 5: Business Challenges - AOS is facing challenges with lower volumes in residential water treatment and gas water heaters in China, leading to flat revenues in the Rest of the World segment in Q1 2025 and a 9% decline year over year in Q4 2024 [9]. - The North America segment also saw a 7% decline in sales year over year in Q1 2025 due to reduced orders for water heater products [9]. - Adverse foreign currency movements impacted the Rest of the World segment's revenues by $2 million in Q1 2025 and $13 million in 2024 [10].

Core Viewpoint - Analysts believe Unilever's stock price has the potential to reach new highs by 2025, supported by improved sentiment and a rising price target [1][2]. Group 1: Analyst Sentiment and Price Target - The price target for Unilever is projected to increase by 28% over the next 12 months, reaching an all-time high [2]. - Analysts have upgraded their sentiment on Unilever from Reduce to Hold, indicating potential for the stock to exceed $70 in the long term [2]. Group 2: Company Performance and Market Position - Unilever holds a market-leading position in the Consumer Staples sector, which is less cyclical and offers stable revenue and cash flow [4]. - The company has a diverse portfolio of globally recognized brands, contributing to steady year-over-year growth and cash flow generation [5]. Group 3: Financial Health and Capital Returns - Unilever's dividend yield is approximately 3.4%, with a reliable payout ratio of 60% of earnings, and a trend of increasing payouts annually [6]. - The company is on track to complete a $2 billion share buyback authorization, enhancing its capital return strategy [7]. Group 4: Recent Financial Performance - In Q1, Unilever reported organic growth of 3.5% and solid margins, with positive contributions from all five operating segments [8][9]. - The company anticipates organic business growth of 3% to 5%, potentially exceeding guidance due to favorable macroeconomic conditions [9]. Group 5: Strategic Moves - Unilever is progressing with the divestiture of its Ice Cream segment, which could raise up to $8 billion, strengthening its balance sheet [10].

Financial Data and Key Metrics Changes - Total revenues for fiscal Q3 were $22.6 million, down 2% year over year, primarily due to lower production volumes, partially offset by a 7% increase in average realized commodity prices driven by stronger natural gas and NGL prices [21][22] - Net loss for the third quarter was $2.2 million or $0.07 per share, compared to net income of $0.3 million or $0.01 per share in the prior year [22] - Adjusted EBITDA was $7.4 million, down from $8.5 million in the year-ago period, primarily due to lower revenue volumes and higher operating costs [22] Business Line Data and Key Metrics Changes - Natural gas revenue rose 33% year over year to $7.8 million, while NGL revenue increased 14% to $3 million, partially offsetting a 19% decline in oil revenue [10] - Total production declined 7.5% year over year to 6,667 barrels of oil equivalent per day, primarily due to planned maintenance and weather-related downtime [11] Market Data and Key Metrics Changes - Oil prices softened during April, falling nearly $12 a barrel to below $60, while natural gas prices strengthened, providing a partial offset to weaker crude prices [10] - Approximately 40% of oil volumes are hedged at prices above $70 through the fiscal year end, providing a safety net for capital expenditures and dividends [11] Company Strategy and Development Direction - The company remains focused on disciplined capital allocation, sustaining dividends, and pursuing opportunistic growth, particularly in low decline assets [6][13] - The recent Tex Mex acquisition adds approximately 440 barrels of oil equivalent per day of stable production, aligning with the company's long-term strategy [8][9] - Development activities are being shifted towards gas-weighted opportunities, particularly in the SCOOPSTACK area, while delaying oil-weighted drilling [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to sustain dividends despite ongoing commodity price volatility, highlighting a strong operating cash flow driven by a diversified portfolio [12][13] - The company anticipates that the effects of recent acquisitions will be evident in fiscal Q4, with production and cash flow expected to improve [13][26] Other Important Information - The company declared a cash dividend of $0.12 per share, marking the 47th consecutive quarter of issuing a dividend [12][24] - The company has negotiated with lenders to extend the maturity of its credit facility and increase total commitments, enhancing financial flexibility [24][66] Q&A Session Summary Question: Insights on M&A market and bid-ask spreads - Management noted that while bid-ask spreads may widen with weaker oil prices, there are still encouraging opportunities in the M&A market, particularly for low decline assets [29][35] Question: Performance of new wells at Chavaroo - New wells were drilled and completed under budget, approximately 5% below AFE, with initial production rates exceeding expectations [39][41] Question: Impact of Delhi EOR project shift - The shift from CO2 floods to waterflood development is expected to result in significant cost savings, estimated at $400,000 per month, without impacting performance [49][53] Question: Clarification on production increases - The combined production from Tex Mex and Chavaroo is expected to exceed initial projections, with Tex Mex contributing approximately 440 BOE per day [56][58]

Core Viewpoint - Subsea 7 is a global leader in offshore project delivery and services for the energy industry, focusing on sustainable value creation and efficient offshore solutions [1]. Group 1: Company Information - Subsea 7 is listed on the Oslo Børs under the ticker SUBC, with ISIN LU0075646355 and LEI 222100AIF0CBCY80AH62 [1]. - The company has scheduled two dividend payments of NOK 6.50 each for the year 2025 [1][3]. - The ex-dividend date for the announced dividend is set for 14 May 2024 [3]. Group 2: Contact Information - Katherine Tonks serves as the Investor Relations Director for Subsea 7, with contact details provided for investment community inquiries [2].

Financial Data and Key Metrics Changes - For Q1 2025, the company generated GAAP net investment income of $0.35 per share and core net investment income of $0.37 per share, which excludes estimated excise taxes [6] - Net asset value per share decreased by $0.21 during the quarter, primarily due to company-specific write-downs in the loan portfolio and a reduction of spillover income [6] - The company has paid $295 million in dividends since its IPO, representing $17.9 per share to an investor in the IPO [6] Business Line Data and Key Metrics Changes - The investment portfolio at fair value increased to $991.1 million across 110 portfolio companies, up from $953.5 million across 105 companies as of December 31, 2024 [7] - During Q1, the company invested $46.7 million in seven new portfolio companies and had $8.7 million in other investment activity at par [7] - 90% of the loans were secured, and 91% were priced at floating rates, with an average loan per company of $9.4 million [7][8] Market Data and Key Metrics Changes - The company noted that 52% of the portfolio is rated two or on or ahead of plan, while 21% is marked at an investment category of three or below [8] - Loans to five portfolio companies are on non-accrual, comprising 6.7% of the total cost and 4% of the fair value of the total loan portfolio, representing a decrease from the prior quarter [8] Company Strategy and Development Direction - The company plans to draw new leverage under the SBIC III license to continue funding qualifying portfolio company investments [9] - The company aims to grow the portfolio to over $1 billion, with potential for more than $10 million in equity gains by year-end [11] Management's Comments on Operating Environment and Future Outlook - Management expects new loan originations to be offset by loan repayments for the remainder of Q2 2025, indicating a flat portfolio [11] - The management expressed optimism about the return of M&A activity, which was temporarily disrupted due to tariff-related uncertainties [20][50] Other Important Information - The company issued $75 million in aggregate principal amount of 7.25% notes due April 1, 2030, to repay the bank facility [9] - The company has received a green light letter from the Small Business Administration for Stellus Capital SBIC III, which is a significant step in the licensing process [10] Q&A Session Summary Question: Impact of first quarter originations on interest income - Management indicated that the average portfolio in Q1 was higher than in Q4, which should lead to a pickup in yield for Q2 [15][16] Question: Pipeline status and lending opportunities - Management noted that the pipeline is slower compared to three months ago, but they expect interesting opportunities to close in the upcoming quarters [19][20] Question: Trajectory of net investment income (NII) to cover dividends - Management acknowledged that NII is currently less than the dividend but expects to be in a good position by the end of the year due to potential equity co-investments [23][24] Question: Trade education acquisition restructuring - Management confirmed that the business was restructured and recapitalized satisfactorily, expecting it to perform well moving forward [27][28] Question: Logic behind issuing fixed-rate debt - Management explained that the issuance was necessary to retire maturing bonds and to have some unsecured debt in the capital stack [34][35] Question: Future issuance of unsecured debt - Management indicated that more unsecured debt will be needed before the maturity of existing bonds, with the magnitude still being determined [54]

Core Points - JLL Income Property Trust declared a second-quarter dividend of $0.1575 per share, marking the 54th consecutive dividend payment to stockholders [1][2][3] - The annualized gross dividend equates to $0.63 per share, representing a yield of approximately 5.5% based on a NAV per share of $11.41 as of March 31, 2025 [2][3] - Over its 13-year history, the company has increased its dividend nine times, averaging an annual increase of 4.0%, providing inflation-hedging income to stockholders [3] Dividend Details - The dividend is payable on or around June 27, 2025, to stockholders of record as of June 24, 2025 [2] - A first-quarter 2025 dividend of $0.1575 per share was paid on March 28, 2025, to stockholders of record as of March 25, 2025 [3] - The net dividend per share varies by share class due to specific fees, with the M-I Share and A-I Share receiving $0.1575, while M Share and A Share receive lower amounts after fees [4] Company Overview - JLL Income Property Trust is an institutionally managed daily NAV REIT with approximately $6.5 billion in portfolio equity and debt investments [1][5] - The trust focuses on a diversified portfolio of high-quality, income-producing real estate investments across various sectors, including residential, industrial, retail, healthcare, and office [6] - The company aims to further diversify its real estate portfolio, potentially on a global scale [6]

REGULATED INFORMATION Attachment Communiqué 250513EN_Dividende ...

Company Overview - Pitney Bowes (PBI) is a Computer and Technology stock headquartered in Stamford, with a price change of 28.18% so far this year [3] - The company currently pays a dividend of $0.06 per share, resulting in a dividend yield of 2.59%, which is higher than the Office Automation and Equipment industry's yield of 2.52% and the S&P 500's yield of 1.59% [3] Dividend Analysis - The current annualized dividend of Pitney Bowes is $0.24, reflecting a 20% increase from the previous year [4] - Over the last 5 years, Pitney Bowes has increased its dividend once on a year-over-year basis, with an average annual increase of 1.05% [4] - The company's payout ratio is currently 27%, indicating that it paid out 27% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - Pitney Bowes is expected to see earnings expansion this fiscal year, with the Zacks Consensus Estimate for 2025 at $1.25 per share, representing a year-over-year earnings growth rate of 52.44% [5] Investment Considerations - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [6] - Larger, established companies are more likely to offer dividends compared to tech start-ups or high-growth businesses [7] - Pitney Bowes is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]

Financial Data and Key Metrics Changes - The company experienced strong new client organic flows of $400 million in Q1 2025, following $1.4 billion in Q4 2024, totaling $1.8 billion over the past two quarters [4] - Total Assets Under Management (AUM) declined to $34.3 billion, with discretionary AUM flat year-over-year at $22.7 billion [5][9] - Revenue for the quarter was $31.4 million, a year-over-year increase of $1.1 million or 3.7%, primarily driven by market appreciation [9] - Reported net income for the quarter was approximately $3.9 million, translating to $0.26 per Class A share [10] - Total assets decreased from approximately $194.4 million at the end of 2024 to $159.9 million as of March 31, 2025 [11] Business Line Data and Key Metrics Changes - The company noted a robust new business pipeline, particularly in Global Value strategies, with significant potential for future investments [20] - The OCIO pipeline has slowed, but there is optimism for future flows as the company builds relationships with consultants [20][22] Market Data and Key Metrics Changes - The company acknowledged that market volatility has affected short-term results and top-line revenue, but also presents opportunities for growth [5][22] - The search environment has been impacted by global macroeconomic conditions, leading to a period of hesitation in client allocations [22][66] Company Strategy and Development Direction - The company plans to continue pursuing initiatives to enhance its presence in both institutional and wealth markets, investing in talent to drive growth [5][6] - A European entity is being established to allow proactive marketing, with expectations to be fully licensed within the next 6 to 10 months [38][39] - The company is also expanding its presence in Southeast Asia, particularly in Singapore, to capitalize on growth opportunities [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the organic growth picture despite short-term market challenges, emphasizing the importance of patience in the investment process [22][60] - The company expects to see increasing margins year-over-year, particularly as markets stabilize and trade deals potentially materialize [61][62] - Management noted that the majority of assets are U.S.-based, mitigating concerns about international investors pulling capital from the U.S. [70] Other Important Information - The company completed a $12 million stock repurchase program and plans to evaluate further buyback opportunities [6][28] - A quarterly dividend of $0.20 per share was declared, to be paid in June [7] Q&A Session Summary Question: Comments on the pipeline and future outlook for OCIO and Global - Management noted a shift in the search environment towards cultivating consultant relationships rather than traditional RFPs, expressing confidence in the pipeline for Global Value strategies [15][20] Question: Update on investment performance and buyback details - Performance has been strong, with good absolute and relative results despite market volatility. The buyback program was completed successfully, with plans for future evaluations [25][28] Question: Insights on global expansion in Europe and Singapore - The company is establishing a European entity for proactive marketing and has a fully licensed presence in Singapore, with ongoing efforts to build relationships and attract AUM [36][40] Question: Discussion on expenses and operating leverage - Management emphasized a long-term focus on operating leverage, with expectations for increasing margins as markets stabilize and investments yield results [52][61] Question: Impact of international capital movements on the company - Management indicated that the majority of assets are U.S.-based, and the company has global strategies that can absorb any shifts in capital flows [70]

Financial Data and Key Metrics Changes - The company experienced strong new client organic flows of $400 million in Q1 2025, following $1.4 billion in Q4 2024, totaling $1.8 billion over the past two quarters [4] - Total Assets under Management (AUM) was $34.3 billion, with discretionary AUM at $22.7 billion, remaining flat year over year [5][8] - Revenue for the quarter was $31.4 million, an increase of $1.1 million or 3.7% year over year, primarily driven by market appreciation [8] - Reported net income for the quarter was approximately $3.9 million, translating to $0.26 per Class A share [10] - Total assets decreased from $194.4 million at the end of 2024 to approximately $159.9 million as of March 31, 2025 [11] Business Line Data and Key Metrics Changes - The company noted a robust new business pipeline, particularly in Global Value strategies, with significant potential for future growth [19] - The OCIO pipeline has slowed, but there is optimism for future flows as the company builds relationships with consultants [19][20] Market Data and Key Metrics Changes - The company is expanding its presence in Europe and Southeast Asia, with a focus on building relationships and establishing a proactive marketing strategy [36][39] - The firm is working on obtaining a European license to market its services more effectively [36] Company Strategy and Development Direction - The company plans to continue investing in talent and initiatives to enhance its presence in institutional and wealth markets [5] - A $12 million stock repurchase program was completed, indicating a commitment to returning capital to shareholders while investing in growth [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about securing more significant organic flows throughout 2025 despite short-term market volatility affecting results [5][21] - The company is navigating a period of hesitation in the search environment due to global macroeconomic uncertainties, but remains confident in long-term growth prospects [22][63] Other Important Information - A quarterly dividend of $0.20 per share was declared, to be paid on or about June 20, 2025 [7] - The company is focused on maintaining a healthy balance sheet to support ongoing capital returns and growth initiatives [6] Q&A Session Summary Question: Could you comment on the pipeline and what you're seeing for OCI as well as Global going forward? - Management noted that the nature of searches has changed, focusing on cultivating consultant relationships rather than traditional RFPs, and expressed confidence in the pipeline for Global Value strategies [15][16] Question: How are things in Europe and Singapore regarding AUM? - Management highlighted strong relationships in Europe and ongoing efforts to establish a proactive marketing presence, with a focus on regulatory compliance [34][36] Question: Can you share any color on potentially a new buyback? - Management indicated that they are seriously considering another buyback, emphasizing the importance of returning capital to shareholders while investing in growth [42][43] Question: How do you view the operating leverage and timing of revenue versus expenses? - Management acknowledged the challenges of achieving operating leverage in the current environment but expressed optimism about long-term growth and increasing margins [56][58] Question: Is the trend of international investors pulling capital from the U.S. a concern for Silvercrest? - Management stated that the majority of their assets are U.S.-based and expressed confidence in their global strategies to mitigate any potential impacts [65][67]