Company Strategy & Growth - Endeavour Silver aims to become a leading senior silver producer through organic growth and strategic acquisitions [17] - The company targets production of 30 million ounces of silver equivalent (AgEq) by 2030, dubbed "30 by 30" [16] - Endeavour Silver strategically acquires key assets, exemplified by the acquisition of the Kolpa mine in Peru [14, 24] Production & Operations - YTD 2025 production reached 74 million ounces AgEq [19] - Guanaceví contributed 52% to YTD 2025 metal sales quantity, followed by Kolpa at 20% and Bolañitos at 28% [20] - Terronera mine commenced commercial production on October 1, 2025, with average daily production of 1,841 tonnes in July [18, 43, 52] Kolpa Mine Acquisition - The Kolpa mine acquisition is expected to increase Endeavour's annual production profile by approximately 50 million ounces AgEq [25] - Since May 1, 2025, Kolpa has produced 209 million ounces AgEq [22] - In Q3 2025, Kolpa produced 598,689 ounces of silver, 5,664 tonnes of lead, 3,666 tonnes of zinc, and 120 tonnes of copper [29] Pitarrilla Project - Endeavour Silver is advancing an economic study for the Pitarrilla project, one of the world's largest undeveloped silver deposits [18, 60] - In 2025, an estimated $257 million is allocated for Pitarrilla, including $166 million for feasibility study, development, and exploration [18] - Pitarrilla's resource mix is 60% silver and 40% lead/zinc [59]

Core Insights - The Group's companies are experiencing the effects of a prolonged economic downturn but are still achieving solid organic growth [1] Financial Summary - Net sales for the period of July to September 2025 reached MSEK 194.7, an increase of 6.6% compared to MSEK 182.7 in the same period of 2024, with all growth being organic [2] - EBITDA for the same period was MSEK 19.8, reflecting a decrease of 15.4% from MSEK 23.4 in 2024, with all changes being organic [2] - EBITA decreased to MSEK 8.1 from MSEK 12.6, marking a decline of 35.8% [2] - EBIT for the period was MSEK 6.5, down from MSEK 10.9, a decrease of 40.6% [2] - Profit before tax decreased to MSEK -6.0 from MSEK -1.0, while profit after tax decreased to MSEK -5.8 from MSEK -0.4, primarily due to one-off accounting effects totaling MSEK 4.8 [2] - For the first nine months of 2025, net sales were MSEK 631.3, an increase of 5.7% from MSEK 597.1 in 2024, with all growth being organic [2] - EBITDA for the nine-month period was MSEK 63.2, a slight increase of 0.8% from MSEK 62.8 [2] - EBITA for the nine-month period was MSEK 30.1, a marginal increase of 1.7% from MSEK 30.6 [2] - EBIT for the nine-month period was MSEK 25.1, an increase of 1.5% from MSEK 24.8 [2] Operational Metrics - Operational cash flow for the period was MSEK -18.3, compared to MSEK 6.1 in the previous year [3] - Earnings per share before and after dilution were both SEK -0.91, compared to SEK -0.06 in the previous year [3] - The average number of employees decreased to 386 from 395 [3] - The equity ratio was 23.0%, down from 25.9% [3] - Net debt increased to MSEK 453.1 from MSEK 414.3 [3] - Net debt to EBITDA ratio was 4.74, while net debt to adjusted EBITDA was 4.31 [3] Adjusted Financial Metrics - Adjusted EBITDA for the rolling 12-month period excluded non-recurring items of MSEK 9.6 related mainly to reorganization costs [3] - Adjusted EBITA for the reporting period excluded non-recurring items of MSEK 6.5, also related to reorganization costs [4] Corporate Actions - The Board decided on a directed new share issue to ENDI Corp. amounting to MSEK 20.7 to strengthen the capital structure [2]

Core Insights - Parker-Hannifin reported Q3 CY2025 revenue of $5.08 billion, exceeding analyst expectations of $4.94 billion, reflecting a year-on-year growth of 3.7% [1][6] - The company's non-GAAP profit was $7.22 per share, which was 9% above the consensus estimate of $6.62 [1][6] - Management raised full-year Adjusted EPS guidance to $30 at the midpoint, indicating a 3.8% increase [6] Performance Highlights - The third quarter performance was positively received by the market, driven by strong organic growth and a return to positive performance in North America industrial operations [3][5] - Key growth areas included aerospace and defense, with significant contributions from both commercial and aftermarket sectors [3][5] - Improved productivity and a favorable margin mix were noted, particularly in North America, alongside disciplined cost controls and successful integration of recent acquisitions [3][4] Future Outlook - Management expressed confidence in several growth areas, particularly in aerospace and energy, leading to an increase in full-year organic sales growth expectations [4] - The integration of Curtis Instruments and increased capital expenditures focused on automation and capacity are expected to support sustained margin expansion [4] - The company anticipates solid growth in power generation, collaborating with leading industry customers [4]

Q3 2025 Performance - Consumables revenue reached $285 million in Q3 2025, representing an 8% year-over-year growth[8] - Systems revenue increased to $174 million in Q3 2025, a 9% year-over-year increase[8] - Vital Care revenue declined significantly to $74 million in Q3 2025, a 52% year-over-year decrease[8] - Total ICU Medical revenue was $533 million in Q3 2025, reflecting an 8% year-over-year decrease[8] 2025 Guidance Update (Post JV Transaction) - Adjusted EBITDA is projected to be between $395 million and $405 million[9] - Adjusted EPS is expected to be between $735 and $765[9] - Consolidated revenue is expected to have a ~ (6%) FXN impact, with low to mid single digits organic growth[9] - Vital Care is expected to have a ~ (35%) FXN impact, with flat organic growth[9] - Net interest expenses are projected to be around $19 million in Q4[9] - Capital expenditures are estimated to be between $85 million and $95 million[9]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a just-equity bid of $243 million, distributable cash flow of $158 million, and free cash flow of $51 million [14] - Adjusted EBITDA for the midstream logistics segment was $151 million, down 13% year-over-year, primarily due to lower commodity prices and higher operating expenses [15] - The updated full-year adjusted EBITDA guidance range is now $965 million to $1.005 billion, reflecting a decline from previous expectations due to commodity price volatility [16][21] Business Line Data and Key Metrics Changes - The midstream logistics segment faced challenges from lower commodity prices and increased costs, while the pipeline transportation segment generated an adjusted EBITDA of $95 million [15] - The startup of the King's Landing facility is expected to enhance processing capacity, with over 100 million cubic feet per day being consistently flowed [5][6] Market Data and Key Metrics Changes - Waha natural gas pricing has declined by over 50% since February, significantly impacting the company's earnings and operational decisions [17] - The Delaware Basin rig count has decreased by nearly 20% since the beginning of the year, indicating a cautious stance from producers [20] Company Strategy and Development Direction - The company is focused on executing a multi-year organic investment strategy, including projects like King's Landing and the ECCC pipeline, to enhance market access and deliver value [13][10] - A new agreement with Competitive Power Ventures to connect to a 1,350-megawatt energy center demonstrates the company's ability to unlock value through strategic partnerships [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the past quarters and emphasized the need for improved forecasting and cost management [12] - Despite current headwinds, management remains confident in the long-term strategy and the potential for value creation through organic growth initiatives [21] Other Important Information - The company has secured a five-year European LNG pricing agreement, which will enhance its service offerings and provide customers with diversified pricing exposure [10] - The company is actively pursuing opportunities in the data center market, leveraging its infrastructure to connect gas supply to power generation sources [77] Q&A Session Summary Question: Impact of producer delays on future development - Management indicated that delays are primarily within the current quarter and are not significantly pushing development into 2026, with most benefits expected in 2026 [26][29] Question: Development expectations in the Yazo formation - Management noted that the northwest shelf is seeing good geology and continued activity, with robust EMP M&A activity indicating potential future development [32][34] Question: Hedging strategy for commodity exposure - The company is relatively well-hedged for 2025 and aims to maintain 40-80% of equity volumes hedged on a rolling 12-month basis for 2026 [45] Question: Timing for King's Landing 2 announcement - Management stated that planning for King's Landing 2 is contingent on the development activity and gas packages coming online, with a potential 24-month timeline for the project [46][48] Question: Managing Waha exposure until 2028 - The company is actively managing existing capacity and has secured additional capacity to the Gulf Coast to mitigate exposure [72] Question: Update on in-basin power project - Management confirmed ongoing discussions with upstream customers regarding the power project, which is seen as important for managing controllable costs [73]

Financial Performance - Sales reached $869 million, a 9% increase overall, with organic growth at 6%[6] - Operating income increased by 14% to $170 million, resulting in a year-over-year margin expansion of 90 bps to 196%[6] - Diluted EPS increased by 14% to $340[6] - Free Cash Flow (FCF) increased by 8% to $176 million, with an FCF conversion rate of 137%[6] Orders and Backlog - New orders totaled $927 million, an 8% increase, resulting in a book-to-bill ratio of 11x[6] - Backlog increased by 14% year-to-date[6] Guidance - Total sales growth guidance increased to 10-11%, with organic growth now up 7-8% year-over-year[6] - Operating income growth guidance increased to 16-19%, maintaining an operating margin of 185-187%, up 100-120 bps year-over-year[6] - The company is on track to deliver 19-21% EPS growth and strong FCF generation at approximately 108% conversion[6] Segment Performance - Aerospace & Industrial sales increased by 8% to $248 million, driven by strong demand in Commercial Aerospace and higher sales in Aerospace Defense and Ground Defense[7] - Defense Electronics sales increased by 4% to $253 million, driven by higher revenues in Aerospace Defense and Naval Defense[7] - Naval & Power sales increased by 12% to $368 million, driven by higher Naval Defense revenues and solid organic growth in Commercial Nuclear[7]

Core Insights - The current market for selling independent firms is at an all-time high, with advisors receiving multiples of at least 1.5 times recurring revenue for their firms, driven by a wave of retirements among advisors [2] - There is a strong demand for firms, leading to unprecedented premiums, but many advisors are not taking the necessary steps to maximize their firm's value [2][3] Group 1: Market Conditions - M&A activity has been breaking records, with 176 peer-to-peer deals completed last year and over $13.3 billion in total assets transferred [5] - The market is described as frenzied, with a significant amount of FOMO (fear of missing out) among advisors [3] Group 2: Value Maximization Strategies - Advisors should focus on enterprise value rather than just valuations, emphasizing the importance of organic growth and sustainable strategies [3] - Addressing client demographics is crucial, as older advisors often have aging clients, which can negatively impact valuations without multi-generational planning [3][4] Group 3: Long-term Planning - Generational planning is a long-term effort that requires hard work, and the true measure of success comes a year after the sale [4] - Advisors need a well-mapped-out plan for selling their firms, as the excitement of closing day is overshadowed by the need to evaluate the decision a year later [4]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $3.84 billion, a decrease from $3.96 billion in Q3 2024, but flat year over year when excluding non-recurring items [3][4] - Year-to-date adjusted EBITDA reached $11.8 billion, compared to $11.6 billion for the same period in 2024 [4] - Distributable cash flow (DCF) attributable to partners was approximately $1.9 billion for the first nine months of 2025 [4] Business Line Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA increased to $1.1 billion from $1 billion in Q3 2024, driven by higher throughput [4] - Midstream segment adjusted EBITDA decreased to $751 million from $816 million in Q3 2024, impacted by a one-time business interruption claim in the previous year [5] - Crude oil segment adjusted EBITDA was $746 million, down from $768 million in Q3 2024, affected by lower transportation revenues [5] - Interstate natural gas segment adjusted EBITDA was $431 million, down from $460 million in Q3 2024, but included a $43 million increase from a prior tax obligation resolution [6] - Intrastate natural gas segment adjusted EBITDA decreased to $230 million from $329 million in Q3 2024, despite increased volumes [6] Market Data and Key Metrics Changes - The company experienced strong volumes in natural gas interstate and intrastate pipelines, with significant demand growth expected in gas-fired power plants and data centers [8][10] - The Desert Southwest Pipeline project is fully contracted under long-term commitments, indicating strong market demand [9] Company Strategy and Development Direction - The company plans to spend approximately $4.6 billion on organic growth capital projects in 2025, down from a previous estimate of $5 billion [7] - Future growth capital is expected to be around $5 billion in 2026, primarily focused on natural gas segments [7] - The company is expanding its NGL business to meet international demand and enhancing its crude oil pipeline network [25][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to meet future energy demand growth, leveraging strong relationships and a backlog of growth projects [24][25] - The company is focused on capital discipline and ensuring projects meet risk-return criteria before proceeding [23][26] Other Important Information - The company is exploring the conversion of one of its NGL pipelines to natural gas service due to competitive pressures and potential revenue increases [14][46] - The Bethel natural gas storage facility expansion is expected to double its capacity, enhancing reliability and addressing demand growth [14][67] Q&A Session Summary Question: Clarification on guidance for the year - Management clarified that the guidance does not include Parkland's acquisition and expects to be slightly below the initial guidance without it [28] Question: Details on Lake Charles LNG project - Management indicated that they are close to securing necessary contracts for FID but emphasized the importance of financial discipline and securing equity partners [29][30][32] Question: Financial impact of recent data center deals - Management highlighted the significant potential revenue from data centers and the strategic importance of the Hugh Brinson pipeline in connecting to these facilities [34][36][38] Question: Growth backlog and CapEx outlook - Management confirmed a strong backlog of high-return projects and indicated that the CapEx for next year is projected at $5 billion [56][57] Question: Converting NGL pipes to natural gas service - Management discussed the potential conversion of NGL pipelines to natural gas service, citing competitive pressures and higher anticipated revenues [44][46][47] Question: Earnings growth from new projects - Management expressed optimism about maintaining earnings levels and potential growth from new projects, particularly in collaboration with Enbridge [48][50][52]

Group 1 - E.l.f. Beauty forecasts net sales for fiscal 2026 to be between $1.55 billion and $1.57 billion, an increase from $1.31 billion in 2025 [1] - The company expects adjusted net income to be in the range of $165 million to $168 million, down from $198 million [2] - In Q2, net sales rose 14% to $343.9 million, although this was below Wall Street's forecast of $366 million [2] Group 2 - E.l.f. gained 140 basis points of market share for its namesake brand and had a record launch of Rhode in Sephora North America [3] - The launch of Rhode was the largest in Sephora North America's history, being two-and-a-half times larger than the second-largest launch [4] - The company refrained from providing a full-year 2026 estimate earlier due to uncertainties related to tariffs [4] Group 3 - The average tariff rate for the current year is 56%, compared to 25% last year, impacting the company's guidance [5] - E.l.f. has a strong balance sheet post-Rhode acquisition, allowing for potential future acquisitions if they meet high criteria [6] - The primary focus remains on strong organic growth, with significant opportunities across the brand portfolio [6]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Merrill Wealth Management plans to double its organic growth rate in the next several years, with Merrill Co-Head Eric Schimpf arguing the firm has the “power and scale to be outpacing the industry” during Bank of America’s Investor Day. According to Bloomberg, today’s Investor Day in Boston is Bank of America’s first in nearly 15 years. Several weeks ago, the bank reported a 10% and 12% year-over ...