J P M O R G A N North America Equity Research 07 May 2025 Neutral ▲Price Target (Dec-25):$355.00 Prior (Dec-25):$270.00 Internet - Mid & Small Cap Cory A Carpenter AC (1-212) 270-8125 cory.carpenter@jpmorgan.com Daniel Pfeiffer (1-212) 622-0161 daniel.pfeiffer@jpmchase.com Andrew Watts (1-212) 622-9400 andrew.watts@jpmorgan.com J.P. Morgan Securities LLC Key Changes (FYE Dec) APP, APP US Price (07 May 25):$303.46 | | Prev | Cur | | --- | --- | --- | | Revenue - 25E ($ mn) | 4,957 | 5,410 | | Revenue - 26E ( ...

Company Performance - MercadoLibre has shown impressive performance with a revenue increase of 64% and gross merchandise volume growth of 40% [5] - Unique buyers increased by 25% year over year, contributing to the growth in gross merchandise volume [4] - The operating margin expanded from 12.2% to 12.9%, indicating improved profitability [5] Market Opportunities - The company holds only 5% of the total retail market in Latin America, suggesting significant growth potential as e-commerce penetration increases [9] - The offline retail market still dominates at 85%, providing a large opportunity for MercadoLibre to capture more market share [9] - The fintech sector is also expanding, with assets under management increasing by 103%, indicating strong engagement in financial services [8] Strategic Initiatives - MercadoLibre has launched the Mercado Play App, which offers 15,000 hours of free content and is expected to drive growth in advertising revenue [10] - The company is focusing on groceries, which increased by 65% year over year, enhancing customer retention and repeat purchases [6] - Management is exploring deeper involvement in streaming and full banking services, with plans for a bank charter in Mexico [12] Stock Valuation - Following the strong first-quarter results, MercadoLibre's stock has risen 42% in 2025, outperforming the broader market [13] - The stock trades at a forward P/E ratio of 36 and a price-to-free cash flow ratio of 17, which are considered reasonable for a high-growth stock [13] - The company has a proven track record, substantial cash reserves, and increasing profits, making it an attractive investment option [14]

One of the most interesting companies on the market today has got to be Paramount Global (NASDAQ: PARA ) (NASDAQ: PARAA ), a multibillion-dollar entertainment conglomerate with an increasing focus on streaming. For years now, the core business has beenCrude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential.Subscribers get to use a 50+ stock model acco ...

Creative Media & Community Trust (CMCT) Q1 2025 Earnings Call May 09, 2025 12:00 PM ET Company Participants Steve Altebrando - 1st VP Portfolio OversightDavid Thompson - Chief Executive OfficerBarry Berlin - Executive VP, CFO, Treasurer & Secretary Operator Good day, and welcome to the Creative Media and Community Trust Corporation First Quarter twenty twenty five Earnings Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please ...

Core Insights - Paramount Global reported adjusted earnings of 29 cents per share for Q1 2025, beating estimates by 7.41%, but down 53.2% year-over-year [1] - Revenues of $7.19 billion exceeded estimates by 1.5%, but declined 6% year-over-year, primarily due to softness in TV Media revenues [1][2] Financial Performance - Consolidated adjusted OIBDA fell 30% year-over-year to $688 million, despite improvements in D2C and filmed entertainment [2] - Selling, general and administrative expenses decreased 7.2% year-over-year to $1.54 billion [2] - Advertising revenues, accounting for 34.94% of total revenues, fell 18.8% year-over-year to $2.513 billion [3] - Affiliate revenues, making up 47.23% of total revenues, increased 1.2% year-over-year to $3.397 billion [3] - Theatrical revenues decreased 3.3% year-over-year to $148 million [3] DTC Performance - DTC revenues increased 9% year-over-year to $2.044 billion, with subscription revenues rising 16% due to subscriber growth [4][5] - Paramount+ added 1.5 million subscribers in the reported quarter, reaching a total of 79 million [5][6] - DTC adjusted OIBDA improved by $177 million year-over-year, indicating revenue growth [6] TV Media Segment - TV Media revenues decreased 13% year-over-year to $4.5 billion, with advertising revenues down 21% due to the Super Bowl [7][8] - The segment's adjusted OIBDA decreased 36% to $922 million, reflecting declines in affiliate revenues [8] Filmed Entertainment - Filmed Entertainment revenues increased 4% year-over-year to $627 million, driven by successful releases like Sonic the Hedgehog 3 and Gladiator II [10][12] - Adjusted OIBDA for this segment was reported at $20 million, up from a negative OIBDA of $3 million year-over-year [11] Balance Sheet & Cash Flow - As of March 31, 2025, cash and cash equivalents stood at $2.67 billion, with total debt at $14.16 billion [13] - Non-GAAP free cash flow was reported at $123 million, compared to $56 million in the previous quarter [13] Future Estimates - The Zacks Consensus Estimate for Q2 FY25 revenues is $7.08 billion, indicating a year-over-year decline of 7.82% [14] - The consensus for earnings is pegged at 27 cents per share, down 56.45% from the year-ago quarter [14]

Group 1 - Franco-Nevada Corporation announced the election of its board of directors during the 2025 Annual and Special Meeting of Shareholders, with detailed voting results provided [1][2] - The nominees received high approval rates, with Paul Brink receiving 99.79% of votes for, and Hugo Dryland receiving 99.96% [2] - The company is recognized as a leading gold-focused royalty and streaming company, boasting a diversified portfolio of cash-flow producing assets [3] Group 2 - Franco-Nevada Corporation operates a business model that offers investors gold price and exploration optionality while minimizing exposure to cost inflation [3] - The company is debt-free and utilizes its free cash flow for portfolio expansion and dividend payments [3] - Franco-Nevada trades under the symbol FNV on both the Toronto and New York stock exchanges [3]

Financial Data and Key Metrics Changes - Consolidated net revenue decreased by 7% year over year to $555 million [21] - Consolidated AOI declined by 30% to $104 million, with a margin of 19% [21] - Adjusted EPS was reported at $0.52 [21] - Free cash flow for the quarter was $94 million, on track to achieve approximately $220 million for the full year [20][32] Business Line Data and Key Metrics Changes - Domestic operations revenue decreased by 7% to $486 million, with subscription revenue down by 3% due to a 12% decline in affiliate revenue, partially offset by 8% growth in streaming revenue [21][22] - Advertising revenue in domestic operations decreased by 15% year over year, primarily due to lower linear ratings [26] - International revenue decreased by 7% to $70 million, with subscription revenue down by 12% due to the non-renewal with Movistar in Spain [28] Market Data and Key Metrics Changes - Streaming subscribers remained flat at 10.2 million compared to the prior year, with a slight decline from 10.4 million at the end of 2024 [24][25] - Advertising revenue from streaming is still in the low single digits but provides incremental revenue opportunities [50] Company Strategy and Development Direction - The company focuses on programming, partnerships, and profitability, emphasizing the generation of free cash flow [6][34] - Plans to launch an ad-supported version of Shudder and a new fast channel, Acorn TV Mysteries, to enhance audience engagement and advertising opportunities [10][12] - The company is committed to maintaining a strong balance sheet with no bond maturities until 2029 and over $1 billion in total liquidity [30] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the advertising market despite macroeconomic uncertainties, noting strong engagement with advertising partners [26][34] - The company anticipates revenue growth from streaming due to pricing actions and new series debuts [60][62] - Management acknowledges challenges in the linear advertising market but believes in the strength of their programming and advanced advertising capabilities [64] Other Important Information - The company has made refinements to its streaming subscriber definitions to better reflect its distribution strategy [22] - The company is focused on creating high-quality programming while maintaining cost efficiency [72] Q&A Session Summary Question: Can you tell us about the streaming subscribers coming in through bundled video packages? - Management expressed satisfaction with the integration with Charter and the anticipated take rates for embedded streaming services [37] Question: Are you seeing any risk of cannibalization on the a la carte side? - Management believes that expanding distribution will create a healthier video ecosystem and additional revenue opportunities [40] Question: How much of your advertising is coming from streaming? - Streaming advertising contributes incremental revenue, with a focus on integrated partnerships [50] Question: When will you lap the subscription revenue issues from the Spanish drop? - Management indicated that the impact of the non-renewal with Movistar was anticipated and plans are in place to offset revenue changes [51][53] Question: What are your expectations for content spend and amortization this year? - Management stated that cash content spend is expected to be slightly down, but the volume of productions remains flat year over year [69]

Super Group (SGHC) Q1 2025 Earnings Call May 09, 2025 07:45 AM ET Company Participants Nkem Ojougboh - Head of IRNeal Menashe - CEO & Board of DirectorJed Kelly - Managing Director - Equity ResearchNeal Menashe - Chief Executive OfficerClark Lampen - Managing DirectorAlinda Van Wyk - CFO & Director Conference Call Participants Jason Tilchen - Director & Senior Equity research AnalystBernie Mcternan - Senior Research AnalystMike Hickey - Equity Research Analyst Operator Hello, everyone, and thank you for joi ...

Turtle Beach (HEAR) Q1 2025 Earnings Call May 08, 2025 05:00 PM ET Company Participants Jacques Cornet - PartnerCris Keirn - CEOMark Weinswig - CFO Conference Call Participants Anthony Stoss - AnalystSean McGowan - MD & Senior Research AnalystMartin Yang - Senior AnalystNone - Analyst Operator and welcome to Turtle Beach Q1 twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a remin ...

Turtle Beach (HEAR) Q1 2025 Earnings Call May 08, 2025 05:00 PM ET Company Participants Jacques Cornet - PartnerCris Keirn - CEOMark Weinswig - CFO Conference Call Participants Anthony Stoss - AnalystSean McGowan - MD & Senior Research AnalystMartin Yang - Senior AnalystNone - Analyst Operator and welcome to Turtle Beach Q1 twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a remin ...