Core Viewpoint - Bob's Discount Furniture is going public with an IPO priced at $17, raising $331 million, and will trade on the NYSE under the symbol BOBS [1] Company Overview - Bob's Discount Furniture is a Connecticut-based furniture retailer backed by Bain Capital [1] - The company operates over 200 locations across 26 states, with a strong presence in the East Coast [1] - As of September last year, 61% of its revenue was generated from stores in New England, New York, and the Mid-Atlantic [1] Market Context - The IPO will test investor appetite for traditional retail businesses amid challenging market conditions [1] - The retail sector is facing headwinds, particularly for brick-and-mortar chains, as consumers have been dealing with increased prices in recent years [1]

Core Viewpoint - Barrick Gold Corp. reported a significant increase in quarterly earnings but experienced a nearly 5% drop in share price due to plans for an IPO of its North American assets [1] Financial Performance - Fourth-quarter net earnings rose 151% year-on-year to $1.43 per share, driven by higher gold prices and strong operational performance [1] - Attributable EBITDA reached $3.08 billion, an 82% increase from the previous year, while operating cash flow climbed 96% to $2.73 billion [2] - Free cash flow more than tripled to $1.62 billion [2] IPO Plans - The company confirmed plans to proceed with an IPO of its North American gold assets, including stakes in Nevada Gold Mines, the Pueblo Viejo project, and the Fourmile discovery [3] - Barrick will retain a controlling interest in the new entity and has appointed Mark Hill as CEO for the IPO process, expected to be completed by late 2026 [3] Production and Cost Outlook - Quarterly production totaled 871,000 ounces of gold, slightly below Jefferies' estimate of 875,000 ounces but above consensus of 864,000 ounces [5] - Cash costs were reported at $1,205 per ounce, higher than analyst projections, while all-in sustaining costs (AISC) reached $1,581 per ounce [5] - The company provided a three-year production outlook, forecasting attributable gold output of 2.9 to 3.25 million ounces in 2026, increasing to 3.3 to 3.65 million ounces in 2027 and 3.4 to 3.75 million ounces in 2028 [6] Analyst Ratings - Analysts at Jefferies maintained a "Buy" rating on Barrick, citing a strong fourth-quarter earnings performance and conservative guidance for 2026 [4] - The firm expects 2026 gold production of approximately 3.1 million ounces at AISC of about $1,855 per ounce, partly based on an assumed gold price of $4,500 per ounce [4]

Financial Data and Key Metrics Changes - Barrick achieved record financial results in Q4 2025, with revenues increasing by 45% from Q3, driven by higher production and a 21% increase in realized gold prices [10] - Net earnings nearly doubled from the prior quarter, and the company reported record quarterly cash flow, free cash flow, earnings per share, and cash balance [10][11] - For the year, cash flow from operations reached $7.7 billion and free cash flow was $3.9 billion, up 71% and 194% year-over-year, respectively [11][12] - The company ended the year with a net cash position of $2 billion, indicating a strong balance sheet [12] Business Line Data and Key Metrics Changes - Gold production increased by 5% from Q3, with a full-year total of 3.26 million ounces, aligning with guidance [8][23] - Copper production rose by 13% from Q3, driven by higher throughput at Lumwana [8] - The operational review led to a restructuring of business units, enhancing operational efficiency [8] Market Data and Key Metrics Changes - The gold price increased by 21%, contributing to higher margins and cash flow [10][12] - The company anticipates gold production in 2026 to be between 2.9-3.25 million ounces, with a focus on ramping up production at Loulo-Gounkoto [23] Company Strategy and Development Direction - Barrick plans to proceed with an IPO of its North American gold assets, targeting completion by late 2026 to maximize shareholder value [5][26] - The company is focused on safety as its top priority for 2026, following operational achievements overshadowed by fatalities in the previous year [6][7] - The management team has been restructured to enhance operational experience and efficiency [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2026, citing a strong start to the year and improved operational discipline [16][17] - The company is committed to maintaining a focus on high-quality assets and strategic growth, particularly in North America [33][103] Other Important Information - The board has authorized a new dividend policy, increasing the base dividend by 40% to $0.175 per quarter, with a target to pay out 50% of attributable free cash flow [13][14] - The company has successfully resolved disputes in Mali, regaining operational control and ramping up production [21][76] Q&A Session Summary Question: Can you discuss the strategic rationale behind the IPO of NGM and PV? - Management believes a partial IPO will unlock more value than a full separation, as the North American assets are undervalued within Barrick [31][34] Question: What are the intended proceeds from the IPO? - The specifics of the use of proceeds will be determined as part of the preparation work for the IPO [36] Question: Can you provide an update on the Reko Diq financing? - Management is reviewing the security situation in Balochistan before proceeding with financing [40] Question: How has the mine plan review impacted guidance, particularly for Carlin? - The review has led to more realistic production targets based on actual performance, with a focus on achieving consistent delivery [44][46] Question: Is Veladero considered a non-core asset? - Veladero is not non-core and has been one of the top-performing assets in the last year [57] Question: What is the expected recovery rate at PV? - The target recovery rate is 84%, with ongoing efforts to optimize stockpile blending [62][64] Question: Will Barrick sell more gold assets in the future? - The focus remains on high-quality assets, and any dispositions will align with the strategic filter [103]

Financial Data and Key Metrics Changes - Barrick achieved record financial results in Q4 2025, with a 45% increase in revenues from Q3, driven by increased production and a 21% rise in realized gold prices [8][9] - Net earnings nearly doubled from the prior quarter, and the company reported record quarterly cash flow, free cash flow, earnings per share, and cash balance [8][9] - For the year, cash flow from operations reached $7.7 billion and free cash flow was $3.9 billion, up 71% and 194% year-over-year, respectively [9][10] - The company ended the year with a net cash position of $2 billion, indicating a strong balance sheet [10] Business Line Data and Key Metrics Changes - Gold production increased by 5% from Q3, with a full-year total of 3.26 million ounces, aligning with guidance [6][19] - Copper production rose by 13% from Q3, driven by higher throughput at Lumwana [6] - The operational review led to a restructuring of business units, enhancing operational efficiency [6][15] Market Data and Key Metrics Changes - The gold price increased by 21%, contributing to higher margins and EBITDA [10] - The company reported a significant increase in shareholder returns, marking the highest annual returns in Barrick's history [10] Company Strategy and Development Direction - Barrick plans to proceed with an IPO of its North American gold assets, targeting completion by late 2026 to maximize shareholder value [4][10] - The company is focused on safety as its top priority for 2026, following operational challenges in the previous year [5][15] - The management team has been restructured to enhance operational experience and effectiveness [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2026, with expectations of increased production from Loulo-Gounkoto and slight increases from other operations [19][20] - The company is optimistic about the operational performance in Nevada, indicating a strong start to 2026 [19][84] Other Important Information - The board has authorized a 40% increase in the quarterly dividend to $0.175, reflecting a commitment to returning cash to shareholders [11][12] - The company has resolved disputes in Mali and regained operational control, with plans to ramp up production [18][75] Q&A Session Summary Question: What is the strategic rationale behind the partial IPO of NGM and PV? - Management believes that a partial IPO will unlock more value than a full separation, as the North American assets are undervalued within Barrick [32][33] Question: What are the intended proceeds from the IPO? - The specifics of the use of proceeds will be determined as part of the preparation work for the IPO [36] Question: What is the latest on the Reko Diq financing? - Management is reviewing the security situation in Balochistan before proceeding with financing [38] Question: How has the mine plan review affected guidance, particularly for Carlin? - The review has led to more realistic production targets based on actual performance, with some reductions in expected output but increased confidence in delivery [42][44] Question: Is Veladero considered a non-core asset? - Veladero is not non-core and is one of the top-performing assets, with no plans for divestiture [54] Question: What is the guidance for recovery rates at PV? - The target recovery rate has been adjusted to 84%, with ongoing efforts to optimize stockpile blending [61][62] Question: How will costs be managed going forward? - Management indicated that costs are expected to remain flat, with no specific guidance provided for the next couple of years [94] Question: Will Barrick sell more gold resources? - The focus remains on high-quality assets, and any dispositions will align with the strategic filter [104]

Core Insights - Alphabet Inc's investment in SpaceX, made in 2015 for $900 million at a $12 billion valuation, has significantly appreciated, potentially worth close to $100 billion today [1][2] - The proposed merger between SpaceX and xAI could lead to a combined valuation of approximately $1.25 trillion, with Alphabet's stake estimated to be worth $87–$90 billion, and possibly reaching $100 billion if an IPO occurs in mid-2026 [2] - Alphabet recorded an $8 billion unrealized gain in early 2025 due to the increase in SpaceX's valuation, highlighting the hidden value of this investment [3] Investment Implications - Many investors focus on Alphabet's core businesses like search, ads, and AI, overlooking its significant stake in SpaceX, which could serve as a powerful catalyst for growth [4] - The investment in SpaceX represents Alphabet's best return on investment, surpassing returns from its own products like Pixel and Fiber, emphasizing the value of strategic investments [5] - Alphabet's balance sheet includes a substantial asset in the form of a private stake in SpaceX, which could soon translate into significant financial returns [5]

Company Overview - Medline is the largest provider of medical-surgical products and supply chain solutions, offering 335,000 products and operating 33 manufacturing facilities in over 100 countries [2][3] - The company provides next-day delivery to 95% of its U.S. customers, positioning itself similarly to Amazon in the medical supply sector [2] Financial Performance - Medline has demonstrated impressive sales growth, with an average annual growth rate of 18% since its founding in 1966 and 50 consecutive years of net sales growth [8] - Sales are projected to reach around $30 billion for the full year 2026, up from $17.5 billion in 2020 [6][9] - Analysts expect earnings of $1.17 per share for 2025, with a nearly 20% increase to $1.52 per share in 2026 [9] Market Position and Competitive Advantage - Medline's competitive edge includes its private label products, which enhance margins by eliminating the need for third-party resellers [3] - The company is significantly more profitable than its key rivals, with a gross margin of approximately 27.4%, compared to much lower margins for competitors like McKesson and Cardinal Health [12] Growth Potential - The total addressable market for Medline is estimated at $375 billion, indicating substantial growth potential [9] - Free cash flow projections are robust, with expectations of $1.5 billion for 2025 and at least $2.1 billion for 2026, driven by debt reduction from IPO proceeds [10] Recent Developments - Medline recently went public with an IPO priced at $29 per share, raising $6.3 billion to pay down debt, which stood at $16.5 billion prior to the IPO [5][7] - The company was previously taken private in a $34 billion buyout in 2021, during which it expanded its manufacturing capabilities significantly [5][6] Investment Considerations - The company has a high P/E multiple of 28, and approximately 70% of its sales come from hospitals, which may present a concentration risk [13] - Private equity owners retain 60% of voting control, which could be a concern if fundamentals deteriorate, but their management has been effective [14]

Company Overview - Eikon Therapeutics, Inc. is a late-stage clinical biopharmaceutical company focused on developing innovative medicines to address serious unmet medical needs, particularly in oncology [6] - The company aims to integrate traditional biology research with advanced engineering to expedite the development of better medicines [6] Initial Public Offering (IPO) Details - Eikon has priced its upsized initial public offering at $18.00 per share, offering a total of 21,177,600 shares, which is expected to generate approximately $381 million in gross proceeds [1] - The underwriters have a 30-day option to purchase an additional 3,176,640 shares at the same initial public offering price [1] - The IPO is set to begin trading on the Nasdaq Global Select Market under the ticker symbol "EIKN" on February 5, 2026, with the offering expected to close on or about February 6, 2026 [2] Regulatory and Compliance Information - A registration statement on Form S-1 related to the offering has been filed with the SEC and was declared effective on January 30, 2026 [3] - The offering is being conducted solely through a prospectus that is part of the effective registration statement [4]

Despite industry forecasts for a blockbuster resurgence in initial public offerings in the coming year, NYU Stern marketing professor and tech analyst Scott Galloway has issued a contrarian warning about the crown jewel of the AI boom. Speaking on a recent episode of Prof G Markets, Galloway suggested that OpenAI’s expected public listing, as reported by the Wall Street Journal, is far from a sure thing, citing eroding competitive advantages and a toxic shift in brand perception. While discussing the po ...

Group 1 - SpaceX is targeting an IPO this year and has held meetings with foreign banks to discuss their roles in the offering [1][2] - The IPO is expected to raise as much as $50 billion, making it the largest IPO in history, surpassing Alibaba's $25 billion IPO in 2014 [5] - The company is considering allocating a significant portion of shares for retail investors, with Robinhood Markets Inc. seeking a key role in the IPO [6] Group 2 - The acquisition of Musk's xAI is expected to value the combined company at $1.25 trillion, with SpaceX valued at $1 trillion and xAI at $250 billion [7] - Major Wall Street firms, including Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, have been lined up to lead the IPO [3] - No final decisions have been made regarding the IPO details, and they may change as the process continues [4]

Core Viewpoint - Wella Company, owned by KKR, is preparing for a potential IPO in the U.S., which could value the company significantly above the $4.3 billion acquisition price paid by KKR [1]. Group 1: Company Background - KKR acquired Wella's professional division, including brands like Clairol and OPI, for $2.5 billion on November 30, 2020, gaining 60% control of the joint venture [4]. - Coty Inc. sold its remaining 25.8% stake in Wella to KKR in December 2025, following a previous sale of a 3.6% stake for $150 million in July 2023 [2]. - Wella Company generated estimated sales of $2.26 billion in 2024, reflecting a 3.3% increase compared to 2023 [6]. Group 2: IPO Considerations - Going public can provide early investors with lucrative exits and enhance the company's profile, brand exposure, and access to capital through stock [7]. - However, IPOs also bring increased scrutiny from analysts and investors, who demand faster growth and improved margins [8]. - The performance of past beauty IPOs in the U.S. has varied, with Oddity's shares initially rising 35% on their first trading day but later trading lower [9].