Key Takeaways TELNY is selling its 24.95% stake in True Corp to Arise Digital for THB 11.70 per share.The sale unlocks NOK 14.7B in gains and supports TELNY's shift to core Nordic operations.TELNY aims to boost 5G, security, and efficiency as it focuses on stable Nordic markets.Telenor ASA (TELNY) is reshaping its geographic footprint by aiming for a strategic pivot away from non-core Asian operations toward a more focused, Nordic-centric business model. The company has inked an agreement to divest its rema ...

Company Overview - Paradiem sold its entire holding of 166,374 shares of Brady Corporation, with an estimated transaction value of approximately $12.98 million based on the last disclosed position [2][3][6] - As of the last market close, Brady Corporation's shares were priced at $80.80, with a market capitalization of $3.81 billion and a revenue of $1.54 billion for the trailing twelve months (TTM) [4][6] - Brady Corporation reported a net income of $196.41 million for the TTM [4] Financial Performance - In the most recent quarter, Brady Corporation achieved a year-over-year sales growth of 7.5%, totaling $405.3 million, driven by organic growth and acquisitions [11] - Adjusted diluted earnings per share (EPS) increased by 8% to $1.21, while operating cash flow surged by 42.5% to $33.4 million [11] - The company raised the low end of its full-year adjusted EPS guidance to a range of $4.90 to $5.15, indicating strong execution and margin discipline [11] Market Position and Strategy - Brady Corporation specializes in identification solutions and workplace safety products, serving a diverse range of sectors including industrial manufacturing, healthcare, and government [8][9] - The company maintains a conservative balance sheet with a net cash position of approximately $67 million at the end of the quarter [11] - The broader portfolio of Paradiem suggests a strategic shift towards higher-beta cyclicals and large-cap industrial exposure, rather than a rejection of Brady's steady mid-cap profile [12]

Company Overview - KT Corporation is a leading telecommunications provider in South Korea, offering a diversified service portfolio that includes fixed-line, wireless, broadband, and digital media platforms [5] - The company generates revenue primarily through subscription-based telecom services, data communications, media content delivery, and value-added IT services, serving individual consumers, businesses, and institutional clients [7] Financial Performance - As of the latest report, KT's stock price is $18.97, with a market capitalization of $9.15 billion and a revenue of $18.99 billion for the trailing twelve months (TTM) [4] - The net income for KT in the TTM is approximately $672.99 million [4] - In the third quarter, revenue increased by 7.1% year-over-year, driven by telecom growth, cloud and data center demand, and real estate development gains [8] - Wireless service revenue grew nearly 5%, with 5G penetration reaching 80.7%, while EBITDA remained solid despite a margin decline of about 400 basis points to 21.1% [8] Market Position and Trends - KT's stock has outperformed the S&P 500 over the past year, with a 21.5% increase compared to the S&P 500's 16% gain [3] - The company's competitive advantage lies in its integrated service offerings and strong market presence in South Korea's communications sector [5] - Despite operational improvements, KT's appeal as a steady, dividend-oriented telecom may have diminished in comparison to higher-volatility or higher-upside investments favored by some funds [9]

Market Analysis & Predictions - XRP shows significant weekly gains compared to Bitcoin and Ethereum, indicating potential bullish territory [1] - Bitcoin needs to flip 116,000 to confirm a bullish run, potentially retesting previous highs around 120,000 plus [1] - XRP needs to break $2.75 to retest previous highs, with caution around that level due to potential rejection [1] - The S&P 500 breaks above 6,800, up 40+% since April 2025, adding $17 trillion of market cap in 6 months, signaling a bullish trend [2] - Gold is potentially topping out, with rotations expected from gold into stocks and then crypto [6][18] Money Market Funds & Liquidity - $7.4 trillion is parked in money market funds, waiting for Federal Reserve decisions to trigger a capital reallocation event [10] - Potential Fed cuts of 150-200 basis points could collapse money market fund income by $100-140 billion annually, driving reallocation [11] - Historical patterns show Fed cuts leading to market rallies (tech bubble in 1998, housing mania in 2003, general rally in 2009) [12] - A 5% rotation from money market funds could bring $370 billion into Bitcoin, potentially driving its price to $280,000-$350,000 [14] - Capital from money market funds is expected to flow into Bitcoin, Ethereum, and altcoins, pushing the entire crypto space higher [15] Crypto Market Sentiment - The crypto environment is bullish, but many are still in denial, awaiting significant price action to realize the potential [23][24] - Bitcoin dominance is expected to break down, leading to significant price multiples for assets like XRP [21]

Core Insights - Diamondback Energy, Inc. (FANG) has executed a definitive agreement to divest its 27.5% equity stake in EPIC Crude Holdings, LP for over $596 million, which includes approximately $500 million in upfront cash and a contingent payment of $96 million based on capacity expansion approval by 2027 [1][2][9] Transaction Details and Valuation Implications - The transaction values EPIC Crude at an implied enterprise value of $2.85 billion, indicating the deal's attractiveness and the growth potential within EPIC Crude's midstream infrastructure [3] - The deal is expected to close in early 2026, pending regulatory approvals, including those under the Hart-Scott-Rodino Antitrust Improvements Act [3][9] Strategic Focus and Commercial Partnership Continuity - The divestiture is a key liquidity event for Diamondback, allowing for capital redeployment to enhance upstream operations and strategic initiatives [4] - Despite the sale, Diamondback will maintain a strong commercial relationship with EPIC Crude, continuing as an anchor shipper on the EPIC Crude pipeline [5][6] Growth Prospects of EPIC Crude - EPIC Crude plays a vital role in crude oil gathering and transportation, supporting multiple producers in the Permian Basin, a highly productive oil region [7] - The pending capacity expansion aims to enhance throughput volumes and operational flexibility, reinforcing EPIC Crude's competitive positioning [8] Regulatory Review and Transaction Closing Outlook - The transaction is subject to customary closing conditions, with industry analysts expecting a smooth regulatory review due to its alignment with competitive practices [10] Implications for Investors and Market Positioning - This transaction reflects Diamondback's prudent capital management and strategic asset optimization, strengthening its balance sheet and increasing financial flexibility [12] - The sale price and contingent consideration indicate market confidence in EPIC Crude's operational capabilities and expansion potential [13] Conclusion: Commitment to Operational Excellence and Growth - The divestiture represents a landmark transaction in Diamondback's portfolio strategy, providing substantial capital inflow while maintaining midstream partnership continuity [14]

Financial Data and Key Metrics Changes - Net income for the first quarter of 2025 was $238 million, with adjusted EBITDA at $544 million, reflecting strong phosphate prices and improving potash prices [9][10] - First quarter realized prices were $623 per ton for phosphate and $223 per ton for potash, exceeding guidance ranges [10][11] - Free cash flow generation was constrained by typical working capital seasonality, with expected CapEx of $1.2 billion to $1.3 billion for the year [21][40] Business Line Data and Key Metrics Changes - Phosphate production was 1.4 million tons in Q1 2025, with a production volume outlook maintained at 7.2 million to 7.6 million tons for the year [15][16] - Potash production cash cost per ton was $78, up from $72 in the prior year quarter, with expectations for costs to decline as production increases [33][34] - Mosaic Biosciences revenue more than doubled year-over-year, driven by strong sales of existing products and new product launches [18][19] Market Data and Key Metrics Changes - Global fertilizer demand remains strong, with robust demand in Brazil and a projected increase in shipments to exceed 47 million tons [24][25] - Phosphate demand is driven by rising lithium iron phosphate production in China, which grew 55% in Q1 2025 [12][13] - The North American spring season is expected to see typical demand for both phosphate and potash, with limited channel inventory remaining [22] Company Strategy and Development Direction - The company is focused on normalizing phosphate production and operating costs, with a strategic emphasis on capital reallocation and shedding non-core assets [6][8] - Mosaic's expansive market access, particularly in Brazil, positions the company well for growth amid geopolitical tensions [12][16] - The company anticipates significant opportunities for growth in new markets and products, particularly through its Mosaic Biosciences division [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term market fundamentals, despite uncertainties in global trade policies [6][12] - The company expects further improvements in segment profitability in Q2 2025, driven by seasonal demand increases [16][37] - Management highlighted the importance of maintaining cost discipline and improving asset reliability to enhance operational performance [13][14] Other Important Information - The company is on track to achieve its full-year unit cost targets, with expectations for cash flow generation to improve in the remainder of the year [16][40] - The capital reallocation program is progressing, with discussions on non-core potash assets accelerating [41] Q&A Session Summary Question: Assessment of Bartow, New Wales, and Riverview operations - Management indicated that the assessment remains similar to previous evaluations, with ongoing reliability enhancement projects paying off [45][46][50] Question: Impact of tariffs on ammonia supply - Management confirmed that current ammonia purchases have not incurred tariff impacts, with most supply coming from exempt sources [52][54] Question: Phosphate pricing and maintenance costs - Management acknowledged extraordinary maintenance costs but expects conversion costs to decline as production normalizes [60][64] Question: Potash market dynamics and Belarusian shipments - Management noted that while Belarusian shipments have not decreased, production cuts from other regions are expected to support pricing [66][68] Question: Cost of production cadence for potash - Management anticipates significant improvements in cash costs as low-cost production ramps up in the latter half of the year [71][73] Question: Mosaic's role in supply and demand dynamics - Management indicated that increased production will still align with tight supply-demand balances, particularly in phosphates [76][80] Question: Cash flow and working capital expectations - Management expects improved cash flow generation, with incremental EBITDA translating into cash flows despite working capital increases [89][92] Question: Mosaic Biosciences growth and strategy - Management outlined plans for significant revenue growth in Mosaic Biosciences, with a focus on proprietary products and market expansion [95][102]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $238 million, with adjusted EBITDA at $544 million, reflecting strong phosphate prices and improving potash prices [7][8] - First quarter realized prices were $623 per ton for phosphate and $223 per ton for potash, exceeding guidance ranges [8][9] - Free cash flow generation was constrained by typical working capital seasonality, with expected CapEx of $1.2 billion to $1.3 billion for the year [19][39] Business Line Data and Key Metrics Changes - Phosphate production was 1.4 million tons in Q1 2025, with a production volume outlook maintained at 7.2 million to 7.6 million tons for the year [13] - Potash production cash cost per ton was $78, up from $72 in the prior year, with expectations for costs to decline as production increases [32][33] - Mosaic Biosciences revenue more than doubled year-over-year, driven by strong sales of existing products and new product launches [15][16] Market Data and Key Metrics Changes - Global fertilizer demand remains strong, with solid ag commodity fundamentals despite geopolitical uncertainties [5][20] - Brazilian growers are benefiting from favorable economics, with NP and K shipments expected to exceed 47 million tons [22] - Phosphate demand is driven by rising lithium iron phosphate production in China, which grew 55% in Q1 2025 [11][24] Company Strategy and Development Direction - The company is focused on normalizing phosphate production and operating costs, with a strategic advantage in market access, particularly in Brazil [6][10] - Ongoing efforts to shed non-core assets and reallocate capital are in progress, with a commitment to return excess capital to shareholders [18][19] - The company anticipates significant growth opportunities in new markets and products, leveraging its expansive footprint in Brazil [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating geopolitical dynamics and highlighted the long-term constructive market fundamentals [10][42] - The outlook for Q2 2025 is positive, with expectations for improved earnings and segment profitability [14][42] - Management noted that while there may be headwinds in the second half of the year, the overall market remains tight and supportive [21][24] Other Important Information - The company is investing in production enhancements, including a hydrofloat project expected to increase potash production volumes [12][32] - The impact of foreign exchange variations on earnings was noted, with a negative effect of $18 million in Q1 [33] - The company is closely monitoring the affordability of fertilizers in the U.S. market and its implications for demand [81] Q&A Session Summary Question: Assessment of Bartow, New Wales, and Riverview operations - Management indicated that the assessment remains similar, with ongoing reliability enhancement projects paying off [44][46][49] Question: Impact of tariffs on ammonia supply - Management confirmed that current ammonia purchases have not incurred tariff impacts, with most supply coming from exempt sources [51][52] Question: Phosphate pricing and maintenance costs - Management acknowledged extraordinary maintenance costs but expects them to normalize as production increases [57][60] Question: Potash market dynamics and Belarusian shipments - Management noted that while Belarusian shipments have not decreased, production cuts from other regions are expected to support pricing [67][68] Question: Cost of production for potash - Management expects significant improvements in potash production costs as low-cost tons come into the marketplace [71][74] Question: Mosaic's role in supply and demand dynamics - Management indicated that supply constraints will continue to support pricing, with strong demand anticipated in India [78][80] Question: Cash flow and working capital expectations - Management expects cash flow generation to improve, with incremental EBITDA contributing positively despite working capital increases [90][92] Question: Mosaic Biosciences growth and profitability - Management highlighted strong growth projections for Mosaic Biosciences, with a focus on product development and market access [96][100]