Arjun Sethi says he doesn’t suffer from FOMO. The question of whether Kraken’s co-CEO has a fear of missing out surfaced when DL News breached the topic of a potential public float for the US-based crypto exchange. On paper, it’s about time. After all, the crypto industry has caught the IPO bug in a big way this year. Rival exchanges Bullish and Gemini were listed on the New York Stock Exchange and the Nasdaq this summer, capitalising on sweeping market optimism thanks to the US government’s nouveau pro ...

Group 1 - StubHub Holdings, Inc. (NYSE: STUB) shares have experienced significant losses, dropping over 10% following its IPO due to investor concerns over a rapid slowdown in growth [1] - The company is part of a broader investment group that focuses on capitalizing on major corporate events such as IPOs, mergers & acquisitions, and earnings reports [1] - The investment group provides coverage of approximately 10 major events each month, aiming to identify the best investment opportunities [1]

Core Insights - Moelis & Co. (MC) shares have increased by 33.5% over the past three months, outperforming the Finance sector and the S&P 500 index, while also surpassing Lazard Inc. (LAZ) but underperforming Evercore, Inc. (EVR) [1][10] Factors Supporting Moelis & Co. Stock - The Federal Reserve's recent interest rate cut of 25 basis points is expected to enhance M&A activity, which will benefit Moelis & Co.'s advisory revenues [4][5] - Moelis & Co. has shown solid organic performance with a 10% compound annual growth rate (CAGR) over the five years ending in 2024, despite revenue declines in certain years due to M&A softness [6][7] - The company has diversified its operations across various sectors and regions, with the top 10 transactions accounting for less than 25% of total revenues [7][8] Financial Performance and Estimates - The Zacks Consensus Estimate predicts a revenue increase of 24% in 2025 and 13.5% in 2026, with current year revenue estimated at $1.48 billion and next year at $1.68 billion [13][14] - Earnings estimates for 2025 and 2026 suggest increases of 37.9% and 28.7%, respectively, with upward revisions noted in the past 30 days [16][18] Valuation and Returns - Moelis & Co. stock is currently trading at a forward price-to-earnings (P/E) ratio of 24.92, which is above the industry average of 14.95, indicating a premium valuation [20][22] - The company boasts a return on equity (ROE) of 42.72%, significantly higher than the industry average of 12.06%, reflecting efficient capital allocation [23][27] Challenges and Outlook - Rising expenses, particularly in compensation, have been a concern, with a five-year CAGR of 10.1% noted [27] - Geopolitical risks and foreign currency fluctuations may impact overseas revenues, which accounted for 22.6% of total revenues in the first half of 2025 [28] - Despite valuation concerns, the potential for increased M&A activity and a solid balance sheet support the attractiveness of Moelis & Co. as an investment [29]

Core Viewpoint - Abu Dhabi National Oil Co. (Adnoc) has abandoned its $19 billion takeover bid for Australian natural gas producer Santos Ltd. due to disagreements over key terms, marking a significant retreat in its international expansion efforts [1][2][3]. Company Developments - The decision by Adnoc's XRG unit to withdraw from the Santos bid was influenced by a "combination of factors," primarily commercial disagreements regarding valuation and tax implications [2][3]. - XRG, launched to invest Abu Dhabi's capital in international markets, aimed to diversify the emirate's portfolio away from crude oil, but the failure to acquire Santos may hinder its M&A ambitions [3][12]. - Santos had previously received a proposal of $5.76 per share, which represented a 28% premium over its stock price at the time, but investor skepticism about the consortium's ability to finalize the deal was evident as shares remained below the offer price [4][5]. Market Reactions - Following the announcement of the failed bid, Santos' American depositary receipts fell by as much as 9.5% to $4.69, raising questions about the company's valuation and potential undisclosed issues [6]. Regulatory and Competitive Landscape - Adnoc's pursuit of Santos was not the first attempt, as Santos' CEO has previously rejected multiple offers from other companies, indicating a strong commitment to increasing output by 50% by the end of the decade [8][10]. - There has been opposition in Australia against foreign acquisitions, with labor unions urging the government to keep Santos under local ownership [10]. Future Outlook - Despite the setback with Santos, Adnoc and XRG remain committed to pursuing M&A opportunities, with plans to invest in gas-producing assets in the US and energy services for data centers [12][13].

Financial Data and Key Metrics Changes - The company continues to be profitable while transitioning to a new phase of growth with a strong product portfolio [2][3] - KELBRE has shown a 25% growth in prescriptions year-over-year, with a 23% growth in the first half of the current year [16] - GOCOVRI has benefited from Medicare redesign, resulting in 97% of patients having less than $25 co-pay by June, significantly improving patient retention [25][28] Business Line Data and Key Metrics Changes - KELBRE has achieved 35% of its business from adult patients, with an 80% satisfaction rate compared to 53% for Strattera [13] - ZERZUVEY, the first oral treatment for postpartum depression, is seeing strong clinical data and is expected to become the standard of care [6][7] - Anapco, launched in April, is performing well and is seen as a significant alternative for advanced Parkinson's disease patients [29][31] Market Data and Key Metrics Changes - The back-to-school season has shown a 26% growth in the last four weeks for KELBRE, indicating strong momentum [18] - The company is experiencing a healthy growth trajectory across its product lines, with significant unit shipment growth for ZERZUVEY [37] Company Strategy and Development Direction - The acquisition of Sage is strategically aligned with the company's focus on CNS and women's health, expanding its product offerings [4][5] - The company is prioritizing M&A to fill its portfolio with post-Phase II assets, aiming for launches between 2026 and 2030 [56][58] - The company is also evaluating its pipeline, particularly the Sage assets, to rationalize and determine the best programs to advance [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the collaboration with Biogen and the potential for ZERZUVEY to set the standard of care in postpartum depression [10][38] - The company anticipates a strong second half of the year, driven by the back-to-school season and ongoing product momentum [20] - Management is confident that the demand for GOCOVRI will offset increased mandatory rebates due to Medicare redesign [26][28] Other Important Information - The company is exploring the potential of its pipeline, particularly SPN-817 for seizures, which has shown promising results in early studies [42][45] - The company is also considering the future of XERZUVEY and its potential new indications in collaboration with Biogen [39][40] Q&A Session Summary Question: Can you discuss the rationale behind the Sage acquisition? - The acquisition allows entry into women's health while maintaining a CNS focus, addressing a significant unmet need in postpartum depression [4][5] Question: What are the expectations for the collaboration with Biogen? - The collaboration is seen as a true partnership with mutual learning opportunities, enhancing the launch and marketing efforts for ZERZUVEY [10][11] Question: How is KELBRE performing in the adult ADHD market? - KELBRE has achieved significant growth in the adult segment, with high satisfaction rates compared to competitors [13][16] Question: What is the outlook for GOCOVRI following the Medicare redesign? - The redesign has improved patient retention and co-pay situations, leading to a positive outlook for GOCOVRI's growth [25][28] Question: What is the company's approach to M&A moving forward? - The company remains focused on acquiring post-Phase II assets to enhance its portfolio and ensure future product launches [56][58]

Core Insights - Goldman Sachs Group Inc. (GS) and Evercore Inc. (EVR) are prominent U.S. investment banks competing in M&A advisory and dealmaking, with Goldman representing a bulge-bracket bank and Evercore a boutique advisory firm [1] Market Sentiment and M&A Outlook - Market sentiment dipped briefly in early 2025 due to Trump's tariff plans, but M&A activity has regained momentum and is expected to remain strong in the latter half of 2025, driven by better stock valuations, pent-up demand, and corporate consolidation efforts [2] - Regulatory changes under the Trump administration, including looser requirements from the Federal Reserve, are creating favorable conditions for consolidation [2] Goldman Sachs (GS) Analysis - Goldman maintains a leadership position in global M&A, with investment banking revenues increasing by 8% year-over-year in the first half of 2025, supported by a strong deal pipeline and backlog [3] - The company is exiting its non-core consumer banking business to focus on Global Banking and Markets and Asset and Wealth Management (AWM), which is seen as a more stable revenue source [4] - Goldman is exploring acquisitions to expand its AWM footprint, emphasizing the importance of scale in growth [5] Evercore (EVR) Analysis - Evercore generates 94% of its revenues from Investment Banking and Equities, with a compound annual growth rate (CAGR) of 8.6% from 2017 to 2024, continuing to show growth in the first half of 2025 [6] - The company is actively increasing its staff to strengthen its IB business, with 197 senior managing directors as of June 30, 2025, and aims to diversify revenue sources and expand geographically [6] Price Performance and Valuation - Year-to-date, shares of Goldman and Evercore have risen by 31.7% and 17.1%, respectively, compared to the industry growth of 26.8% [7] - Goldman is trading at a 12-month forward P/E of 14.99X, above its five-year median of 10.24X, while Evercore trades at a P/E of 19.64X, above its five-year median of 12.49X [11] - Goldman offers a higher dividend yield of 1.60% compared to Evercore's 1.03%, both exceeding the industry average of 1% [14] Earnings Estimates - The Zacks Consensus Estimate for GS's revenues in 2025 and 2026 suggests year-over-year increases of 6.3% and 6.5%, with earnings expected to rise by 12.6% and 14.9% respectively [17] - For Evercore, the estimates indicate revenue growth of 15.9% and 27.1% for 2025 and 2026, with earnings expected to jump by 31.7% and 50.8% respectively [20] Investment Considerations - Goldman is strategically positioned with a diversified model and a focus on AWM, providing stability and resilience, while Evercore shows strong earnings momentum but carries a high valuation premium and narrower revenue base [23][24] - For long-term investment in the IB sector, Goldman is viewed as the more favorable option due to its balanced approach and solid growth prospects [24]

Financial Data and Key Metrics Changes - Revenue increased by 21% to $49.4 million, exceeding guidance of 15-20% [6][8] - Underlying EBITDA margin decreased slightly to 24% from 25% in the previous year, while underlying EBITDA rose by 17% [8][25] - Reported EBITDA surged by 39% to $10.6 million, and reported EPS increased by 37% to $1.87 per share [8][20] - Net profit after tax and amortization grew by 42% to $5.9 million, with net profit after tax up 59% [8][20] - Total dividends for the year increased by 4% to $1.66 per share, with a final dividend up 5% to $0.89 per share [9][29] Business Line Data and Key Metrics Changes - Wealth segment revenue grew by 38%, while business segment revenue increased by 7% [20][22] - Self-Managed Superannuation Fund (SMSF) revenue rose by 19%, recovering from a decline in the previous year [22] - Accounting division revenue increased by 11%, while capital revenue remained flat [22] Market Data and Key Metrics Changes - Funds under management increased by 58%, partly due to the Lincoln acquisition, adding $600 million [9][10] - The number of high net worth investors grew by 3,300, significantly expanding the client base [10][16] Company Strategy and Development Direction - The company aims to achieve $100 million in revenue by FY 2028 to FY 2030, with a focus on both organic and acquisition-driven growth [34][63] - Emphasis on technology integration, including a full technology review and implementation of a group-wide CRM system [14][60] - The strategy includes deep integration of acquired businesses to enhance service offerings and client engagement [64][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets, citing a strong pipeline of acquisition opportunities and a favorable operating environment [34][47] - The company is focused on addressing working capital issues, with a goal to reduce excess tied-up capital [28][72] - Management highlighted the importance of a balanced approach to capital allocation, ensuring continued dividend payments while pursuing growth [57][72] Other Important Information - The company has maintained a modest debt level at 1.3 times underlying EBITDA, indicating strong financial health [8][27] - A significant focus on intergenerational wealth transfer and alternative asset management as key growth areas [17][18] Q&A Session Summary Question: How confident is the company in achieving the $100 million revenue target? - Management expressed strong confidence based on past performance and current growth trajectory, with organic growth settling between 6-10% and two-thirds of growth expected from acquisitions [34][36] Question: Can you provide a breakdown of organic and inorganic growth? - Revenue growth was 21%, with approximately 7% from organic growth and 14% from acquisitions, including a two-month contribution from Lincoln indicators [37][39] Question: What were the key drivers behind the reported EBITDA increase? - The reduction in non-recurring items significantly contributed to the improvement, with non-recurring costs halving compared to the previous year [41][44] Question: How are the recent acquisitions performing? - Acquisitions are performing well, with strong integration and cross-referrals contributing to overall business growth [45][46] Question: What is the outlook for FY '26? - Guidance will be provided at the AGM, but management anticipates continued growth and opportunities in the market [47][48] Question: How does the company plan to fund future acquisitions? - The company has a Westpac facility in place and typically issues 20-50% of acquisition consideration in shares, maintaining a business owner mindset [54][55] Question: How does the company view AI's impact on revenue streams? - AI is seen as both an opportunity and a challenge, with a focus on enhancing client service through technology while maintaining a human touch [59][61]

Summary of Worthington Enterprises (WOR) FY Conference Call Company Overview - Worthington Enterprises separated from its steel business in December 2023, positioning itself as a leader in building and consumer products [2][8] - The company emphasizes a "people first" culture with profit-sharing incentives for all employees [4][6] - Worthington operates in niche markets, aiming for leadership positions rather than competing in larger markets [7][8] Financial Performance - For FY 2025, Worthington reported revenues of $1.2 billion and EBITDA of $263 million, achieving an EBITDA margin of just under 23% [52][53] - The company targets long-term growth of 6% to 8%, with a goal of reaching 24% EBITDA margins over time [53][54] - Year-over-year improvement was noted from FY 2024 to FY 2025, with positive momentum heading into FY 2026 [12] Impact of COVID-19 - The pandemic initially boosted demand for home improvement products as consumers engaged in repair and remodel projects [11] - Demand patterns have since stabilized and normalized post-COVID, allowing the company to streamline operations and capture efficiencies [11][12] Joint Ventures - Worthington has significant joint ventures with Wave and Clark Dietrich, which contribute to its building products segment [13][14] - Wave generated over $100 million in free cash flow last year, while Clark Dietrich contributed around $40 million [16] - Both JVs benefit from growth in sectors such as data centers, healthcare, and education [19] Consumer Business Segments - The consumer business is divided into three segments: tools, outdoor living, and celebrations, with key brands including Coleman and Balloon Time [21][22] - The company is focused on optimizing margins and introducing innovative products to drive growth [22][38] M&A Strategy - Worthington is actively seeking acquisitions in niche markets with leadership positions and sustainable competitive advantages [41][42] - The M&A environment has been slow due to uncertainty, but there is pent-up demand for acquisitions [40][41] - The recent acquisition of Elgin enhances Worthington's exposure to the HVAC market [45][46] Tariffs and Market Conditions - Approximately 80% of Worthington's products are sourced and sold domestically, which mitigates the impact of tariffs [32][33] - The company views tariffs as potentially neutral to positive, as they can create a level playing field against foreign competitors [34] Consumer Sentiment - The current consumer sentiment is cautious, with inflation impacting spending habits [56][57] - The company believes that a healthy consumer is essential for growth, and products may see increased demand as consumers opt for DIY projects over travel [58] Conclusion - Worthington Enterprises is positioned for growth through its focus on niche markets, strong joint ventures, and a commitment to innovation and operational efficiency [8][12][38] - The company remains optimistic about future opportunities despite current market uncertainties and consumer caution [58][59]

Core Insights - DNB Bank ASA (DNBBY) is expected to announce its second-quarter 2025 results, with net interest income (NII) showing an increase in the last reported quarter, alongside growth in loan and deposit balances, although total operating expenses rose as a challenge [1] Group 1: NII and Lending Activity - In Q2 2025, average interest rates were lower, leading to reduced deposit margins, which likely pressured NII for Nordic banks like DNBBY [2] - Overall lending activity improved across regions in Q2 2025, which is expected to support loan growth for DNBBY during the quarter [2] Group 2: Fee Income and Investment Banking - Global mergers and acquisitions (M&A) activity in Q2 2025 exceeded expectations, with a rebound in deal-making following initial market volatility due to tariffs announced by Trump [3] - DNBBY's investment banking revenues, which accounted for 83% of total commission and fees as of March 31, 2025, are anticipated to show modest growth in the quarter [3] Group 3: Asset Management and Expenses - Increased market uncertainty has likely led to lower asset levels, impacting DNBBY's assets under management and associated management fees [4] - Higher personnel expenses, employee benefits, and restructuring costs are expected to keep DNBBY's expense base elevated in Q2 [4]

Group 1: Market Outlook - Goldman Sachs maintains confidence in its dealmaking pipeline despite tariff-related uncertainties, with a strong investment banking business and a positive outlook [1] - Corporate clients remain optimistic about transactions, with ongoing discussions about mergers and acquisitions (M&A) and capital raising [2] - A 30% increase in large deals valued over $500 million this year indicates market resilience, despite a general slump in M&A activity [2] Group 2: M&A Activity Trends - M&A activity has slowed in the second quarter compared to the first, but significant transactions are still being worked on [3] - From the start of the year until April 21, the number of M&A deals decreased by 19%, with no deals over $10 billion announced in February, marking a two-year low [4] - Tariff-related uncertainties are affecting companies' planning and production across various sectors, including consumer electronics and clothing [4] Group 3: Product Development Impact - Research indicates that 25% of product leaders have altered their product designs, pricing, or go-to-market strategies due to tariffs [5] - Additionally, 14% of product leaders have delayed or canceled product development, reflecting disruptions to strategic growth initiatives [6] - All executives surveyed reported some impact from tariffs, highlighting the broader implications for operational stability [6]