Western Midstream Partners (NYSE:WES) Fireside chat February 24, 2026 07:00 AM ET Company ParticipantsDaniel Holderman - SVP and Chief Operating OfficerKristen Schultz - Chief Financial Officer and Senior Vice PresidentDaniel HoldermanGood morning, welcome to Western Midstream's fourth quarter 2025 fireside chat with our Chief Financial Officer and Senior Vice President, Kristen Schultz. Kristen, can you give us an overview of our fourth quarter and full year 2025 performance?Kristen SchultzYes, Daniel. If ...

Core Insights - AngloGold Ashanti PLC (AU) stock is trading at a forward 12-month earnings multiple of 11.58X, which is below the industry average of 14.58X [1][7] - The stock has increased by 279.8% over the past year, outperforming the industry and sector averages [4][8] Valuation and Performance - AU's valuation is attractive compared to peers like Agnico Eagle Mines (AEM) at 19.28X and Newmont Corporation (NEM) at 15.12X [3][7] - The company generated a record free cash flow of $920 million in Q3 2025, a 141% increase year-over-year [15] Financial Results - Adjusted EBITDA rose 9% in Q3 2025 to $1.56 million, driven by a 17% increase in gold production and higher metal prices [11] - Gold revenues surged 61.9% to $2.37 billion in Q3 2025, with earnings per share increasing 136% to $1.32 [12] Production Outlook - Gold production for 2025 is projected to be between 2.9 million and 3.225 million ounces, indicating a year-over-year growth of 9-21% [17] - The company expects similar output levels for 2026 [17] Strategic Growth Initiatives - AngloGold Ashanti is pursuing both organic and inorganic growth, including the acquisition of Centamin and Augusta Gold Corp [18][19] - The company plans to invest $100 million over the next three years for the expansion of the Geita Gold Mine [20] Market Position and Estimates - The Zacks Consensus Estimate for 2025 sales is $9.85 billion, reflecting a 70.1% year-over-year increase, with earnings estimated at $5.51 per share, a 149.3% rise [22] - The 2026 sales estimate suggests a 22.5% year-over-year growth [23]

Core Insights - Valeura Energy Inc. has been ranked No. 1 in the 2025 Report on Business magazine's ranking of Canada's Top Growing Companies, reflecting significant revenue growth and operational success [1][2]. Company Performance - The company achieved a remarkable revenue increase from US$3 million in 2021 to US$689 million in 2024, marking a 20,064% growth over three years [2][4]. - This ranking follows Valeura's previous No. 8 position in 2024, indicating sustained momentum in value creation and operational execution [2]. Leadership Commentary - Dr. Sean Guest, President and CEO, expressed honor in receiving this recognition, emphasizing the disciplined approach to value creation through growth [3][4]. - The company has demonstrated top-tier operational and financial performance since launching its growth strategy in 2020, while being selective in pursuing opportunities [4]. Company Overview - Valeura Energy Inc. is a Canadian public company focused on the exploration, development, and production of petroleum and natural gas in Thailand and Türkiye [6]. - The company aims for value-accretive growth while adhering to high standards of environmental, social, and governance responsibility [6].

Summary of The Platform Group (TPG) Update Call - August 01, 2025 Company Overview - The Platform Group (TPG) operates across 28 industries with 15,000 partners, serving over 5 million customers through more than 30 e-commerce platforms [2][3] Key Developments - **Acquisitions**: - Acquired a B2B platform for construction businesses, WeConnect Work, aimed at connecting construction companies with labor [5][6] - Acquired Julie Closet, a B2C platform for vintage luxury goods, adding 220,000 new vintage products to TPG's offerings [7][8] - Entered the optics and hearing market with MyGlasses, targeting revenues of €55-60 million in 2026 and expecting an EBITDA margin of 25% [9][10] - **Fulfillment Center**: - Opened a new fulfillment center to enhance service offerings for partners, allowing them to store inventory at competitive prices [11][12] - **Legal Structure**: - Announced a new legal structure, SA and Co, with Spana Holding owning approximately 70% of the company [13][14] Strategic Goals - TPG aims to become the leading platform group in Europe, focusing on both organic and inorganic growth [15][16] - Plans to expand to 30 industries by the end of the year, having already covered 28 [16] Financial Performance - **Q2 Results**: - GMV increased by 87% to €356 million [22] - Net revenues rose by nearly 50% to €160.8 million [23] - Adjusted EBITDA increased from €8.5 million to €15.9 million, an 87% rise [25] - Net profit from continued operations grew by 41% to €18.2 million [25] - **Earnings Per Share**: - Increased from $0.65 to $0.90 [26] - **Debt and Leverage**: - Forecasted net debt of €106 million with an expected EBITDA of €54-58 million, leading to a leverage ratio of 2.0 [42] Growth Strategy - TPG expects to onboard around 500 additional partners, reaching a total of 18,000 partners across 30 industries by next year [34][38] - The company has doubled its GMV and more than doubled its EBITDA over the past two years [35] Future Guidance - Revenue guidance for 2026 is set between €860 million, up from €820 million [37] - Expected GMV for 2026 is approximately €1.6 billion [39] - Adjusted EBITDA margin projected to be between 7.5% and 10% [37] Upcoming Events - Half-year financial statements to be published on August 22, followed by the annual general meeting on August 25 [54] Additional Insights - TPG has implemented a strong cost efficiency program, stabilizing distribution costs after eight quarters of increases [29] - The company emphasizes transparency in its financial reporting and plans to provide detailed cash flow statements in future updates [51]

Financial Performance & Growth - The company experienced consistent long-term growth with a 9.3% EBITDA CAGR from 2015 to 2020[6] - EPS also saw significant growth, with a 16.7% CAGR from 2015 to 2020[6] - The company's ROIC improved from 5.5% in 2015 to 8.8% in 2020[6] - YTD Operating Revenues as of June 30, 2021, were $2.65 billion, up from $2.56 billion in 2020[8] - YTD EBITDA from continuing operations as of June 30, 2021, was $382.6 million, compared to $345.1 million in 2020[10] - YTD Net Income as of June 30, 2021, was $152.3 million, an increase from $124.8 million in 2020[11] - The company projects a total EBITDA between $875 million and $925 million for 2021[83] - The company projects EPS between $2.00 and $2.15 for 2021[83] Business Segment Performance - Construction Services reported record second-quarter earnings of $28.9 million[39] - Construction Materials reported earnings of $51.4 million for the second quarter[52] - Electric and Natural Gas Utility reported earnings of $9.6 million for the second quarter[69] - Pipeline reported earnings of $9.2 million for the second quarter[80] Strategic Positioning & Opportunities - The company has a balance of cyclical and counter-cyclical businesses, with a 2020 EBITDA mix of 56% Construction and 44% Regulated Energy Delivery[6] - The company sees a significant opportunity in US infrastructure, citing a >$1 trillion spending gap[6] - The company's Construction Services segment has a record backlog of $1.32 billion as of June 30, 2021[39]