We came across a bullish thesis on Edison International on Research Corner’s Substack by Qian Yuantian. In this article, we will summarize the bulls’ thesis on EIX. Edison International's share was trading at $58.89 as of November 28th. EIX’s trailing and forward P/E were 7.72 and 9.67 respectively according to Yahoo Finance. Wells Fargo Starts Coverage on Eversource (ES) With Overweight Rating and $79 Price Target Edison International, through its subsidiaries, engages in the generation and distribution ...

Financial Data and Key Metrics Changes - The company reported third-quarter adjusted earnings of $2.03 per share, a slight increase from $2.02 per share a year ago, driven by a recovery of regulated investments and growth in weather-normalized demand [5][26] - Year-to-date adjusted earnings are $3.41 per share compared to $3.46 per share a year ago, leading to a narrowed 2025 adjusted EPS guidance range of $3.92-$4.02 per share from the original range of $3.92-$4.12 per share [5][28] - The lower midpoint of guidance is primarily due to weather headwinds impacting results by $0.13 per share [5] Business Line Data and Key Metrics Changes - Weather-normalized demand increased by 2% in the third quarter compared to the previous year, supported by increases in both residential and commercial usage [27] - The recovery of regulated investments contributed an additional $0.11 to EPS, while higher depreciation and interest expenses led to a $0.07 decrease in EPS [26] Market Data and Key Metrics Changes - The unemployment rates in Missouri, Kansas, and the Kansas City metro area remain below the national average of 4.3%, supporting robust customer demand in service areas [27] - The company has a strong economic development pipeline with opportunities exceeding 15 GW, indicating a robust backlog relative to its size [9][10] Company Strategy and Development Direction - The company is focused on a five-year capital investment plan that includes expected generation investments to meet growing demand and regulatory requirements [9][32] - The strategy emphasizes affordability and competitiveness, with a commitment to maintaining a lower rate trajectory compared to regional peers [21][23] - The company aims to attract large new customers through a proposed large load power service tariff that ensures they pay a fair share of system costs [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, bolstered by economic development opportunities and necessary investments [6][30] - The company anticipates significant load growth driven by large data center projects, with expectations of 4-5% annual load growth through 2029 [31][34] - Management highlighted the importance of collaboration with stakeholders to advance regulatory frameworks that support growth [20][19] Other Important Information - A 4% increase in the quarterly dividend to $2.78 per share was announced, aligning with the updated growth outlook [8] - The company is nearing completion of its 27th refueling outage at Wolf Creek, which generates around 1,200 MW of non-carbon emitting energy [8] Q&A Session Summary Question: What are the priorities for the 2026 Missouri legislative session? - Management indicated that the focus will be on implementing elements of SB4-related rulemakings, with expectations for a lighter legislative calendar in 2026 [40][41] Question: How will the growth rate profile look in the upcoming capital plan? - Management refrained from providing specifics but indicated that the updated financial plan will outline the relationship between load growth and capital investments [42][43] Question: How much competition exists in attracting large loads within the service territory? - Management noted strong collaboration between Kansas and Missouri, with legislative truces in place to mitigate competition for economic development [50][51] Question: How much of the $17.5 billion capital expenditure is subject to typical rate case filings? - Management explained that all investments are subject to reviews, with mechanisms in place to mitigate regulatory lag [52][53] Question: What is the impact of the Lambda data center on sales growth? - Management clarified that the Lambda project is expected to contribute to load growth, with further quantification to be provided in future updates [62][64] Question: What is the status of the LLPS tariff discussions? - Management confirmed a unanimous settlement agreement in Kansas and a partial settlement in Missouri, with decisions expected soon [70][71] Question: How will the financing plan be impacted by new agreements? - Management indicated that cash flows from new customers could significantly improve operations, potentially reducing equity funding needs [84][85]

Financial Data and Key Metrics Changes - The company reported an underlying operating profit of GBP 2.3 billion, a 13% increase year-on-year, driven by higher regulatory revenues in both the U.K. and U.S. electricity transmission businesses [12][25] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operating performance despite higher finance costs [12][25] - Cash generated from continuing operations increased by 35% to GBP 3.6 billion, attributed to improved profitability and favorable working capital movements [32] Business Line Data and Key Metrics Changes - In U.K. electricity distribution, underlying operating profit decreased by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects [26][28] - U.K. electricity transmission saw an underlying operating profit increase of GBP 122 million to GBP 846 million, supported by higher allowed revenues [28] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue from network upgrades [29] Market Data and Key Metrics Changes - Capital investment in the first half reached GBP 5.1 billion, a record level and up 12% year-on-year [12][26] - U.K. electricity transmission capital investment increased by 31% to GBP 1.7 billion, reflecting ongoing investments in substations and ASTI projects [28][17] - In New England, capital investment rose by 23% to GBP 1 billion, driven by asset condition improvements and smart meter installations [22] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks and meeting growing energy demand [3][6] - There is a commitment to operational excellence and capital discipline, with a target of 10% annual investment growth and 6%-8% underlying earnings per share growth [6][12] - The company is actively engaging with regulators and policymakers to support infrastructure development and accelerate economic growth [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver a compelling investment proposition, supported by strong regulatory backing and policy developments [6][9] - The company is well-prepared for winter, with electricity margins forecasted at around 10%, the highest since 2019 [14] - Management highlighted the importance of maintaining momentum and focusing on performance amidst challenges and opportunities in the energy sector [4][5] Other Important Information - The interim dividend declared is GBP 16.35 per share, representing 35% of the previous year's full-year dividend [12][26] - The company has achieved over GBP 100 million in synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [15][28] - The transition to a more balanced geographical footprint, with over three-quarters of operations now in electricity, reflects a successful portfolio repositioning [38] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated ongoing discussions with Ofgem regarding the investment framework and the need for a higher base return, supported by recent regulatory developments [41][43][44] Question: Net debt guidance and working capital effects - The company provided clarity on net debt guidance, indicating a modest increase due to transaction proceeds and working capital improvements [41][46][47] Question: U.K. electricity distribution operational performance - Management confirmed that operational performance is on track for the year, with expectations to reach closer to 100 basis points by the end of the ED2 period [49][50][51] Question: Sufficiency of allowances for maintenance - Management affirmed that past allowances have been sufficient to maintain network reliability, with a focus on ensuring future regulatory frameworks support necessary capital expenditures [54][55][56] Question: Infrastructure investment and planning regime - Management emphasized the need for stable fiscal and regulatory frameworks to facilitate efficient infrastructure investment across the U.K. [56][57] Question: Update on network windfalls and TOTEX uncertainty - Management clarified that there have been no windfall profits and discussed the expected clarity on TOTEX numbers as new connection offers are issued [59][63][64]

Financial Data and Key Metrics Changes - The underlying operating profit increased by 13% to GBP 2.3 billion, driven by higher regulatory revenues in both the U.K. and U.S. electricity transmission businesses [13][25][26] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operational performance despite higher finance costs [26][32] - The company achieved a record capital investment of GBP 5.1 billion, up 12% year-on-year at constant currency [13][26] Business Line Data and Key Metrics Changes - In U.K. electricity distribution, underlying operating profit decreased by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects mechanism [26][27] - U.K. electricity transmission saw an increase in underlying operating profit by GBP 122 million to GBP 846 million, supported by higher allowed revenues [26][28] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue and recovery of previously unremunerated costs [28][29] Market Data and Key Metrics Changes - Capital investment in the U.S. reached GBP 1.6 billion, up 5%, reflecting increased maintenance replacement expenditure [21][29] - In New England, capital investment increased by 23% to GBP 1 billion, driven by asset condition and system capacity investments [23] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks and meeting growing energy demand [4][6] - There is a commitment to operational excellence and capital discipline while delivering for customers and creating shareholder value [5][6] - The company is actively engaging with government and industry to support the development of AI infrastructure and data centers in the U.K. [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver a compelling investment proposition with expected investment growth around 10% per annum and underlying earnings per share growth of 6%-8% [6][13] - The company is well-prepared for winter with plans in place to ensure reliability and safety across networks [14] - Management highlighted the importance of regulatory support and policy developments in facilitating future investments [10][11] Other Important Information - The board declared an interim dividend of GBP 16.35 per share, representing 35% of last year's full-year dividend [26] - The company achieved over GBP 100 million of synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [15][27] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated that they are focused on the overall investable framework and the workability of the regulatory framework, advocating for a higher base return [40][41][42] Question: Net debt guidance - The net debt guidance improved, with a projected increase of around GBP 1 billion for the full year, accounting for disposals and working capital effects [43][44] Question: U.K. electricity distribution operational performance - Management confirmed that performance is on track for the year, guiding towards 50 basis points and aiming for closer to 100 basis points by the end of ED2 [45][46][47] Question: Ofgem price controls and maintenance allowances - Management expressed satisfaction with past allowances, noting continued delivery of world-class reliability and a resilient network [49][50] Question: Infrastructure investment in the U.K. - Management emphasized the need for stable fiscal and regulatory frameworks and improvements in the planning regime to facilitate efficient infrastructure development [51][52] Question: Select committee focus on network windfalls - Management clarified that they have not received windfall profits and that Ofgem has already addressed this issue [53][54] Question: RIIO-T3 TOTEX expectations - Management indicated that the GBP 35 billion TOTEX is contingent on the speed of connections and that clarity will improve as new connection offers are made [56][57]

Core Perspective - Coinbase aims to evolve into a financial "super app" that integrates crypto with a wide range of financial services beyond traditional banking [1][4]. Group 1: Strategic Vision - The long-term goal of Coinbase is to replace traditional banking services, providing a comprehensive application for spending, savings, payments, and investing [3][4]. - Coinbase has already launched a credit card that offers 4% back in bitcoin, showcasing its commitment to integrating crypto into everyday financial transactions [3]. Group 2: Regulatory Environment - There is a growing momentum in Congress for establishing regulatory frameworks for the crypto industry, which is seen as beneficial for Coinbase's ambitions [2][5]. - The recent passage of the "Genius Act" and ongoing discussions about a market-structure bill are pivotal for defining regulations around tokens like bitcoin and ether [5][6]. Group 3: Industry Challenges - Armstrong highlighted the need to overcome lobbying efforts from big banks that seek to restrict crypto rewards programs, arguing that such rewards are akin to traditional loyalty programs [6][7]. - The clarity in regulations could help resolve past conflicts with regulators, who previously treated crypto tokens as unregistered securities [6].

Ripple and XRP Market Overview - The SEC case against Ripple is officially over, removing a significant obstacle and paving the way for new opportunities [1][2][3][4] - Industry anticipates a major shift in the crypto space, with a focus on creating a clear regulatory framework [6][7][8] - Ripple aims to drive mass adoption of crypto technology, which was previously hindered by the SEC case [9][10] ROUSD Developments - Epic Chain is expanding its XRP native infrastructure by integrating ROUSD, enabling native USD settlement across its ecosystem [11][12] - Mesh now supports ROUSD, accepting it as a payment option for merchants [12][13] - 20 million ROUSD was transferred from Ethereum to the XRP Ledger, signaling growth on the XRP Ledger [13][14] - ROUSD market cap is up 24% in the last 30 days, with monthly transfer volume up 28% [15] - Stable coin market cap on the XRP ledger is up 75% in the last 30 days [16] Ripple's Future Strategy - Ripple is focused on building liquidity across key currency pairs through cross-border payment solutions and XRP as a bridge currency [19] - The stable coin market is projected to grow from a few hundred billion dollars to 3-5 trillion dollars in market cap over the next few years [20] - Ripple is leveraging stable coins to make cross-border payments faster and at a lower cost [21] - The FX market, valued at $7.5 trillion per day, is ripe for disruption, and Ripple aims to tap into these markets [26] - Cross-border payments are forecasted to reach $320 trillion by 2032, with stable coins playing a crucial role [27] - Ripple acquired Rail Financial, which has $10 billion in annual processing volume and 12+ bank partners, to enhance its stable coin infrastructure [29]

Core Viewpoint - TOUAX SCA is transferring its shares to the Euronext Growth Paris market to better align with its size and simplify administrative obligations while maintaining access to financial markets attractiveness [1][2]. Group 1: Transfer Details - The effective transfer of TOUAX SCA shares to Euronext Growth Paris is scheduled for August 13, 2025, following approval from the Euronext Admission Committee on August 7, 2025 [1]. - The ISIN code for the shares remains unchanged (FR0000033003), and the ticker symbol will change to ALTOU [3]. Group 2: Purpose of Transfer - The transfer aims to provide a regulatory framework more suited to the company's size, simplifying administrative obligations and reducing management costs [2]. Group 3: Company Overview - TOUAX is a leading leasing company in Europe, managing nearly 1.3 billion euros in tangible assets, including freight wagons, river barges, and containers [5]. - The company is currently listed on Euronext Paris Compartment C and included in various indices such as CAC® Small, CAC® Mid & Small, and EnterNext©PEA-PME 150 [5]. Group 4: Listing Sponsor - TOUAX has appointed Gilbert Dupont as its Listing Sponsor to assist with the transition to the Euronext Growth Paris market [4]. Group 5: Upcoming Events - A video conference to present half-year results will be held on September 18, 2025, in French, and on September 19, 2025, in English [7].

Regulatory Focus - ESMA aims to simplify and increase efficiency in the regulatory framework by reducing unnecessary complexity [1] - EUHaveYourSay is seeking feedback on financial transaction reporting [1] - EUHaveYourSay is also seeking feedback on integrated collection of funds' data [1]

Regulatory Approvals - SEC approved in-kind creations and redemptions for crypto ETPs [1] - Approvals continue to build a rational regulatory framework for crypto [1] Market Impact - The approvals are leading to a deeper and more dynamic crypto market [1] - This will benefit all American investors [1]

Regulatory Landscape & Legislation - The Genius Act is poised to become law, marking the first regulatory framework for a segment of the crypto industry to be signed into law [2] - The Clarity Act is also considered incredibly important and is moving to the Senate [3] - Both the Genius Act and the Clarity Act received significant bipartisan support, with 308 and 294 positive votes respectively [3] Market Growth & Predictions - The stablecoin industry, currently valued at $250 billion, is predicted to grow to $2 trillion by 2028 [4][6] - This growth is expected despite a previously hostile regulatory environment, with much of the activity occurring overseas [5] Industry Impact & Opportunities - The new regulatory framework is expected to encourage traditional finance and payments companies to explore stablecoin solutions [6] - Major banks and payments companies are showing interest in stablecoins [7] - Blockchains like Solana offer fast financial rails for trading and settling transactions using stablecoins [10] Consumer Adoption & Considerations - Interoperability of stablecoins is considered very important [9] - User-friendly and convenient solutions are crucial for successful consumer adoption [11]