Core Insights - Nitorum Capital sold 420,586 shares of Primo Brands Corporation, reducing its stake from 5.39% to 3.14%, with a reported position value decrease of approximately $18.53 million [2][3][6] Company Overview - Primo Brands Corporation specializes in bottled and purified water, sparkling and flavored water, water dispensers, filtration equipment, and coffee, operating under multiple brands across North America and Europe [8][9] - The company generates revenue through direct-to-consumer water delivery, water filtration services, and sales to businesses and retailers, serving a diverse customer base including residential, small and medium-sized businesses, and large corporate clients [9] Financial Performance - For the third quarter, Primo Brands reported net sales of $1.77 billion, reflecting a year-over-year increase of over 35%, largely attributed to the BlueTriton merger [10] - Adjusted EBITDA rose to $404.5 million, with margins expanding to 22.9%, up from 20.2% a year earlier [10] - The company maintains a quarterly dividend of $0.10 and has reaffirmed its cost synergy targets and free cash flow guidance [10] Market Position - As of the latest report, Primo Brands shares are priced at $16.36, down 47% over the past year, significantly underperforming the S&P 500, which is up 15% during the same period [4] - The current stake in Primo Brands represents 3.13% of Nitorum Capital's 13F assets under management, placing it outside the fund's top five holdings [3][4]

Core Insights - Fiserv, Inc. (FI) shares have increased by 41.7% over the past year, outperforming the industry and the Zacks S&P 500 composite, which grew by 13.8% and 5.1%, respectively [1] Financial Performance - The company reported mixed results for the fourth quarter of 2024, with adjusted earnings per share of $2.51, beating the consensus estimate by 1.2% and showing a year-over-year increase of 14.6%. However, adjusted revenues of $4.9 billion missed the consensus estimate by 1.1% and experienced a slight year-over-year decline [4] - Clover, a significant growth driver for Fiserv, saw its revenues increase by 29% year over year in the fourth quarter of 2024 [5] - Management anticipates Clover's revenues to reach $4.5 billion by 2026, indicating a projected year-over-year growth rate of 28.5%. Clover's annualized payment volume grew by 14% in the fourth quarter of 2024 [6] Business Model and Financial Health - Fiserv's business model combines recurring revenues with a high incremental margin from a scaled processing business, alongside cloud-based software and service offerings [7] - The company's current ratio at the end of the fourth quarter of 2024 was 1.06, an improvement from 1.04 in the previous year, indicating effective short-term debt coverage [7] Shareholder Returns and Market Position - Fiserv has consistently engaged in share repurchases, buying back 23.3 million, 25.4 million, and 40 million shares in 2021, 2022, and 2023 for $2.6 billion, $2.5 billion, and $4.7 billion, respectively, which enhances investor confidence [8] - The company operates in a highly competitive market for core banking products and services, facing increased competition from non-banking entities [8][9] Risks and Challenges - Integration risks exist due to Fiserv's frequent acquisition strategy, which may impact the balance sheet and distract management from organic growth [9]