Core Insights - Orkla India is set to make its public market debut on November 6, 2023, marking a rare entry by a foreign-owned Indian food company [2][3] - The company targets a valuation of ₹10,000 crore at the upper end of its IPO price band of ₹730 per share, with a total IPO size of ₹1,667 crore through an Offer for Sale (OFS) of up to 2.2 crore shares [2][3] - Orkla India aims to strengthen its market position and pursue growth opportunities more competitively through this public listing [2][3] Company Strategy - The company emphasizes that it is a cash-generating entity and does not require primary capital, thus opting for a secondary route to access capital markets [2][3] - Sanjay Sharma, MD & CEO of Orkla India, stated that the listing is a commitment to the Indian market, countering perceptions of the company exiting India [2][3] - Orkla India has expanded its portfolio through acquisitions, including brands like MTR Foods, Eastern, and Rasoi Magic, focusing on spices and convenience foods [2][3]

Littlespoon is the number one kid and baby food direct to consumer brand in the US. Since the company launched in 2017, it says it has delivered more than 80 million fresh meals to America's children. The brains behind this fast growing operation is co-founder and chief product officer Angela Branich.After growing up in Pittsburgh, Branich studied marketing at St. Joseph's University in Philadelphia where she launched her very first business from her dorm room. It was a nationwide organic food marketing com ...

Industry Trends - Some of the best caviar now comes from China [1] - The same goes for foie gras, truffles and wagyu beef [1] Government Policy - Beijing urges producers to move upmarket [1]

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for the third quarter was $245 million, compared to $237 million in Q3 2024 and $250 million in the previous quarter [10] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year, with gross margins improving to 24.7% from 22.1% [10][16] - Net income for the quarter was $19.4 million, or $0.12 per diluted share, compared to $16.9 million, or $0.11 per diluted share in Q3 2024 [16] Business Line Data and Key Metrics Changes - In the feed segment, EBITDA improved to $174 million from $132 million a year ago, with total sales reaching $1 billion compared to $928 million [10] - The food segment saw total sales of $381 million, up from $357 million in Q3 2024, with gross margins increasing to 27.5% from 23.9% [11] - The fuel segment, specifically Diamond Green Diesel (DGD), reported an EBITDA of -$3 million, down from +$39 million in Q3 2024, impacted by operational challenges and market dynamics [12][14] Market Data and Key Metrics Changes - Global rendering volumes and margins in the feed segment were up both sequentially and year-over-year, driven by strong demand for fats and proteins [7] - In the U.S., demand for domestic fats was robust, supported by strong agricultural and energy policies, boosting revenue and margins [8] - Export protein demand showed signs of recovery, with slightly firmer pricing trends emerging, although tariff implications affected value-added poultry protein products [8] Company Strategy and Development Direction - The company is focused on its core ingredients business, expecting EBITDA for 2025 to be in the range of $875 to $900 million, excluding DGD [17] - The management believes that the integrated model of Darling Ingredients provides a competitive advantage that is unmatched in the industry [5] - The company anticipates a shift in the renewables market that will enhance DGD's earnings potential, contingent on favorable public policy [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core ingredients business despite short-term challenges in the renewables market due to policy uncertainties [5][9] - The management highlighted that the Renewable Volume Obligation (RVO) is expected to support American agriculture and energy leadership, which could be a catalyst for future growth [17] - There is optimism regarding the recovery of margins in the fourth quarter, although caution was advised due to ongoing regulatory uncertainties [64] Other Important Information - Total debt net of cash was $4.01 billion, a slight increase from $3.97 billion at year-end 2024, with capital expenditures totaling $90 million in Q3 [15] - The company recorded an income tax benefit of $1.2 million for the quarter, yielding an effective tax rate of -6.3% [16] - The company expects to generate around $300 million in production tax credits (PTCs) in 2025, with significant sales anticipated in the fourth quarter [13][14] Q&A Session Summary Question: Timeline for clarity on regulatory items like RVO - Management expects clarity on RVO and related regulatory items by December, despite the government shutdown [22] Question: Outlook for feed segment in Q4 - Management indicated that while waste fat prices have dipped, they expect the food segment to be stronger in Q4, with overall performance close to the previous quarter [24] Question: Benefits of REMS policy protectionism - Management noted that the treatment of foreign feedstocks is still unclear, and the overall supply and demand for fats and oils will influence the feed business [28][29] Question: Drivers of DGD margins - Management clarified that the DGD results were impacted by LCM and operational challenges, and they are optimistic about future margin improvements [34][39] Question: Plans for debt repayment and leverage ratios - Management confirmed they are committed to paying down debt and expect their debt coverage ratio to be around three by year-end [51][52] Question: RIN pricing scenarios and industry compliance - Management indicated that RIN prices may not see a significant lift until clarity on enforcement dates is provided, which is expected by the end of the year [76]

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for Q3 2025 was $245 million, compared to $237 million in Q3 2024 and $250 million in the previous quarter [12] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year [12] - Gross margins improved to 24.7% for the quarter, compared to 22.1% a year ago [12] Business Line Data and Key Metrics Changes - In the Feed segment, EBITDA improved to $174 million from $132 million a year ago, with total sales reaching $1 billion compared to $928 million [12] - The Food segment saw total sales of $381 million, up from $357 million in Q3 2024, with gross margins increasing to 27.5% from 23.9% [13] - The Fuel segment, specifically Diamond Green Diesel (DGD), reported a negative EBITDA of $3 million, down from a positive $39 million in Q3 2024 [14] Market Data and Key Metrics Changes - Global rendering volumes and margins in the Feed segment were up both sequentially and year-over-year, driven by strong demand for fats and proteins [8] - Export protein demand is showing signs of recovery, although tariff implications have impacted value-added poultry protein products [9] - The renewables market faced headwinds due to higher feedstock costs and lower RINs and LCFS pricing [10] Company Strategy and Development Direction - The company is focused on strengthening its integrated model, which is seen as a competitive advantage in the industry [6] - Management is optimistic about the rollout of public policy aimed at enhancing American agriculture and energy leadership, which is expected to boost DGD's earnings potential [11] - The company plans to provide financial guidance exclusively for its core ingredients business, expecting EBITDA in the range of $875 million to $900 million for the full year 2025 [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term uncertainty in the renewables market due to delays in the renewable volume obligation (RVO) ruling [7] - The company remains confident that pressures in the renewables segment are temporary and anticipates a positive shift in the market [10] - Management expressed optimism about the core ingredients business, expecting continued strong performance despite challenges in the renewables segment [20] Other Important Information - Total debt net of cash was $4.01 billion as of September 27, 2025, compared to $3.97 billion at the end of 2024 [18] - The company recorded an income tax benefit of $1.2 million for the quarter, resulting in an effective tax rate of -6.3% [19] - The company expects to generate around $300 million in production tax credits (PTCs) in 2025, with significant cash inflows anticipated in the fourth quarter [16] Q&A Session Summary Question: Timeline for clarity on regulatory items - Management expects clarity on RVO and exemptions by December, despite the government shutdown [24][25] Question: Feed outlook for Q4 - Management indicated that while waste fat prices have dipped, strong performance is expected in the food segment, with a narrow EBITDA range anticipated [26][28] Question: RIN policy protectionism benefits - Management noted that the treatment of foreign feedstocks is still unclear, and the need for imports may depend on domestic supply and demand dynamics [32][34] Question: DGD margins and drivers - Management clarified that DGD results were not as strong as hoped, and the capture rate was affected by LCM accounting practices [38][40] Question: Feed segment margin improvement - Management highlighted that improved protein prices and strong demand from aquaculture markets contributed to better margins in the feed segment [46][48] Question: RIN pricing scenarios - Management indicated that RIN prices may need to rise by approximately $0.40 to incentivize production to meet the 2026 mandate [57] Question: Debt repayment plans - Management confirmed that they are committed to paying down debt and expect to maintain a debt coverage ratio around three times [58][61] Question: DGD restart conditions - Management stated that DGD1 will only restart when soybean oil margins are profitable enough to justify the operational costs [95]

1 Safe harbour statement This presentation may contain forward-looking statements within the meaning of the securities laws of certain jurisdictions, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words and terminology such as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', 'ambiti ...

Core Insights - Beyond Meat's shares have surged approximately 1,000% over four days, marking a significant rally for a company that has struggled since its stock market debut six years ago [3][4]. Company Performance - Beyond Meat has faced sluggish sales and has not posted a quarterly profit in over five years, as consumer interest in its meat alternatives has waned [4]. - The company's stock price remains significantly below its all-time high of over $230 in 2019, trading just above $4 recently [7]. Market Dynamics - The recent surge in Beyond Meat's stock has been fueled by online enthusiasm among retail investors, drawing comparisons to other meme stocks like GameStop and AMC [4]. - The addition of Beyond Meat to Roundhill Investments' meme stock ETF has contributed to a short squeeze, forcing investors who bet against the company to buy shares to cover their losses [5]. Strategic Developments - A distribution deal with Walmart has been announced, which is seen as a potential catalyst for improving demand and increasing product availability [5][6]. - Despite the positive impact of the Walmart deal, there are concerns that it does not resolve all of the company's underlying issues [6]. Market Sentiment - The surge in Beyond Meat's stock occurs amid broader concerns about an overvalued stock market and potential bubbles in sectors like artificial intelligence [8]. - The Securities and Exchange Commission has raised alarms about possible market manipulation related to meme stocks, highlighting risks for everyday investors [9].

Core Viewpoint - Beyond Meat's stock has experienced extreme volatility, with a recent surge of over 80% after a significant drop of more than 74% in the previous week, driven by retail investor interest and social media hype [1][3]. Group 1: Stock Performance - Beyond Meat's stock price increased by nearly 12 times over the last four trading days, following a sharp decline to a low of $0.5 [3]. - The stock's trading volume reached $5.9 billion, equating to 4.2 times the company's market capitalization, with a price increase of 146% on a specific day [4]. - The stock was heavily shorted, with short interest at approximately 81.8% of its free float, indicating it is one of the most shorted stocks in the market [4]. Group 2: Market Dynamics - The surge in stock price was partly attributed to a prominent retail investor promoting the stock on social media, which led to increased buying activity from retail investors [3][5]. - Beyond Meat's inclusion in Roundhill Investments' "meme stock ETF" further fueled market speculation and interest [3]. - Retail investors purchased nearly $35 million worth of Beyond Meat shares in a single day, marking the largest recorded daily purchase [4]. Group 3: Company Fundamentals - Despite the stock's recent performance, Beyond Meat has not shown signs of improved financial health, with no profitability since Q1 2020 [7]. - Analysts remain pessimistic about the company's future, with five out of eight covering analysts recommending "sell" or "strong sell" ratings, and a median target price of $2.42 per share [7]. - The company's recent debt exchange plan, which diluted shareholder equity, was seen as a positive move to reduce bankruptcy risk and strengthen its balance sheet [3].

The image featured for this article is © Sundry Photography / iStock Editorial via Getty Images ...

Market Overview - Stocks are near record highs, with the S&P 500 down 0.1% and just below its all-time high set earlier this month [2] - The Dow Jones Industrial Average decreased by 65 points, or 0.1%, while the Nasdaq composite fell by 0.3% [2] - Bank stocks remained stable after positive earnings reports from Capital One Financial and Western Alliance Bancorp, which exceeded analysts' expectations [2] Company Performance - Intuitive Surgical's stock surged by 16.5% following better-than-expected quarterly profits [2] - GE Vernova's stock increased by 0.5% after also reporting stronger profits than anticipated [2] - Netflix's stock dropped by 8.3% after reporting weaker results than expected, despite a year-to-date increase of 39.3% [2] - AT&T's stock fell by 4.5% after matching analysts' profit expectations, while Texas Instruments' stock decreased by 7.7% due to profits falling short of forecasts [2] - Beyond Meat's stock soared by 48.9%, bringing its weekly gain to nearly 735%, partly due to Walmart's announcement to increase product availability [2] Gold Market - Gold prices fell by 0.8% to $4,075 per ounce, following a 5.3% decline the previous day [2] - Despite the drop, gold prices are still up over 50% for the year, driven by expectations of Federal Reserve interest rate cuts and concerns about high inflation and government debt [2] International Markets - European and Asian stock indexes showed mixed results, with London's FTSE 100 rising by 1% due to positive UK inflation data [4] - Korea's Kospi index increased by 1.6%, while indexes in Hong Kong and Paris fell by 0.9% and 0.2%, respectively [4] Bond Market - The yield on the 10-year Treasury bond decreased to 3.96% from 3.98% [4]