Market Overview - All three major U.S. stock market indices closed slightly higher on February 17, 2026, despite declines in software equities, influenced by a softer-than-expected Consumer Price Index and a stronger-than-anticipated jobs report [1][2] Investment Strategy - The current market uncertainty may lead investors to prefer low-leverage stocks for financial resilience and capital preservation, with recommendations including Orion Group (ORN), Copa Holdings (CPA), Coeur Mining (CDE), Tim S.A. (TIMB), and Evercore (EVR) [3][11] Low-Leverage Stocks - Low-leverage stocks are preferred as they are generally less risky, especially during volatile market conditions. The debt-to-equity ratio is a key metric for assessing a company's financial risk, with lower ratios indicating better solvency [7][8] Company Highlights - **Orion Group (ORN)**: Acquired J. E. McAmis, Inc. and JEM Marine Leasing LLC for approximately $60 million, with 2026 earnings expected to improve by 63.6% [15][17] - **Copa Holdings (CPA)**: Reported a 9.6% increase in fourth-quarter operating revenues and a 5.3% rise in EPS, with 2026 revenues projected to grow by 11.5% [18][19] - **Coeur Mining (CDE)**: Increased mineral reserves to 4.4 million ounces of gold and 274.4 million ounces of silver, with 2026 earnings expected to jump by 143.3% [20][22] - **Tim S.A. (TIMB)**: Announced acquisition of 51% of I-Systems for approximately $180 million, aiming to expand in the broadband segment, with 2026 revenues expected to rise by 10.3% [23][24] - **Evercore (EVR)**: Reported a 32% increase in fourth-quarter revenues and a 50% rise in adjusted EPS, with 2026 revenues projected to grow by 22.6% [24][25]

Investor Presentation OCTOBER 2025 www.cassinfo.com | ©2025 Cass Information Systems | Forward-Looking Information All statements other than statements of historical fact included in this release, including without limitation the Company's future prospects and performance, the business strategy and the plans and objectives of the Company's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, wo ...

Core Insights - Canadian Western Bank (CWB) is a regional bank focused on commercial banking and specialty finance, emphasizing relationship banking with small- and medium-sized enterprises (SMEs) [1][2][17] - The bank operates primarily in Western Canada, offering a mix of traditional deposit-taking, commercial lending, and niche specialty financing [1][2][17] - CWB's strategy includes wealth management and technology-enabled service delivery, enhancing client engagement and operational efficiency [1][2][17] Business Model and Operations - CWB provides a comprehensive range of services, including business banking, retail banking, equipment financing, commercial real estate, and wealth management [2][3][17] - The bank's operational segments include commercial banking, specialty finance, and wealth management, allowing for diversified revenue streams [17][19] - CWB's client-focused approach integrates various financial products to support the lifecycle of business clients, as illustrated by real-world examples [4][19] Financial Performance - CWB's market capitalization typically falls within the multi-billion CAD range, with revenue generated from interest margins and fees [10][11] - The bank's net income is influenced by loan portfolio performance and credit provisioning, with analysts monitoring key metrics such as net interest margin (NIM) and loan growth [10][12] - Dividend policy balances shareholder distributions with capital retention, reflecting a moderate yield that varies based on market conditions [12][16] Competitive Positioning - CWB occupies a niche between larger national banks and smaller credit unions, focusing on specialized commercial expertise and relationship-driven deposit flows [7][20] - The bank's competitive advantage lies in its tailored relationship model and expertise in sectors like equipment and real estate financing [20][21] - CWB's operational mix, including integrated wealth services, provides resilience against economic cycles and enhances revenue stability [21] Historical Development and Leadership - Founded in 1984, CWB has evolved from a regional commercial bank to a multi-segment financial services provider, expanding its product capabilities and geographic reach [22][25] - The leadership team emphasizes prudent credit underwriting and targeted growth, with a focus on maintaining capital adequacy and managing risks [27][28] - Management's strategies are informed by historical performance during economic shifts, ensuring a disciplined approach to credit and growth [28] Market Position and Index Membership - CWB is listed on the Toronto Stock Exchange (TSX) and is included in major Canadian indices, which enhances its liquidity and visibility among investors [29][30] - The bank's mid-cap status allows for comparative analysis against national peers, with analysts using valuation metrics to assess its market position [34][35] - Institutional and retail investors consider factors such as liquidity, dividend stability, and regional economic exposure when evaluating CWB [35]

Core Insights - The decline in AES's share price was perceived as excessive considering the fundamental value of the business [1] - The share price experienced volatility, reaching a peak of $13.23 in January before dropping again [1] Company Analysis - The analyst emphasizes a strategy of seeking companies that provide both growth and value, indicating a preference for undervalued firms with strong growth potential [1] - The analyst has extensive experience in the financial sector, having worked for 15 years in various roles related to analysis and risk management [1] Investment Philosophy - The belief is that the best investments are those that are undervalued yet possess significant growth prospects [1] - The analyst's approach is independent, focusing on personal analysis rather than following market trends without critical evaluation [1]