Is SOFI a good stock to buy? We came across a bullish thesis on SoFi Technologies, Inc. on William’s Substack by William Fleming-Daniels. In this article, we will summarize the bulls’ thesis on SOFI. SoFi Technologies, Inc.'s share was trading at $17.37 as of March 17th. SOFI’s trailing and forward P/E were 45.21 and 29.85  respectively according to Yahoo Finance. Global Payments (GPN) Climbs 16.5% on Dividend, Share Buyback SoFi Technologies, Inc. provides various financial services in the United States, ...

Core Viewpoint - Grab Holdings Limited has experienced a decline of approximately 12.2% in share price over the past month, underperforming the S&P 500, raising questions about its future performance leading up to the next earnings release [1]. Financial Performance - In Q4 2025, Grab reported breakeven earnings, contrasting with the Zacks Consensus Estimate and the previous year's figure of 1 cent per share [2]. - Quarterly revenues reached $906 million, missing the Zacks Consensus Estimate of $933.4 million but reflecting a 19% year-over-year increase, or 17% on a constant currency basis, driven by growth in On-Demand and Financial Services segments [2]. - On-Demand Gross Merchandise Value (GMV) grew by 21% year over year to $6.07 billion, with monthly transacting users (MTUs) and total transactions increasing by 16% and 24%, respectively [3]. - Adjusted EBITDA for the quarter was $148 million, marking a 54% year-over-year improvement due to growth in On-Demand GMV and revenue [3]. Segment Performance - The Deliveries segment generated revenues of $481 million, an 18% year-over-year increase, attributed to growth in Deliveries GMV and advertising revenue [4]. - The Mobility segment saw revenues rise to $325 million, a 15% year-over-year increase, supported by growth in Mobility MTUs and transactions [4]. - Financial Services segment revenue improved by 34% year over year to $99 million, driven by contributions from the lending business [5]. Liquidity and Cash Flow - At the end of Q4 2025, Grab had cash liquidity of $7.4 billion, remaining flat sequentially [6]. - The company generated $69 million in net cash from operating activities, with capital expenditures totaling $81 million and adjusted free cash flow of $76 million for the quarter [6]. Future Guidance - For 2026, Grab expects revenues between $4.04 billion and $4.10 billion, indicating a year-over-year growth of 20-22% [7]. - Adjusted EBITDA for 2026 is projected to be between $700 million and $720 million, suggesting a year-over-year growth of 40-44% [7]. Market Sentiment - There has been a notable upward trend in estimates, with the consensus estimate shifting by 200% in the past month [8]. - Grab currently holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [10]. Industry Comparison - Grab operates within the Zacks Internet - Software industry, where another player, Match Group, has seen a slight gain of 0.6% over the past month [11]. - Match Group reported revenues of $878.01 million for the last quarter, reflecting a year-over-year change of +2.1% [11].

Financial Data and Key Metrics Changes - In Q4 2025, revenues grew 17% and EBITDA grew 29% year-over-year in US dollars [4] - For the full year, revenues increased nearly 10% and EBITDA grew 19% [4] - Annual EBITDA surpassed $2 billion with margins expanding to 45.7% [4][8] - Group revenue reached $4.4 billion in 2025, growing 9.9% in US dollar terms [16] - EBITDA for the year reached $2.01 billion, representing 18.8% growth [16] Business Line Data and Key Metrics Changes - Digital services revenue grew 84% year-over-year in Q4 and over 62% for the full year [4] - Digital revenues reached $759 million, representing 17% of group revenues for the full year [9][16] - EBITDA from digital services reached $207 million with an EBITDA margin of 27.3% [5] - Telecom and infrastructure revenues grew 3% despite the consolidation of TNS Plus, Deodar, and Kyrgyzstan [8] Market Data and Key Metrics Changes - Growth across markets remains balanced, with strong momentum in Pakistan, Ukraine, and Kazakhstan [10] - Bangladesh returned to positive growth during the year, while Uzbekistan continues to expand steadily [10] - Monthly active users in Pakistan's financial services business reached 21.5 million, with transaction value reaching $53 billion [11] Company Strategy and Development Direction - The company is focused on executing an asset-light strategy, having completed the sale of its Pakistan tower portfolio [5] - The listing of Kyivstar on Nasdaq was highlighted as a significant achievement [7] - The company aims to continue annual share buybacks of at least $100 million, reflecting confidence in long-term cash generation capacity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in both telecommunications and digital services [18] - The company expects revenue growth of 9%-12% and EBITDA growth of 7%-10% for 2026 [18] - Management acknowledged the impact of inflation and pricing power in their markets [104] Other Important Information - The company is actively pursuing digital banking licenses across its markets, including Pakistan [88] - The acquisition of TPL Insurance is expected to enhance embedded insurance offerings through JazzCash [84] - The company is developing local language large models for AI applications in its markets [95] Q&A Session Summary Question: Inquiry about the Pakistan spectrum auction and 5G network aspirations - Management highlighted the successful spectrum auction in Pakistan and the potential for both 4G and 5G network improvements [24][25] Question: Revenue growth drivers and pricing versus volume - Management attributed revenue growth to a shift towards meaningful digital services and multi-play customer relationships [32][33] Question: Future digital revenue growth and margin profile - Management indicated a balanced model for cash flow generation between telecom and digital services, with a current digital margin of 27.3% [35] Question: Capital allocation and mid-term strategy - Management emphasized a disciplined approach to capital allocation, focusing on share buybacks and strategic acquisitions [46][50] Question: Ukraine market potential and future projections - Management expressed confidence in Ukraine's long-term growth potential post-conflict, highlighting digital service opportunities [62][63] Question: Settlement with Dhabi Group and implications - Management explained the rationale behind settling with Dhabi Group to eliminate distractions and enhance investor relations [67][76] Question: Embedded insurance strategy and digital banking licenses - Management discussed the integration of insurance products into existing platforms and the pursuit of digital banking licenses [84][88]

VEON Delivers Record Digital Growth Revenues +9.9% in 2025, +17.4% in 4Q25 EBITDA +18.8% in 2025, +29.1% in 4Q25 Digital Revenues +63% in 2025, +84% in 4Q25 13 March 2026 | FY25 & 4Q25 Results Presentation DISCLAIMER Notice To Readers Certain of VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the international Accounting Standards Board and have not been exter ...

Core Insights - VEON reported record digital growth with digital revenues increasing by 84% in Q4 2025, accounting for 20.1% of total revenues, which contributed to a 17% increase in total revenue and a 29% increase in EBITDA for the same quarter [1][4]. Financial Performance - In Q4 2025, total revenue reached USD 1,171 million, a 17.4% year-on-year increase, while EBITDA rose to USD 527 million, marking a 29.1% increase with an EBITDA margin of 45.0% [4]. - For the full year 2025, total revenue was USD 4,399 million, up 9.9% year-on-year, and EBITDA was USD 2,009 million, reflecting an 18.8% increase with an EBITDA margin of 45.7% [4]. - Digital revenues for the full year grew by 62.5% to USD 759 million, representing 17.3% of total group revenue, while financial services revenues increased by 34.3% to USD 425 million [4]. Capital Allocation and Strategic Developments - VEON completed its first USD 100 million buyback program and initiated a second program, targeting at least USD 100 million in annual share repurchases [3]. - The company reached an agreement with the Dhabi Group regarding historical shareholder claims and welcomed a new shareholder, His Highness Sheikh Nahyan bin Mubarak Al Nahyan [4]. - VEON successfully raised USD 140 million from a secondary public offering of Kyivstar shares and acquired Tabletki.ua for USD 160 million to enhance its digital healthcare offerings [5]. Future Outlook - For 2026, VEON anticipates total revenue growth of 9% to 12% year-on-year and EBITDA growth of 7% to 10% year-on-year [5]. - The company expects to maintain a capex intensity of 14% to 16% excluding Ukraine [5]. - VEON's CEO highlighted the pivotal shift in the company’s strategy, noting that digital service customers have surpassed traditional connectivity subscribers for the first time [6].

Core Insights - Lennar reported a revenue of $6.62 billion for the quarter ended February 2026, reflecting a 13.3% decline year-over-year and a surprise of -3.12% compared to the Zacks Consensus Estimate of $6.83 billion [1] - The earnings per share (EPS) was $0.88, down from $2.14 in the same quarter last year, with an EPS surprise of -8.74% against the consensus estimate of $0.96 [1] Financial Performance Metrics - Average sales price for deliveries was $374.00, slightly above the estimated $369.66 [4] - Total active communities stood at 1,678, below the average estimate of 1,784 [4] - Backlog of homes was 15,588, exceeding the three-analyst average estimate of 14,938 [4] - Total deliveries of homes were 16,863, slightly below the estimated 17,571 [4] - New orders for homes totaled 18,515, close to the average estimate of 18,572 [4] Revenue Breakdown - Revenue from financial services was $215.56 million, lower than the average estimate of $257.36 million, marking a year-over-year decline of 22.2% [4] - Homebuilding revenue from sales of homes was $6.27 billion, below the average estimate of $6.49 billion, representing a year-over-year decrease of 13.4% [4] - Multifamily revenue was $82.5 million, compared to the average estimate of $103.08 million, showing a year-over-year increase of 30.5% [4] - Homebuilding revenue was $6.3 billion, lower than the average estimate of $6.53 billion, reflecting a 13.5% year-over-year decline [4] - Revenue from sales of land in homebuilding was $15.16 million, significantly below the average estimate of $37.22 million, indicating a year-over-year drop of 57.1% [4] - Revenue from Lennar Other was $22.86 million, exceeding the average estimate of $14.31 million, with a year-over-year increase of 208.8% [4] - Revenue from other homebuilding activities was $10.48 million, above the estimated $6.97 million, representing a year-over-year increase of 31.1% [4] Stock Performance - Lennar's shares have decreased by 20.2% over the past month, contrasting with the Zacks S&P 500 composite's decline of 2.3% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - BRC Group Holdings, Inc. is executing a series of transactions to reduce its outstanding debt by approximately $37.9 million through the cancellation of senior notes and the issuance of common stock [1][2][4]. Group 1: Debt Transactions - The company will cancel 1,343,551 units of its publicly-traded senior notes in exchange for 4,201,300 shares of common stock at an average price of $7.0933 per share [1]. - Additionally, BRC repurchased 171,703 units of its 5.0% senior notes due 2026 for about $4.0 million in cash, leading to the elimination of these notes [2]. - On March 30, 2026, the company plans to redeem its 5.50% Senior Notes due 2026, totaling approximately $96 million [3]. Group 2: Financial Reporting - The company is expected to release its Fourth Quarter and Full Year 2025 financial results by March 31, 2026 [1]. - Due to the onboarding of a new auditor, the company requires additional time to complete its 2025 Annual Report, which will be filed by the extended deadline of March 31, 2026 [5].

Core Viewpoint - Goldman Sachs Group, Inc. is a leading financial institution with a market cap of $270.6 billion, providing a variety of financial services globally [1]. Company Overview - Founded in 1869, Goldman Sachs operates through three main segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions [1]. - The company is classified as a "mega-cap stock," indicating its significant presence in the capital markets industry [2]. Stock Performance - Goldman Sachs shares have retreated 8.4% from their 52-week high of $984.70 reached on January 16 [3]. - Over the past three months, GS shares have increased by 14.1%, outperforming the State Street SPDR S&P Capital Markets ETF's (KCE) growth of 2.2% [3]. - Year-to-date, GS stock has grown by 2.7%, while KCE has decreased by 3.8% [5]. - In the past 52 weeks, GS shares surged by 44.1%, significantly outperforming KCE's 4.8% returns [5]. Earnings Report - On January 15, GS shares rose by 4.6% following the release of mixed Q4 2025 earnings, with revenue declining by 3% year-over-year to $13.5 billion, which was below Wall Street estimates [6]. - The adjusted EPS for the quarter was $14.01, exceeding market expectations [6]. - In comparison, Morgan Stanley's stock has declined by 4.9% in 2026 and has increased by 29.9% over the past year, underperforming GS [6]. Analyst Ratings - Among 26 analysts covering GS stock, the consensus rating is a "Moderate Buy," with a mean price target of $968.45, indicating a potential upside of 7.3% from current levels [7].

Core Insights - Grab Holdings Limited (GRAB) reported breakeven earnings in Q4 2025, missing the Zacks Consensus Estimate and declining from the previous year's earnings of 1 cent per share [1][8] - Quarterly revenues of $906 million fell short of the Zacks Consensus Estimate of $933.4 million but showed a 19% year-over-year increase on a reported basis and 17% on a constant currency basis, driven by growth in On-Demand and Financial Services segments [1][8] Revenue Performance - On-Demand Gross Merchandise Value (GMV) increased by 21% year over year to $6.07 billion, with monthly transacting users (MTUs) and total transactions rising by 16% and 24%, respectively [2] - The Deliveries segment revenue grew 18% year over year to $481 million, supported by growth in Deliveries GMV and advertising revenue [4] - Mobility segment revenues rose 15% year over year to $325 million, driven by an increase in Mobility MTUs and transactions [4] - Financial Services segment revenue improved by 34% year over year to $99 million, attributed to growth in the lending business [5] Profitability Metrics - Adjusted EBITDA reached $148 million, reflecting a 54% year-over-year improvement due to increased On-Demand GMV and revenue [3] Liquidity and Cash Flow - Grab ended Q4 2025 with cash liquidity of $7.4 billion, remaining flat sequentially [6] - The company generated $69 million in net cash from operating activities, with capital expenditures totaling $81 million and adjusted free cash flow of $76 million [6] Future Guidance - For 2026, Grab anticipates revenues between $4.04 billion and $4.10 billion, indicating a year-over-year growth of 20-22% [7][8] - Adjusted EBITDA for 2026 is expected to be in the range of $700-$720 million, suggesting a year-over-year growth of 40-44% [7]

Core Viewpoint - Emerging market stocks are experiencing a significant rally, driven by optimism surrounding artificial intelligence and increased investment in developing economies [1][2]. Group 1: Market Performance - The iShares MSCI Emerging Markets ETF has risen over 10% year to date, outperforming the S&P 500, which remains flat [2]. - Emerging market stocks rallied approximately 30% in dollar terms in 2025, with strong performance noted in Asian markets such as Taiwan and South Korea due to high demand for AI-related hardware [2][3]. - Goldman Sachs projects the MSCI Emerging Markets index to return nearly 30% in 2026, supported by strong earnings, a weakening US dollar, and favorable macroeconomic trends [3]. Group 2: Future Expectations - Analysts expect some of the favorable conditions from 2025 to continue into 2026, leading to good returns in emerging markets [4]. - The resilience of Chinese exports and the economic benefits from falling commodity prices are anticipated to support the ongoing rally [3]. Group 3: Stock Selection Methodology - The selection of the 10 best emerging market stocks was based on the iShares MSCI Emerging Markets ETF and Yahoo Finance stock screeners, focusing on companies with positive upside potential as of February 17 [6]. - Stocks were ranked according to the number of hedge fund holders, as research indicates that imitating top hedge fund picks can lead to market outperformance [7]. Group 4: Featured Stocks - ZTO Express (NYSE:ZTO) has an upside potential of 6.65% and is supported by a recent upgrade from Macquarie, citing preliminary fourth-quarter volume growth of 9% [9][10]. - Credicorp Ltd. (NYSE:BAP) shows an upside potential of 6.88%, with a fourth-quarter net profit of $468.8 million and a focus on loan growth driven by strong retail momentum [14][16].