Group 1 - UBS raised its price target on Howmet Aerospace Inc. to $260 from $228 while maintaining a Neutral rating [1] - Howmet has achieved record EBITDA margins and incremental gains due to pricing strength, increased content per aircraft, and volume growth, despite higher headcount and operational complexity [1] - Aerospace growth is expected to accelerate by 2026, driven by Boeing's 737 MAX production recovery and increased widebody output, with robust spare parts demand and emerging gas turbine power demand contributing to revenue growth [2] Group 2 - UBS acknowledged underestimating the valuation multiple investors assign to Howmet and sees upside to consensus estimates, but believes much of the upside is already priced in at 36 times projected 2026 EBITDA [3] - Achieving parity with GE Aerospace's valuation would require approximately a 40% EBITDA margin, indicating significantly higher earnings than current consensus forecasts [3] - UBS maintained its Neutral stance on Howmet Aerospace due to the high valuation multiple [3]

Core Insights - Brookfield has agreed to acquire Fosber, an Italian industrial technology supplier for the corrugated packaging industry, valuing the company at approximately $900 million [1] - The acquisition is a carve-out transaction from Guangdong Dongfang Precision and is pending regulatory approvals, with completion expected in 2026 [1] - Fosber, established in 1978, specializes in designing and building high-speed corrugating machines and offers spare parts, maintenance, and digital monitoring solutions globally [1] Financial Details - Brookfield plans to finance the acquisition through its Brookfield Capital Partners strategy, allocating $480 million in equity, which includes a $170 million investment from Brookfield Business Partners [2] - Brookfield Asset Management manages over $1 trillion across various sectors, with its private equity platform overseeing $150 billion [5] Strategic Context - Brookfield's private equity arm has a 20-year history of investing in industrial and manufacturing businesses, with previous investments including Chemelex, Clarios, and GrafTech [3] - The acquisition aligns with Brookfield's strategy of investing in European industrial leaders that can be repositioned as global operators [3][4] - Fosber's extensive operations in the US and Asia enhance Brookfield's global platform capabilities [4] Partnerships and Innovations - In November 2025, Fosber announced a partnership with FUJIFILM Integrated Inkjet Solutions to enhance print quality, operational flexibility, and sustainability in the corrugated packaging sector [4]