Investment Rating - The report assigns a 12-month rating of "Buy" for Mainfreight with a price target of NZ$82.00 based on current market conditions [10][28]. Core Insights - Mainfreight's FY25 results slightly exceeded UBS estimates and market consensus, primarily driven by performance in Australia, although the outlook is mixed due to tariff impacts [2][7]. - The company reported revenue of $5.24 billion, an 11% year-over-year increase, and underlying EBITDAR of $792 million, a 6% increase year-over-year [3][4]. - Underlying NPAT decreased by 1% year-over-year to $274 million, which was still above UBS estimates and market consensus [3][4]. Financial Performance - Key financial metrics include: - Revenue: $5.24 billion (+11% YoY) vs. UBS estimate of $5.10 billion - Underlying EBITDAR: $792 million (+6% YoY) vs. UBS estimate of $737 million - Underlying NPAT: $274 million (-1% YoY) vs. UBS estimate of $267 million [3][4]. - The company experienced mixed performance across regions, with notable declines in the US and Asia, while Australia showed strong growth [4][7]. Valuation - The valuation is based on a 12-month price target of NZ$82, derived from an average of P/E (26x) and DCF valuations [5][10]. - The current market cap is NZ$6.70 billion (approximately US$4.00 billion) with a free cash flow of $163 million [10][3]. Guidance and Outlook - No specific guidance was provided, but trading in April and May was described as "disappointing" due to short trading weeks and initial US tariff disruptions [6][7]. - The outlook for US operations indicates potential improvement in A&O and Warehousing earnings in FY26, despite current challenges [7][6]. Company Overview - Mainfreight, established in 1978, has evolved into a global freight forwarder with operations in 20 countries and a workforce of over 6,000 employees [13]. - Approximately 75% of its revenue is generated outside New Zealand, with a comprehensive service offering that includes domestic distribution, warehousing, and international freight services [13].

Core Viewpoint - Blade Mobility Inc. has seen a significant stock increase of over 18% following the release of its first-quarter earnings, highlighting positive financial performance and growth potential in the air mobility sector [1][3]. Company Overview - Blade Mobility operates in the air transport sector, offering services through a fleet that includes helicopters, private jets, turboprops, and amphibious seaplanes. The business is divided into two main verticals: Medical Services (58% of revenue) and Passenger Services (42% of revenue) [2][3]. Financial Performance - The company reported revenue of $54.3 million, exceeding expectations of $49.3 million, marking a 10% increase. The earnings per share showed a loss of four cents, which was better than the anticipated loss of 11 cents. Notably, Blade achieved its first-ever EBITDA profit of $0.1 million in the passenger segment [3][4]. - Blade reaffirmed its full-year revenue guidance of $245 million to $265 million, indicating a potential 2% year-over-year gain, driven by reduced aircraft maintenance and ongoing cost-saving measures [4]. Market Position and Future Outlook - Blade Mobility went public via a SPAC in 2020 and, despite facing challenges in the past, has shown resilience with a stock recovery from its 52-week low. The recent earnings report has positioned the stock above its 200-day simple moving average, suggesting bullish momentum [5][7]. - The air mobility sector is expanding, with growing interest in eVTOLs. Blade's core business in organ transport provides a significant first-mover advantage, making it less vulnerable to competition from companies like Joby Aviation and Archer Aviation [8]. - Analysts project a 12-month stock price forecast of $6.25, representing an 80.64% upside from the current price of $3.46, with a consensus indicating a bullish sentiment towards the stock [9][10].

Core Viewpoint - The execution schedule for the acquisition of Summa Defence Oy's share capital by Meriaura Group Plc is being postponed, with the execution now expected to take place in May 2025, pending the fulfillment of certain conditions [1][2]. Group 1: Acquisition Details - Meriaura Group Plc signed a conditional share exchange agreement on January 29, 2025, to acquire the entire share capital of Summa Defence Oy, which focuses on defense and security [1]. - The acquisition is part of a broader arrangement that includes the sale of shares in Meriaura Oy to Meriaura Invest Oy and the acquisition of treasury shares from Meriaura Invest Oy [1]. - The annual general meeting approved the arrangement on April 24, 2025, granting the Board of Directors the authority to decide on the execution [1]. Group 2: Execution Schedule - Not all conditions for beginning the execution of the arrangement have been fulfilled, leading to an update on the execution schedule [2]. - The execution is now expected to occur during May 2025, with trading in the new shares anticipated to begin on June 2, 2025, on the First North Growth Market in Sweden and Finland [2]. Group 3: Company Overview - Meriaura Group Plc operates in two business areas: Marine Logistics and Renewable Energy [3]. - The Marine Logistics segment includes Meriaura Oy, which provides low-emission marine transport services in Northern Europe, particularly in the Baltic Sea and North Sea regions [4]. - VG-EcoFuel Oy, part of the Marine Logistics business, produces biofuels from bio-oils and recycled oils [5]. - The Renewable Energy business focuses on clean energy solutions, including large-scale solar thermal systems and high-quality solar power systems through Rasol Oy [6].

The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2024 and will submit it to the Annual General Meeting for approval. Major events Maritime transport In the summer, Infortar invested €110 million in acquiring Tallink Grupp (Tallink) shares, increasing its shareholding in Tallink to 68.5%. The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number ...

Company Overview - Hanna Kyrki has been appointed as General Counsel of Summa Defence Oy and will join the Executive Management Team effective August 4, 2025 [1] - Kyrki has extensive experience in international legal affairs, corporate governance, regulation, and compliance, having previously worked at Veikkaus Group and Patria [2][3] Executive Management Team - The current members of Summa Defence's Executive Management Team include Jussi Holopainen (CEO), Riitta Honkanen-Vaheri (Chief Human Resources Officer), Tommi Malinen (Chief Sales Officer), Tommi Manninen (Chief Communications Officer), Risto Takkala (Chief Financial Officer), Juha Vauhkonen (Director of Defence and Security Affairs), and Hanna Kyrki (General Counsel) [4] Merger Announcement - On January 29, 2025, Meriaura Group Plc signed a conditional share exchange agreement to acquire the entire share capital of Summa Defence Oy, creating a strong group focused on safety and security in Finland [4] - The new company will be named Summa Defence Plc, with Meriaura Group's shareholders holding 11.9% and Summa Defence's shareholders holding 88.1% of the new entity [4] Business Areas - Meriaura Group operates in two business areas: Marine Logistics and Renewable Energy [7] - The Marine Logistics segment provides low-emission transport services for bulk cargo and project deliveries, particularly in Northern Europe [8] - The Renewable Energy segment focuses on clean energy systems, including solar thermal systems and high-quality solar power systems [10]