10 June 2025 | 4:58PM EDT Capital One Financial Corp. (COF): Key takeaways from presentation at industry conference This afternoon, CEO Rich Fairbank (and SVP of Global Finance Jeff Norris) presented at an industry conference for the first time after the closing of the DFS acquisition (closed on May 18th). The presentation struck a constructive tone on the strategic merits of the acquisition, the state of the consumer and the ability to return additional capital over time. While there was not much in terms ...

11 June 2025 | 1:06AM GST PKO Bank Polski (PKO.WA): 29th European Financials Conference — Key Takeaways Presenters: Krzysztof Dresler (CFO), Piotr Bujak (Chief Economist), Dariusz Chorylo (Head of Investor Relations). Bottom Line: Management discussed (1) resilient NII and ROE outlook (the company reiterated ROE expectation for >18% in medium-term), (2) macro outlook (both from fiscal and monetary part), (3) regulatory updates and (4) outlook on CHF mortgages (where the company expects 2025 to be the last y ...

11 June 2025 | 2:15AM JST Mitsubishi Electric (6503.T): Business reshuffling/growth strategies to proceed together; management committed to qualitative change; Buy Mitsubishi Electric (MELCO) held a management meeting on June 10 at 10:00 JST, attended by President & CEO Kei Uruma and CFO Kenichiro Fujimoto. Key points were as follows. (1) Personnel reductions in the FA business: MELCO plans to reduce headcount significantly, including through deconsolidation of some businesses. (2) Ongoing business reshuffl ...

10 June 2025 | 4:36PM EDT Insmed Inc. (INSM): Positive Ph2b TPIP PAH data surpass expectations INSM reported positive topline data from the Ph2b TPIP PAH trial with the study meeting all primary and secondary efficacy endpoints. Notably, TPIP treatment (measured 24 hours at trough, and thereby supportive of once daily dosing) resulted in 35% placebo-adjusted reduction from baseline in PVR (p<0.001) and 35.5m placebo-adjusted improvement in 6MWT (p=0.003), consistent with our bull case scenario and driving s ...

10 June 2025 | 4:58PM EDT Brown & Brown Inc. (BRO) Announces $10bn Deal to Acquire Accession Risk Management Group BRO 12m Price Target: $119.00 Price: $105.49 Upside: 12.8% BRO announced (6/10/2025) the signing of a definitive agreement to acquire Accession Risk Management Group (Accession) for a total consideration of $9.825bn ($9.225bn after giving effect to a $600mn deferred tax asset) at the time of close, representing a ~15.7x multiple on Accession 2024 adjusted EBITDAC, or ~12x after giving effect to ...

报告公司投资评级 - 重申对Cameco Corp.（CCJ）的买入评级 [1] 报告的核心观点 - 西屋电气因新反应堆建设项目有望受益，为CCJ带来新的收入驱动力，上调对CCJ的预测和目标价 [1] - 预计全球新反应堆建设将为西屋电气的收入和调整后EBITDA带来显著提升，从而使CCJ受益 [10][11] 各部分总结 西屋电气相关协议 - 2025年1月美国与韩国政府签署协议，随后西屋电气与韩国公司达成商业协议，为反应堆部署建立了互利框架，但协议细节大多保密 [2] 韩国水电与核电公司（KHNP）/捷克交易 - 上周捷克与韩国就杜科瓦尼核电站的2座核反应堆项目达成协议，项目估计成本约190亿美元，预计有前期付款和项目期间收入两个收入流 [3] - CCJ表示，除2025年第二季度一次性付款带来的调整后EBITDA增加外，西屋电气预计在杜科瓦尼项目期间将获得显著财务收益 [3] 美国新反应堆建设 - 特朗普政府发布行政命令，目标是到2030年有10座新核反应堆在建，西屋电气已与行业伙伴就部署10座大型反应堆进行谈判 [5] - 西屋电气是美国唯一有规模和专业知识的国内反应堆技术公司，若获得项目，预计其收入和调整后EBITDA将有显著提升，新建设项目的调整后EBITDA利润率预计在10%-20% [5] 西屋电气EBITDA影响 - CCJ持有的西屋电气49%股份预计从杜科瓦尼项目中使EBITDA增加约1.7亿美元，意味着2025年西屋电气的EBITDA约3.4亿美元 [6] - 这使得CCJ在西屋电气的股份今年调整后EBITDA可能达到5.25 - 5.75亿美元（之前为3.55 - 4.05亿美元） [6] 韩国交易的其他影响 - 尽管长期调整后EBITDA复合年增长率6%-10%不变，但杜科瓦尼项目可能为西屋电气带来工程和采购等工作范围收入的额外增长 [7] - KHNP正在全球竞投10个反应堆项目，可能为西屋电气的收入和调整后EBITDA带来上行风险 [7] 其他新反应堆建设项目 - 西屋电气正在与波兰和保加利亚就核项目进行谈判，2024年从这些项目获得的前期工程设计（FEED）收入占新建设收入约3亿美元的大部分 [8] 西屋电气新建设收入对CCJ的影响 - CCJ目前的收入/调整后EBITDA的5年复合年增长率为6%-8%/6%-10%，假设已宣布的项目继续进行，并在5年内获得另外两个项目 [10] - 预计2030 - 2039年约110座反应堆将投入使用，大部分将在未来5年开始建设，西屋电气预计从其中约16座反应堆获得收入 [10] - 预计新反应堆建设将使CCJ到2030年的调整后EBITDA贡献超过10亿加元，将未来5年的调整后EBITDA复合年增长率从约9%提高到约19% [10] 估计变化 - 2025 - 2027年调整后EBITDA估计从16.3亿加元/21.4亿加元/24.0亿加元上调至18.8亿加元/22.5亿加元/25.9亿加元 [11] 估值和目标价 - 12个月目标价上调至78美元/107加元（之前为65美元/89加元），基于分部加总估值法 [12]

10 June 2025 | 2:22PM BRT Brazil Utilities Incorporating the new opex methodology and weaker power demand into our models We update our estimates for Brazilian utilities Copel, Equatorial, Energisa, and Cemig to take into account the long-awaited new power distribution opex methodology, which was approved by the regulator on May 20th. Among the changes introduced, we highlight i) the revised time-frame for reference opex, now to be updated annually; ii) the simplification of the benchmark model including hi ...

10 June 2025 | 3:34PM BRT Pulp & Paper Monthly Tracker — May 2025 This monthly report includes charts and tables with key global data points for the pulp and paper sector. We track information from different data providers for both up- and downstream products across the supply chain, including inventories, production, apparent consumption and prices. Key highlights of the month: Marcio Farid +55(11)3371-4580 | marcio.farid@gs.com Goldman Sachs do Brasil CTVM S.A. Henrique Marques +55(11)3371-0778 | henrique ...

10 June 2025 | 6:42PM BST Europe Business Services: Staffing: May '25: Datapoints continue to improve in Europe The m-o-m volumes were up 1.8% in May'25 vs. April'25. French temp work turnover also improved to c.-1% vs. c-5% in April '25. Dutch turnover data also received today (June 10th) for the 5th 4-week period of 2025 (April 21st to May 18th), improved significantly to c.+5% yoy vs. c.-2% in the 4th 4-week period (March 24th to April 20th). Number of hours worked improved to c.-1% yoy vs. c.-6% in the ...

11 June 2025 | 12:11AM HKT China Consumer Staples: May Check In and Consumer Corp. Day Wrap: A bumpy road with policy swings, channel shift amid deflation We hosted multiple staple companies at our Consumer & Leisure Corporate Day and performed channel checks in the past weeks. We are seeing a bumpy road of demand recovery and still largely slow 2Q-to-date run-rates across staples sub-sectors, esp. for spirits, beer, and dairy. Recent policy tightening in alcohol consumption by government officers and civil ...