Andy Andrews/DigitalVision via Getty Images New Gold & Coeur Mining Merger Data by YCharts Coeur Mining’s ( CDE ) $7 billion acquisition of New Gold ( NGD ) creates a top-10 precious metals company and top-5 silver producer globally. The combined entity, upon closing, will produce an estimated 900K oz gold, ~20M oz silver, and ~100M lbs copper in 2026, making the miner a truly diversified metals p...
Andy Andrews/DigitalVision via Getty Images New Gold & Coeur Mining Merger Data by YCharts Coeur Mining’s ( CDE ) $7 billion acquisition of New Gold ( NGD ) creates a top-10 precious metals company and top-5 silver producer globally. The combined entity, upon closing, will produce an estimated 900K oz gold, ~20M oz silver, and ~100M lbs copper in 2026, making the miner a truly diversified metals producer with leverage to not just one, but all three commodities. When Coeur Mining announced its $7 billion all-stock acquisition of New Gold back in November, I have to admit, my first reaction was mixed. In my 15+ years investing in this sector, I've learned the hard way that mega-mergers in mining don’t always work out. See the Kinross/Red Back Mining debacle back in 2010 as a prime example - $6 billion in write-downs for Kinross - although I like to think that miners have largely learned from these expensive past mistakes. But the more I dig into this latest deal, the more I like it. I don't view this as Coeur overpaying for a mediocre asset or company. This is two mid-tier producers combining into something very valuable and genuinely hard to replicate: a high-quality, 100% North American senior miner with seven operating mines, strong and growing free cash flow, and a deep growth pipeline. And that's the type of company that commands a premium valuation. New Gold shareholders get 0.4959 Coeur shares per NGD share (roughly 38% of the combined company), and shareholders approved the deal on January 27 (the B.C. Supreme Court signed off on January 30 ). The only remaining hurdle is the Investment Canada Act, and both companies expect the transaction to close in H1 2026. I think we'll see a slight re-rating post-closing of the acquisition, so I've initiated New Gold with a BUY rating here, as I feel the combined company will outperform the VanEck Gold Miners ETF ( GDX ) as a benchmark . A Diversified Metals Producer (Not Just Gold) Here’s what the new Coeur looks like po...
Imagesbybarbara/iStock Unreleased via Getty Images Introduction The last time I covered Ambev ( ABEV ), I highlighted their strong financial position, compelling valuation, and attractive dividend despite near-term pressure from broader macro factors, reiterating their Buy rating. Although the stock is up about 20% since covering it a bit over a month ago and 40% since beginning the coverage back ...
Imagesbybarbara/iStock Unreleased via Getty Images Introduction The last time I covered Ambev ( ABEV ), I highlighted their strong financial position, compelling valuation, and attractive dividend despite near-term pressure from broader macro factors, reiterating their Buy rating. Although the stock is up about 20% since covering it a bit over a month ago and 40% since beginning the coverage back in August, I still believe ABEV has some room left to grow, as the company can benefit from a mix of near- and long-term tailwinds as the region’s leader. Internal Developments Ambev IR Ambev’s Q4 report was solid overall, with non-GAAP EPS in line with the market’s expectations and a slight beat on revenue, with solid results across their key markets, delivering a 5.6% increase in Organic Normalized EBITDA in FY25 vs FY24 despite a 3.3% drop in volumes. Ambev IR The company's free cash flow dropped in FY25 to R$19.86 billion (US$3.80 billion) compared to R$21.35 billion (US$4.09 billion) in 2024, mostly as a result of unfavorable working capital changes, but it's still not terrible for a market cap of ~$48.89 billion, placing them at a P/FCF ratio of 12.87 during a relatively weak year. Alongside a couple of important near-term tailwinds that I'll mention below, Ambev's guidance expects Brazil Beer Cash COGS (cost of goods sold) per hectoliter to grow between 4.5% and 7.5% in 2026, mostly as a result of commodity headwinds stemming from higher aluminum prices and portfolio mix effects, while the company plans to reinvest into organic growth alongside disciplined M&A activity while returning excess cash to shareholders. Ambev IR Ambev IR Financially, based on ABEV's latest report , we continue to see a very solid position, with the current assets almost covering their current liabilities and nearly zero debt, with ~US$3.57 billion worth of cash and cash equivalents available, which adds a lot of flexibility to an already strong industry leader, which can potentially use deb...
Donny DBM/iStock via Getty Images Market Review High-yield bonds advanced. High-yield bonds posted another quarterly gain to round out a year of solid returns, aided by resilient growth, decent market fundamentals and strong corporate earnings growth. The technical backdrop was also favorable, as asset-class inflows remained strong alongside robust new-issue activity. Risk worries resurfaced. Idio...
Donny DBM/iStock via Getty Images Market Review High-yield bonds advanced. High-yield bonds posted another quarterly gain to round out a year of solid returns, aided by resilient growth, decent market fundamentals and strong corporate earnings growth. The technical backdrop was also favorable, as asset-class inflows remained strong alongside robust new-issue activity. Risk worries resurfaced. Idiosyncratic risks reemerged, triggering underperformance among the lowest-rated credits. Concerns about underwriting standards following two notable early quarter bankruptcies weighed on sentiment. Also, investors began to question whether large artificial intelligence ('AI') investments would yield results or trigger a wave of fallen angels and bankruptcies. Fed easing continued. Following September's rate cut, the Federal Reserve (Fed) eased again in October and December, dropping the target lending rate range to 3.5% to 3.75%. However, amid growing division among its ranks, the Fed delivered mixed messages about its plans for future rate cuts. Treasury yields were mixed. Treasury yields were volatile, and they ended the three-month period mixed. Labor market concerns and Fed easing contributed to a 14 bps decline in the two-year Treasury yield to 3.28%. Meanwhile, the yield on the 10-year Treasury rose slightly from 4.15% to 4.17%. The yield curve between two and 10 years steepened. Credit spreads remained tight. The lengthy trend of tight credit spreads extended into the fourth quarter. High-yield corporate credit spreads ended the three-month period nearly unchanged from third-quarter end. For the entire year, high-yield spreads tightened approximately 11 bps. Portfolio Performance Review Security selection drove results. Credit selection lifted results overall. The wireline telecommunications sector was a key contributor, with a position in Altice France leading the way. The company completed a planned restructuring and made progress in garnering bids to sell itself ent...
Watch: "Drunk As A Skunk" TV Reporter Does Snow Angels, Slurs Through Winter Olympics Broadcast Australian television journalist Danika Mason left viewers stunned after a bizarre live broadcast from the snowy chaos of the 2026 Milano Cortina Winter Olympics in Italy. The Today Show sports presenter appeared to slur and stumble her way through her segment amid snowstorm , rambling incoherently befo...
Watch: "Drunk As A Skunk" TV Reporter Does Snow Angels, Slurs Through Winter Olympics Broadcast Australian television journalist Danika Mason left viewers stunned after a bizarre live broadcast from the snowy chaos of the 2026 Milano Cortina Winter Olympics in Italy. The Today Show sports presenter appeared to slur and stumble her way through her segment amid snowstorm , rambling incoherently before dramatically throwing herself to the ground to make snow angels. Social media has lit up with speculation after popular Channel 9 sports and rugby league host Danika Mason appeared on morning television struggling to get her words out while covering the Winter Olympics in Italy. 📌 READ MORE: https://t.co/HKql0kBobM pic.twitter.com/G3yCeBsJFj — The Advertiser (@theTiser) February 18, 2026 Channel 9 has refused to respond to questions about sports reporter Danika Mason after she appeared to struggle through live Winter Olympics crosses, slurring words and losing focus on air. #SydneyConfidential 🌟 https://t.co/Atasz2fKbD Get the news first with The Daily… pic.twitter.com/afLOFpCDn7 — The Daily Telegraph (@dailytelegraph) February 18, 2026 In the awkward clip that's now going viral, Mason veered off topic, declaring: “The price of coffee over here is actually fine… it’s actually the price of coffee in the US we have to get used to… I’m not sure about the iguanas?” A confused Mason then added: "Where are we going with that one? Anyway, let’s get into today’s sport because there’s plenty happening back home." As if the slurring and stammering weren't cringe-worthy enough, the presenter suddenly rolled around in the snow like a giddy child, creating snow angels for the cameras — leaving co-hosts and viewers alike gobsmacked. Back in the Sydney studio, host Karl Stefanovic rushed to her defence, blaming the freezing conditions. “You get out of a car over there (in Italy) and there is such a cold wind, you can’t actually move your lips,” Stefanovic claimed. Mason could be see...