BRP press release ( DOO ): Q4 Non-GAAP EPS of C$2.21. Revenue of C$2.46B (+16.0% Y/Y). Normalized EBITDA of C$363.8 million, an increase of 47.3% compared to last year. The company increased its quarterly dividend to C$0.25 per share. FISCAL YEAR 2027 GUIDANCE The Company has established its FY27 guidance as follows: (in millions of Canadian dollars) Financial Metric FY26 FY27 Guidance [5] Revenue...
BRP press release ( DOO ): Q4 Non-GAAP EPS of C$2.21. Revenue of C$2.46B (+16.0% Y/Y). Normalized EBITDA of C$363.8 million, an increase of 47.3% compared to last year. The company increased its quarterly dividend to C$0.25 per share. FISCAL YEAR 2027 GUIDANCE The Company has established its FY27 guidance as follows: (in millions of Canadian dollars) Financial Metric FY26 FY27 Guidance [5] Revenues Year-Round Products $4,802.4 C$5,175 to $5,325 Seasonal Products 2,291.5 2,375 to 2,450 PA&A, OEM Engines and Others 1,348.8 1,350 to 1,400 Total Company Revenues 8,442.7 8,900 to 9,150 Normalized EBITDA [1] 1,103.4 1,175 to 1,275 Normalized Earnings per Share - Diluted [1][2] $5.21 $5.50 to $6.50 Net Income 340.4 410 to 480 Click to enlarge Other assumptions for FY27 Guidance • Depreciation Expenses Adjusted: ~$450M (Compared to $448M in FY26) • Net Financing Costs Adjusted: ~$180M (Compared to $188M in FY26) • Effective tax rate [1] [4] : ~25% (Compared to 17.6% in FY26) • Weighted average number of shares – diluted: ~74M shares (Compared to 73.1M in FY26) • Capital Expenditures: ~$420M (Compared to $341M in FY26) Click to enlarge FY27 Quarterly Outlook The Company expects Q1 Fiscal 2027 Normalized EBITDA [1] to be up approximatively 40% versus the same three-month period in Fiscal 2026. More on BRP Inc. Historical earnings data for BRP Inc. Dividend scorecard for BRP Inc. Financial information for BRP Inc.
Tim Robberts Stock index futures were lower on Thursday as traders continued to monitor U.S.-Iran developments, with Tehran rejecting an American proposal to end the ongoing conflict. Now, here are five news stories that broke overnight to watch out for: The White House models a $200 oil scenario: Trump administration officials are examining what a potential spike in oil prices as high as $200 a b...
Tim Robberts Stock index futures were lower on Thursday as traders continued to monitor U.S.-Iran developments, with Tehran rejecting an American proposal to end the ongoing conflict. Now, here are five news stories that broke overnight to watch out for: The White House models a $200 oil scenario: Trump administration officials are examining what a potential spike in oil prices as high as $200 a barrel would mean for the economy, Bloomberg News reported. The modeling of extreme price scenarios is part of regular assessment done during times of strain and is not a prediction, according to people familiar with the matter. Gold falls after rebound: Front-month gold futures broke a five-session losing streak Wednesday as diplomatic efforts to end the Middle East war eased concerns over inflation. Oil prices slumped following reports that the Trump administration had sent Iran a 15-point proposal aimed at ending the war, and despite Iran’s initial negative response, the effort signaled, "There's an intent from the U.S. to move toward some sort of resolution." BMO Capital commodities analyst Helen Amos said in a note. The metal was, however, down 2.3% on Thursday. Blankfein warns of lasting damage: Goldman Sachs’ ( GS ) senior chairman and ex-CEO Lloyd Blankfein has warned that the damage from the Iran war “is going to last,” even if there were “a resolution tomorrow.” Speaking with CNBC on Wednesday, Blankfein suggested that certain parts of the market may be too complacent in their approach to the conflict, urging investors to prioritize contingency planning amid the turmoil. xAI cofounder departs: Manuel “Makro” Kroiss has told people that he is leaving xAI, Business Insider reported. Kroiss led the company’s pretraining efforts and also worked on improving xAI’s coding models. He is the 10th cofounder of the generative artificial intelligence company to leave, which comes ahead of the highly anticipated initial public offering of parent company SpaceX ( SPACE ). Iran ...
AlxeyPnferov/iStock Editorial via Getty Images At the current stock price of $92, Starbucks ( SBUX ) is trading at a GAAP P/E (TTM) multiple of 76.6x and a forward non-GAAP P/E ratio of 40.2x. We think these multiples assume a full recovery of margins that, in our view, the market is taking for granted prematurely. Q1 FY2026 showed significant improvements in the top line, with total revenue up 6%...
AlxeyPnferov/iStock Editorial via Getty Images At the current stock price of $92, Starbucks ( SBUX ) is trading at a GAAP P/E (TTM) multiple of 76.6x and a forward non-GAAP P/E ratio of 40.2x. We think these multiples assume a full recovery of margins that, in our view, the market is taking for granted prematurely. Q1 FY2026 showed significant improvements in the top line, with total revenue up 6% and comparable sales up 4% YoY, but operating margin kept compressing with a 290 bps decline. Also, non-GAAP EPS declined 19%, and the dividend seems unsustainable at a payout ratio of 123.6%. A straightforward multiples valuation and a DCF model suggest an intrinsic value of $73 for the stock, which implies a 21% downside. In our view, the market is paying a full turnaround price for a turnaround that has barely begun. Our rating is a sell. Top-Line Recovery While Margins Still Lag Starbucks Corporation operates over 41,000 coffeehouses across more than 80 countries, generating $37.7 billion in annual revenue and employing around 381,000 people. The company operates through three segments: North America (74% of revenue), International (21%), and Channel Development (5%, including the Global Coffee Alliance with Nestlé and the RTD collaboration with PepsiCo). While it is by far the world's most recognized coffee brand, brand awareness and investment returns are two very different things, and that is precisely where the story gets complicated. After years of consistent growth, at a 7.8% CAGR between 2019 and 2023, SBUX's narrative shifted in FY2024. That year, comparable sales declined 2%, with Q4 transactions plummeting by 10% in North America. In August, the board replaced the CEO with Brian Niccol , a talented executive who was the architect of Chipotle's ( CMG ) turnaround. In FY2025, the deterioration continued as operating margin fell to 7.9% from 15% the previous year, 627 stores were closed in Q4, 1,100 corporate positions were eliminated, and share buybacks were su...
In the competitive world of private tech, SpaceX and Anthropic lead their fields. SpaceX dominates space travel with reusable rockets, Starlink’s global internet constellation, and frequent NASA contracts. Anthropic advances AI safety through models like Claude, backed by heavyweights such as Amazon (AMZN) and Google (GOOGL). Direct investment in these private companies remains unavailable to most...
In the competitive world of private tech, SpaceX and Anthropic lead their fields. SpaceX dominates space travel with reusable rockets, Starlink’s global internet constellation, and frequent NASA contracts. Anthropic advances AI safety through models like Claude, backed by heavyweights such as Amazon (AMZN) and Google (GOOGL). Direct investment in these private companies remains unavailable to most retail investors due to their non-public status. However, two publicly traded funds: the Fundrise I
JHVEPhoto/iStock Editorial via Getty Images Follow-Up on Original Sell Article I have written two sell articles on AbCellera ( ABCL ) on Seeking Alpha that have highlighted the company's talented and technologically savvy, yet expensive, approach to drug discovery. Since writing these articles, the Company has introduced two AbCellera-led molecules in the clinic and incremental growth in its partn...
JHVEPhoto/iStock Editorial via Getty Images Follow-Up on Original Sell Article I have written two sell articles on AbCellera ( ABCL ) on Seeking Alpha that have highlighted the company's talented and technologically savvy, yet expensive, approach to drug discovery. Since writing these articles, the Company has introduced two AbCellera-led molecules in the clinic and incremental growth in its partner-initiated programs. I stand firm in my thesis that despite its dual approach of partner-led and AbCellera-led trials, increasing operating expenses will shorten the time horizon for investors to benefit from any clinical trial success. However, AbCellera's dartboard approach (20+ discovery programs in the pipeline) and existing antibody IP do provide some reasoning for the firm to be trading in excess of its $966M book value , versus a ~$1B market cap. Shift to Clinical-Stage Company In AbCellera's Q4 2025 earnings presentation, management highlighted they had successfully transitioned to a clinical-stage biotech company. While this shift represents an opportunity for investors, it highlights a lack of direction for the Company. The original royalties operating model, led by its partner-initiated trials, has essentially stalled; YoY growth in this division was 8%. One-Time Revenue Benefit Masks Operating Stagnation In Q4 2025, the Company benefited from receiving a $35M upfront payment from Bruker resulting from a settlement over patent infringement claims. The Company is expected to generate future royalty sales from Bruker's Beacon® Optofluidic platform products. This settlement helped offset YoY increases in its R&D expenses. 2025 Figures (Investor Presentation) Net cash used in operating activities accelerated in 2025; the Company used $131M in cash, compared to $108M in 2024. Shares Still Trading at ~70% Premium from 2025 Lows The foundation of my original sell article for AbCellera was that elevated share prices were not reflecting the underlying performance of the...
CreativeNature_nl/iStock via Getty Images I have been invested in Aemetis, Inc. ( AMTX ) since 2021. I made a lot of money in 2022 on what amounted to a hype cycle rally and took some profits. Since then , I have suffered opportunity cost as the stock chopped lower. It is important to understand what Aemetis is and why it has been delayed in its development. Where the company is now appears to be ...
CreativeNature_nl/iStock via Getty Images I have been invested in Aemetis, Inc. ( AMTX ) since 2021. I made a lot of money in 2022 on what amounted to a hype cycle rally and took some profits. Since then , I have suffered opportunity cost as the stock chopped lower. It is important to understand what Aemetis is and why it has been delayed in its development. Where the company is now appears to be at the front end of a series of catalysts that drive growth, profitability, and financial health. Gartner Hype Cycle (Gartner) I expect 2026 to be the year that Aemetis pulls out of the “trough of disillusionment” onto the “slope of enlightenment” that leads to the “plateau of productivity.” I rate Aemetis a strong buy for volatility- and risk-tolerant growth investors. The supporting documents for this article are the company's own SEC documents and presentations, as well as a transcript from an interview I did with CEO Eric McAfee last week. That transcript is posted on my blog. A Quick Take On What Aemetis Does Aemetis takes various waste and turns it into biofuel. The company operates in four business lines: Low-carbon ethanol at the Keyes, California, refinery. Dairy renewable natural gas, which includes a growing number of digesters and pipeline networks. Renewable biodiesel and sustainable aviation fuel, with active biodiesel currently in India and a fully permitted refinery awaiting construction in Riverbank, California. Carbon capture and sequestration with an active Riverbank injection well. Aemetis operates the largest biodiesel facility in Kakinada, India, which is on the east coast. It is debt-free and has an 80-million-gallon/year capacity that is being expanded again. Their edge is the circular nature of their processes. Dairy waste renewable natural gas powers the ethanol refinery, which supplies fuels and generates CO2 for sale or sequestration. There are tax credits at multiple levels of that process. U.S. And California Tax Credits Aemetis sits under a de...