Cmb.Tech NV press release ( CMBT ): Q4 GAAP EPS of $0.31. Revenue of $589.12M (+160.6% Y/Y). EBITDA (a non-IFRS measure) for the same period was USD 322.1 million (fourth quarter 2024: USD 180.4 million). CMB.TECH’s contract backlog increased by USD 304 million to USD 3.05 billion with the addition of 5 x 5-year charters for Capesizes and a 3-year contract for a CSOV. Declaration of an interim div...
Cmb.Tech NV press release ( CMBT ): Q4 GAAP EPS of $0.31. Revenue of $589.12M (+160.6% Y/Y). EBITDA (a non-IFRS measure) for the same period was USD 322.1 million (fourth quarter 2024: USD 180.4 million). CMB.TECH’s contract backlog increased by USD 304 million to USD 3.05 billion with the addition of 5 x 5-year charters for Capesizes and a 3-year contract for a CSOV. Declaration of an interim dividend of USD 0.16 per share. More on Cmb.Tech NV CMB.TECH: Venezuelan Situation Will Help In The Short Run Shipping Market Insights For 2026 Seeking Alpha’s Quant Rating on Cmb.Tech NV Historical earnings data for Cmb.Tech NV Dividend scorecard for Cmb.Tech NV
Sumala Chidchoi/iStock via Getty Images Co-authored by Relative Value. Overview This is our next in-line article dedicated to a newly listed fixed-income security. This time, we will turn our attention to the latest Gladstone Investment ( GAIN ) exchange-traded debt IPO - the 7.125% Notes due 05/01/2031 ( GAING ). As usual for this kind of initial security assessment, we would like to check if the...
Sumala Chidchoi/iStock via Getty Images Co-authored by Relative Value. Overview This is our next in-line article dedicated to a newly listed fixed-income security. This time, we will turn our attention to the latest Gladstone Investment ( GAIN ) exchange-traded debt IPO - the 7.125% Notes due 05/01/2031 ( GAING ). As usual for this kind of initial security assessment, we would like to check if the issuing company's financial condition makes us feel safe enough to buy its debt. After that, we will compare the IPO with similar securities from the same issuer and from the same sector so we can assess its investment qualities in a relative value analysis. The New Issue The prospectus contains all relevant information regarding the new baby bond. Here, we will highlight only the metrics that are most important to us and use them in the following analysis. GAING description (QuantumOnline) GAING pays 7.125% annual interest in quarterly distributions of $0.4453. Interest on the new baby bond will accrue from and including February 18, 2026, starting with the distribution from May 1, 2026. This means the first interest payment will be irregular in size and will amount to approximately $0.3612. Gladstone Investment's gross proceeds from the new security are $100 million for a total of 4 million notes issued with a $25 denomination each. The new debt issue was not scored by any of the three big credit rating agencies on the date of its IPO. It is a mid-term obligation of Gladstone Investment Corp. with a maturity date of May 1, 2031, and is callable on and after May 1, 2028. As the issue is just listed, its price chart looks like this: GAING price chart (TradingView) Currently, GAING is priced at $25.25 with a Yield to Maturity of 7.11% calculated by the XIRR function. The tables below show the internal rate of return calculation and how the YTM of the security would change with a price variation around the par value: GAING YTM calculation (Author's Spreadsheet) In a chart vi...
JHVEPhoto/iStock Editorial via Getty Images Shares of Sinclair ( SBGI ) have been a mixed performer over the past year, losing about 5% of their value (though they pay a 7% dividend). Ongoing concern about the long-term decline of broadcasting has been a persistent pressure, especially as Sinclair’s efforts to be a consolidator have thus far made little progress, with E.W. Scripps ( SSP ) refusing...
JHVEPhoto/iStock Editorial via Getty Images Shares of Sinclair ( SBGI ) have been a mixed performer over the past year, losing about 5% of their value (though they pay a 7% dividend). Ongoing concern about the long-term decline of broadcasting has been a persistent pressure, especially as Sinclair’s efforts to be a consolidator have thus far made little progress, with E.W. Scripps ( SSP ) refusing to engage and losing out on TEGNA ( TGNA ) to Nexstar ( NXST ). That said, its 2026 outlook was encouraging, sending shares higher in late trading Wednesday. I last covered Sinclair in November , rating the stock a “ H old,” but they are down 14% since then. With updated financials, now is a good time to revisit SBGI. Seeking Alpha In the company’s fourth quarter , Sinclair earned $1.55, which was $1.80 ahead of consensus even as revenue fell by 16% to $836 million. As a reminder, Sinclair’s advertising revenue is very sensitive to the political cycle, and that created a difficult comparison, as 2024 was a presidential election while 2025 had only a handful of local races. When valuing broadcasters, I like to average political revenue over a four-year cycle to get a true “run-rate” cash flow profile. Given the midterm elections, we should see a substantial step-up in ad revenue this year. Companywide, core advertising grew 14% in Q4, which was a strong result, aided by growth in Tennis. Now, I would add that underlying advertising trends are unlikely to truly be that healthy. Political spending during elections can crowd out some non-political spending. With that inventory available again in 2025, some rebound in core spending was likely. Still considering the muted national advertising market as companies focus on limiting costs, a double-digit increase was encouraging to see. Sinclair In its Broadcasting business, total revenue of $734 million was at the higher end of guidance. Distribution revenue was down just 1%, excluding the impact of divestitures. While there is an...
Funtap/iStock via Getty Images What's on Our Minds There are these two young fish swimming along, and they happen to meet an older fish swimming the other way, who nods at them and says, "Morning, boys. How's the water?" The two young fish swim on for a bit, and then eventually one of them looks over at the other and goes, "What the hell is water?" —David Foster Wallace, "This Is Water," Kenyon Co...
Funtap/iStock via Getty Images What's on Our Minds There are these two young fish swimming along, and they happen to meet an older fish swimming the other way, who nods at them and says, "Morning, boys. How's the water?" The two young fish swim on for a bit, and then eventually one of them looks over at the other and goes, "What the hell is water?" —David Foster Wallace, "This Is Water," Kenyon College commencement address, May 21, 2005. Like fish oblivious to the water they swim in, humans often overlook the context that shapes their decisions. The brain is wired for efficiency, not constant critical awareness, so people rely on mental shortcuts generally formed by past experience. Yet most people rarely notice their own cognitive defaults or how they lead to predictable errors in judgment. It's important to regularly question those defaults; otherwise, the brain stays on autopilot—a tendency that has consequences not only in everyday life but also in investing. For example, markets are vulnerable to shared biases that can put stock prices on autopilot, or what the industry sometimes more politely refers to as momentum. Price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run, while those that have fallen are more likely to keep declining. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. Investors who don't hold the winning stocks develop fear of missing out, further encouraging herd behavior. Quality-growth investing demands the opposite: relentless skepticism toward market narratives and constant scrutiny of company fundamentals. Therefore, when markets slip into autopilot, our investment style can appear painfully out of step. In recent years, seductive narratives have repeatedly clashed with our discipline: in Japan, as corporate-governance reforms automatically boosted stocks of the least admirable businesses; in the Mat...
argenx SE press release ( ARGX ): Q4 GAAP EPS of $8.02 beats by $1.70 . Revenue of $1.29B (+75.0% Y/Y) misses by $10M . Product net sales of VYVGART for the three and twelve months ended December 31, 2025 were $1.3 billion and $4.2 billion, respectively, compared to $0.7 billion and $2.2 billion, respectively, for the same periods in 2024. More on argenx SE argenx SE (ARGX) Presents at 44th Annual...
argenx SE press release ( ARGX ): Q4 GAAP EPS of $8.02 beats by $1.70 . Revenue of $1.29B (+75.0% Y/Y) misses by $10M . Product net sales of VYVGART for the three and twelve months ended December 31, 2025 were $1.3 billion and $4.2 billion, respectively, compared to $0.7 billion and $2.2 billion, respectively, for the same periods in 2024. More on argenx SE argenx SE (ARGX) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript argenx SE (ARGX) Presents at 44th Annual J.P. Morgan Healthcare Conference - Slideshow Argenx: TED Phase 3 Failure, Vyvgart Growth, And Why I'm Still A Hold argenx SE Q4 2025 Earnings Preview Argenx bid for Vyvgart label expansion undergoes FDA priority review
Earnings Call Insights: Zoom Communications, Inc. (ZM) Q4 2026 Management View CEO Eric Yuan stated that "FY '26 was a pivotal year for Zoom and for our industry. We grew Q4 revenue 5.3% and full year FY '26 revenue, 4.4% and an acceleration of 130 basis points over FY '25." Yuan highlighted the launch and rapid adoption of AI Companion 3.0, describing it as central to Zoom's transformation into a...
Earnings Call Insights: Zoom Communications, Inc. (ZM) Q4 2026 Management View CEO Eric Yuan stated that "FY '26 was a pivotal year for Zoom and for our industry. We grew Q4 revenue 5.3% and full year FY '26 revenue, 4.4% and an acceleration of 130 basis points over FY '25." Yuan highlighted the launch and rapid adoption of AI Companion 3.0, describing it as central to Zoom's transformation into an "AI-powered system of action for modern work." Yuan emphasized the company's three priorities: "elevate the workplace with AI; drive growth of new AI products; and scale AI-first customer experience." He noted that every one of the top 10 deals this quarter included paid AI, and seven represented competitive displacements of leading CCaaS vendors. Major customer wins included Aeroflow Health, MLB, OPENLANE, a major insurance provider, and Surrey & Sussex Healthcare NHS Trust, all adopting AI-driven solutions from Zoom's portfolio. Notably, a Fortune 10 customer selected Zoom Phone for 140,000 seats, replacing Cisco calling. Yuan pointed out, "Q4 marked a big step forward with the launch of AI Companion 3.0," with AI Companion monthly active users tripling year-over-year and increasing engagement across the platform. CFO Michelle Chang reported, "In Q4, total revenue grew 5.3% year-over-year to $1.25 billion...This result was $12 million above the high end of our guidance." Chang also highlighted a 7.1% year-over-year rise in Enterprise revenue, now 61% of total revenue, and strong international performance with Americas, EMEA, and APAC each posting growth. Chang added, "Non-GAAP gross margin in Q4 was 79.8%, up 1 point from Q4 of last year, primarily due to continued cost optimization efforts, while we remain focused on investing in AI." Outlook Chang provided guidance for Q1, stating, "we expect revenue to be in the range of $1.22 billion to $1.225 billion. This represents 4.1% year-over-year growth at the midpoint." For FY '27, Chang stated, "we expect revenue to cross ...