Hungary's Prime Minister Viktor Orban attends a bilateral lunch hosted by U.S. President Donald Trump, at the White House in Washington, D.C., U.S., Nov. 7, 2025. Jonathan Ernst | Reuters Hungarian Prime Minister Viktor Orbán has U.S. President Donald Trump's "complete and total support" — but is on course to lose the country's elections, which are shaping up to be one of the most important and co...
Hungary's Prime Minister Viktor Orban attends a bilateral lunch hosted by U.S. President Donald Trump, at the White House in Washington, D.C., U.S., Nov. 7, 2025. Jonathan Ernst | Reuters Hungarian Prime Minister Viktor Orbán has U.S. President Donald Trump's "complete and total support" — but is on course to lose the country's elections, which are shaping up to be one of the most important and contentious in Europe this year. On Tuesday, U.S. Vice President JD Vance will touch down in Hungary to offer Orbán his support and address an election rally at a soccer stadium in Budapest ahead of Sunday's elections. While other European leaders have aligned themselves unambiguously with Ukraine in its war against Russia, Orbán has maintained comparatively close ties to Russian President Vladimir Putin. He even said on the campaign trail that the EU was a greater threat to Hungary than Russia. watch now VIDEO 3:37 03:37 Hungarian election: Why it matters Europe Early Edition The latest polls show Orbán and his Fidesz party are set to lose to their main challenger, the pro-European opposition party Tisza, with its leader, Peter Magyar, on course to replace Orbán after 16 years in power. It would be a significant change in a country where discussions are dominated by concerns over migration, vulnerability to higher energy prices, corruption and breaches of the rule of law. Those breaches have led the European Commission to suspend EU funds for the country — roughly 17 billion euros worth of funds are still frozen. Magyar said unlocking funds would be his "top priority" and has signalled he would be open to pursuing closer ties with the EU, including on a potential adoption of the Euro. In an interview with the Associated Press over the weekend, Magyar said "reaching compromise" was an "art." He added: "The world seems to be passing by Europe. Europe has lost its competitiveness. Europe does not have enough strong leaders. There are no leaders with vision, and Europe is laggin...
jetcityimage/iStock Editorial via Getty Images Here at the Lab, we were not quite on time with the Stellantis ( STLA ) rating evolution (Fig. 1). That said, we report that product turnaround is playing out well in early April 2026, with the first evidence supporting our investment thesis. Aside from a supportive product pipeline inflection, we saw upside due to 1) more flexible CO₂ targets with so...
jetcityimage/iStock Editorial via Getty Images Here at the Lab, we were not quite on time with the Stellantis ( STLA ) rating evolution (Fig. 1). That said, we report that product turnaround is playing out well in early April 2026, with the first evidence supporting our investment thesis. Aside from a supportive product pipeline inflection, we saw upside due to 1) more flexible CO₂ targets with some release from the EU, 2) better product MIX to support margin, 3) restructuring activities already implemented in H2 2025 to support 2026 EBIT, and 4) a lower impact from tariffs. For our readers and auto investors, we also highlight our recent follow-up analysis on Exor ( Deep NAV Discount Persists Despite Lingotto Momentum And Portfolio Rotation ). The holding company owns 15.5% of Stellantis' economic rights, and we believe it trades at an unjustified ~62% discount to NAV. Investors will also gain exposure to Ferrari, which we do not classify as a traditional automotive OEM, given its luxury positioning and structurally superior margins (this is our latest analysis, with a rating upgrade: De-Risked Setup, Reset Year Ahead, Valuation Back In Play ). Mare Evidence Lab Rating Evolution Fig 1 Stellantis Results and Our Positive Stance We will be brief in our comments on the company's results. Stellantis released its printout at the end of February. The company reported yearly sales of €153.5 billion and an AOI margin of -0.5% (Fig. 2). Stellantis' industrial FCF was negative by €4.5 billion, driven by lower CAPEX. On the balance sheet side, Stellantis reported a €6.7 billion net industrial financial position, with €45.7 billion in available liquidity, including €16.4 billion in undrawn credit lines. Stellantis 2025 results in a Snap Fig 2 At a divisional geographical level (Fig. 3), North America was better than feared, with a negative AOI of €900 million (-2.9% margin). In H2, the region was supported by a €1 billion uplift in volume/mix. Pricing was positive, while opera...
Luis Alvarez/DigitalVision via Getty Images Market uncertainty, exacerbated by the Middle East war, led to a widespread downturn in equities during March. Financial stocks, particularly banks, held up better than most other sectors. The 205 banks in an S&P Global Market Intelligence analysis had a median total return of negative 0.4% in March, outperforming the market cap-weighted S&P US BMI Banks...
Luis Alvarez/DigitalVision via Getty Images Market uncertainty, exacerbated by the Middle East war, led to a widespread downturn in equities during March. Financial stocks, particularly banks, held up better than most other sectors. The 205 banks in an S&P Global Market Intelligence analysis had a median total return of negative 0.4% in March, outperforming the market cap-weighted S&P US BMI Banks index's negative 1.8% and the S&P 500's negative 5.0%. Only 14 banks in the analysis had a monthly return equal to or worse than negative 5%. The median price-to-adjusted tangible book value (TBV) of the banks included in the analysis was 137.4% at March 31, down from 139.3% at the end of February and 140.0% as of Dec. 31, 2025. Nineteen of the banks traded below 100% of their adjusted TBV, while 21 were above 200%. About this analysis S&P Global Market Intelligence analyzed US banks trading on the Nasdaq, NYSE or NYSE American with total assets of more than $3 billion. The analysis excludes banks in the mutual holding company ownership structure and other operating subsidiaries. Adjusted tangible book value is calculated as the sum of tangible common equity, loss reserves and unrealized gain or loss from held-to-maturity securities, tax-adjusted at the 21% corporate rate, less nonperforming assets and loans 90 or more days past due but still accruing interest, divided by common shares outstanding. Least expensive banks With a price-to-adjusted TBV of 51.3% as of March 31, First Internet Bancorp ( INBK ) was the least expensive bank in the analysis for the second consecutive month. The digital bank had been ranked No. 2 at Jan. 30 and No. 1 for the fourth quarter of 2025. On April 1, Irving, Texas-based First Foundation Inc., the second-cheapest bank, completed its sale to Denver-based FirstSun Capital Bancorp ( FSUN ), which ranked No. 16 on the bottom valuation list as of March 31. According to a Form S-4 filing, the roles were reversed from a few years ago when First Fo...
Citi is optimistic about the short-term stock performance of AMD (AMD.US) and Analog Devices (ADI.US), while regarding the Apple supply chain as a high-quality defensive play. moomoo.com
Citi is optimistic about the short-term stock performance of AMD (AMD.US) and Analog Devices (ADI.US), while regarding the Apple supply chain as a high-quality defensive play. moomoo.com
jetcityimage/iStock Editorial via Getty Images I last wrote about Conagra Brands, Inc. ( CAG ) last September. In that article called Conagra: The 7%+ Dividend Yield Is Safe… For now , I focused on the safety of the dividend and rated the stock as a hold. When that article was published, the stock was priced at $19.17 per share, and it currently sits at $15.72—a drop of 18%. Has the situation gott...
jetcityimage/iStock Editorial via Getty Images I last wrote about Conagra Brands, Inc. ( CAG ) last September. In that article called Conagra: The 7%+ Dividend Yield Is Safe… For now , I focused on the safety of the dividend and rated the stock as a hold. When that article was published, the stock was priced at $19.17 per share, and it currently sits at $15.72—a drop of 18%. Has the situation gotten worse for CAG? Or is it a bargain now? In my opinion, the stock is a bargain. I had a small holding back in September, and I have added considerably to it while the stock has been in the $15 and change area. In this article, I'll go over some of the metrics that I looked at before, but with less of a focus on the dividend and more of a focus on valuation. The Dividend Let's get the dividend out of the way right off the bat. The yield is now close to a monster 9%. If that yield is safe, then that alone is a strong argument for owning the company. Since my article in September, CAG has paid out two quarterly dividends of $0.35 (in line with previous) with ex-dividend dates of October 30 and January 27. Last week, CAG announced another $0.35 dividend with an ex-dividend date of April 30. So the company has paid out for two quarters since my declaration of safety back in September and is about to pay out a third. So far, so good. Going forward, the company has guided for earnings of $1.70 in fiscal 2026 (ending in May), and analysts expect $1.71 in fiscal 2027. These numbers have come down slightly and are a little bit lower than what I was calling for. The reason is inflation. CAG is susceptible to tariffs (particularly on metals) and energy prices. They hedge for these costs, but not 100%. Nonetheless, if CAG can hang on to those projections, covering the $1.40 per year dividend is achievable. In my opinion, the dividend is still safe. The following chart shows just how juicy the dividend is: Data by YCharts Valuation Looking at the usual metrics, we can see right away tha...