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Airbnb: Still Trailing Booking, And A Surprise Turn To Social

YR Research5.13K FollowersFollow5ShareSavePlay(8min)CommentsSummaryAirbnb remains overvalued versus peers, with a reiterated "Sell" rating due to slowing growth and declining margins.ABNB's pivot toward social connections, experiences, and AI raises concerns about margin deterioration and low probability of strategic success.Recent quarters saw single-digit revenue growth, EBITDA margin contraction, and rising operational expenses outpacing revenue growth.Despite lagging Booking.com and Expedia closing the gap, ABNB trades at 27x next year's earnings, a premium the fundamentals do not justify. onurdongel/iStock via Getty Images Airbnb (ABNB) has become such a well-known brand that when people hear Airbnb, most of them don't think about the company. Their mind immediately thinks about vacation, staying somewhere unfamiliar, unique, and authentic, and a trustworthy travel experience without a hotel experience. This article was written byYR Research5.13K FollowersFollowI aim to invest in companies with perfect qualitative attributes, buy them at an attractive price based on fundamentals, and hold them forever. I hope to publish articles covering such companies approximately 3 times per week, with extensive quarterly follow-ups and constant updates.I manage a concentrated portfolio targeted at avoiding losers and maximizing exposure to big winners. This means that often I'll rate great companies at a 'Hold' because their growth opportunity is below my threshold, or their downside risk is too high.Analyst’s Disclosure:I/we have a beneficial long position in the shares of V either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being

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Everyone Hates REITs - A Contrarian Opportunity

Hoya CapitalInvesting Group LeaderFollow5ShareSavePlay(32min)CommentsSummaryREITs endured a brutal three-plus-year stretch since March 2022, underperforming the S&P 500 by an unprecedented 70 percentage points, far worse than the Global Financial Crisis.Extreme underperformance has left REITs historically cheap despite solid property-level fundamentals, but this valuation discount carries a cost: elevated capital costs, suppressed transaction activity, and limited external growth opportunities.Depressed public-market valuations have triggered a pronounced “REIT exodus,” with 40 REITs acquired, liquidated, or seeking sales since 2022, while new REIT formation has collapsed to a fraction of norms.Looking into 2026, an inevitably dovish Fed, easing inflation, and limited new supply growth should improve REIT market sentiment, accelerating deal flow, restoring valuations, and reviving some IPOs.Select REITs demonstrate that the public REIT model still works and can be the most powerful real estate structure when conditions are right. Welltower has used premium valuations and equity access to drive a self-reinforcing cycle of accretive growth and outsized market-cap expansion. francois-roux/iStock via Getty Images State Of The REIT Nation In our State of REIT Nation report, we analyze the recently released NAREIT T-Tracker data. Last month, we published our REIT Earnings Recap, which analyzed Q3 results on a company-by-company level, but this reportThis article was written byHoya Capital36.26K FollowersFollowAlex Pettee is President and Director of Research and ETFs at Hoya Capital. Hoya manages institutional and individual portfolios of publicly traded real estate securities.Alex leads the investing group iREIT®+HOYA Capital. The service features a team of analysts focusing on real income-producing asset classes that offer the opportunity for reliable income, diversification, and inflation hedging. Learn More.Analyst’s Disclosure:I/we have a beneficial long position

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2026 Market Outlook: My Big Bet On Real Assets As AI Optimism Peaks

Samuel SmithInvesting GroupFollow5ShareSavePlay(12min)Comment(1)SummaryA major risk is quietly building beneath the market’s strongest narrative.Several headwinds are colliding at the worst possible time.My portfolio is positioned very differently than most heading into 2026. Getty Images 2026 Market Outlook: The S&P 500 (SPX) has been on a roll over the past several years, led primarily by the boom in optimism over AI, with stocks like Nvidia (NVDA), Meta Platforms (This article was written bySamuel Smith46.4K FollowersFollowSamuel Smith has a diverse background that includes being lead analyst and Vice President at several highly regarded dividend stock research firms and running his own dividend investing YouTube channel. He is a Professional Engineer and Project Management Professional and holds a B.S. in Civil Engineering & Mathematics from the United States Military Academy at West Point and has a Masters in Engineering from Texas A&M with a focus on applied mathematics and machine learning.Samuel leads the High Yield Investor investing group. Samuel teams up with Jussi Askola and Paul R. Drake where they focus on finding the right balance between safety, growth, yield, and value. High Yield Investor offers real-money core, retirement, and international portfolios. The service also features regular trade alerts, educational content, and an active chat room of like-minded investors. Perspective: "Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where neither moth nor rust destroys, and where thieves do not break in or steal; for where your treasure is, there your heart will be also ... For what will it profit a man if he gains the whole world and forfeits his soul?" ~ Jesus (Matthew 6:19-21; 16:26)Learn moreAnalyst’s Disclosure:I/we have a beneficial long position in the shares of EPD, GLD, SLV either through stock ownership, options

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Select Water Solutions, Inc. (WTTR) Discusses Transition to Water Infrastructure Focus and Market Positioning Transcript

SA Transcripts157.36K FollowersFollow5ShareSaveCommentssvg]:max-h-full [&>svg]:shrink-0 [&>svg]:grow [&>svg]:fill-current size-24 m-0">Play Earnings Callsvg]:max-h-full [&>svg]:shrink-0 [&>svg]:grow [&>svg]:fill-current mr-8 size-24">Play Earnings Call Select Water Solutions, Inc. (WTTR) Discusses Transition to Water Infrastructure Focus and Market Positioning December 10, 2025 7:00 PM EST Company Participants John Schmitz - President, CEO & ChairmanChris George - Executive VP & CFOMichael Lyons - Executive VP, Chief Strategy Officer & CTO Conference Call Participants Jeffrey Robertson - Water Tower Research LLC Presentation Jeffrey RobertsonWater Tower Research LLC Thank you for joining us today for a fireside chat with CEO, John Schmitz; CFO, Chris George; Chief Strategy and Technology Officer, Mike Lyons; and Vice President, Garrett Williams from Select Water Solutions. I am Jeff Robertson, Managing Director for Natural Resources at Water Tower Research. Before we begin, I would like to remind participants that our discussion could include forward-looking statements as of today, December 11, 2025. Select's disclosures regarding such statements can be found under the Investors tab of its corporate homepage. If anyone is not familiar, Select Water Solutions is a leading provider of sustainable full life cycle water solutions to the energy industry and is an emerging water infrastructure solutions provider to municipal and industrial markets. These solutions are supported by the company's critical water infrastructure assets, including connected networks of pipelines, recycling, storage, disposal and solid treatment facilities and its water services and chemical technologies segments. Select owns an expansive infrastructure assets with high barriers to entry in every major producing -- U.S. producing basin. The Water Infrastructure segment is the company's highest margin and fastest-growing segment. Select's scale and solutions pr

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Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MURGY) Analyst/Investor Day Transcript

SA Transcripts157.36K FollowersFollow5ShareSaveCommentssvg]:max-h-full [&>svg]:shrink-0 [&>svg]:grow [&>svg]:fill-current size-24 m-0">Play Earnings Callsvg]:max-h-full [&>svg]:shrink-0 [&>svg]:grow [&>svg]:fill-current mr-8 size-24">Play Earnings Call Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MURGY) Analyst/Investor Day December 11, 2025 4:00 AM EST Company Participants Christian Becker-Hussong - Head of Investor & Rating Agency RelationsJoachim Wenning - Chairman of Management BoardChristoph Jurecka - CFO & Member of Management BoardMarkus Rieß - Head of Economics, Sustainability & Public Affairs and Member of Management BoardThomas Blunck - Member of Management Board Conference Call Participants Shanti Kang - BofA Securities, Research DivisionIvan Bokhmat - Barclays Bank PLC, Research DivisionKamran Hossain - JPMorgan Chase & Co, Research DivisionWilliam Hardcastle - UBS Investment Bank, Research DivisionIain Pearce - BNP Paribas, Research DivisionDarius Satkauskas - Keefe, Bruyette, & Woods, Inc., Research DivisionAndrew Baker - Goldman Sachs Group, Inc., Research Division Presentation Christian Becker-HussongHead of Investor & Rating Agency Relations Ladies and gentlemen, a very good morning to everyone, and a warm welcome to Munich Re's Investor Day on our new Strategic and Financial Ambition 2030. My name is Christian Becker-Hussong, and I'm Head of Investor Relations and Rating Agency Relations. And it is my pleasure to introduce to you today's speakers, which I will do according to the agenda for today's presentations. Joachim Wenning will kick it off with the CEO perspective, followed by our CFO, Christoph Jurecka, who will introduce to you the group's financials. Then we will turn to the business fields, starting with ERGO and its CEO, Markus Rieß, before Thomas Blunck, CEO of Reinsurance, will conclude with his presentation. Afterwards, we will go right into Q&A without any

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Cybersecurity Software Provider Evvolutions LeadTech Targets $11 Million U.S. IPO

Donovan JonesInvesting Group LeaderFollow5ShareSavePlay(12min)CommentsSummaryEvvolutions LeadTech Inc seeks $11.25 million in a U.S. IPO, targeting growth and working capital amid deteriorating financials.EVVO’s recent revenue growth lags the sector at 6% - 7.2%, with volatile margins, recent operating losses, and negative free cash flow.Valuation expectations are excessive: EV/EBITDA of 116x despite lumpy, project-centric unit economics and significant customer concentration risks.My recommendation is to sell (avoid) EVVO’s IPO, given worsening results, unpredictable cash flows, and a high-risk, low-float structure. NAJAnaja/iStock via Getty Images Evvolutions Is Growing Slowly, And Recent Results Are Deteriorating Evvolutions LeadTech Inc (EVVO) has filed to raise growth and working capital in an IPO of its Class A ordinary shares, according to SEC F-1 This article was written byDonovan Jones21.46K FollowersFollowDonovan Jones is an IPO research specialist with 15 years of experience identifying opportunities for high quality IPOs.He also leads the investing group IPO Edge, which offers actionable information on growth stocks through first-look IPO filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates. Learn moreAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is

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Upbound Group: Cheap For A Reason

AMO Research396 FollowersFollow5ShareSavePlay(12min)CommentsSummaryUpbound Group receives a Hold rating due to credit stress in Acima, high leverage, and mixed segment performance.Acima's growth is offset by rising lease charge-offs and tighter underwriting, likely slowing future GMV growth and pressuring valuation multiples.Rent-A-Center's sales decline is moderating, but store closures and flat outlook signal continued operational headwinds despite resilient EBITDA margins.UPBD's low P/E is justified by elevated debt (2.9x net leverage) and execution risks; the omnichannel strategy offers resilience, but clarity is needed before upgrading. J. Michael Jones/iStock Editorial via Getty Images Upbound Group, Inc. (UPBD) is evolving in a complicated landscape for this end of the year. I will give a hold rating to the company, challenged by a divergence between its retail andThis article was written byAMO Research396 FollowersFollowI am a dynamic finance professional with a Master’s in Banking & Finance from Université Paris 1 Panthéon-Sorbonne. My investing background mix corporate finance, M&A, and investment analysis, with a focus on real estate, renewable energy, and equity markets. I specialize in financial modelling, valuation, and qualitative analysis, demonstrated with hands-on roles in private equity, asset management and Real Estate. On Seeking Alpha, I aim to write about companies I find interesting sharing my insights and analysis with a global audience, and to debate my ideas in a will of continuous improvement. Motivated by empowering informed decisions, I’m excited to connect with readers and grow as a thought leader in finance.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have

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MHP SE (MHPSY) Q3 2025 Earnings Call Transcript

SA Transcripts157.36K FollowersFollow5ShareSaveCommentssvg]:max-h-full [&>svg]:shrink-0 [&>svg]:grow [&>svg]:fill-current size-24 m-0">Play Earnings Callsvg]:max-h-full [&>svg]:shrink-0 [&>svg]:grow [&>svg]:fill-current mr-8 size-24">Play Earnings Call MHP SE (MHPSY) Q3 2025 Earnings Call December 15, 2025 8:00 AM EST Company Participants Anastasiya Sobotyuk - Director of Investor Relations, International Communications & ESG ComplianceViktoria Kapelyushnaya - CFO & Executive Director Conference Call Participants Anton Anikst - Knighthead Capital Management, LLCStella Cridge - Barclays Bank PLC, Research DivisionDmitry Ivanov Presentation Operator Ladies and gentlemen, thank you for standing by, and I'd like to welcome you to MHP's Third Quarter and 9 Months 2025 Results Conference Call on the 15th of December 2025. [Operator Instructions] So without further ado, I'd like to pass the line to Anastasiya Sobotyuk, Director of Investor Relations. Please go ahead, madam. Anastasiya SobotyukDirector of Investor Relations, International Communications & ESG Compliance Thank you very much. Good day to you. Thank you for joining us for MHP's conference call dedicated to our third quarter and 9 months results. I'm Anastasiya, and I'm joined today by Viktoriia Kapeliushna, Chief Financial Officer of MHP. Together, we will present and discuss the company's financial and operational performance for the reporting period. Please note that today's discussion is based on the press release, investor presentation and financial statements released earlier today. In addition, during our discussion, we will share our outlook and strategic plans, which reflect current assumptions as well as domestic and international market trends. We kindly ask you to take this context into account during the call. We move on to Slide #3 of the presentation. Just a second. My slides do not move. Yes, I can move the slides now. Perfect. So a few words about the macro e

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Photronics: DRAM Shortage And CapEx Surge Support Long-Term Margin Expansion And Rerating

Ahmed Abdelazim2.82K FollowersFollow5ShareSavePlay(20min)CommentsSummaryPhotronics’ Q4 earnings and Q1 outlook confirm my initial thesis of a return to YoY growth in FY 2026.The ongoing DRAM shortage is driving captives to outsource more high-end photomask production to merchants positions Photronics for a multi-year cycle of revenue growth and EBIT margin expansion.Photronics’ ongoing expansions in Korea and the US position it to capitalize on Micron’s and Samsung’s DRAM capacity expansion projects, expected to come online in 2027 and 2028, respectively.I’m forecasting Photronics’ revenues to grow at an 8% CAGR through FY 2028 and reach a 30% EBIT margin in FY 2028.I’m reiterating my buy rating for Photronics and raising my price target to $65, implying 80% upside from its current valuation. Anatoly Morozov/iStock via Getty Images Since my initial coverage last September, Photronics, Inc. (PLAB) is up almost 50% on the back of strong Q4 earnings and a bullish FY 2026 outlook. The company’s Q4 earnings showed solid growth in its high-end IC segment, which posted recordThis article was written byAhmed Abdelazim2.82K FollowersFollowAs a former managing editor at a financial media publication focused on mid and small caps, I am using my experience to present investment opportunities in undervalued companies. My experience, combined with my academic background in financial markets and institutions, allows me to bring thorough research and analysis of financial statements, market trends, as well as upcoming events that may impact specific companies or industries.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seekin

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EnWave Corporation (ENW:CA) Q4 2025 Earnings Call Transcript

SA Transcripts157.36K FollowersFollow5ShareSaveCommentssvg]:max-h-full [&>svg]:shrink-0 [&>svg]:grow [&>svg]:fill-current size-24 m-0">Play Earnings Callsvg]:max-h-full [&>svg]:shrink-0 [&>svg]:grow [&>svg]:fill-current mr-8 size-24">Play Earnings Call EnWave Corporation (ENW:CA) Q4 2025 Earnings Call December 15, 2025 10:00 AM EST Company Participants Brent Charleton - CEO, President & DirectorDylan Murray - CFO & Corporate Secretary Conference Call Participants Noel Atkinson - Clarus Securities Inc., Research DivisionBart Goemaere Presentation Operator Good morning, and welcome to EnWave Corporation's Fourth Quarter 2025 Earnings Conference Call. My name is Melissa, and I will be your operator for today's call. Joining us for today's presentation are the company's President and CEO, Brent Charleton; and Dylan Murray, EnWave's CFO. [Operator Instructions] The conference is being recorded. [Operator Instructions] Finally, I'd like to remind everyone that this call will be made available for replay via a link in the Investor Relations section of the company's website at www.enwave.net. Now I'd like to turn the call over to EnWave's CEO, Mr. Brent Charleton. Please go ahead, sir. Brent CharletonCEO, President & Director Thank you, and a very good morning to everyone who has joined us today for EnWave's Q4 fiscal 2025 Quarterly Conference Call. Q4 yielded outstanding financial results, and I'm very pleased to summarize our performance details today and discuss our business outlook for the upcoming fiscal year. Now as always, the information we will present today contains forward-looking information that is based on our management's expectations, estimates and projections. Our statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Please consider the risk factors in the filings made by EnWave on SEDAR when reviewing this information. Also, all amounts discussed today will be

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Oracle: Higher Capex Is The Bridge Between RPO And Future Revenue

Johnny Zhang, CFA2.42K FollowersFollow5ShareSavePlay(10min)CommentsSummaryOracle has sold off more than 40% from recent highs, driven by concerns over higher capex, credit risk, and the timing of revenue realization from RPO.Despite robust RPO growth of 437.8% YoY in FY2026, up from 359.4% YoY, investors remain skeptical due to capacity constraints.Capex is growing at triple-digit rates, pushing the capex-to-revenue ratio toward 80% in H2 and pressuring near-term FCF, but this investment is needed to support RPO growth.The net debt to adjusted EBITDA could remain below 4x, even if net debt triples over the next three years, and the selloff has largely priced in credit concerns.Trading at 26x non-GAAP forward P/E, about 40% below the 42x at my last rating. Mesut Dogan/iStock Editorial via Getty Images Fear of Credit and FCF Concerns Since Oracle Corporation (ORCL) announced Q1 FY2026 earnings three months ago, the stock is down 42% and is currently 17% below its pre-earnings level. The stock fell another 10% following Q2 FY2026 earnings last week. Some people blamed itThis article was written byJohnny Zhang, CFA2.42K FollowersFollowI'm specialized in fundamental equity research, global macro strategy, and top-down portfolio construction. I'm a senior analyst at a multi-strategy hedge fund with 7 years of experience. I graduated from UCLA with a degree of Business Economics and UMich Ross School of Business with a Master of Accounting. My articles primarily focus on company fundamentals.Analyst’s Disclosure:I/we have a beneficial long position in the shares of ORCL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being give

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AI helps solve decades-old maze in frustrated magnet physics

By partnering with artificial intelligence (AI), a researcher at the U.S. Department of Energy's (DOE) Brookhaven National Laboratory has solved a long-standing physics problem and uncovered the mathematical trickery that underlies the generalization of recently discovered, extremely surprising new states of matter. The work exemplifies the paradigm shift that is taking place in research, as scientists learn to see AI as a valuable asset in advancing knowledge and discovery.

Phys.org Quantum Section