Waits

$PIF.TO #PIF #PolarisRenewable Update of its FY'2025 results. Link in picture, below and bio: * Results analysis * Mexico: new horizons * Acquisitions/Developments swearengenenterprises.substack.com/p/energias-ren…

6/ All in all the Balance Sheet still waiting to deploy + mentioned that in Mexico they could use some extra equit partner if they have a lot in the plate: - 97.5m in cash right now in BS - Green Bond fixed until 2029 - Dividend kept at 0.60 USD (6.6% yield) Big Patience here

5/ Beyond P. Rico batteries, the other big growth spot is Mexico. They're pretty active there and in the next quarters they should bring several projects. It seems the things move faster in Mexico...

1/ Reviewing Q1'2026 numbers of $PIF.TO - Q1'26 numbers were mixed - But the news that matters dropped 4 days later with FOMB approving the SO1 Agreement, unlocking the 71.4 MW battery storage project in P. Rico

@finphysnerd What if you turn your short book more on multiples overvaluation? More $CBA.AX style?

ChatGPT's thoughts on my portfolio, and it's right. I'm the most excited about my long book that I've been in a long time, still playing around with the structure of my short book.

@finphysnerd Eq issue, kind of yellow flag, b not very sour. They also issued at NAV for the Ivy/Hudson acq, which is accretive at these prices. As for the other, ok, it costs around 7% of NAV, but they tried to grow+improve liq What I like to see here if it's one-time or will become a habit

@finphysnerd For me I have 2 things to monitor: recent IPO (not enough trackrecord of mgmt to give me conviction, I'll monitor them QbyQ) + debt pile w the '30 concentration. That's why is small posi, usually in REITs is like that for me

Would love people's thoughts on Go Residential $GO.u, an idea I'm considering. They own a portfolio of luxury Manhattan apartments at an attractive valuations. Messy financials, but I have them at a normalised yield of around 7.-7.5%. Manhattan is very supply constrained and has

@TomSmith839 What do you think is affecting the price to the downside? Still the Short Report? Colombian elections going left? Just the whole PE sector? I mean, results are still pretty ok I would say. They're very ambitious, and sometimes the ambitious people crash big though...😅

If $PAX wants to hit the $15B FPAUM M&A goal by end of 2027, they need another $8.4B in FPAUM M&A in the next 18 months (RBR, Solis & WP is $6.6B) Assume a 2.5% P/FPAUM, the total purchase price consideration would be $210m (of which part can obviously be paid beyond 2027) Seems challenging, both from a time & cash flow perspective, but they did just close a $350m bond so who knows what's already in the pipeline

6/ The BIG cash position dropped 2.9B YoY because big divi, but also M&As and investments. Right now: - Market Cap: 26.1B - Cash+invs: 23.6B - Zero debt You're paying almost nothing for the op biz. BUT you're trusting a mgmt that it seems they're not going to return the cash...

5/ FY'27 Guidance takes another twist: - Revenue: +9.6% - O. Profit: -48.6% - Net Income: -66.1% - 1B of Investments in AI, cloud migration, talent with no clear sight of returns in my opinion, there is a real risk of cash position incineration...

1/ PCA Corp (TYO 9629). Reviewing the FY'26 of this Japanese SaaS, which is the opposite of Avant Group (TYO 3836) on Capital Allocation: cheaper on paper, but mgmt just rewrote the alloc rules and I do not see it, even w the big cash posi Math says cheap, the mgmt/gov says trap

- Sector oversupply persists, though new centre openings have slowed materially, over the past 8 months has fallen off quite dramatically indeed. It's likely that marginal centres will exit the sector...

$EVO.AX Embark AGM. Few things worth noting: - Gary Scott (Embark's OP Manager) nominated to Mayfield's $MFD.AX board, supported by $MFD.AX directors. $EVO.AX hold the 49.8% and continues to pursue a merger but ONLY "at appropiate value" - AVG daily occ places down in Q1'26

@Nobody_But_M3 In Germany they will try to go in the same direction, trying that the women will work more, Less part time contracts etc etc…very wrong direction for a rich country not support families if you ask me

This government will do everything to justify higher taxes for all. Really getting over it

$SUP.L #SUP Supreme keeps building out the Drinks & Wellness division. After the Carabao license, now multi-territory partnership with Tonino Lamborghini. 6 SKUs to trade, manufactured at Clearly Drinks and rolled out through their retail points